Why Capital Efficiency Is the Real Product in DeFiFor years, DeFi has competed on a single number: APY. Protocols advertise higher yields. Users move capital to wherever the percentage looks best. Liquidity follows emissions. The assumption has been simple: yield is the product. But the highest APY is rarely the most efficient use of capital. And as DeFi matures, it’s becoming clear that yield was never the real product. Capital efficiency was.What Capital Efficiency Actually MeansCapital eff...

Prediction markets and the protocols building on top of them are booming. If you're one of those teams, this list of bugs should matter to you. I'm not going to claim this replaces an audit, but every bug here is something we at Phage Security have caught in real engagements, and the patterns were consistent enough that I thought they deserved a write up.

The market cap of tokenized Real-World Assets (RWAs) on Ethereum mainnet hit $15 billion, representing a nearly 200% YOY increase.

Supernova is launching its first liquidity incentive program Cosmic Ignition and we're putting 8,000,000 veNOVA on the table for those who show up early and stay. This is an additional incentives program on top of the liquidity incentives that contributors already receive as part of the ve(3,3) flywheel. The OpportunityThe first few days of any protocol define its trajectory. Deep, productive liquidity from day one isn't just nice to have, it's the foundation everything else gets built on. Ti...

Top 1% can play now. Start playing.

Top 1% can play now. Start playing.

Red candles falling from the sky again.

Part 1: The Data Wars. The free web is closing. Fenced like the fields on our cover, data is now a high-stakes economy for IP rights.

Background: Why ve(3,3) Never Launched on EthereumOn February 24, 2022, Andre Cronje, widely recognized as the "godfather of DeFi", launched Solidly on Fantom. It was the first implementation of ve(3,3), a tokenomics model that combined Curve's vote-escrow mechanism with Olympus' (3,3) game theory to align the interests of liquidity providers, token holders, and protocols in a way that no DEX had done before. But the chain choice wasn't random. It was a practical necessity. At the time, Ether...