Last updated: 2026-11-05.

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Research only

Notes explain how protocols and markets work. They are not financial, investment, tax or legal advice, they are not a recommendation to buy, sell or hold any asset, and they don’t consider your circumstances. Reading the site or writing to the desk creates no adviser or client relationship.

Risks you take on in DeFi

  • Smart-contract risk. Code can contain bugs that are exploited, and audits reduce this risk without removing it.
  • Volatility. Token prices can fall sharply within minutes, triggering liquidations.
  • Oracle and depeg risk. Price feeds can fail and stablecoins or staking tokens can lose their peg.
  • Bridge and layer 2 risk. Bridges are frequent targets, and some rollups still rely on upgrade keys or centralized sequencers.
  • Governance risk. Admin keys or token votes can change a protocol’s rules.
  • Regulatory risk. Rules differ by country and can change.
  • Total loss. Funds lost to an exploit, a scam or a lost key are often unrecoverable, and there is generally no deposit insurance.

Never commit more than you can afford to lose.

Data can be wrong or stale

Figures come from public dashboards and on-chain data that can contain errors, and every number is a dated snapshot. Verify current data yourself before relying on it.

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