Tokenized equities have advanced from experimental proofs of concept to institutional grade products. The next big unlock is about unlocking one-click borrowing for retail stock holders

In this week's newsletter, we break down Strategy's recent Bitcoin purchase and analyze risks involved with yield-bearing assets.

This week marks a definitive pivot point for the digital asset industry. After years of "regulation by enforcement" and endless Proof-of-Concepts (PoCs), we have effectively moved into the deployment phase.

Welcome to the first 2026 issue of our weekly DeFi report. This week, we analyze the structural shift in the Real-World Asset (RWA) sector as we enter what is being hailed as the "Year of Tokenized Equities."

Welcome to Crypto Risk Review, your concise and clear resource for quickly understanding and navigating crypto and DeFi market risks. This edition highlights Tydro's recent success and the growth of PYUSD on Morpho, as well as a shifting trend in exploits.

Crypto is entering a new phase where regulation, distribution, and product design matter more than narratives. The last cycle was about proving the rails. The next one is about who can ship institutional-grade products at scale, connect them to real users, and manage risk like an institution.

A concise framework for understanding how value is created across the DeFi stack — from core infrastructure to user-facing access. This article introduces The DeFi Value Pyramid and breaks down the key layers, roles, and dependencies shaping modern decentralized finance.

2025 marked DeFi’s institutional turn. Stablecoins hit $310B, RWAs reached $18B, and ETFs expanded access, but stress events exposed operational and counterparty risk. Growth concentrated into resilient protocols, redefining how on-chain value scales.

As we approach the end of 2025, Bitcoin (BTC) is trading around $88,000 amid year-end volatility. While short-term pressures have led to dips below $90,000, several converging factors position BTC for significant upside in 2026. This year-ahead view outlines a bullish thesis centered on the resolution of massive options expirations, institutional asset reallocations via ETFs, and geopolitical de-escalation in Ukraine. Each of these factors will be contributing to reduced uncertainty, increased liquidity, and renewed investor confidence.

Institutional adoption often moves slowly, then all at once. This week, we witnessed the latter. In a span of six days, JPMorgan — the world’s largest bank by market cap — executed two landmark transactions on public blockchains, effectively ending the “private chain only” era for Wall Street. Simultaneously, the hunger for regulated crypto exposure remains voracious, with XRP ETFs shattering inflow records despite a lackluster price environment.

Bitcoin fees fell while Ethereum fees and activity rose. BTC saw heavy exchange outflows, ETH strong inflows. BlackRock launched a staked ETH ETF, boosting yield options. The Fed cut rates again, but markets expect a pause in January, tempering short-term momentum.

Lending is a core pillar of digital asset markets. In this analysis, we outline the key differences in lending infrastructure and the regulatory considerations banks must evaluate when assessing digital asset lending solutions.

In this edition, we take a closer look at risk for RWAs and dive into one of our recent risk dashboard releases for Aave

In this week's newsletter, we dive into the renewed ETF flows and the Ethereum Fusaka upgrade

The last week has been an important one for crypto infrastructure and regulation in 2025. Monad's Mainnet launch on November 24 has moved parallel EVM execution from whitepaper to reality, challenging the Solana dominance thesis. Simultaneously, the prediction market sector has shed its "gray market" status, with Robinhood and Polymarket both securing the regulatory moats needed to onboard the massive US retail capital base. High-performance tech has arrived, and the regulatory floodgates keep opening.

Amplifying yield on staked ETH or yield-bearing stablecoins while keeping exposure to the underlying asset.

Welcome to Crypto Risk Review, your concise and clear resource for quickly understanding and navigating crypto and DeFi market risks. Each edition provides a snapshot of critical risk factors and actionable insights derived from Sentora’s DeFi Risk platforms.

This week, we analyze the largest DeFi TVL contraction since 2023, driven by a rare convergence of institutional outflows through ETFs, BTC sustained weakness below $100,000, and a DeFi protocol-level contagion event centered on Elixir and Stream Finance stablecoins. The data reveals a market undergoing risk-off positioning across all major venues, while the these stablecoin collapses expose hidden structural fragilities in synthetic stablecoin architectures and risk curation models.

DeFi doesn’t fail for lack of innovation; it fails due to unmanaged technical and economic risks. Sentora’s framework turns awareness into discipline: quantifying, monitoring, and enforcing risk controls across assets, protocols, and vaults.

