Institutional Crypto in 2026: What a Survey Shows and What It Cannot Prove
Read an institutional-crypto survey by checking who answered and separating holdings, plans and interest. The evidence note below shows which conclusions need separate transaction or usage data. Doc…
Tokenization in Practice: DTC, BUIDL and Repo Evidence
Compare DTC, BUIDL and a repo platform by the rights represented, who can participate and how transactions settle. Use the dated examples and worksheet to separate announcements, operating evidence …
Crypto Lending: Reading Market Size, Collateral and Credit Risk
Learn to read a crypto-lending market estimate without confusing loan balances, collateral values and new lending. Then follow the risks that a bigger loan book does not remove. A larger loan boo…
RWA Tokens Explained: Rights, Yield, Custody and Redemption Risks
Pyth Price Feeds Explained: Freshness, Confidence and Staking Risks
Reviewed and corrected: 14 October 2026 (KST). Educational explanation; numerical scenarios below are hypothetical. A price feed can be authentic and still be unsuitable for a particular transacti…
Berachain Explained: Proof of Liquidity and the 2026 Token Changes
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…
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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 …