Fixed Term Lending Researcher

Over the past two weeks, Term Finance and $MORPHO have faced two very different types of security incidents.

One involved the exploitation of governance. The other saw market manipulation trigger a major liquidation cascade.

DeFi risk doesn’t live only in smart contract code. It also exists in governance, liquidity, oracles, and leverage.

Stay SAFU. The road to safer onchain finance is still a long one.
#DeFi #SAFU

A 17-day trade does not need a 17-day lender.
It needs a 30-day loan the borrower can end on day 17.
Requiring the borrower’s clock to find its mirror is an architectural choice, not a law of credit.

Galaxy’s Q2 2026 report shows crypto deleveraging without a 2022-style collapse. Crypto-backed lending fell 16.8% to $56.2B, while DeFi loans dropped 27.6%.
It also covers CeFi’s renewed lead, stablecoin borrowing rates, concentrated $ETH leverage on Aave, corporate debt and futures positioning.
A sharp snapshot of crypto credit. Check out the full report from Galaxy Research.