Perspectives, analysis, and product updates from the Blockworks team.
The Crypto Native Guide to Investor Relations
Protocol strategy
Investor relations is the function responsible for helping the market understand an asset, its strategy, and its potential. It's the bridge between the issuer and the market.
Michael Ippolito ·
Ethena: sUSDe Cooldown Reduction Analysis
Advisory Analysis
This analysis examines whether Ethena’s sUSDe redemption system can safely transition from a 7-day to 3-day or a dynamic cooldown period.
Blockworks Advisory ·
Ethena: sUSDe Dynamic Cooldown Framework
Advisory Analysis
This analysis develops a dynamic cooldown framework that adjusts sUSDe unstaking periods based on real time liquid backing adequacy.
Blockworks Advisory ·
RWA Lending: The Road to $10 Billion
Digital Asset Strategy
DeFi markets have proved strong pmf with crypto native assets - but what about RWAs?
Silvio Busonero ·
Should Aave compete with revolut?
Protocol strategy
The "Aave will win" proposal brings more alignment between labs and tokenholders and a $50m bet to expand in fintech. Is this the right direction or a step too far?
Silvio Busonero ·
What drives the Aave-Morpho rate spread
Protocol strategy
Morpho’s USDC rates on blue-chip vaults are generally higher than Aave’s USDC supply rate. Over the past year, Gauntlet Prime on Ethereum, a low risk vault on Morpho, has delivered, on average, 150 bps more than Aave USDC.
Silvio Busonero ·
The quest for the next leverage flywheel
Digital Asset Strategy
DeFi lending revenues depend on leverage looping: around 40% of current borrow demand is driven by staked ETH looping. The market is hungry for new leverage use cases, as the yield on the most popular looping strategy compresses.
Silvio Busonero ·
There is a third way in defi lending
Protocol strategy
The October 10th liquidation event triggered a debate in DeFi lending: are monolithic liquidity models more robust than isolated markets, or do they simply concentrate risk in different ways? Much of the discussion has focused on these two extremes. But there is a third lending architecture that has received far less attention.
Silvio Busonero ·
Why the defi lending moat is bigger than you think
Protocol strategy
The mindshare of vaults and curators is rising, and lending protocol thin margins are under attack. But lending has a large moat in the credit value chain. Let’s quantify it.
Silvio Busonero ·
Why banks are 10x more profitable than lending protocols
Protocol strategy
One USD in a bank deposit makes 10x money for the bank than the same USDC on Aave. This seems bearish for DeFi lending. In reality, it says far more about current crypto market structure than about the long-term potential of onchain credit.
Silvio Busonero ·
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