"No single price feed should have the power to liquidate the portfolio." That's where Wednesday's live call went when we walked through how a leveraged on-chain fund is built to handle a bad day. In this clip, I break down: - Composite oracles. Pull prices from several sources (Chainlink, Redstone, Pendle's own time-weighted price) and combine them, so one broken or manipulated feed can't trigger liquidations on its own - The unwind ladder. A normal health factor target, a lower level where you sell collateral to de-risk, a level where deleveraging bots step in, and below 1.0 any Euler liquidator can take the position - The loss waterfall. Equity investors take the first loss, then idle cash, then the manager's reserve and other first-loss contributors. Lenders lose last - Why it matters. Where you sit in that line decides how much risk you're really taking, no matter what rate is on the screen Before you deposit into any vault, ask: how do prices get in, what happens when the health factor drops, and who stands in front of me when there's a loss? Want to be on the live calls with me? Join the membership for the live calls, direct access to me, and Q&A on your own portfolio positions and general crypto/DeFi questions. Join here: https://www.skool.com/defiuniversity Educational only — not financial advice. You keep self-custody of your assets. No guaranteed outcomes.

"You've got to make sure that your collateral is super solid." That's where Wednesday's live call landed when we broke down what a Pendle principal token (PT) actually is. In this clip, I break down: - What Pendle does. It's a yield-stripping protocol: it takes a yield-bearing dollar and splits it into a principal token (PT) and a yield token (YT) - Why a PT works like a zero-coupon crypto bond. You buy it for less than it's worth at maturity, and that difference is your fixed yield, set by the price you pay - Pull to par. As maturity gets closer, the PT's price converges on its full value - Where the risk really lives. A PT is a derivative of whatever sits underneath it, whether that's Bitcoin, ETH, dollars, treasuries or a token backed by some business's cash flows A fixed rate tells you what you earn if everything holds. It tells you nothing about whether the underlying will hold. Before you look at any PT, ask: what is this a claim on, and who has to stay solvent for this to pay out at maturity? Want to be on the live calls with me? Join the membership for the live calls, direct access to me, and Q&A on your own portfolio positions and general crypto/DeFi questions. Join here: https://www.skool.com/defiuniversity Educational only — not financial advice. You keep self-custody of your assets. No guaranteed outcomes.

"The house almost always wins, but the house can also go bankrupt." That's where Monday's live call landed when we dug into the counterparty vaults on perp DEXs, the ones advertising yield for simply depositing cash. In this clip, I break down what you're actually signing up for: - Where the yield comes from. Your deposit is used to take the other side of traders' positions, so you become the counterparty and the market maker - How that compares with being an LP on Uniswap. There you hold two assets, so if prices crash you eat impermanent loss. That's directional risk - The different risk in a vault. You deposit cash only, but if most traders are on one side and the market runs their way without correcting, the vault takes a drawdown and depositors lose money, not just miss out on yield - The question to ask before you look at any vault's APY: who's on the other side, and what happens to me when they're right? The risk doesn't disappear when you swap an LP position for a cash vault. It just changes shape. Want to be on the live calls with me? Join the membership for the live calls, direct access to me, and Q&A on your own portfolio positions and general crypto/DeFi questions. Join here: https://www.skool.com/defiuniversity Educational only — not financial advice. You keep self-custody of your assets. No guaranteed outcomes.

Hé David, people in my community came up with this protocol. https://www.arkdefai.com/#ark-dao Could you run it to your Deep dive AI tool?

"It's one to watch rather than to use." That's where Friday's live call landed after a member brought up a brand-new stablecoin on Canton. Instead of guessing, I had my research bot pull the facts and we walked through them live, one question at a time. In this 3-minute clip, I go through the checklist: - What backs it, and is the backing at least 1:1? Check the issuer's own reserve dashboard, not just the headline - Where the yield actually comes from. Holding cash and T-bills is interest, not a "trading strategy," even if a data site labels it that way - Who issues it and under what license. A regulator's pilot tier is not a full license - Who holds the reserves and who administers the fund (custodian and fund administrator) - How big it is. A tiny supply that "nearly doubled" is still tiny - Red flags: who can actually redeem it for a dollar, and whether you could exit if you needed to A stablecoin is only as stable as its backing, its redemption path and its liquidity. If you can't answer those three, it stays on the watch list. Want to be on the live calls with me? Join the membership for live Q&A on how to think through risk, entries and exits, and general crypto/DeFi questions. Join here: https://www.skool.com/defiuniversity Educational only — not financial advice. You keep self-custody of your assets. No guaranteed outcomes.