What the chain actually said.
At every block.

Point-in-time state

Events tell you what happened.
State is what the contract would have said.

Every other vendor builds from event logs: things protocols emit when something happens. But utilization, oracle answers, and exchange rates never emit anything; they just are, block by block. defipipe samples the read functions themselves, so your backtest sees exactly what a call would have returned at that moment.

Every series aligns by block timestamp into a single DataFrame. No resampling gymnastics, no look-ahead bias.