#defi

5 posts tagged with defi.

Breaking open a propAMM

At Accelerate 2025, we talked about making Solana programs open source. A year later, agents have taken over the world, so we wanted to see how far we could push things by applying our techniques to the historically secretive world of propAMMs. Renato Marziano, Robert Chen

Auto reverse-engineering the Hyperliquid risk engine, with some agentic help

Perps allow traders to leverage beyond their collateral, until the market turns abruptly and losses are clawed back. We auto-reverse engineer Hyperliquid’s risk engine to show how it ranks and deleverages winning users under the solvency–fairness–revenue trilemma. Renato Marziano

Rounding bugs: an analysis

Rounding-related hacks are having a moment in the spotlight. We explore these exploits, correct some popular misunderstandings, and provide mitigations. Robert Chen

Becoming a millionaire, 0.000150 BTC at a time

How we discovered a critical issue in Solana’s stable swap implementation. A story about arbitrage and rounding. OtterSec

The $200m bluff: cheating oracles on Solana

How we fooled oracles to beat the house. An exploration into liquidity tokens and oracle price manipulation. OtterSec