So much innovation in crypto lending, it’s incredible to see:
- Aave
- Modular: Morpho, Euler, Fluid
- Orderbook: Avon
- Enterprise: Maple, Wildcat
- Undercollateralized: 3Jane, Credit
- Enterprise w/ junior tranche: CAP (brands as stablecoin)
Some quick thoughts:
1/ the modular lending thesis is clearly correct, with Aave V4 also shifting to be more modular with its hub-and-spoke model
2/ orderbook lending is very exciting and can lead to more capital efficiency. technically concentrated liquidity (a la Uni v3).
megaeth is a great avenue to explore higher capital efficiency solutions without the standard constraints of onchain.
3/ Enterprise lending is very cool! Need to read more. I believe this is effectively undercollateralized lending for a permissioned set of actors, which is sorely needed but unlikely to go far enough. What we really need is permissionless undercollateralized lending.
4/ 3Jane and Credit are two of the most interesting protocols to date.
Undercollateralized lending requires
1. Anti-sybil mechanism
2. Penalty for running away with funds (can be used to disincentivize, doesn’t need to work 100% of the time)
5/ 3Jane brings undercollateralized lending to US actors and is closer to a fintech app than a crypto protocol (not a bad thing). They use Plaid to anti-sybil and conduct risk analysis. It’s backed by legal system, and 3Jane can go to credit agencies for credit defaults.
6/ Credit uses Worldcoin to anti-sybil. They can also (I believe) take users’ Worldcoin UBI in case of credit defaults. As a result, they give out smaller loans geared to LatAm.
7/ Some critics may say these aren’t “true” undercollateralized lending which rely solely on an onchain reputation score. But there’s no universe where a crypto reputation score is built out without first working with existing offchain credit mechanisms.
8/ CAP is also building undercollateralized lending for enterprises. Two major differences:
1. They abstract all lent stablecoins into one pool, issued as a new stablecoin cUSD.
2. They protect user funds with a junior tranche from Eigenlayer.
9/ Long-term, I see every undercollateralized lending project using EL as a junior tranche / insurance mechanism. The risk-reward ratio is too nice.
10/ I need to read more about lending and the protocol landscape, will be sharing more as I dive deeper.
11,05k
4
Innholdet på denne siden er levert av tredjeparter. Med mindre annet er oppgitt, er ikke OKX forfatteren av de siterte artikkelen(e) og krever ingen opphavsrett til materialet. Innholdet er kun gitt for informasjonsformål og representerer ikke synspunktene til OKX. Det er ikke ment å være en anbefaling av noe slag og bør ikke betraktes som investeringsråd eller en oppfordring om å kjøpe eller selge digitale aktiva. I den grad generativ AI brukes til å gi sammendrag eller annen informasjon, kan slikt AI-generert innhold være unøyaktig eller inkonsekvent. Vennligst les den koblede artikkelen for mer detaljer og informasjon. OKX er ikke ansvarlig for innhold som er vert på tredjeparts nettsteder. Beholdning av digitale aktiva, inkludert stablecoins og NFT-er, innebærer en høy grad av risiko og kan svinge mye. Du bør nøye vurdere om handel eller innehav av digitale aktiva passer for deg i lys av din økonomiske tilstand.