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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

Mia Fontaine

Focuses on lending protocols, liquidation mechanics, and the structural risks embedded in yield strategies.

Articles

protocols

When Your Position Gets Liquidated, It's Not Just "Sold": Dissecting Dutch Auctions vs. Fixed-Discount Liquidation

September 04, 2026
fundamentals

The Same ETH, Used Twice: What Restaking Actually Re-Stakes, and Where the Risk Stacks Up

August 29, 2026
strategies

Same Interest, Different Risk: Comparing Bitfinex Lending to DeFi Yield

August 21, 2026
beginners

What Does That 1.42 on Your Screen Actually Mean: A Beginner's Guide to Reading Your Health Factor

August 03, 2026
strategies

You Think You're Dealing With a Smart Contract — You're Actually Trusting a Team You've Probably Never Heard Of: How to Evaluate a Vault Curator

July 29, 2026
risk

'100% Fully Reserved' Isn't the Finish Line: How to Check If a Stablecoin Can Withstand a Redemption Run

July 29, 2026
risk

Why 'Waiting to Check the Price' Is Actually Safer: How TWAP Neutralizes Flash Loan Attacks

July 25, 2026
risk

'This Protocol Has an Insurance Fund' Isn't a Reassuring Answer — It's the Next Question: How to Check If It's Enough

July 25, 2026
protocols

Who Are Liquidators, and Why Do They Watch Other People's Positions 24/7 Waiting to Liquidate Them?

July 24, 2026
risk

How Liquidation Mechanism Design Determines Whether a Market Crash Becomes a Systemic Crisis

July 23, 2026
risk

How Flash Loan Attacks Work: A Multi-Million Dollar Heist in One Transaction

July 22, 2026