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.
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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.
