Arunights · Research
Original quantitative research on counterparty and collateral risk in tokenized real-world-asset markets. Every material claim is provenance-tagged.
Oracle integrity and liquidation failure in tokenized-collateral lending: how the single point where market price becomes on-chain truth is manipulated (Mango Markets), frozen to hide bad debt (four hardcoded-oracle depegs in fourteen months), or simply misconfigured — and why even a correct price isn't enough once real-world assets are the collateral.
In December 2022 a single borrower defaulted on ~$36M of loans on Maple Finance, current and paying on schedule until days before it failed. A provenance-tagged teardown of why on-chain repayment flows could not reveal the off-chain credit reality, and what a second borrower's full recovery proves about the gap.
How a yield-bearing synthetic dollar lost its peg in November 2025, and why four of five structural risk channels were publicly flagged before it did. A provenance-tagged forensic analysis.