Carrot Protocol's Shutdown Just Proved DeFi's Composability Was a Contagion Vector All Along
Carrot Protocol shut down on April 30 after losing half its TVL to a Drift Protocol exploit it was not part of — the cleanest test yet of whether DeFi composability is also a silent contagion vector.
The DAT Flywheel Is Spinning Backwards: How 142 Bitcoin Treasury Companies Became Crypto's Hidden Contagion Risk
Strategy holds 780,897 BTC while 141 imitators run the same playbook with shrinking access to the equity premium that makes it work. FASB ASC 350-60 mark-to-market and sub-1.0 mNAV multiples are setting up Q1 2026 as the contagion test for crypto's corporate treasury cohort.
Ethena's USDe Has Become DeFi's Most Systemic Collateral — And That Should Worry Everyone
Ethena's USDe has quietly become a critical collateral asset in DeFi, underpinning billions in exposure across platforms like Aave and Berachain. This interconnectedness poses significant concentration risks that could trigger the next systemic crisis in the DeFi ecosystem.
Stablecoins at a Crossroads: The Riksbank's Assessment and Global Central Bank Response
Stablecoins have the potential to revolutionize payments, but they pose significant risks to financial stability and monetary sovereignty. The Riksbank's comprehensive assessment highlights critical policy decisions for central banks worldwide.