Research

This research analyzes the LayerZero OFT standard managing $44 billion in cross-chain assets, evaluating risks from smart contracts, off-chain dependencies, and regulatory complexities.

An integrated doctrine-and-practice map for DeFi protocols in the EU, the US, and Singapore

A comparative performance analysis of common interest rate models available for use with LlamaLend, including Semilog, Piecewise Linear, and Time-based IRMs.

A risk assessment of pufETH, Puffer Finance's liquid restaking token.

Raising the bar in DeFi

Following a wallet hack at Bybit that raised collateral concerns, Ethena’s risk management kept the protocol secure. Custodial oversight, off-exchange settlements, and reserve funds ensured resilience during market stress.

The LlamaRisk scoring methodology for assessing crvUSD mint and lend markets' health

A methodology for optimizing LlamaLend markets, with a focus on Semilog monetary policy and exploring alternative IRMs

A general risk assessment of the YieldNest protocol and product suite

The current state of restaking and YieldNest's strategy to navigate developments

This legal brief explores the evolving regulatory landscape for Tether (USDT) and the USDT0 protocol, focusing on the anticipated delisting of USDT from European Union platforms and the legal distinctions between USDT and USDT0.

A comprehensive risk review of YieldNest's ynBNBx MAX LRT

An examination of Tether's regulatory positioning in El Salvador, exploring the legal requirements and compliance measures established through its dual-entity registration as Digital Assets Service Providers.

A risk disclaimer and market parameterization methodology for employing Morpho vaults as collateral

A comprehensive risk review of YieldNest Kernel Restaked BTC ynBTCk

Wishing you happy holidays, and looking forward to the new year!

Examining Multi-Party Computation (MPC) wallets in DeFi protocol treasury management, comparing them with traditional solutions. This report analyzes major providers, presents an evaluation framework, and explores security considerations, regulatory aspects, and operational trade-offs of MPCs.

A comprehensive risk review of First Digital FDUSD for crvUSD PegKeeper onboarding consideration

The V2 methodology used to recommend a safe value for the Ethena Reserve Fund

In light of MiCA Regulation and Coinbase's decision to end USDC rewards for EEA customers, LlamaRisk offers this brief legal and market analysis of potential impacts of potential opportunities for Aave DAO and its users.

A comprehensive risk review of Usual USD0 for crvUSD PegKeeper onboarding consideration

An introduction to coprocessors, design choices by service providers, and use cases for offchain computation

Exploring how Aave's latest upgrade enables multi-configuration asset management and enhanced borrowing strategies

An introduction to Nektar's Decentralized Infrastructure Marketplace

An overview of risks relevant to YieldNest vault strategies

An overview of Ethereum staking penalties and explainer on our slashing simulator

Our general methodology for recommending supply caps and debt ceilings with modified methodology for crvUSD and LlamaLend

The methodology used to recommend a safe value for the Ethena Reserve Fund

Collateral onboarding recommendations for initial Defi.Money deployment on Base chain

The trade-offs between internal exchange rate and secondary market pricing, and Aave's approach to oracle risk management

A comprehensive user analysis of GHO.

Insights on the EigenLayer airdrop strategy and associated risks relevant to users and the AVS marketplace

A comprehensive introduction to Cross-Chain Interoperability Protocol (CCIP) and its integration with the GHO stablecoin.

Analysis of YieldNest ETH parameter optimization for a LlamaLend market

How activation of AVS rewards affects the risk profile of restaking through Eigenlayer

A review of the Danish Financial Supervisory Authority's decentralized assessment techniques applied to Curve Finance

Updated recommendations based on LlamaRisk's agent-based simulation engine

An introduction to Symbiotic's restaking marketplace

An addendum to the risk assessment of wOETH as a potential collateral asset

A comprehensive risk analysis of Wrapped Origin ETH (wOETH) as potential collateral asset

A brief overview of the Aave IRM and opportunities to merge with TradFi via RWA onboarding

Development updates on the chain-agnostic crvUSD risk simulation tool for the benefit of Defi.money, LlamaLend, and the Curve ecosystem

A comprehensive risk analysis of KelpDAO rsETH as a potential collateral asset

Additional risk analysis including a model of possible reserve fund decay

A comprehensive risk assessment of the USD3 RToken

Considerations relevant to crvUSD Pegkeeper assets in reflection of a recent report published by the Financial Stability Institute of the Bank for International Settlements (BIS)

An evaluation of P2P for onboarding as a node operator for YieldNest.

An evaluation of Validation Cloud for onboarding as a node operator for YieldNest.

