Perspectives, analysis, and product updates from the Blockworks team.
Will tranching eat looping?
DeFi Credit Risk
Tranching brings structured-finance risk allocation onchain. How it maps to looping, where the two differ, and why combining them creates more tailored credit.
Silvio Busonero ·
Ethena dynamic cooldown: three months in, one exploit later
Risk Management
As a member of Ethena Risk Committee, we proposed dynamic cooldown for sUSDe approximately three months ago. The design principle is based on linking the cooldown tenor to the real-time liquidity depth of USDe's backing portfolio rather than fixed at an arbitrary interval. When backing depth is sufficient, a one-day cooldown is supported by the coverage data. When available backing diminishes and redemption pressure rises, the framework extends the tenor automatically, before a coverage breach occurs. On March 16, 2026, the framework went live. The 89 days of post-launch data, including one genuine stress event, constitute the first empirical record of its performance.
Blockworks Advisory ·
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 Breakdown
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