Writing

Notes on Systems &
Creative Work

Essays and Medium posts on stablecoin design, protocol security, systems thinking, and the creative process behind the work.

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May 25, 2026·8 min read

your LP fees are being stolen in 12 seconds. here's exactly how.

there's a bot that shows up in your pool, takes most of the fees from a massive swap, and disappears. total time in pool: one block. it's called JIT liquidity. sounds like some fancy DeFi feature. it's not. it's an attack.

DeFiUniswapMEVResearch
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Apr 17, 2026·12 min read

How a Solvent Protocol Lost Its Peg — The Angle Collapse Explained

In May 2022, Angle Protocol's peg broke even though the protocol had enough money to pay everyone back. No hack. No insolvency. Just people running for the exit at the same time. Here's the full story — from how stablecoins work to why this was actually inevitable.

StablecoinsDeFiGame TheoryResearch
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Apr 17, 2026·13 min read

USDe Is Paying 30% APY — Here's What That Actually Depends On

Ethena's USDe is one of the most successful new stablecoins in years. The yield is real. But there's only $1.70 in the reserve vault for every $100 issued — and the stress-tested framework in this piece points to a materially larger buffer. Here's the full breakdown, from how the system earns money to what happens when it stops.

StablecoinsDeFiRiskResearch
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Mar 28, 2026·6 min read

Stablecoins Aren't Stable. They Just Choose Different Ways to Fail.

Looking across UST, IRON, Beanstalk, Cashio, USDN, FEI, agEUR, USDT, and DAI, the real lesson is not that some stablecoins fail. It is that each one hides a different failure surface until stress finally reveals it.

StablecoinsDeFiAnalysis
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Mar 24, 2026·Medium

Ethena's USDe: It Didn't Break — It Bended

We already know what stablecoins are. This piece looks at how USDe held up under pressure, and why bending without fully breaking is the more interesting systems story.

StablecoinsDeFiResearch
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Mar 24, 2026·5 min read

The Resolv/USR Exploit: Your Attack Surface Doesn't End at Solidity

The Resolv exploit looked like a smart contract failure from the outside, but the deeper issue was architectural: a privileged off-chain key could authorize catastrophic minting without meaningful on-chain resistance.

SecurityDeFiPostmortem
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Feb 20, 2026·5 min read

Why EIP-2535 Diamonds Feel Different from Normal Proxy Patterns

Most proxy patterns feel like moving complexity around. Diamonds feel different because they change the unit of upgrade itself, letting protocols evolve function by function instead of redeploying monoliths every time they outgrow their first architecture.

SolidityArchitectureUpgradeable Contracts
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Jun 19, 2025·Medium

Building a Real-Time Event Monitoring System: From User Clicks to Data Insights

In today's data-driven world, understanding user behavior in real time is crucial for making informed business decisions. This post walks through that pipeline from events to insights.

DataAnalyticsSystems
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