Published on Paragraph as @the-finance-sinner — DeFi · bullish on tokenization
Long-form protocol writing published on Paragraph — structured like research memos rather than threads. Each piece opens with an abstract, builds a model (settlement games, vault mechanics, risk boundaries), and ends with design implications stated plainly. Personal opinions are flagged as such; technical claims are argued, not asserted.
The Limits of Vaultification
Don't overcook vaults in every DeFi recipe. Argues that most on-chain vaults are constrained escrows — custody without neutral arbitration or timeout recovery — and introduces a settlement-game model to distinguish bounded from unbounded opportunity systems.
Banana Markets
Yield for the retail — a meta-vault routing USDC across Aave, Morpho, Compound, and Pendle. EIP-2535 Diamond facets, on-chain guardrails, and an off-chain keeper that optimizes within limits it cannot change. Built at Arbitrum London Open House.
Recurring Flywheel Around Stablecoins
Entrenchment, not reserves. Argues that stablecoin dominance is won inside recurring workflows — remittances, payroll, merchant settlement — not through reserve quality or replicable yield. Introduces the Cascade framework, layering adoption by substitution cost, and locates the moat with whoever completes the mint-settle-repeat loop.