DeFiEthereumProtocol Design
Who Can Liquidate an Onchain Loan? From Health Factor to Transaction Execution
A collateral boundary still exists onchain. The difference is who may submit the liquidation once it is reached.
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TokenizationRWAEthereum
What Changes When Tokenization Reaches Market Scale?
What Changes When Tokenization Reaches Market Scale?
Market StructureFinanceDeFi
When an Onchain Opportunity Becomes an Execution Race
When discovery stops being scarce, competition becomes an execution race—and the rule that allocates execution determines how much rent participants keep.
DeFiDEXsMarket Structure
How CoW Protocol Uses Auctions to Execute Onchain Trades
CoW batches trades and auctions execution to competing solvers. Its auction data shows what those competing plans look like.
SolanaDeFiMarket Structure
When Onchain Price Adjustment and Execution Run on Different Clocks
Thirty externally selected Solana price shocks, one Orca pool: sometimes price and landed execution return to normal together. Sometimes they don't.