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Barker Research Institute

Independent research on on-chain yield products, focused on transparency and risk.

Deep Dive into savUSD/avUSDx: Anatomy of a 10/11 "Survivor" — It Was the Oracle, Not the Buffer, That Saved Avant

Deep Dive into savUSD/avUSDx: Anatomy of a 10/11 "Survivor" — It Was the Oracle, Not the Buffer, That Saved AvantAvant

Avant's tranche structure promises risk isolation, but on-chain data reveals 80%+ concentration in leveraged Ethena carry. During the Oct/Nov 2025 crisis, the buffer drained precisely when protection was needed most. We dissect what really saved the protocol.

APRIL 8, 2026 · 20 min read