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 Work
Protocol Security Lab
Review notes, threat models, tests, and final writeups for DeFi protocol security practice.
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.