Jun 16, 2026
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3 min read
USDai is a PYUSD wrapper. The version paying the yield is closer to a GPU credit fund. Here is what you actually own, and how the losses are contained.
Jun 2, 2026
Strategy sold bitcoin for the first time in four years to fund preferred dividends. We break down what it signals for the STRC trade.
May 19, 2026
4 min read
Inside Ethena's first serious foothold outside the EVM.
May 5, 2026
1 min read
The DeFi research newsletter is now published under YO Protocol. Moving to biweekly so we can go deeper on each issue.
Apr 29, 2026
Seven protocols just pooled $300 million to fix a problem none of them caused. The bailout might work. The precedent is what matters.
Apr 22, 2026
A bridge exploit at Kelp DAO became a liquidity crisis at Aave in under 48 hours. DeFi's risk layers failed in the order they were connected.
Apr 14, 2026
7 min read
World Liberty Financial borrowed $75 million against its own token on a platform its adviser co-founded. The depositors who funded it can't get out.
Apr 7, 2026
North Korea spent half a year inside Drift Protocol before stealing $285M in 12 minutes.
Apr 1, 2026
5 min read
Recursive leverage is structural in DeFi lending, and it's why your supply yield keeps compressing.
Mar 25, 2026
Resolv's USR exploit wasn't a smart contract bug. It was a trust failure and the fallout is testing whether DeFi's risk tranching actually works.
Mar 17, 2026
The biggest DeFi lending protocol hit a historic milestone, then had one of the worst weeks in its history.
Mar 10, 2026
Why one weak asset can undermine an entire lending market