In this edition, we look at the turmoil spreading through DeFi after the collapse of Stream Finance and Elixir Protocol. A $129M Balancer exploit shook confidence, liquidations surged past $117M, and Sentora flagged Elixir’s depeg days before it unraveled. With investors scrambling for safer positions, stable liquidity has dropped more than 7%.

The events of the past week pushed the DeFi risk discussion to the forefront; in practice, risk ownerships depends on the protocol, the asset, and the curator. In this article, we break down how to classify risk ownership across these layers so LPs can deploy with clarity.

It was a volatile week for DeFi: multiple high-risk events hit in quick succession, and a risk-off macro tone compounded the damage, sending crypto lower. Let’s dig in.

DeFi is grappling with a moderate liquidity crunch, characterized by DeFi outflows, protocol pauses, skyrocketing borrow rates, and cascading risks of liquidations. 

On‑chain activity across major altcoin networks has cooled for roughly six months. Active addresses, new users, and on‑chain volume have softened, while the total altcoin market cap sits well below prior cycle highs. This resembles the early to mid phase of past altcoin winters. It is not conclusive, but the burden of proof is now on a decisive trend reversal.

Welcome to Crypto Risk Review, your concise and clear resource for quickly understanding and navigating crypto and DeFi market risks. In this edition we dive into the negative carry for a common strategy around sUSDe and the potential impact of digital asset treasuries (DATs) selling their ETH holdings.

In this week's newsletter, we explore Hong Kong's approval of the first Solana ETF and Aave's onboarding of Maple's institutional yield assets

This week we dive into the two key events shaping the DeFi landscape: the October 10 “Black Friday” market crash, which triggered over $19 billion in liquidations (the biggest liquidation event in crypto history) and exposed vulnerabilities in centralized trading infrastructure, and Hyperliquid’s HIP-3 launch, a permissionless upgrade enabling builders to deploy custom perpetuals markets with potential to expand on-chain derivatives volumes by 10–20x.

The SEC's Division of Corporate Finance issued non-binding guidance stating certain liquid staking tokens (LSTs) may not be securities. This applies only if the tokens are simple receipts for assets used in proof-of-stake blockchain maintenance. The guidance is fact-specific and excludes tokens tied to investment contracts or additional revenue-generating activities.

The Oct 10 Flash Crash caused ~$19B in liquidations. DeFi lending protocols like Aave and Morpho stayed resilient, avoiding bad debt. Key risks: collateral concentration in smaller chains and unstable strategy vaults. Featured: Dolomite Risk Radar.

Earning sustainable yield on long-term blue-chip holdings while maintaining full upside exposure to the underlying assets.

Welcome to your weekly Sentora crypto newsletter. As Plasma’s mainnet celebrates its first full week, the DeFi landscape is witnessing a seismic shift. The Layer 1 blockchain has surged past a staggering $5.6B in TVL, fueled by outstading stablecoin yields, zero-fee USDT mechanics and strong institutional backing. The outflows of stablecoins from other DeFi focussed blockchains has been notable. This issue reviews the chain’s foundational metrics before spotlighting protocol-specific evolutions as well as offering investors a lens on its current yield opportunities.

Deleveraging dropped high-risk loans below $10B, with $21M in liquidations amid volatility. Plasma mainnet drained $1.5B+ in stables from Ethereum, creating liquidity crunches and rate spikes. Duration risks easing. Featured: Sentora Euler Cluster tracking vault health and whale activity.

This week, we are excited to feature an issue from our partners at the Crypto Treasury Tracker. Their weekly snapshot provides an expert analysis of the evolving world of corporate and institutional digital asset treasuries.

In this week's newsletter we explore the latest ETF flows, the SEC's (lack of) decision on Ethereum staking for ETFs and recent RWA developments

Insurance has long been a cornerstone of global finance, providing individuals and institutions with a safety net against risk. For centuries, traditional insurance has evolved to cover everything from trade voyages to modern financial markets, shaping the way societies manage uncertainty. But in the world of DeFi, this safety net is still largely absent.

In this week's newsletter, we analyze ETH ETF performance and shifting institutional interest, Aave horizon and the Uniswap DAO vote to adopt Wyoming's DUNA framework

High-risk loans rise above $12B with $12.6M in liquidations amid volatility. Uniswap v4 hook exploits expose new smart contract risks, while CAP Protocol’s restaking model brings potential slash exposure. Featured: Ethena Risk Radar tracking USDe stability and liquidity metrics.

