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Unsecured LendingEngineering 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

Unsecured LendingThe State of Undercollateralized DeFi Lending
By
Anil Lulla•
Unsecured lending is one of the best ways to unlock capital efficiency in DeFi, and various protocols have tried their hand at developing robust systems to earn the trust of crypto lenders. In this report, we look at the top three undercollateralized lending protocols and how they’ve fared over the past year.

Unsecured LendingThe Race to Build a "Sticky" DeFi Debt Market
By
Anil Lulla•
Introduction Undercollateralized lending makes up less than 5% of the $50B in total value locked across crypto money markets. In […]

Unsecured LendingTrueFi Leads Liquidity For Unsecured Loans
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Introduction Aave, Compound, and Maker are all popular options for DeFi users looking to take out a loan. To do […]

Unsecured LendingKeeperDAO: A Cooperation Black Hole
By
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KeeperDAO is an on-chain liquidity underwriter for DeFi. Using KeeperDAO, people can pool their assets to earn passive income through liquidations, arbitrage, and other opportunities from all across DeFi
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