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Independent research on decentralized finance, lending, stablecoins and crypto markets. Start with the essentials, compare the mechanics, and follow the evidence.
Decentralized Finance Publication (DFR) is an independent, ad-free research site covering 258+ protocols, 57 beginner guides, and free DeFi tools. Every route starts with clear explanations and the risks that matter.
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Decentralized finance (DeFi) is trading, lending, borrowing and earning interest through smart contracts on public blockchains instead of banks or brokers. Anyone with a crypto wallet can use it — there is no account approval, and also no deposit insurance or customer support if something goes wrong. Read the beginner's guide to DeFi or choose a topic below.
Curve, Convex, Resupply, Inverse, Frax, Aave
ExploreAave, Morpho, Resupply, Inverse FiRM
ExploreLiquidations, exploits, health-factor checklist
ExploreAave vs Compound, USDC vs USDT, and more
ExploreLending APY and stablecoin peg tracker
ExploreEthereum, Solana, Arbitrum, Base and more
ExploreUSDC, crvUSD, reUSD, DOLA, frxUSD
ExploreLatest analysis and market updates
ExploreMiCA, US policy, and global compliance
ExploreFounders, builders, and thinkers in DeFi
ExploreWallets, staking, borrowing, lending and more
ExploreDonate Bitcoin, ETH, USDT, SOL or BNB from a wallet
ExploreCore infrastructure
Convex takes Curve’s veCRV boost and sells it as a service: deposit LP, get max boost, no four-year CRV lock. Verdict-first guide on cvxCRV, vlCVX, Resupply, and who should stay on Curve alone.
Curve is the specialist DEX for pegged assets, plus crvUSD and LlamaLend. Verdict-first guide on when Uniswap is enough, how veCRV and Convex connect, and who should not LP here first.
Resupply mints reUSD against yield-bearing Curve Lend and Fraxlend positions that keep earning. Co-built by Convex and Yearn. Verdict-first guide including Resupply Summer and the June 2025 exploit.
Inverse’s FiRM offers fixed-rate DOLA borrowing via personal collateral escrows. Verdict-first guide on when Aave’s variable rate is enough, sDOLA, and the 2022 oracle exploits.
Frax issues frxUSD/sfrxUSD and Fraxlend markets that feed Resupply collateral and Curve LlamaLend V2. Verdict-first guide on when USDC or Sky is the simpler dollar.
Aave is the default multi-chain DeFi lending market. V4 (Ethereum, 30 March 2026) uses a Hub for liquidity and Spokes for the market you actually click. Supply for a variable rate, or borrow and watch health factor — including V4’s target-health-factor liquidations.
Research report · Q2 2026
Linkable quarterly snapshot — lending, stablecoins, L2s, and restaking.
Latest updates
Curve DAO funded a risk team led by Resupply contributors on 2 September 2026, after doubling the sreUSD market's crvUSD credit line on 17 August. What the developments mean for Resupply, reUSD and RSUP—and what they do not prove.
Read full articleMorpho announced its Arc deployment on 16 September 2026. Variable-rate credit is live; further distribution and fixed-rate products remain roadmap items. Here is how to assess the integration and its risks.
Aave Labs introduced its official MCP server on 8 September 2026. It supports protocol queries and unsigned transaction preparation across V3 and V4. The key distinction is between reading data, preparing an action and signing it.
Aave’s 15 September 2026 account explainer describes password-based access, device recovery and optional biometric recovery. The important questions are who can recover access, which permissions exist and how withdrawals are authorized.
The Senate rejected cloture on the motion to proceed to H.R. 3633 on 15 September 2026, by 49–50. This was a procedural setback, not final passage or a new crypto law.
Network layers
Arbitrum, Base, and Optimism are the three dominant Ethereum Layer 2 networks for DeFi in 2026. Each has different liquidity depth, fee structures, DeFi ecosystem maturity, and decentralisation trade-offs. This guide helps you choose the right L2 for your needs.