Aave’s new Horizon real-world asset (RWA) market is off to a blockbuster start, hitting nearly $50 million in TVL within 24 hours. With over $5 million already borrowed against tokenized U.S. Treasuries and CLOs, the launch underscores the surging momentum in the RWA sector. By offering 24/7 stablecoin liquidity at just 3.24% APY on USDC, Horizon is opening the door for institutional borrowers, as heavyweight TradFi players like VanEck, WisdomTree, and Hamilton Lane begin onboarding.

In 2025, a new breed of public companies has captured the imagination of investors: Digital Asset Treasury Companies (DATCOs or DATs). These entities, often focused on holding cryptocurrencies like Bitcoin as core treasury assets, have raised over $15 billion in capital this year alone, surpassing traditional venture funding in the crypto space.

The U.S. drives crypto growth with clear regulation and laws like the GENIUS and Clarity Acts, easing bank capital rules. As crypto gains recognition—even in mortgages—banks that quickly adapt their infrastructure can gain key advantages in lending and trading.

High-risk loans hit $11B with $4.5M in liquidations amid tight liquidity and negative LRT flows. Duration risk grows as leverage restaking trades face long unstaking queues and stablecoin redemption delays. Featured: Morpho Risk Radar monitoring collateral exposure and market efficiency.

Shiba Inu jumped 60% in July and 14% in early August amid surging Ethereum inflows. Whale netflow hit a 75-day high, while average transaction size soared 740%, signaling strong high-value investor activity despite price consolidation.

A combination of on-chain data and financial data can be extremely beneficial for reading the market. In this article we dive into some crucial indicators to consider and the current situation

Dogecoin may have started as a meme, but its on-chain data tells a serious story. Key blockchain indicators reveal investor moves and market health. Here are 10 on-chain metrics to track DOGE’s true trajectory—beyond the headlines and hype.

The FHFA has ordered Fannie Mae and Freddie Mac to consider certain cryptoassets as reserves for mortgage affordability, allowing buyers to count crypto held on U.S. exchanges without liquidating. This move could expand access to home loans for crypto holders.

On-chain data analysis can be a powerful tool for understanding Ethereum's complex ecosystem. In thi article we break down key indicators to analyze

On-chain crypto analytics, often referred to as blockchain analytics, is the systematic examination of publicly available blockchain data—transactions, wallet behaviors, smart-contract interactions—to uncover market dynamics, investor sentiment, and potential trading opportunities.

The Trump Administration signaled strong support for crypto by passing the GENIUS Act, which regulates stablecoins. The law allows both banks and non-banks to issue fully backed stablecoins, excludes them from being treated as securities, bans interest payments for holding them, and overrides SEC rules like SAB 121 — paving the way for traditional finance to enter digital assets.

The financial markets are on the verge of a transformation that could redefine wealth creation and dismantle long-standing revenue models, particularly for equity prime brokers.

And a $25 million Series A

Engaging with DeFi protocols involves a spectrum of risks, from technical risk in smart contracts to economic challenges like liquidation risk. Nonetheless, the number of economic risks that should be considered is extensive, and many become increasingly important as position sizes increase.

Decentralized Finance (DeFi) has rapidly evolved to offer a variety of yield-generating opportunities that differ substantially from traditional fixed-income instruments, such as government or corporate bonds. While early DeFi protocols focused on variable yields, fueled by high volatility and driven by token rewards or liquidity provision, markets are maturing to offer products that provide more stable yield streams.

Stablecoins have emerged as one of the most widely used elements of the cryptocurrency industry. The niche’s success may earn it the place of “killer app” for broader crypto adoption.

Decentralized Finance (DeFi) is increasingly converging with traditional finance through Real-World Assets (RWAs). RWAs are tokens that represent real-world value — from government bonds and real estate to private credit and invoices — brought onto blockchain networks. This integration is reshaping DeFi, offering more stable yield opportunities and attracting institutional interest.

With thousands of DeFi protocols across L1s and L2s, choosing where to deploy capital is tough. For institutions, it’s not about hype—it’s about sustainability, security, and long-term potential. Here’s what to look for when evaluating if a protocol is ready for serious capital.

A deep dive into how AMMs offer a unique blend of opportunities and challenges for institutional investors.