Blockchain analysis
without the hype
or the hand-waving
Technical deep dives on DeFi protocol mechanics, smart contract security, tokenomics design, and on-chain data - written by engineers who build production blockchain systems, not analysts covering the space from a distance.
The mechanics of impermanent loss get covered endlessly. What doesn't is why the capital efficiency gains from concentrated liquidity create specific, predictable failure modes under volatility. We modelled twelve protocols and the pattern is clear.
Latest Analysis
Why Most AMM Designs Break Under Concentrated Liquidity - and What Uniswap v4 Hooks Actually Change
The mechanics of impermanent loss get covered endlessly. What doesn't is why the capital efficiency gains from concentrated liquidity create specific, predictable failure modes under volatility. We modelled twelve live protocols and the pattern is consistent.
Emissions Schedules and the Death Spiral: What Three Collapsed Protocols Have in Common
High initial APY attracts mercenary capital. When emissions slow, that capital leaves - often faster than the protocol can absorb the selling pressure. Three recent collapses share an identical emissions curve shape.
Find what you're looking for
DeFi Protocols
AMMs, lending markets, yield aggregators, liquidity mechanics, and protocol risk analysis.
Smart Contract Security
Re-entrancy patterns, access control vulnerabilities, audit methodology, and post-mortem analysis.
Tokenomics
Emissions design, incentive alignment, ve-tokenomics models, and governance token mechanics.
On-Chain Data
MEV analysis, wallet behaviour, liquidity depth, and what raw blockchain data actually tells you.
Layer 2 & Scaling
Optimistic rollups, ZK rollups, validiums, data availability, and the real differences that matter in production.
DAOs & Governance
Governance mechanism design, voter participation, treasury management, and real DAO case studies.
Development Practice
Solidity patterns, Foundry testing, gas optimisation, and engineering workflows for production Web3.
Protocol Deep Dives
Full technical breakdowns of specific live protocols - architecture, trade-offs, and failure modes.
The analyses that take four weeks to write
Most blockchain content covers what happened. Our deep dive series covers why it happened, what the mechanism actually is, and what it tells you about the protocol category more broadly.
Terms used precisely, not loosely
A lot of blockchain content uses terms interchangeably that aren't. These are the definitions we use consistently across all our analysis.