vaults
Designing vaults for lending collateral
Yield vaults are built for depositors. Lending protocols need something different: they need to liquidate. What an ideal collateral vault looks like.
Research
credit
Prediction markets are not derivatives
Derivatives reference a process that evolves. Prediction markets reference an event waiting to resolve. That difference breaks all the hedging machinery.
credit
The Decentralised Intermediary
Three essays call for crypto-native institutions. None defines one. The decentralised intermediary: protocol governance for the on-chain/off-chain boundary.
credit
Part II - Instant vs. Guaranteed Settlement, Perps, Factoring, and Usage‑Constrained Credit
While we wait for payment, how do we move value safely? For the answer to this, and other questions on credit mechanisms and guarantees, read Part II of our Beyond Loans series.
DeFi
Beyond Loans — Credit as Price, Collateral, and Code: Part I
The invisible thread is credit—sometimes explicit, sometimes implicit, sometimes just the promise that when needed, there is cash in the room. This series is about that thread: how we price it, how we secure it, and how code is changing what “settlement” even means.
crosschain
Building Economic Trust in Solver-Based Networks – Part 3: Reclaiming Efficient Markets
This article is based on the talk ‘Rethinking Competition in Solver-Based Networks’ given at Protocol Berg in Berlin June 13th 2025. (Watch it here) In Part 2, we looked under the hood of real-world solver networks like CoW Protocol and Across. What we found was clear: * A handful of solvers
Research
Building Economic Trust in Solver-Based Networks – Part 2: The State of Competition
This post explores how today's competition models in solver-based protocols are evolving — and in some cases, replicating the same centralization dynamics we hoped to escape.
Research
On The Road to Trustless Interoperability
📢Important Update: Sygma has evolved into Sprinter, shifting from traditional bridging to solvers and intent-centric infrastructure. While these posts reference Sygma, the core mission has expanded—Sprinter now focuses on optimizing cross-chain execution through solver-driven and intent-centric tools. People often casually use the word trustless. It lines up with the
Research
A Defense-in-Depth Approach: Notes on Sygma Security
Cross-chain bridges are amongst the most targeted applications in crypto, as they inevitably represent a decentralization bottleneck compared to the chains they connect.
Research
Multi-Party Computation: The Next Generation of Crypto Security
Secure MPC represents a powerful next step in digital asset security because it eliminates the risks of a single point of compromise.