For the first time in human history, a technology has run non-stop for an entire decade. No resets. No scheduled maintenance. No single stall in 315,360,000 seconds of operation. That technology wasn’t a nuclear power plant. It wasn’t the banking system. It wasn’t Bitcoin either.

It was Ethereum.

Once again, Ethereum has redefined what’s possible.

Of course, one can argue it’s easier to ensure uptime if "uptime" merely means at least one computer in the entire network is responsive, processing transactions, and pushing blocks - and yes, some network nodes did go down, and some RPCs failed. But that’s precisely the point. Ethereum is not about a single machine or a flawless server - it’s a decentralized blueprint for resilience. A system designed so that no single point of failure brings it down. A system kept alive not only as a piece of technology but as the work of thousands of developers and a community of operators. As the saying goes: If you want to go far, go together.

Some might counter: the internet itself has never had a total, global outage. In this sense, we can view Ethereum - this "world computer" - in the same light as the internet itself. And that’s not bad. That’s not bad at all.

But such achievements come with a question: Did we truly deserve it? (sorry to pull a classic V)

Beyond Technology: The Risks Ahead

With crypto gaining mainstream adoption - by institutions, even governments - we risk losing sight of our real enemy. At Devcon last year, I ended my presentation with a hopeful slide: “Now we won!” After a decade of being ignored, ridiculed, and fought, I thought the time of victory had arrived.

In some sense, it had. But watching premature victory dances online, I’ve never been more uneasy. Success can be captured, diluted, or repurposed before we’ve even crossed the finish line.

Is a pro-crypto U.S. administration a real win? In the short term, sure, our bags are pumping. But governments change on the wind. Today’s "ally" can quickly become tomorrow’s captor - eager to bend crypto’s ethos into something controllable. If you, like me, didn’t join this movement just to depend on the "current guy" being the right guy, then you should remain cautious.

So who is our enemy now, when former opponents march at our side waving the same flags?

The Disappearing Enemy

Most of Ethereum’s community doesn’t think in terms of war, let alone hostility. And yet, a common enemy is often what forges unity.

Bitcoin’s story shows this clearly. Its birth in 2008 was triggered by the bailout of banks: a rotting financial system exposed for all to see. The enemy was obvious - corrupt governments, banksters, cronyism. But look at today. Bitcoin maxis celebrate dictators because they declare Bitcoin legal tender. Irony at its peak.

As Ethereum pushes technological boundaries, crypto itself begins to lose its enemy. Complacency creeps in. Our focus drifts. And while everything seems positive, corporate interests and regulators quietly circle, ready to create chokepoints - hidden single points of failure that could undo decentralization through small compromises.

History tells this story often. Ancient civilizations thrived while facing external threats, but once the threat vanished, they turned inward. And collapse often followed.

The Bitcoin community, in fact, is already there. Banks and governments are no longer seen as the enemy; rival coins and blockchains are. "Bitcoin isn’t crypto," many proudly declare, narrowing Satoshi’s invention into tribal rivalry. Now Bitcoin’s fiercest opponent isn’t legacy finance - it’s competing technology. That mistake must not be repeated.

The Real Enemy

Bitcoin’s enemy isn’t Ethereum. Ethereum’s enemy isn’t Solana.

Our greatest threat is stagnation and legacy thinking. Systems that resist change. Mindsets that hoard power. The subtle gatekeeping where access depends not on merit, but on the already powerful. The temptation to trade decentralization for convenience.

If we allow these compromises to spread, we don’t build resilient, censorship-resistant systems. We build mimicries of decentralization: fragile hype machines destined to collapse.

Technology must evolve, just as human knowledge evolves - not to become legacy, but to remain relevant. And Ethereum has proven, time and again, to be that evolving force.

Building for Eternity

Ten years may seem like a trivial metric against eternity. But it matters because of the Lindy effect - it’s a psychological milestone, proof of resilience.

I believe that in 50 years, Ethereum will still be alive - though everything beneath it will have changed. Clients will be written in programming languages we haven’t invented yet. They’ll run on chips we’ve never seen. Consensus will be secured by mechanisms yet to be designed.

Ethereum will thrive. Even as our lives sunset, it will remain. That is why we keep building on it - not for the next hype cycle, but to last.

And in 100 years? I’ll be long gone. So wake me up in 2075 to prove me wrong.

Cheers to the next fifty years

- Josef

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First things first, this isn’t an article where I’ll try to convince you that Know-Your-Customer (KYC) is actually a good and positive practice and that it’s the only way we are going to get wider adoption of crypto, nor will I pose a stance claiming that the crypto industry has won and KYC is a thing of the past.

Instead, I want to set up a ground for reason and pragmatism, looking into why we are still bothered with KYC - where it can harm legitimate attempts to create a new financial paradigm and where we can embrace it. Why focus on “finance”? Because that’s mostly where the KYC compliance and requirements come from.

I’m also certain I didn’t nearly exhaust the number of examples of different projects tackling the “Know your Peer” challenges - this is a prompt to the reader: please share the article and comment with the missing interesting solutions which I’ve left out of the spotlight.

The whole article is written from my perspective, as Josef, the founder of PWN.

Now finally, let's dive into history a bit.

Where Did This KYC Thing Come From?

Note: If you get bored easily reading bland facts, I suggest you skip this section.

1. Bank Secrecy Act of 1970

The U.S. was one of the first countries to introduce regulations aimed at combating financial crimes. The Bank Secrecy Act required financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000, and ensure that banks were not used for money laundering[1]. Although the term KYC was not specifically mentioned in the initial Bank Secrecy Act itself, it laid the groundwork for what would later fall under the KYC umbrella.

