Case studies

Case studies trace a complete financial composition instead of treating each concept as an isolated definition. Each study identifies the controlled assets, layered claims, return payer, loss absorber, price and control dependencies, and the state transitions that connect them.

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• Stablecoin lending vault — a depositor receives vault shares while the vault supplies stablecoins to a lending pool; borrower interest can increase share value, while bad debt, illiquidity, depeg, or accounting failure can reduce or delay redemption.
• Leveraged liquid-staking vault — a vault stakes ETH, pledges the resulting liquid-staking claim, borrows a stablecoin, and converts it into more staking exposure; leverage amplifies both staking return and liquidation, slashing, depeg, and funding risk.
• Market-neutral liquidity strategy — a vault combines an ETH/stablecoin liquidity position with a short ETH perpetual; the hedge reduces initial directional exposure but leaves fees, funding, basis, rebalancing, margin, and nonlinear inventory risk.
• Tokenized Treasury fund — an on-chain wrapper holds tokenized fund shares while the fund, transfer agent, custodian, broker, bank, and legal system connect those records to cash and short-term U.S. Treasury securities.

Together, the four studies show how claims and risks cross asset, primitive, strategy, product, protocol, and off-chain institutional boundaries.