Work

Overview of M^0, a novel cryptodollar technology stack that aims to rethink, from first principles, how the monetary stack could work in a digitally-native context

Economic analysis of the use of stETH in the context of an ETF or exchange traded product

Overview of USYC Hashnote US Yield Coin

Overview of BlackRock's foray into public blockchains with BUIDL

Fonbnk’s tokenization of airtime minutes and integration with mobile money services present an innovative model with the potential to expand financial services to underbanked populations in African markets.

What is restaking, and how does it affect the price of trust for capital providers?

A comprehensive look back on 2023 for MakerDAO, along with an in-depth introduction to the protocol and its future changes

Can we learn from investment performance evaluation in traditional finance to help DAOs make better decisions?

USDM (Mountain Protocol) Economic and Legal Review

A structured approach for the monitoring, management and disclosure of risks for DeFi protocols

In this article, we want to learn from traditional banking to see how it might help us understand decentralized stablecoins better. We're not saying that decentralized stablecoins are just like banks – there are lots of differences, and we'll explore those in future discussions. But, banks have been a key part of the world's financial system for centuries, so we believe studying them can give us some valuable insights for running decentralized stablecoins.

This memo discusses and compares the different T-bill-like products that have emerged in DeFi since the beginning of 2023. At their core, these products offer exposure to T-bills and provide access to the risk-free yield in DeFi. We believe these products could prove to be compelling for the stablecoin market given their lower reliance on bank deposits and ability to provide a yield.

We take a principles-based approach to our choice of accounting standards. This means our reports will not reconcile to US GAAP or IFRS, nor should they aim to. We are focused on finding adequate representations of the underlying economic reality of an on-chain protocol, with adaptations to the choices we make for representing smart contracts.

Steakhouse proposed a framework approach to addressing liquidity imbalances in the MakerDAO stablecoin including a dampened redemption curve and time-locked savings vaults

Steakhouse evaluated the suitability of this Lido's liquidity spending for stETH by looking at whether the DAO improve its governance by paying incentives in LDO, whether paying incentives helps sustain a closer exchange rate and whether the DAO should aim to sustain a large cushion of liquidity to protect looped staking

Despite a challenging 2022, MakerDAO closed the year with a positive surplus and groundbreaking new developments in real-world assets.