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M11 Credit is one of the most experienced institutional credit managers in decentralized finance. The firm brings years of underwriting, structuring, and risk-oversight expertise to onchain markets, helping establish a new standard for institutional credit in DeFi.
As the Curator of the FalconX Credit Vault on Pareto, M11 Credit oversees one of the most advanced institutional credit facilities deployed onchain. The vault gives institutional lenders access to FalconX’s institutional loan portfolio via a structured credit facility with traditional finance-like protections and regular, transparent reporting.
By combining offchain diligence with onchain automation, M11 Credit and Pareto have created a model that aligns institutional risk standards with DeFi’s scalability and transparency.
“Pareto’s framework allows us to structure institutional credit with the discipline of traditional finance while leveraging the automation and transparency of DeFi.”
- Peter Salyga, Director at M11 Credit
To understand M11 Credit’s role, it’s worth outlining the Credit Curator model - the foundation of Pareto’s credit architecture.
This model blends traditional credit discipline with onchain transparency, defining how loans are originated, managed, and monitored.
Curators like M11 Credit act as independent credit managers on behalf of lenders. They evaluate borrowers, structure and negotiate loan terms, monitor performance throughout the credit cycle, and enforce contractual rights when necessary. Their involvement ensures that lending operations are managed with the same rigor and accountability expected in institutional credit markets, while benefiting from the efficiency of onchain execution.
For borrowers, the structure streamlines many of the operational processes traditionally associated with institutional lending: from loan origination and documentation to payments and reconciliation. While underwriting and structuring are part of the broader origination process, they continue to occur offchain to ensure precision and compliance.
The onchain layer then automates settlement, reporting, and interest distribution. This hybrid setup significantly reduces administrative overhead, saves hundreds of team hours each cycle, and enables borrowers to offer more competitive terms to lenders.
At the same time, the model ensures monthly lender reporting on the quality of loans in the credit facility. The curator reviews borrower reports, verifies payment flows, and can initiate cure periods or enforcement actions if obligations aren’t met.
Through its work on the FalconX Credit Vault, M11 Credit demonstrates how traditional due diligence and modern automation can work in harmony.
For M11 Credit, the onboarding experience with Pareto was smooth and fully aligned with institutional requirements - allowing the team to focus quickly on operational details.
M11 Credit monitors operations closely around monthly netting periods to ensure precision and stability, while working with Pareto to refine lender-facing dashboards and borrower-activity summaries (withdrawals, reinvestments, deposits) across each netting period.
Beyond onboarding, integration into M11 Credit’s existing underwriting framework was seamless. The firm collaborated closely with both Pareto and FalconX to align on loan structuring, reporting cadence, and ongoing due diligence, ensuring full compatibility between institutional workflows and onchain execution.
This coordination ensured that all components - from legal documentation and compliance flows to data synchronization - functioned cohesively, providing a reliable foundation for institutional-scale lending.
“The work between the teams has been extremely collaborative. We immediately hit it off with FalconX when we approached them with a vision of a structured credit facility with clear lender protections, collateralization, and reporting that allowed us, as vault curators, to get fully comfortable.
Pareto then tailored their infra to fit the structure’s needs, especially around how liquidity behaves in different rate scenarios. Frankly, this setup wouldn’t have been possible without that level of flexibility and alignment from both sides!”
- Peter Salyga, Director at M11 Credit.
The FalconX Credit Vault illustrates how offchain underwriting and onchain automation work hand in hand. Thorough credit due-diligence remains the foundation of borrower assessment and risk control, while Pareto’s onchain infrastructure automates syndication, settlement, and interest distribution.
“For the FalconX vault specifically, most of the underwriting happens offchain to ensure the facility is properly structured and performance reporting remains accurate, while the onchain layer makes capital deployment and interest payments far more efficient.”
- Peter Salyga, Director at M11 Credit.
Through its collaboration with Pareto and FalconX, M11 Credit demonstrates that institutional-grade credit management can operate seamlessly onchain. The partnership shows how professional risk oversight, transparent infrastructure, and automated execution can coexist in a single framework - delivering a secure and scalable model for private credit.
Explore the FalconX Credit Vault on Pareto: https://app.pareto.credit/vault#0xc26a6fa2c37b38e549a4a1807543801db684f99c
Read more about what sets Pareto’s Credit Curator model apart: https://www.linkedin.com/pulse/strategy-curators-vs-credit-difference-matters-paretocredit-xpf6e/
M11 Credit is part of the M11 Group, a global blockchain and crypto-native investment firm.
M11 started their journey into digital asset financing in 2021, becoming one of the inaugural Pool Delegates on the DeFi protocol Maple Finance. Since then, they have been involved in over $800 million in liquidity provided.
M11’s team, with expertise in Corporate Banking, Prime Brokerage, and Capital Markets, blends traditional financial practices with a profound understanding of the cryptocurrency ecosystem.
This unique blend of experience and innovation has positioned M11 Credit as leaders in the still-emerging yet rapidly evolving institutional credit market for digital assets.
Pareto is a private credit marketplace that connects institutional lenders and borrowers, providing scalable, yield-generating opportunities and bridging institutional capital onchain.
Tailored for asset managers, digital asset funds, and other professional investors, Pareto offers seamless access to regulatory-compliant alternative credit products. Its infrastructure emphasizes transparency, automation, and flexibility. Credit Vaults are the core primitive: they eliminate utilization-based inefficiencies, reduce operational overhead, and improve capital efficiency for both lenders and borrowers.
As the financial landscape evolves, Pareto aims to set a new standard for institutional credit with fully automated, data-driven lending solutions.
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