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Sarah Chen is Blockchain Economist at Decentralized Finance Publication, covering Stablecoins, Monetary Economics, Real-World Assets. Browse their independent DeFi research articles below for protocol analysis and market context — educational content with clear sourcing, not personalised financial advice.
Blockchain Economist
Sarah researches the monetary economics of decentralised systems with a focus on stablecoin mechanisms, collateral structures, and real-world asset integration. She writes the stablecoin coverage at Decentralized Finance and has tracked algorithmic, fiat-backed, and CDP stablecoins since 2020.
Back to aboutPolymarket is the world's largest decentralised prediction market, letting users trade on real-world event outcomes — elections, economic data, sports, and crypto events — using USDC on Polygon.
Convex Finance, Curve Finance, and Resupply Finance form one of Ethereum's most capital-efficient DeFi clusters — boosted stablecoin liquidity, soft-liquidation lending, and positive-carry stablecoin minting built on the same veCRV infrastructure.
Resupply Finance lets Curve and Frax lenders mint reUSD against positions that keep earning yield — co-built by Convex and Yearn, with borrow rates structurally priced below collateral returns.
Curve Finance remains Ethereum's specialist DEX for stablecoins and pegged assets — now extended by crvUSD, LLAMMA soft liquidations, and Curve Lend markets that feed the Convex and Resupply ecosystem.
Frax Finance has grown into a multi-product ecosystem — FRAX v3, frxUSD, sFRAX yield, Fraxlend markets, Fraxtal L2, and frxETH liquid staking — with Fraxlend positions usable as Resupply collateral.
Sky Protocol is the rebranded MakerDAO ecosystem — issuing USDS stablecoin, sUSDS savings rate, and SparkLend, governed by SKY tokens (formerly MKR).
Resupply Finance is a decentralised CDP stablecoin protocol co-built by Convex Finance and Yearn Finance. Users deposit yield-bearing Curve Lend or Frax Finance positions as collateral to mint reUSD — while the collateral keeps earning Convex-boosted CRV. This comprehensive guide explains how Resupply works, what reUSD and RSUP are, how leverage looping functions, and answers 22 frequently asked questions.
SparkLend is a decentralised lending protocol built by Phoenix Labs and deeply integrated with Sky Protocol (formerly MakerDAO), holding over $3.3 billion in TVL. This guide explains how SparkLend works, its relationship to USDS and sDAI, how it compares to Aave, and answers the most frequently searched questions about the protocol.
Cap Protocol is a DeFi protocol that issues cUSD — a dollar-denominated stablecoin — and stcUSD, its yield-bearing form, backed by restaking and institutional yield strategies. With approximately $345 million in TVL, Cap sits at the intersection of stablecoin issuance and DeFi yield infrastructure. This guide explains how Cap works and answers the most common questions.
Curve Finance is a decentralised exchange built specifically for stablecoins and pegged assets, using a unique StableSwap AMM to deliver extremely low slippage trades. This guide explains how Curve works, what CRV and veCRV do, how gauge voting drives the Curve Wars, and what crvUSD is.
Curve Finance is the leading decentralised exchange for stablecoin and pegged asset swaps, using its proprietary StableSwap AMM to deliver extremely low slippage. Its veCRV governance system sparked the Curve Wars — one of the most consequential DeFi governance competitions ever. This guide covers the CRV token, veCRV, crvUSD, and gauge voting.
DAI is a decentralized stablecoin created by MakerDAO, backed by on-chain cryptocurrency collateral through an over-collateralized model that maintains a 1:1 peg to the US dollar.