14/10/2025
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.
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