Crypto finance case studies

Four independent projects on how crypto lending, payments and revenue work, built from public data. Each has a live demo, a write-up and the code.

• Spine: on-chain loan book stress test

  Replays a $1.6B Morpho loan book through March 2020: $9M realized loss, but $158M (10% of supply) unserved at the trough.

  Live demo Write-up page Code
• MARA credit case

  Cuts a $5.0M secured revolver request to a conditional $3.0M limit, set by stressed collateral at 1.25x coverage.

  Live demo Write-up page Code
• COIN revenue bridge

  Volume drove $852.9M to $859.9M of Coinbase's $863.8M Q3 to Q4 2024 consumer revenue rise.

  Live demo Write-up page Code
• x402 exception desk

  Deadline-first queueing cut value-weighted overdue time 64% on synthetic x402 payments, but failed its gate, so FIFO stays.

  Live demo Write-up page Code

Not affiliated with or endorsed by Coinbase, MARA or Morpho.