DeFi apps don’t become successful in isolation. You can optimize one product, but lasting value shows up when the full stack aligns: rails, primitives, liquidity, risk, and the access layer that routes users.
DeFi apps don’t become successful in isolation. You can optimize one product, but lasting value shows up when the full stack aligns: rails, primitives, liquidity, risk, and the access layer that routes users.
✔️All supervised loan positions remain at conservative health factors✔️There have been no liquidations and no bad debt.✔️All assets are safe.Learn more about our risk management approach here👇
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Over the past year, the distribution of losses by root cause reveals continued dominance of technical vulnerabilities, with smart contract bugs driving the majority of incidents.
While stablecoins grew rapidly in 2024–2025, that momentum has largely flattened since Q4 last year. On a monthly basis, the slowdown is driven primarily by USDT and USDC, whose market caps have contracted, while newer entrants such as PYUSD and RLUSD have continued to gain share.