Chen Xu
I focus on protocol security for DeFi financial systems, with particular interest in vault accounting, lending solvency, liquidation and bad debt, fee dilution, share math, and timing-dependent allocation behavior.
My work is centered on reviewing how economic value is represented in code: what variables really mean, when accounting diverges from realizable economics, and how protocol state transitions affect user fairness and system safety.
What I Work On
- Vault accounting and ERC-4626-style share logic
- Lending solvency, liquidation, and bad debt crystallization
- Fee dilution, share repricing, and protocol accounting transitions
- Oracle-driven valuation and reported vs realizable value
- Invariant and scenario-based review for economic security
Areas of Interest
I am especially interested in DeFi systems where economic safety depends on how accounting state evolves over time rather than on simple one-step arithmetic correctness.
- reported vs realizable value
- bad debt and loss socialization
- liquidation fairness and rounding behavior
- fee minting and dilution
- low-liquidity accounting distortions
- economic invariants and protocol state-machine review
Selected Research / Review Notes
Security-oriented research artifact on Curve StableSwap and StableSwap NG, covering invariant math, asset semantics, stored rates, rebasing behavior, quote freshness, admin-fee accounting, and a read-only reentrancy / LP oracle manipulation toy reproduction.
Repository of review notes, threat models, tests, and final writeups for DeFi protocol security practice.
Notes on concentrated liquidity mechanics, fee attribution, boundary behavior, and position-level accounting logic.
Review note on exchange accounting, fee/refund semantics, conditional token identity, and hybrid settlement trust boundaries.
Selected Work
GitHub Profile
Public repositories, review artifacts, and ongoing protocol security work.
Current Focus
I am building a body of work around DeFi financial logic review, especially in areas such as:
- reported vs realizable value
- bad debt and loss socialization
- liquidation fairness and rounding behavior
- timing as an allocation mechanism
- economic invariants and test design
Contact
LinkedIn: linkedin.com/in/chen-xu-phd-cfa-74a83322
Email: chen.xu.wq@gmail.com
Telegram: @deepthroat_ct
GitHub: github.com/chenxu0602
I’m open to conversations around protocol security, DeFi financial logic review, and scoped pre-audit work.