Research
Published methodology, underwriting reports, and framework documentation for Liquidity Adjusted Valuation.
The Liquidation Illusion
On chain lending protocols use the same liquidation function for tokenized private credit that they use for ETH. Nine months of live data shows what happens: zero liquidations, a self reported oracle, and borrowers who use the function as their exit when it finally fires.
Toxic Flow in Low Volume Assets
When someone trades against a liquidity provider using information the provider does not have, the provider loses money.
Who Provides the Bid
Market makers need retail flow to survive. Without it, the bid disappears or becomes so wide it is meaningless.
The Case for a Validator Network
The infrastructure for independent price verification is slow, expensive, and breaks under stress.
Leverage on Assets That Have No Price
Banks lend hundreds of billions against assets nobody can price. Tokenized assets inherited the problem without any of the machinery.
When Illiquid Assets Trade
BDCs, CEFs, mREITs, CLO equity: how they work, how they break, and what makes them liquid.
Monte Carlo CVaR: From Proxy Baskets to Tail Risk
Running 10,000 path simulations over 21 day horizons. Percentile bands and terminal return distributions.
Underwriting mF ONE: A Multi Strategy Credit Fund
Proxy basket construction, on chain signal extraction, and CVaR computation for a tokenized credit fund.