Custodial crypto lending, assessed as a counterparty question
Hand assets to a firm, receive an advertised yield. Assessed on the only question that has ever mattered in this model: who is paying that yield, and what happens if they cannot.
Lend Ledger — Crypto lending, risk first
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Latest writing
'Insured' keeps appearing in crypto-lending copy without a named underwriter
The word does real persuasive work on a landing page. Read closely, a great deal of it describes something narrower than customers assume — and sometimes nothing at all.
Over-collateralised on-chain lending, assessed from liquidation risk inward
The model that outlasted the last cycle, assessed the way this desk assesses everything: what can go wrong first, and how much of it the published parameters actually tell you.
Over-collateralisation is the only lending model that survived the cycle
The crypto lending sector ran two models. One of them is largely gone, and the reason is structural rather than accidental.
