HEAT // RESEARCH
Notes, design work, and analysis from the team building Heat — a trading terminal for onchain derivatives.
Live · 04 posts · Updated 2026-06-08
Featured Research
Deep Dive: Vitalik's Paper on Index-Tracking Assets Backed by Options Instead of Debt
A from-scratch walkthrough of Vitalik's June 2026 proposal to build index-tracking assets (synthetic USD, CPI, gold) without debt, without liquidations, without a real-time oracle. With worked examples and payoff diagrams.
ReadLending Optimizers - Reimagined with Euler
A layer-by-layer derivation of a spread-compression Optimiser on Euler V2. The Morpho Optimiser answered each layer with custom code because Aave's monolithic pool gave it nowhere else to put matched dollars; Euler V2's primitives let you answer the same layers by composing vaults instead. Two reasonable points in the design space, made possible by different substrates.
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