Notes from the institutional edge.
We treat research as part of the protocol's surface area, not a marketing channel. The pieces below are written for allocators and credit committees — long, citable, and not in a hurry.
The Kelp Incident.
A close-read of the 20 April 2026 contagion. Why $13 billion drained out of DeFi in 48 hours, and what an architectural fix actually looks like.
read N-02 · primerTokenised Treasuries.
BUIDL, BENJI, USDY and the rest. The first collateral class to migrate on-chain at institutional size — and the one that anchors imyo's Tier-1 book.
read N-05 · field notesMiCA, enforced.
The grace period ended 1 July 2026. Ten days in: the sorting, the quiet exits, and why compliance became market structure.
read N-04 · briefingThe MiCA passport.
What changed when the transitional grace period ended — the pre-enforcement mechanics, CASP by CASP.
read N-03 · outlookOutlook 2030.
The five published projections — McKinsey, Citi, Ark, BCG, Standard Chartered — read side by side.
read vs · 01imyo vs Aave.
A neutral comparison of the dominant legacy lending venue and the institutional alias.
read