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Modular Lending: The Next Phase of DeFi Money Markets
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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.

The Oracle of Pyth
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Anil Lulla•
Pyth takes a fundamentally different and innovative approach to oracles, getting information directly from first-party sources, without the use of data aggregators in the middle.

The State of Undercollateralized DeFi Lending
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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.

TrueFi 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 […]

Alchemix: The Yield-Derivative Primitive
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Alchemix, a “future-yield-backed synthetic asset platform,” went live this weekend and has already absorbed close to 190M in DAI TVL. While TVL growth is primarily driven by ALCX farming, the Alchemix protocol should not be underestimated.
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