23 May 2023, 17:15 UTC155 views4 reactionsread 10 August 2026 Photo
The Irrational Nature of DeFi Multisigs
The issue with multisigs in DeFi goes far beyond the limitations of the technology. It extends into an area of philosophy that most in this space have refused to acknowledge.
Multisigs are not inherently evil. In fact, they can be extremely useful. A multisig’s primary function is to provide an individual or a group with…
https://blec.report/the-irrational-nature-of-defi-mul…
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4 May 2023, 20:06 UTC145 views2 reactionsread 10 August 2026 Photo
Is BEAN a stablecoin contender?
🔥 Beanstalk Farms is a financial supporter of Blec Report.
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When Beanstalk Farms became a supporter of Blec Report back in February, I didn’t know much about the project aside from the fact that the team must be committed to transparency if they’re willing to sponsor my work. The Beanstalk crew was aware that…
https://blec.report/is-bean-a-stablecoin-contender/
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12 Apr 2023, 18:12 UTC172 views3 reactionsread 10 August 2026 Photo
The real problem with Ethereum L2s
At first glance, Ethereum Layer 2s (L2s) seem to offer so many benefits over Ethereum mainnet that they should be a no-brainer to use for just about every purpose.
Even someone as cynical as me can acknowledge that L2s are faster, cheaper and more efficient to use for everyone from builders to degens. That’s simply…
https://blec.report/the-real-problem-with-ethereum-l2s/
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12 Apr 2023, 18:04 UTC146 viewsread 10 August 2026 Photo
The real problem with Ethereum L2s
At first glance, Ethereum Layer 2s (L2s) seem to offer so many benefits over Ethereum mainnet that they should be a no-brainer to use for just about every purpose.
Even someone as cynical as me can acknowledge that L2s are faster, cheaper and more efficient to use for everyone from builders to degens. That’s simply…
https://blec.report/the-real-problem-with-ethereum-l2s/
28 Feb 2023, 22:48 UTC402 viewsread 10 August 2026 Photo
What Coinbase isn’t telling you about Base
On February 23, 2023, Coinbase announced (https://twitter.com/coinbase/status/1628760201254903809?s=20) that it would be developing a Layer 2 network built on Ethereum called Base, promoting it as offering “a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps.”
If you’re new to the concept of Ethereum Layer 2 (L2) networks, think of …
28 Feb 2023, 22:40 UTC152 views3 reactionsread 10 August 2026 Photo
What Coinbase isn’t telling you about Base
On February 23, 2023, Coinbase announced (https://twitter.com/coinbase/status/1628760201254903809?s=20) that it would be developing a Layer 2 network built on Ethereum called Base, promoting it as offering “a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps.”
If you’re new to the concept of Ethereum Layer 2 (L2) networks, think of …
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17 Jan 2023, 19:13 UTC169 views1 reactionsread 10 August 2026 Photo
Centralization Threat to MakerDAO and DAI by Coinbase and Gemini
As you know, I am closely following the ongoing centralization & capture of MakerDAO and DAI. The entire project is spiraling into a centralized disaster that’s just begging for regulated entities to drive it into the ground. There have been noteworthy updates in the last few days that I wanted to call your attention to.…
https://blec.report/centraliz…
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22 Dec 2022, 17:50 UTC149 viewsread 10 August 2026 Photo
Wrapped Bitcoin (WBTC)
Note: Much of the info in this post was obtained via a very thorough Twitter Space about WBTC that I recently hosted with Mike Belshe, CEO of BitGo, and Victor Tran, CEO of Kyber. You can find the full recording at the bottom of this post.
Many have assumed that I am wholly and entirely…
https://blec.report/wrapped-bitcoin-wbtc/
8 Dec 2022, 20:04 UTC143 viewsread 10 August 2026 Photo
Uniswap
The Uniswap protocol is believed by many to be a model of true decentralization in DeFi. Technically speaking, Uniswap versions 1-3 do deserve this accolade.
However, Uniswap’s behavior as a company over the past 2 years raises concerns that absolutely need to be taken into consideration despite its technical benefits.
The Protocol
Uniswap has been…
https://blec.report/uniswap/
5 Dec 2022, 23:23 UTC120 viewsread 10 August 2026 Photo
Aave
I suggest avoiding Aave until its total reliance on Chainlink’s 4-of-9 multisig is resolved.
Chris Blec
In its docs, Aave refers to itself as “a decentralized non-custodial liquidity protocol.”
However, this does not tell the whole story.
While Aave is, to a certain extent, governed by AAVE tokenholders, Aave’s development is largely controlled and gatekept…
https://blec.report/aave/
5 Dec 2022, 21:08 UTC101 viewsread 10 August 2026 Photo
Aave
I suggest avoiding Aave until its total reliance on Chainlink’s 4-of-9 multisig is resolved.
Chris Blec
In its docs, Aave refers to itself as “a decentralized non-custodial liquidity protocol.”
However, this does not tell the whole story.
While Aave is, to a certain extent, governed by AAVE tokenholders, Aave’s development is largely controlled and gatekept…
https://blec.report/aave/
5 Dec 2022, 21:06 UTC88 viewsread 10 August 2026 Photo
MakerDAO (DAI)
I suggest avoiding MakerDAO and DAI until you fully understand the existential risks and are able to work around them.
Chris Blec
DAI, created by MakerDAO, promotes itself as “a stable, decentralized currency that does not discriminate.”
This may have been true a short time ago. However, this is a promise that MakerDAO can no…
https://blec.report/makerdao-dai/
Showing the 12 most recent of 15 posts we hold for @blecreport. View and reaction counts are the latest single reading for each post, not a live figure, and a recent post is still accumulating both. A view count marked ≈ was rounded by Telegram before we ever saw it — t.me prints views in full below 1,000 and to three significant figures above, so ≈1,200,000 means somewhere between 1,150,000 and 1,249,999. Unmarked counts are exact. Text is reproduced from the public post preview and truncated for length.