A comprehensive risk analysis of Reserve's ETH+

Recap of the temporary crvUSD depeg and suggested mitigations for the future

An outline of our AVS and NO screening methodology for initial YieldNest delegations.

A comprehensive risk analysis of StakeWise Staked ETH (osETH) as potential collateral asset

Borrowing crvUSD from the crvUSD vault on Morpho

A comprehensive introduction to the GHO stablecoin and relevant risk factors

Collateral Selection and Parameterization for the $MONEY alpha deployment

An introduction to a series on Reserve RToken risk assessments

A risk evaluation of the EigenDA data availability protocol built as an AVS on EigenLayer.

A comprehensive risk analysis of Wrapped EtherFi ETH (weETH) as potential collateral asset

Post mortem for the MigrateTroveZap vulnerability resulting in a loss of ~$12m

A comprehensive risk analysis of Renzo Restaked ETH (ezETH) as potential collateral asset

Introducing a time-based mechanism with Frax's Variable Rate V2 IRM

From Proof-of-Stake to Eigenlayer restaking and liquid restaking tokens like ynETH and ynLSD.

This update report seeks to present the latest insights and developments from the initial risk assessment of ETHx as of May 1, 2024.

The AdaptiveCurve IRM and how it auto-balances for the benefit of both lenders and borrowers in crvUSD vault markets

Examining the risks posed by the fastest-growing stablecoin and its basis trade yield strategy

An addendum to our risk analysis of tBTC with updated data

A vault to borrow crvUSD against Convex-wrapped TriCrypto LPs, curated by Llama Risk

The emerging landscape of AVSs and how the YieldNest DAO can start to categorize and evaluate these systems

A new legal risk dimension

A comprehensive risk analysis of Mantle ETH (mETH) as potential collateral asset

Navigating the waters of EU regulations and pathways for lending protocols to overcome challenges

A comprehensive risk analysis of PayPal USD (PYUSD) as a potential PegKeeper asset for crvUSD

An Introduction to ArcadiaSim and initial recommendations for Arcadia V2

Insights into the yvcrvUSD-LP silos included in the crvUSD Aggregator managed by LlamaRisk

A historical evaluation of the Chainlink integration vs an alternative Curve pool EMA Oracle, and implications for the Prisma protocol.

LLAMMA's Soft Liquidation Mechanism Reshaping DeFi Lending

The fifth in a series of updates on the joint project by Llama Risk and Pragma Labs for the Arcadia v2 protocol.

Arcadia Collateral Risk Simulation: Progress Report 4

The third in a series of updates on the joint project by Llama Risk and Pragma Labs for the Arcadia v2 protocol.

The second in a series of updates on the joint project by Llama Risk and Pragma Labs for the Arcadia v2 protocol.

An introduction to the Oracle used in Sturdy silos managed by Llama Risk

The first in a series of updates on the joint project by Llama Risk and Pragma Labs for the Arcadia v2 protocol.

A comprehensive review to determine the Oracle provider's suitability for onboarding to Prisma

Our response to the UK Financial Conduct Authority's Discussion Paper on Regulating Cryptoassets Phase 1: Stablecoins

A deep dive into the overcollateralized stablecoin backed by ETH liquid staking derivatives

A comprehensive risk analysis of Stader ETHx as potential collateral asset

A comprehensive risk analysis of staked Frax (sFRAX) as a potential collateral asset

The legal status of DeFi yield optimizers under the EU crypto regulatory framework

A dive into the Bermuda-regulated RWA token backed by short-term U.S. Treasuries

A dive into f(x) Protocol's dual-token model for adaptive ETH volatility exposure

A comprehensive risk analysis of Threshold Network Bitcoin (tBTC) as a potential collateral asset

Llama Risk resources for DAO sub-orgs in search of suitable legal structures

A comprehensive risk analysis of Binance Wrapped Beacon ETH (WBETH) as potential collateral asset

A comprehensive risk analysis of Coinbase Wrapped Staked ETH (cbETH) as potential collateral asset

A comprehensive risk analysis of Staked Frax ETH (sfrxETH) as potential collateral asset

A comprehensive risk analysis of Rocket Pool ETH (rETH) as potential collateral asset

A comprehensive risk analysis of Lido's wrapped stETH (wstETH) as potential collateral asset

Analyzing CRV lending markets before and after the July 30th liquidity crisis

A look into Ondo Finance's latest offering: U.S. Dollar Yield token (USDY)

A look into the RWA token backed by short-term government bonds, issued on Tron and Ethereum

