Protocol Anatomy and Trust Models

Map a DeFi protocol’s users, assets, contracts, governance bodies, interfaces, and external dependencies.

Trace an asset from deposit through protocol use to withdrawal using documentation and a block explorer.

Distinguish custody risk, settlement risk, counterparty risk, and smart-contract risk in a DeFi transaction.

Identify every privileged role and trust assumption disclosed in a protocol’s documentation.

Separate user fees, protocol revenue, liquidity-provider earnings, token incentives, and value leakage.

Create a causal diagram showing how a protocol provides a service and who bears each risk.