Signal
Exploit postmortems, KIPs, and protocol research — from the team building Kimia.
Research. Apr 2026
April 1, 2026. 16:05 UTC. Two transactions, one second apart — admin control of Drift Protocol transferred to an attacker. By 18:31, $285M was gone: USDC, JLP, SOL. The biggest Solana DeFi exploit since Wormhole. And it wasn't a code bug.
ReadKIP-01. Apr 2026
Anatoly Yakovenko posted something quietly important — fourteen words in, "programmable limits and freeze authority," and he's already past the thing most DeFi builders refuse to say out loud: the future of on-chain stablecoins isn't about removing controls. It's about making them programmable.
ReadResearch. Apr 2026
March 2025 on Hyperliquid: a trader pumped a low-liquidity token 429% on external venues, then validators voted to reprice the market in two minutes. Withdrawals frozen, attacker walked. Everyone still called it “on-chain.” We unpack the spectrum the industry refuses to draw — and why the difference costs traders millions.
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Research. May 2026
Solana yield is becoming tradable — but most people are missing the harder part. It isn't showing APY. It's knowing what breaks when SOL moves 30%, funding flips, liquidity disappears, or reserves hit their caps. Hyperliquid and Kamino already made the point: mature DeFi isn't highest-APY-wins, it's yield with risk controls.
ReadEngineering. Jul 2026
Most AMMs price assets. Kimia's has to price time. A constant-product pool would quote a PT the same with a year to maturity as with a day, so Kimia runs x · y^t = k instead — and computes y^t through its own fixed-point exp/ln library, because Solana programs have no floats.
ReadResearch. Jul 2026
HIP-3 made listing free. It didn't make the funding ownable, and it didn't solve who underwrites the risk. Open interest across HIP-3 markets ran from roughly $790M in January past $11B by mid-July — every one of those perps emits a funding rate, and all of it evaporates into whoever happened to be positioned right.
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