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Aug 5

Modularity Is Table Stakes

The Next Generation of LendingThe second iteration of DeFi lending markets can be characterized simply as modular lending markets with externalized risk management. Modularity is beneficial for creating flexible market structures while externalizing risk management provides scalability and security to lenders. Lending protocols must adopt a modular architecture to be flexible enough to address new metas (asset types, collateral types) while not compromising the overall security and solvency o...

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Protocol Stratification

Protocol Stratification

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Blog icon0xSnarks
Apr 22
Dichotomy of Capital Onchain
The following passage aims to conceptualize the emergent personas in the capital structure of DeFi, how they interact, and what this means for builders and participants moving forward. This reading will be most pertinent to traders, investors, and builders as a means to give contextual insight of how to think about market participants.Market StructureThere is a dichotomy developing in DeFi and the broader crypto market structure between Owners and Stewards of capital. Owners can be considered...
Protocol Stratification
Blog icon0xSnarks
Sep 19
Below is an attempt at synthesizing the reasoning behind the subtle but significant push in decentralized lending markets to become less opinionated, more robust and externalize risk management outside the core system. This may turn into a multipart part series as there is a ton of nuance to be unpacked. I want to give a shout out to Paul @ Morpho Onetruekirk and Greg from Ajna for pontificating on this subject and pushing the discussion forward. A special thanks goes to Nick Pai, ctxmsg, and...