Chain Margin Notes is a research desk for readers who already use DeFi and want to understand the machinery underneath: how a lending market liquidates, where a rollup’s trust assumptions sit, what a liquid staking token is actually a claim on, and how liquidity moves between venues.
Scope
- DeFi protocols: lending markets, DEXs and aggregators, perpetuals and options venues, stablecoin designs.
- Layer 2 networks and bridges, read through their proof systems, upgrade keys and exit paths.
- Staking: native staking, liquid staking and restaking.
- Market structure: order flow, MEV, liquidity fragmentation and token unlock schedules.
Format of a note
Every note opens with a header listing its date, its data sources and the protocol versions covered. The body explains the mechanism first and the failure modes second. Data comes from public dashboards such as DefiLlama and L2BEAT, block explorers, protocol documentation, audit reports, governance forums and incident post-mortems. Where sources disagree, the note shows both and says which one it relies on.
Out of scope
Price targets, trade signals, token ratings and “alpha” calls. You won’t find a buy or sell view on this site, in editorial notes or in sponsored ones.
Revenue
The desk is paid for by advertising and by sponsored research notes, each labeled “Sponsored research note”. Crypto projects can appear only in that labeled form, and never with price targets or return claims. The editorial policy covers the rest.
This is research, not investment advice. Read the disclaimer for the risks. The Chain Margin Notes research desk can be reached at editorial@chainmarginnotes.com.