Pick a real DeFi protocol you don't already know (avoid Uniswap, Aave, Compound — they're too well-known). Produce a one-page analysis: TVL trend over 90 days, fee revenue vs token emissions, top 10 users by position size, smart-contract architecture overview (contracts + their roles), and your assessment of which of the 10 risks they're most exposed to.
Use Dune Analytics for custom queries — many protocols have free dashboards already built.
For protocols you don't know, browse defillama.com/protocols and pick one with mid-tier TVL (500M) and interesting mechanics.
For architecture: Etherscan's "Contract" tab shows source. Look for Proxy + Implementation patterns; many protocols use UUPS or Transparent proxies.
Title: Pendle Finance — DeFi Yield Tokenization
TVL (90d): grew from $80M → $250M (over 3x)
Real APY: 8% from fees + 12% from PENDLE emissions = 20% headline
Real-yield-only: 8%
Top users:
Whales account for 60% of TVL (concentration risk)
Median LP position: $2,000
Architecture:
PendleRouter (entry)
→ MarketContract (per yield-bearing asset)
→ PrincipalToken + YieldToken
→ External AMM for trading PT and YT
Risks:
1. Oracle: relies on Chainlink for underlying yield rates — exposure to manipulation if oracle fails
2. Liquidity: smaller markets can have thin PT/YT pools causing slippage
3. Smart contract: complex, multiple audits, but interest-bearing math has subtleties
4. Composition: deposits often integrate with Aave/Compound → cascading risk
5. Token: 88% supply unlock over 5 years; ongoing inflation pressure