The YAM Syndicate
We are a syndicate of DeFi power users — researchers, builders, and on-chain analysts — who share our research on decentralized finance and amplify insights from fellow members.
Our work focuses on what actually matters: how protocols are structured, where risks are hidden, when things go wrong, and what the on-chain data actually shows. No hype, no speculation — forensic analysis only.
Why We Publish
DeFi security incidents often go underdocumented. Protocols issue vague statements, users are left guessing, and the systemic risks remain invisible. We exist to change that — publishing detailed, verifiable, onchain-sourced research that helps the entire ecosystem understand what happened, how, and why.
Security First
We document exploits, key compromises, and attack vectors so the community can learn and protocols can improve resilience.
Deep Analysis
From routing failures to self-lending mechanics, we go far deeper than surface-level market commentary.
Verified Onchain
Every claim is sourced onchain. If we cite a wallet, a transaction, or a dollar figure — it is verifiable.
Real-Time Coverage
DeFi moves fast. We cover incidents as they unfold, with complete timelines and technical breakdowns.
Forensic Approach
We trace each transaction step-by-step, building a precise picture of what happened and why.
Linked Sources
Every article links directly to on-chain data — Etherscan transactions, DeBank profiles, protocol dashboards.
Research Areas
Full incident reports tracing key compromises, empty-proof Merkle claims, and fund flows into mixers. We document the exact timeline down to the block, from initial claim to Tornado Cash deposit.
Detailed breakdowns of flash-loan attacks, oracle manipulation, and vault drain mechanics. We walk through each loop iteration and quantify the exact loss per cycle.
Structural risk deep-dives — from DEX aggregator routing failures causing $50M losses to circular self-lending mechanics that inflate $1.33B of USDe backing.
We verify protocol transparency claims against onchain reality — tracking what percentage of backing assets are truly visible onchain versus custodial, and what disclosures are missing.
Start Reading
New research drops when something in DeFi is worth covering in depth. Browse our publications below.
Browse All Research