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q-fin.RM2026
Vault as a credit instrument
Anastasiia Zbandut, Carolina Goldstein
We derive five tractable credit risk metrics for DeFi lending vault depositors, grounded in a formal three level decomposition of vault risk into mechanical loss channels (Level 1)…
q-fin.RM2025
Institutionalizing risk curation in decentralized credit
Anastasiia Zbandut, Carolina Goldstein
This paper maps the emerging market for decentralized credit in which ERC 4626 vaults and third-party curators, rather than monolithic lending protocols alone, increasingly determi…