Impermanent loss, worked through with one pool and one price move
A 50/50 pool holding 1 ETH and 2,000 USDC ends at 5,656.85 USDC after ETH doubles to 4,000, against 6,000 for holding,…
Chain188
·
3m
Topic hub
DeFi
Lending, liquidity and the risk inside the yield.
8 articles
Liquid staking tokens: the depeg nobody models
A liquid staking token does not remove the withdrawal queue, it converts it into a price, and the discount appears when the…
Chain188
·
4m
Collateral you cannot liquidate is not collateral
The on-chain RWA book is large and barely used as collateral: $34.865 billion of AUM against $4.182 billion deployed in DeFi, per…
Chain188
·
4m
Reading a vault APY: base yield, incentives, and the part that expires
Split the headline before comparing it to anything. The base yield is a rate, the incentive is a position in the issuer's…
Chain188
·
4m
Oracle latency is a liquidation risk, not a data problem
Liquidation engines read the last oracle write, so the gap between that price and the market is a transfer of value rather…
Chain188
·
4m
Looping: where the leverage hides inside a four percent spread
Supplying, borrowing and re-supplying converts a four point spread into a leveraged position whose leverage is invisible on a page showing the…
Chain188
·
4m
Restaking points: what you are actually underwriting
Points are a claim, not a rate: no price, no redemption right, no conversion ratio. What you underwrite is the slashing condition…
Chain188
·
4m
Lending rates are a utilization signal, not a yield promise
A 12% APY exists because borrowers are paying it today. It can become 3% in a week without a single bad loan.
Chain188
·
1m