IntroductionMorpho is a matching layer for pool-based lending platforms like Compound or Aave. It offers a way for borrowers and lenders of these money markets to get improved rates that are otherwise unavailable when using the platforms directly. Morpho has attracted investors like Coinbase Ventures and a16z, and has over $220 million in TVL today. To achieve these rates, Morpho peer-to-peer (P2P) matches depositors of the same platform whenever possible. Simply put, market participants can ...

IntroductionMorpho is a matching layer for pool-based lending platforms like Compound or Aave. It offers a way for borrowers and lenders of these money markets to get improved rates that are otherwise unavailable when using the platforms directly. Morpho has attracted investors like Coinbase Ventures and a16z, and has over $220 million in TVL today. To achieve these rates, Morpho peer-to-peer (P2P) matches depositors of the same platform whenever possible. Simply put, market participants can ...

IntroductionDinero (formerly ██████) turns standard liquid staking into a fat stack of products, making the most of what such protocols can offer. DeFi veterans, passive stakers, financial institutions, and Ethereum L2s alike are all using Dinero’s suite for abstracting their liquid staking returns.View of Dinero's core product suite (SOURCE: https://mirror.xyz/0xE90c74145245B498fef924fAdC7bb34253c7cF90/CMvzeywubVlBSjitiP5_FmKsjGUxwQy1qcNN9wQHq2o)The ProblemLiquid staking feels like an a...

IntroductionDinero (formerly ██████) turns standard liquid staking into a fat stack of products, making the most of what such protocols can offer. DeFi veterans, passive stakers, financial institutions, and Ethereum L2s alike are all using Dinero’s suite for abstracting their liquid staking returns.View of Dinero's core product suite (SOURCE: https://mirror.xyz/0xE90c74145245B498fef924fAdC7bb34253c7cF90/CMvzeywubVlBSjitiP5_FmKsjGUxwQy1qcNN9wQHq2o)The ProblemLiquid staking feels like an a...

IntroductionOsmosis is an application-specific blockchain (appchain) in the Cosmos ecosystem. The Osmosis DEX, which is built on the Osmosis appchain, is the most popular exchange in the Cosmos universe. Serving as the main liquidity hub for Cosmos and handling millions in daily trading volume, the Osmosis network holds over $650 million in TVL with $175 million of that on the Osmosis DEX. Osmosis’s investors include Paradigm, Figment, Nascent, Ethereal, and others. As its own chain, Osmosis ...

IntroductionOsmosis is an application-specific blockchain (appchain) in the Cosmos ecosystem. The Osmosis DEX, which is built on the Osmosis appchain, is the most popular exchange in the Cosmos universe. Serving as the main liquidity hub for Cosmos and handling millions in daily trading volume, the Osmosis network holds over $650 million in TVL with $175 million of that on the Osmosis DEX. Osmosis’s investors include Paradigm, Figment, Nascent, Ethereal, and others. As its own chain, Osmosis ...

IntroductionYama Finance is a stablecoin protocol that uses Hyperlane to create the ultimate omnichain stablecoin. The over-collateralized $YAMA stablecoin can be moved across all major EVM chains (and more) almost instantly and at zero slippage. Although not live yet, Yama plans to initially launch on Arbitrum, Eclipse, and Fuel. Yama combats many of the scalability, capital efficiency, and even security issues surrounding stablecoins today. It is instantly available on any chain that Hyperl...

IntroductionYama Finance is a stablecoin protocol that uses Hyperlane to create the ultimate omnichain stablecoin. The over-collateralized $YAMA stablecoin can be moved across all major EVM chains (and more) almost instantly and at zero slippage. Although not live yet, Yama plans to initially launch on Arbitrum, Eclipse, and Fuel. Yama combats many of the scalability, capital efficiency, and even security issues surrounding stablecoins today. It is instantly available on any chain that Hyperl...

IntroductionFrax Finance is a stablecoin protocol where anyone can use crypto collateral to mint the $FRAX stablecoin. Frax stands out with its partially-algorithmic, “hybrid” design, and is the first fractional reserve stablecoin ever. It is the fifth largest stablecoin by market cap, is the top-ranking player of the famous “Curve Wars”, and is live on over a dozen chains with over $1 billion TVL. Frax’s staple product is its stablecoin, and it scales horizontally with its frxETH liquid stak...

IntroductionFrax Finance is a stablecoin protocol where anyone can use crypto collateral to mint the $FRAX stablecoin. Frax stands out with its partially-algorithmic, “hybrid” design, and is the first fractional reserve stablecoin ever. It is the fifth largest stablecoin by market cap, is the top-ranking player of the famous “Curve Wars”, and is live on over a dozen chains with over $1 billion TVL. Frax’s staple product is its stablecoin, and it scales horizontally with its frxETH liquid stak...

IntroductionSurge Protocol is an innovative new money market where anyone can create a lending pool for any two ERC-20 assets. Surge lending pools uniquely operate around token supply and demand rather than token value. In this novel approach that doesn’t rely at all on price feeds, Surge can support any asset as collateral without imposing absurd collateral ratios to do so. Although not launched yet, Surge has a private testnet live on Goerli and actively recruits new testers with frequent q...

