Blog
Crypto risk research, market commentary, and protocol analysis. Covering 776 protocols.
Editorial
Ethena (ENA): Sell — Risk Assessment of the USDe Synthetic Dollar Architecture
The protocol maintains a $62 million insurance reserve to back a $6.2 billion circulating supply (a sub-1% coverage ratio), just as a March 5, 2026, cliff unlocks 171.88 million ENA tokens into a thinning bid.
EigenCloud (EIGEN): Sell — Risk Assessment of the Restaking Economic Architecture
The protocol generates negligible external revenue, subsidizing its yield almost entirely through EIGEN emissions, while a March 1, 2026, unlock will release 36.8 million tokens.
State of Crypto Risk: Q1 2026
197 protocols rated. Synthetic dollars carry the highest interaction risk of any sector. Oracle setups are improving. And restaking tail risk is piling up quietly.
Riskiest Protocols
The 10 riskiest-rated protocols in our coverage universe. Each analysis covers key risks, grade breakdowns, and our safety verdict.
Top Investment Analyses
The 10 highest-rated protocols by value accrual fundamentals. Each analysis covers fee capture, token distribution, moat strength, and risk-adjusted outlook.
All Protocol Safety Analyses
776 protocols analyzed. Browse by sector to find a specific safety report.
Bridge (18) →
CDP (25) →
DEX (110) →
DeFi (67) →
Derivatives (53) →
L1 (54) →
L2 (37) →
Lending (86) →
Liquid Staking (81) →
RWA (72) →
Restaking (23) →
Stablecoin (27) →
Yield (112) →
All Protocol Investment Analyses
776 protocols rated on value accrual fundamentals. Browse by sector.