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DeFi Protocol Mechanics, Decoded
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LATEST
Stablecoin Supply Just Shed $15 Billion in Three Months, the Biggest Drop Since Terra — But It's Not a Depeg  ·  You Don't Even Need to Own Bitcoin to Bet on It: What a Perpetual DEX Is Actually Trading With You  ·  When Your Position Gets Liquidated, It's Not Just "Sold": Dissecting Dutch Auctions vs. Fixed-Discount Liquidation  ·  No Code Was Broken: How a Governance Exploit Drained $8.5M From Term Labs' Vaults Despite a Seven-Day Timelock  ·  The Same ETH, Used Twice: What Restaking Actually Re-Stakes, and Where the Risk Stacks Up  ·  What Are You Actually Mining in Liquidity Mining? A Guide for People Who've Never Touched DeFi

Kevin Walsh

Researches crypto derivatives market structure and perpetual contract mechanics, with a focus on funding rates and liquidation dynamics.

Articles

beginners

You Don't Even Need to Own Bitcoin to Bet on It: What a Perpetual DEX Is Actually Trading With You

September 04, 2026
risk

A $93 Million Hole Blew Up Into a $285 Million Crater: The Curator Risk Lesson From Stream Finance

August 03, 2026
risk

A Protocol You Never Touched Got Hacked — Why Did Your Deposit Still Shrink: Breaking Down the Kelp-to-Aave Bad Debt Chain

July 30, 2026
developers

That Extra 2% Yield Might Be Bought With Your Principal: Slashing Conditions You Should Check Before Restaking

July 29, 2026
risk

Someone Bought $8 Million Worth of Ether for $1: Breaking Down Black Thursday's Liquidation Cascade Frame by Frame

July 29, 2026
risk

The Price on Screen Suddenly Gets Cut in Half, and You Have Only Seconds to Decide — What to Do and Not Do During a Flash Crash

July 26, 2026
risk

A Protocol Once Had Bad Debt — Permanent Blacklist, or Worth Reconsidering?

July 26, 2026
strategies

Funding Rate Arbitrage: A Direction-Neutral, Pure Rent-Collecting Strategy — What to Watch in Practice

July 25, 2026