RWA
The RWA tokenization spectrum: from no claim to native claim
Two tokens can pay the same yield and differ by orders of magnitude in what you legally own. A five-level spectrum for evaluating tokenized RWAs.
solvers
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.
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
CT systems: making remote collateral actually usable on perps
CT systems are not about printing money. They separate high-velocity internal activity from disciplined exits, keeping backing explicit. A design for perps
DeFi
Part III - Programmable, Usage‑Constrained Credit (Cross‑Chain Solvers and Beyond)
The final part of the series develops a concrete architecture for usage‑constrained credit in crosschain intent fulfillment, then generalizes it to other closed‑loop loans.
Ready, Set, Stash - The Sprinter Olympics Begin Tomorrow!
Sprinter Stash’s app will officially go live tomorrow at 12pm CET, unlocking a new way for DeFi participants to earn rewards by contributing USDC liquidity to Sprinter Stash.
Announcements
Introducing Sprinter Stash: Real Yield for LPs, Credit for DeFi.
Sprinter Stash is a new onchain credit protocol that powers the next-generation of use cases, from solver credit lines to trading, whilst rewarding LPs with sustainable, risk-managed stablecoin yield.
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.