Carolina 🟪

Incredibly proud of this work and so happy to finally share it: our Vault Risk Framework. If you're interested in risk, vaults and DeFi lending, please reach out. Would love your feedback as we work toward building a real risk assessment layer that earns trust in the sector.

despite the q1 bear market in defi lending, @sparkdotfi managed to: - stay profitable ($3.7m net income) - Expand distribution (5x growth on USDT vault) - tighten risk management (0 impact from hacks) - Buyback cheap SPK with excess treasury (0.4% of FDV)

Check out the full analysis here: blockworks.com/insights/ethen…

@KoschigRobert @BlockworksAdv @Risk_DAO thank you for the in-depth read and call out! we're working right now on the implementation details for modeling, I would be happy to keep you in the loop if you're interested

good theoretical formulation - for sure time to pick up this discussion again, given many points have been explored years ago by @Risk_DAO. Recommend checking some of their work to refine scoring, as clearly some assumptions are not realistic for modeling, e.g. A2-1 (github.com/Risk-DAO/Repor… )

We have been working on this for a while. DeFi lending vaults manage real depositor capital but there is no standardized framework for measuring the credit risk they carry. One grounded in the actual mechanics of how losses occur onchain. We are introducing the framework for estimating vault credit score, which includes five metrics, each targeting a distinct mechanical loss channel. Read the full paper here arxiv.org/abs/2604.17579

1/ Blockworks has raised a Series A extension at a $192M valuation. This allows us to double down on our mission to build trust in onchain markets. Thank you to all of our customers, we couldn’t have done this without you.

@networkspirits @mathy_research thank you thelema!

credit risk for vaults 🤓 this is so good to see, amazing work @mathy_research and @GoldDefi full thing here: arxiv.org/abs/2604.17579

@DHannum8 Dm’d!

@GoldDefi Can you DM, looks like yours are closed?

Incredibly proud of this work and so happy to finally share it: our Vault Risk Framework. If you're interested in risk, vaults and DeFi lending, please reach out. Would love your feedback as we work toward building a real risk assessment layer that earns trust in the sector.

@jojothecow @0xLoso Interesting

Life-as-a-Service. cc @0xLoso

The next billion-dollar market starts here.

Last year, Blockworks created the Token Transparency Filings. A collection of open-source digital asset disclosures frameworks for token issuers to fix the trust and credibility problem associated with token-based businesses so investors can underwrite the asset class. Today, Blockworks launches a paper on the v1 of our Vault Risk Framework. The framework seeks to quantify credit risk to ultimately help surface, for all onchain stakeholders, both the market/economic/counterparty risk they are taking on both also the security risk they are taking on in a standardized away across the industry. This is needed now more than ever. Blockworks will continue to devote resources to building trust in onchain capital markets, and I'm extremely proud of our team for working on this extensively over the past ~5-6mo! Watch this space.

Full paper here arxiv.org/abs/2604.17579

We've just entered the new era of Blockworks

Lending markets should start showing in their UI the actual backing of tokens This is a critical information to assess risk yet requires work and is not available through api A chart like this (Jupiter Lend collateral composition for USDT) gives the idea about exposure and asset risk to the users it should not be hidden in risk dashboards outside the product!