Philidor Research
Risk & security research for on-chain credit
Institutional-grade analysis at the intersection of DeFi risk, security, and methodology — post-mortems, thematic reports, and briefings from the Philidor risk desk.
Report
Three Ways a Stablecoin Breaks: Reflexivity, Reserves, and Contagion
A grounded taxonomy of stablecoin depeg risk built from three real failures — TerraUSD (2022), USDC (2023), and DAI (2023) — and what each implies for scoring the asset that underpins on-chain credit.
Post-MortemThe Vyper Reentrancy Incident: When the Compiler Is the Attack Surface
A retrospective post-mortem of the 30 July 2023 Curve exploit, where a bug in the Vyper compiler — not any single contract — simultaneously broke the reentrancy guard across multiple audited pools.