Structure
Maps of dependency graphs, concentration, and market architecture.
ReportStructure
Who Eats the First Loss
A source-qualified review of DeFi first-loss events: where the waterfall operated, where it was never tested, and what a senior claim should disclose.
ReviewedData as of August 4, 2026
ReportStructure
The Recursion Map, Concentration Is the Input, Not the Risk
On-chain credit is concentrated, and everyone can see it. We measure what sits underneath. What is vault collateral actually made of once each layer is unwrapped, and do the loans flagged as liquidatable actually get closed out? About a quarter of traced backing turns out to be wrapped, staked or synthetic, and some flagged debt can never clear at all. Every figure is stamped to an endpoint, snapshot, and formula.
ReviewedData as of June 15, 2026