Lending / Borrowing Sub-Sectors
Related research

Engineering Real Credit Onchain: The 3Jane Bet
By
Anil Lulla•
Unsecured lending is arguably the biggest missing puzzle piece in DeFi's vision to upend and rewire the financial rails of the world. In our latest research piece, “Engineering Real Credit On-Chain: The 3Jane Bet,” digs into how 3Jane blends major infrastrucutre, cryptographic and mechanism design ideas: zk-proofs (zkTLS and zk-coprocessors), dynamic credit pricing, and a modified Morpho-style money market to tackle what the first wave of under-collateralized protocols simply couldn’t - balancing trust, incentives, and enforcement in one design.
Inside the report we discuss:
- How the previous Crypto credit cycle led by CeFi and its blowups undermined the previous generation of protocols
- Build a simple framework for evaluating under collateralized lending systems
- Deep dive into the design of 3Jane blending the right onchain and off-chain elements
- Metrics to monitor and judge whether 3Jane will be able to deliver on its promise

Liquity v2: Evolving Onchain Leverage
By
Anil Lulla•
Are CDP stablecoins toast? They have a rich history in DeFi, but have fallen out of fashion over the past few years. Liquity appears to be a strong contender for CDP resurgence with its upcoming v2 release. It boasts fresh ideas from a well-respected team after a close-but-not-quite v1.This memo will focus primarily on the new dynamics at play with Liquity v2; its obstacles, success factors, and the potential impact on LQTY.

Modular Lending: The Next Phase of DeFi Money Markets
By
Anil Lulla•
Amidst the fast-evolving landscape of decentralized finance (DeFi), the lending sector has been notably slow-moving due to the prominent design of complex multi-asset lending pools and protocol decisions being driven completely through governance.
In this report, we explore the potential of a new category of modular lending products, unravelling their features, mechanism design and try to understand the implications for a wide variety of DeFi products that can be powered by these primitives.

How “Oracle-less Primitives” Are Rearchitecting DeFi
By
Anil Lulla•
“Oracle-less primitives” are aiming to revive foundational tenets such as decentralization, trustlessness and composability ensuring that they are not optional luxuries, but rather prerequisites for a new DeFi paradigm. With a handful of these revolutionary primitives currently live or soon coming to market, it seems pertinent timing to revisit the bull and bear case for an oracle-less future.

Radiant Capital Finds Initial Traction, But Will It Sustain?
By
Anil Lulla•
Radiant Capital aims to be a one-stop money market where users can deposit and borrow across multiple chains seamlessly. While money markets like Aave exist on many different blockchains, they don’t have full cross-chain functionality.

Frax Finance: Examining The Protocol’s Holy Trinity of De-Fi
By
Anil Lulla•
Frax Finance is a household name for seasoned DeFi users. In the last year, they’ve launched Fraxlend and Fraxswap alongside several other products. This post will look at Frax’s newer product launches and examine their traction.
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