Solana After FTX: Fees, Validator Clients and Dated Market Milestones
Examine Solana after FTX through fees, validator software and dated market milestones. Each answers a different question about the network’s recovery and remaining dependencies. Concept illustratio…
Solana DeFi Explained: Jupiter Quotes, Kamino Leverage and JitoSOL
Follow three Solana DeFi activities: obtaining a Jupiter quote, using Kamino leverage and holding JitoSOL. Trace the fees, exit conditions and dependencies of each. Three services create differen…
Bitcoin Tokens Explained: Ordinals, Inscriptions, BRC-20 and Runes
Perp DEXs Explained: Funding, Margin, Liquidations and Venue Risk
Use funding and margin examples to understand a perpetual contract. Learn how exposure, collateral and liquidation rules interact before comparing trading venues. A perpetual is a contract, not a…
RWA Document Lab: Goldfinch V1 Positions, Repayments and Withdrawals
A token can record a lending position while the money needed to repay it remains outside the blockchain. Read Goldfinch V1's documentation to trace three different objects: the loan, the investo…
Sky and Spark Explained: USDS, sUSDS, SKY and SPK Without the Hype
Reviewed and corrected: October 8, 2026. This article replaces our earlier speculative Endgame guide. That version used obsolete token names and conversion figures and incorrectly described Spark…
Liquid Staking and LSDfi Explained: Yield Sources, Exit Routes and Layered Risks
Trace a liquid-staking position from its yield source to its exit. Then see how another DeFi layer can add borrowing, pricing and liquidation risks to the original stake. A liquid token does not …
Pendle Explained: PT, YT, Fixed-Yield Math and sPENDLE
Separate Pendle’s principal and yield claims, identify their accounting asset and work through the fixed-yield arithmetic. Read governance mechanics separately from a quoted return. What is being…
.png "Pendle Explained: PT, YT, Fixed-Yield Math and sPENDLE")
After FTX: Exchange Custody, DEX Settlement and Perpetual-Trading Risk
Start with three questions: who controls the assets, how does a trade settle, and what can stop a withdrawal? This guide compares exchange custody, DEX settlement and perpetual-trading risk, then g…
DeFi Incidents in 2021: Exploits, Evidence and Lessons
Reviewed and updated: October 19, 2026. A credible incident history separates what happened on-chain, what a project reported and what remains unproven. The 2021 PancakeBunny incident is useful for …
Sushi’s 2020 Liquidity Migration: How a DeFi Vampire Attack Worked
Reviewed and updated: October 19, 2026. A DeFi vampire attack is an incentive campaign intended to attract liquidity or users from an established protocol. Sushi's 2020 campaign is a useful hist…
How Decentralized Exchanges Developed: Order Books, AMMs and Liquidity
Reviewed and updated: October 19, 2026. The development of decentralized exchanges is a story about coordinating orders, capital and settlement. It is not a simple progression from unsafe exchanges …
DeFi Lending History: Programmable Credit, Liquidity and Flash Loans
Reviewed and updated: October 19, 2026. DeFi lending made borrowing and supplying assets programmable through blockchain contracts. Calling these protocols digital banks can help introduce the idea,…