IntroductionSurge Protocol is an innovative new money market where anyone can create a lending pool for any two ERC-20 assets. Surge lending pools uniquely operate around token supply and demand rather than token value. In this novel approach that doesn’t rely at all on price feeds, Surge can support any asset as collateral without imposing absurd collateral ratios to do so. Although not launched yet, Surge has a private testnet live on Goerli and actively recruits new testers with frequent q...

IntroductionSommelier is a Cosmos appchain offering automated strategies for passive investors on Ethereum. Users can pick yield or trading strategies to put their funds into, and Sommelier does the rest. Built by some of the most respected minds in Cosmos, Sommelier is making automated investing more secure and accessible for users on any chain. It has over $18 million in TVL and 10 different strategies live, with a brand new Real Yield ETH strategy that just launched yesterday. Somm Finance...

IntroductionSommelier is a Cosmos appchain offering automated strategies for passive investors on Ethereum. Users can pick yield or trading strategies to put their funds into, and Sommelier does the rest. Built by some of the most respected minds in Cosmos, Sommelier is making automated investing more secure and accessible for users on any chain. It has over $18 million in TVL and 10 different strategies live, with a brand new Real Yield ETH strategy that just launched yesterday. Somm Finance...

IndexIntroductionThe Problem(s)The GoalWhat is the Fat Protocol Thesis?What are Appchains?Customizability MattersBenefits of SovereigntyInter-Blockchain Communication (IBC)Let’s Talk About SecurityInterchain Network EffectConclusion[ 1 ] IntroductionBuilding since 2014, Cosmos lets developers build powerful dApps that can’t exist in their full potential on chains like Ethereum. Simply put, Cosmos is all about customizability. It takes “the future will be multichain” one step further; the futu...

IndexIntroductionThe Problem(s)The GoalWhat is the Fat Protocol Thesis?What are Appchains?Customizability MattersBenefits of SovereigntyInter-Blockchain Communication (IBC)Let’s Talk About SecurityInterchain Network EffectConclusion[ 1 ] IntroductionBuilding since 2014, Cosmos lets developers build powerful dApps that can’t exist in their full potential on chains like Ethereum. Simply put, Cosmos is all about customizability. It takes “the future will be multichain” one step further; the futu...

IntroductionLens is a “social graph” for building social media apps on the blockchain. Users create a single Lens profile to use on every social media app built on top of Lens. It comes from the creators of Aave, the largest lending market in DeFi today. Posted content and user followings are portable, creators can easily monetize their content, and apps are censorship-resistant thanks to the security of the Polygon blockchain. Unlike traditional social media, Lens gives its users true owners...

IntroductionLens is a “social graph” for building social media apps on the blockchain. Users create a single Lens profile to use on every social media app built on top of Lens. It comes from the creators of Aave, the largest lending market in DeFi today. Posted content and user followings are portable, creators can easily monetize their content, and apps are censorship-resistant thanks to the security of the Polygon blockchain. Unlike traditional social media, Lens gives its users true owners...

IntroductionHyperlane is an interoperability protocol for blockchains, layer 2s, and appchains. Rather than a token bridge or a blockchain, Hyperlane is infrastructure between blockchains which it calls the “Interchain Highway”. It enables the swift and secure transfer of data across different networks and is live on all major EVM chains. Applications can go interchain by plugging into Hyperlane’s robust, modular messaging infrastructure (API), or developers can use the Hyperlane SDK to seaml...

IntroductionHyperlane is an interoperability protocol for blockchains, layer 2s, and appchains. Rather than a token bridge or a blockchain, Hyperlane is infrastructure between blockchains which it calls the “Interchain Highway”. It enables the swift and secure transfer of data across different networks and is live on all major EVM chains. Applications can go interchain by plugging into Hyperlane’s robust, modular messaging infrastructure (API), or developers can use the Hyperlane SDK to seaml...

IntroductionNoble is an application-specific blockchain (appchain) designed for native asset issuance in the Cosmos ecosystem. This means Cosmos is no longer forced to rely on token bridges to bring non-native assets into its ecosystem. Instead, assets can be minted and burned directly on the Noble appchain. Issuance isn’t limited to just crypto assets either. Noble has ambitions of being the “world’s premier issuance hub for [interoperable] digital assets", so financial institutions can also...

IntroductionNoble is an application-specific blockchain (appchain) designed for native asset issuance in the Cosmos ecosystem. This means Cosmos is no longer forced to rely on token bridges to bring non-native assets into its ecosystem. Instead, assets can be minted and burned directly on the Noble appchain. Issuance isn’t limited to just crypto assets either. Noble has ambitions of being the “world’s premier issuance hub for [interoperable] digital assets", so financial institutions can also...

IntroductionEuler Finance is an Ethereum-based lending platform striving for comprehensive risk mitigation without sacrificing capital efficiency. Novel features include asset tiers, risk-adjusted liability value, feeless flash loans, and much more. Euler has many ambitious products in development as well, such as its own AMM, a decentralized in-house oracle solution, and a secondary permissionless pool layer. Anyone can list new assets, and Euler uniquely categorizes assets into risk-based t...

IntroductionEuler Finance is an Ethereum-based lending platform striving for comprehensive risk mitigation without sacrificing capital efficiency. Novel features include asset tiers, risk-adjusted liability value, feeless flash loans, and much more. Euler has many ambitious products in development as well, such as its own AMM, a decentralized in-house oracle solution, and a secondary permissionless pool layer. Anyone can list new assets, and Euler uniquely categorizes assets into risk-based t...