defi
02

Token + Yield Source

Understand what supports the stablecoin and who actually pays the advertised return.

defi
03

Borrower + Collateral

Find the counterparty, collateral quality, liquidation rules and correlated risks.

defi
04

Custody + Code + Exit

Map the platform, contracts, bridges, administrators, lockups and withdrawal limits.

defi
05

Calculate the Real Return

Subtract fees, spreads and tax. Stress-test a depeg or delayed withdrawal before depositing.

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