Deposit rates in onchain credit markets come from a published function of one variable, which is why they move in double-digit steps within a day. Anyone quoting a customer-facing rate is quoting the output of that function, and its parameters can be read directly from the contract.
A position held in an onchain market carries exposure across four distinct layers, each of which offers a different guarantee and fails in a different way. Separating them is what allows a risk function to assign an internal owner to every exposure before capital is committed.
Onchain markets record ownership, price credit and settle obligations like their traditional counterparts. What makes them different is that they assign those familiar jobs to an unfamiliar set of parties. This guide maps who performs each one, so a reader can locate any product, return or risk inside the structure before assessing a specific opportunity.
A framework for managing on-chain collateral risk: the four risk categories, the control structure for each, why liquidation parameters are risk policy, and why oracle selection belongs to governance.
How tokenized gold works: what the holder owns, how PAXG and XAUT differ on custody, audits and redemption, how the tokens compare with a gold ETF, the unsettled tax position, and the risks that remain.
Why tokenized Treasuries reached institutional scale before every other asset class, how the leading products are built, the collateral role they now play, and the lesson the category holds for tokenized equities.
What tokenization changes about a security, and what it leaves untouched. The legal position, how permissioned transfer logic works at the contract level, the operational savings, and the risks that remain.
How to evaluate asset tokenization platforms as a regulated buyer: the three market segments, the criteria that matter, why chain selection governs composability, and the diligence questions vendor comparisons omit.
A mechanism-level guide to tokenized stocks: the three issuance models, the custody chain behind each token, how dividends and voting are handled, and what settlement actually improves.
How to tell whether DeFi's vault economy is maturing into durable infrastructure or setting up the next round of losses, and a short discipline for evaluating any vault.
A DeFi vault is built from a token standard, a vault type, a curation layer, and a set of controls. This article provides a technical anatomy for reading any vault rather than taking it on trust.
Institutional money in DeFi has concentrated in curated vaults for structural reasons. This article covers the three properties allocators cannot operate without, and why the alternatives fall short.
How on-chain yield repeats the arc of electrification, the web, and payments: a specialist capability that becomes an invisible default once an integration layer absorbs the complexity, dissolving the line between fintech and capital allocation and shifting lasting value to whoever owns the infrastructure beneath.
The components of the DeFi capital stack, the two measures used to read concentration, and the structural reason some categories cluster while others fragment.
