Articles
Long-form pieces on the hard parts of DeFi accounting: one real transaction taken apart to the last decimal, and deep dives on the cases that quietly corrupt a fund’s books.
The teardown
Section titled “The teardown”Tag every transfer correctly. You still will not have the books. One real, public transaction: eight transfers that net to zero, and the six positions across two protocols hiding underneath them. The proof, not the pitch.
Deep dives
How to evaluate a DeFi NAV provider
What a fund administrator actually delivers, where DeFi breaks them, and the specific transactions and questions to put in front of a provider before you sign, so your NAV does not end up months late.
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NAV, proof of reserves, and attestation
Your investors ask for all three in the same email, and each one answers a different question. What each is, which one has an outside accountant in it, and why only one of them has to price something that doesn't trade.
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You Can't Fake Liquidity
One wallet spent $320,000 on Pendle and $36 million of collateral was liquidated on Morpho, with every contract behaving as designed. Why that keeps happening, and what actually stops it.
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FX RWA Deep Dive
Three protocols offer onchain access to hedged rate differentials. Tori, Piku and BRIX resolve the same problem in different places. What each one does, how they position themselves, and why comparing their headline yields means checking which currency each is quoted in.
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Pricing a Pendle position
A Pendle position is a pricing problem, not an amount problem. PT and YT have no clean market price, and no feed gives you a historical one, let alone the value at the moment of a transaction. How we reconstruct it from the on-chain components, transaction by transaction.
Read →Reading a Pendle limit order
A passive limit order changes your position inside a transaction you did not send, where your wallet is not the sender and not the party the call executes for. Why a tool that reads the call books nothing, and how a correct book recovers the fill from the events.
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The Lipstick on Bad DeFi Data
Getting NAV right in DeFi is harder than it looks. Why snapshot tools produce a plausible number that is quietly wrong, and what a real one takes.
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DeFi Lending: The Recursive Tax Nobody Books
Looped DeFi lending inflates both sides of your balance sheet and creates tax nobody agreed to. How to book recursive on-chain lending and borrowing correctly.
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Liquid Staking Taxes: Income, Gains, and Rebasing
How rebasing and reward tokens turn staking yield into taxable income, where the capital gains hide, and why most crypto tax tools book it wrong.
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Unmasking Crypto Spam
How to spot crypto spam and dust tokens from a mile away, and why they quietly corrupt your books and tax lots if you let them in.
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KelpDAO Exploit Post-Mortem: How Funds Absorbed a $292M Shock
When rsETH was exploited for $292M, the funds that came through clean shared one thing: pre-funded loss buffers and books they could trust in real time.
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