Perspectives, analysis, and product updates from the Blockworks team.
Ethena Backing Asset Allocation to Aave V4
Advisory Analysis
This analysis estimates the feasibility of an Aave V4 allocation and argues for an initial Ethena deployment framework.It recommends a conservative initial allocation, subject to Aave V4 draw caps, observed yield performance, exit-liquidity constraints, and Ethena-specific correlated risk.
Blockworks Advisory ·
Blockworks acquires Messari
Blockworks Update
Combining the two largest crypto data platforms to build AI workflows for onchain markets
Jason Yanowitz ·
JAAA as USDe Backing Asset
Advisory Analysis
JAAA, the Janus Henderson Anemoy AAA CLO Fund, is eligible for Ethena's USDe backing under Blockworks Advisory's adapted RWA framework. A demonstrated $318.6M single-day redemption supports an initial $250M allocation, though elevated holder concentration remains an open monitoring item.
Blockworks Advisory ·
Reflect: Yield Without the Middleman
DeFi Credit Risk
Reflect's USDC+ and USDT+ deploy idle stablecoins across Solana lending venues under a non-custodial, fully onchain model — and apply a Basel-style risk framework to score and allocate across them.
Toma Yamashita ·
Ripple USD as USDe backing asset
Advisory Analysis
Evaluating RLUSD's eligibility as a backing asset for Ethena's USDe: reserves, liquidity, holder concentration, and lending data across Ethereum and the XRP Ledger.
Blockworks Advisory ·
Blockworks Launches the Transparency Alliance
Blockworks Update
A collective of leading exchanges, market makers, funds, and protocols are backing the Token Transparency Framework
Robert Burkhart ·
Ore: Data Dashboard Primer
Dashboard Primers
The Blockworks Ore dashboard is organized into eight tabs spanning financial performance, buybacks, staking activity, miner’s behaviour, token dynamics and competitive positioning.
Chiang Yue Jun ·
One bad node
Risk Management
$10M drained from THORChain. Here's who else is running the same broken cryptography.
Macauley Peterson ·
The neglected bridge
Risk Management
After four years of nine-figure bridge hacks, the only cross-chain primitive with a clean record is the one nobody calls a bridge.
Macauley Peterson ·
Veda: Data Dashboard Primer
Dashboard Primers
Veda enables protocols, applications, exchanges, and fintech platforms to offer transparent, accessible yield products directly to their users.
Jack Mandin ·
The Breakdown
Decoding crypto and the markets. Daily, with Byron Gilliam.
Unlock crypto's most powerful research platform.
Our research packs a punch and gives you actionable takeaways for each topic.
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