Ethereum and Solana are the two dominant smart contract platforms for DeFi in 2026. They represent fundamentally different design philosophies — Ethereum prioritises decentralisation and security, Solana prioritises speed and low cost. This guide compares both for DeFi users.
Berachain is a new EVM-compatible Layer 1 blockchain that introduces 'Proof of Liquidity' — a novel consensus mechanism that aligns validator incentives with DeFi liquidity provision. Launched in early 2025, Berachain has attracted significant DeFi TVL with its innovative tokenomics design.
Liquidity & yield
reUSD is Resupply's native overcollateralized stablecoin, pegged to the US dollar and backed by yield-bearing stablecoin collateral in Curve Lend and Frax Lend markets — uniquely sharing earned lending fees with borrowers.
crvUSD is Curve Finance's native collateralized-debt-position stablecoin, using the novel LLAMMA mechanism to enable soft, continuous liquidations — fundamentally rethinking how overcollateralized stablecoins manage risk.
DOLA is Inverse Finance's native decentralized stablecoin, minted exclusively through on-chain lending activity in FiRM markets and managed by a network of governance-controlled Fed contracts that actively defend the $1 peg.
Head-to-head
Structured criteria tables with editorial verdicts — built for fan-out queries like “which lending protocol is better”.
Aave vs Compound (2026)
The two OG DeFi lending protocols compared on architecture, governance, token economics, and where each fits in 2026.
USDC vs USDT (2026)
Circle versus Tether — reserve transparency, regulatory posture, DeFi adoption, and peg stability compared.
Gains Network vs GMX (2026)
Two Arbitrum perpetual DEXes compared — synthetic gTrade pools versus GLP multi-asset liquidity.
Ethereum vs Solana DeFi (2026)
The two largest smart-contract ecosystems compared for DeFi TVL, developer activity, and user experience.
Pendle vs Ethena (2026)
Yield derivatives versus synthetic dollar yield — how Pendle and Ethena serve different parts of the DeFi yield stack.
CoW Protocol vs 1inch (2026)
Intent-based batch auctions versus DEX aggregation — MEV protection and execution quality compared.
Marinade vs Jito (2026)
Solana's two leading liquid staking protocols — mSOL versus JitoSOL and MEV yield compared.
Wormhole vs Stargate (2026)
Cross-chain messaging versus LayerZero liquidity bridges — architecture and use cases compared.
FAQ
Decentralized finance (DeFi) is a system of financial services built on public blockchains — primarily Ethereum — that operates without banks, brokers, or other traditional intermediaries. Users interact directly with smart contracts to lend, borrow, trade, and earn yield on crypto assets.
DeFi uses smart contracts — self-executing programs on a blockchain — to automate financial transactions without a central authority. Users connect a non-custodial crypto wallet (such as MetaMask) to decentralised applications (dApps) and transact directly on-chain.
DeFi carries significant risks including smart contract vulnerabilities, protocol exploits, price volatility, and liquidation risk. Unlike bank deposits, DeFi funds are not insured. Well-audited protocols with long track records — such as Aave, Uniswap, and Compound — have operated reliably for years, but risk can never be eliminated.
TVL stands for Total Value Locked — the total dollar value of crypto assets deposited into DeFi protocols. It is the primary metric used to measure the size and adoption of a protocol or entire blockchain ecosystem.
The main DeFi protocol categories are: decentralised exchanges (DEXs) like Uniswap and Curve for token trading; lending protocols like Aave, Compound, Inverse Finance and Resupply; liquid staking like Lido; yield boosters like Convex Finance; and stablecoin issuers like Sky, Frax and Curve (crvUSD).
Yes. To interact with most DeFi protocols you need cryptocurrency — typically ETH or another native token to pay transaction fees (gas), plus the asset you want to lend, trade, or stake. You also need a non-custodial wallet such as MetaMask or Coinbase Wallet.
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