A focus on the recent trend to radically increase RWAs on MakerDAO's balance sheet

A deep dive into the fiat-redeemable stablecoin and its suitability as a crvUSD Pegkeeper candidate

A dive into the RWA token backed by US T-bills and reverse repos

TUSD's role and associated risk as a crvUSD Pegkeeper asset

Curve pool hack post mortem

A look at OETH: Maximizing ETH Liquid Staking Derivatives yield through DeFi incentives

A look into the protocol for custom stablecoin deployment and relevant risks to Curve LPs

An assessment of e-money, the Membrane (EUROe) stablecoin, and relevant information for Curve LPs

A deep dive into the issuer of tokenized US Treasuries and their strategy to bring RWAs to DeFi

Analyzing Spiral DAO: A Novel Approach to Yield Farming, Bribe Markets, and veTokenomics

A look into the Accumulate network, the Accumulate bridge, and the liquid staking platform built on Ethereum: Accumulated Finance

How Angle was exposed, the effect on the agEUR stablecoin, and Angle's recovery from the event

A deep dive into a pioneering real estate-backed stablecoin on Polygon.

A look into Moneta DAO and its Swiss franc stablecoin DCHF

A look into the Axelar cross-chain bridge protocol and its multi-chain axlUSDC stablecoin

A look into the Archimedes leverage farming protocol, the OUSD strategy, and the lvUSD stablecoin.

A deep dive into TRON’s stablecoin.

A look into Stasis and the EURS stablecoin

USV is the Phuture Savings Vault's first product which is powered by Notional Finance, a fixed rate lending and borrowing platform.

A dive into the issuer of msUSD/msETH, an overcollateralized synthetic assets platform backed by productive Vesper assets

A deep dive into cross-chain router Multichain, its complex ecosystem, and how Curve profits from its novel technology.

This Overview is a supplement to the "BTC on Ethereum Detailed Dashboard" created by @DiligentDeer in cooperation with LlamaRisk.

A deep dive into Inverse Finance’s stablecoin DOLA

A risk assessment of e-money, the Monerium (EURe) stablecoin, and its risks for Curve LPs

CLever allows users to create non-liquidating leveraged positions by borrowing clevTKN, which represent future yields of the underlying asset.

A look into ApeCoin’s stablecoin ApeUSD

We are releasing this blog post to provide transparency and clarity regarding the funding and operations of Crypto Risk Assessments.

Chicken Bonds directs amplified yields to their bTKN (bLUSD). This report focuses on how safe is it for the users to utilise bLUSD i.e. bonding as well as providing liquidity in bLUSD-LUSD3CRV pool.

A risk assessment on the Paladin ecosystem for Curve veCRV holders and Pal LPs

A look into Silo Finance and the XAI stablecoin

A set of standards for Curve DAO's secondary governance framework.

MakerDAO is planning to become as resilient as possible with their Endgame Plan. $DAI would no longer hold its peg, which will hugely impact Curve's 3pool.

Does Frax rely too heavily on multisigs?

A risk assessment on Neutrino’s USDN ecosystem for Curve veCRV holders.

A risk assessment of Synthetix atomic swaps for Curve veCRV holders and LPs

The Crypto Risks team has been working to provide high quality, objective assessments that assist the Curve DAO community with due diligence on gauge proposals.

A risk assessment of the proposed “Liquid Lockers” for sdCRV, sdFXS, and sdANGLE pools from Stake DAO.

A look into Iron Bank and Keep3r's Fixed Forex product

Uncensored and Unscripted talks about the risks in #DeFi with Chris Blec | Crypto Risk Assessments | Podcast #1

What is Custody Risk and what kind of risks can one expect from a protocol that is controlled by multisigs / previleged owners.

A risk assessment of Vesta Stable (VST) & Vesta Finance for Curve veCRV holders

A look into various risks associated with GRO Protocol's yield-bearing PWRD stablecoin.

We take a look at ANGLE Protocol's agEUR and attempt to understand it from a risk standpoint - fiddy.

A risk assessment on QiDao/Mai (MAI) for Curve veCRV holders

A risk assessment on Fei Protocol - Fei USD (FEI) for Curve veCRV holders

This article examines potential risks that declining yields on Anchor Protocol (on Terra) may have on Curve liquidity pools containing wrapped UST.

A risk assessment on the RAMP rUSD stablecoin for Curve veCRV holders

A risk assessment on the Reflexer Finance RAI stablecoin for Curve veCRV holders

A risk assessment on Terra's UST stablecoin for Curve veCRV holders

A risk assessment on FRAX for Curve veCRV holders