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tBTC – Decentralized Enough?

This report aims to determine whether tBTC, which promotes itself as non-custodial and decentralized, is able to serve as a stronger alternative to the regulatory-friendly yet un-blacklistable WBTC.

Centralization Threat to MakerDAO and DAI by Coinbase and Gemini

As you know, I am closely following the ongoing centralization & capture of MakerDAO and DAI. The entire project is spiraling into a centralized disaster that’s just begging for regulated entities to drive it into the ground. There have been noteworthy updates in the last few days that I wanted to call your attention to. … Read more

Wrapped Bitcoin (WBTC)

Many have assumed that I am wholly and entirely against the existence of wrapped assets like WBTC. I am not.

It’s clear that wrapped assets on Ethereum have a strong use case for many. However, no two wrapped assets are alike. Most people don’t take the time to understand the nuances of each, and are therefore unable to develop an appropriate risk framework based on those nuances.


The Uniswap protocol is believed by many to be a model of true decentralization in DeFi. Technically speaking, Uniswap versions 1-3 do deserve this accolade. However, Uniswap’s behavior as a company over the past 2 years raises concerns that absolutely need to be taken into consideration despite its technical benefits.

Liquity (LUSD)

LUSD is an inspiration for what DeFi should look like, but use it with an understanding of its one weakness – its Chainlink oracle.

MakerDAO (DAI)

Consider avoiding MakerDAO and DAI until you fully understand the existential risks presented by regulated 3rd parties.


You should avoid Aave until its total reliance on Chainlink’s 4-of-9 multisig is resolved.