Note that these regulations predate popular cryptographic protocols such as Diffie-Hellman (1976) and the RSA algorithm (1977).

2. Financial Action Task Force (FATF)

KYC became a critical part of Anti-Money Laundering (AML) initiatives in the 1970s and 1980s. FATF, established in 1989 by the G7, played a significant role in setting international standards for AML efforts, including KYC procedures. The FATF issued 40 Recommendations that serve as a global framework for combating financial crime[2]. It established the term "customer due diligence" (CDD), which is often used interchangeably with KYC in FATF recommendations, urging institutions to:

• Identify and verify the identity of customers

• Identify beneficial owners of corporate entities and trusts

• Monitor and report suspicious transactions

3. USA PATRIOT Act of 2001

After the September 11 attacks, the USA PATRIOT Act expanded KYC requirements significantly[3]. This act is one of the first major regulations to explicitly mandate KYC procedures in the U.S. It required financial institutions to develop and implement a Customer Identification Program (CIP) as part of their broader anti-money laundering (AML) efforts. CIP regulations outlined four basic requirements of KYC:

• Obtain identifying information (name, date of birth, address, and identification number)

• Verify the identity of the customer (using documents or non-documentary methods)

• Maintain records of the information

• Screen customers against government lists of known or suspected terrorists

4. European Union - The Regulatory Endgame

The EU followed the Patriot Act shortly after with its own AML directives, hardening the rules for CDD/KYC in other sectors as well[4].

• 3rd EU AML Directive (2005):

  • Required financial institutions to verify clients' identities before establishing business relationships.

  • Defined high-risk clients (politically exposed) and included the same requirements for lawyers, accountants, and casinos.

• 4th EU AML Directive (2015) further expanded on the compliance requirements, covering a wider spectrum of entities with low thresholds for triggering KYC checks.

• 5th EU AML Directive (2018)[5]:

  • Expanded KYC to cover cryptocurrency exchanges and wallet providers.

  • Enhanced transparency for prepaid cards and anonymous payment methods.

• 6th EU AML Directive (2021):

  • Extended the definition of money laundering offenses.

  • Introduced criminal liability for entities failing to comply with KYC regulations.

There you go. Of course, the world isn't just the US & EU, but these have definitely influenced the setup in other countries as well.

Different Perspectives

The statist side of the argument will claim that KYC is a rational requirement to ensure enforceability of AML, and if businesses want to operate within a regulated market with all of its protections, they have to enforce some sort of tracking on the transaction or customer level. They won't be wrong.

The anarchists or libertarians will likely claim that KYC is just stupid surveillance bureaucracy, which pushes the burden of law enforcement onto businesses—effectively showing that the state is incompetent to even come up with enforceable laws. And it doesn’t stop actual bad actors. They won't be wrong either.

The average Joe will likely feel like he is going through a security check at the airport, letting others breach his privacy as if he were a terrorist, only so he can achieve a goal like traveling or using a service (i.e., collecting his paycheck) every time he faces yet another ID scan and selfie.

Oof, that was exhausting. Well, luckily for now, individuals who engage in private transactions that don’t reach "professional scale" (whatever that means) are generally not required to conduct these identity checks on their counterparties themselves. Peer-to-peer means freedom, hurrah! Kind of, as some jurisdictions have started banning cash transactions above certain amounts, effectively pushing people back into the KYC'd zone.

Increasingly, countries are starting to enforce tighter rules around cryptocurrency transactions as well, essentially trying to identify people on the loose ends (KYC on exchanges) and likely keeping an eye on the flow of transactions happening from these ends. So, DYOR, be vigilant, and don’t take this write-up as an excuse for breaking the law.

Why Is KYC Good for Crypto?

Let’s not get into the "if you have nothing to hide, you have nothing to lose" argument—that’s obviously not true, but more on that later. How can crypto benefit from KYC?

Increased Trust & Legitimacy (for an Average Joe)

If one of the problems of our industry is distrust and lack of legitimacy in the general public, then using gateways where people feel "comfortable" is a way they can be onboarded—even if it's through custodial means. Centralized exchanges are usually the place where people get their first crypto, and given how many shady exchanges have disappeared with people’s money or have been hacked, having centralized crypto exchanges regulated (and AML compliant) is likely a net benefit for crypto. Similarly, other custodial solutions that offer to manage "your" crypto for you—reaching even solutions such as Ledger's or Sygnum's web3 recovery—can foster trust.

Increased Exposure to the Rest of the Economy

Let’s face it, crypto can’t be indefinitely perpetuated by the steam evaporating from deflationary memes. Crypto can be the 'real world' if and only if it also solves 'real world' issues. Many of these issues are bound to physical objects (even if just physical papers)—yeah, we don’t live in a fully digitized utopia yet, and we may never. One of the use cases of blockchain is a simple track record. It’s a ledger, and it can, should, and will be used as a ledger for things like tokenized assets, RWAs, and records of rights, duties, and contracts. Like it or not, many of these objects have their own respective regulations that don’t even touch financial institutions, and many future use cases will benefit from having solid KYC solutions that can associate addresses with individuals in the real world.

What's Bad About KYC for Crypto?

How Can You Regulate Something You Don't Understand?

Firstly, crypto has proven that the free financial system is not only hard to capture, it’s even hard to understand for the average policymaker. I don’t mean to shame the forty-something white-collar boomers in Central Bank offices, nah, no no no. I’m shaming us, the crypto industry. Understanding the full scope of what we have built here is damn hard. Even for ourselves—plus we do a lousy job explaining it. Also, we are in uncharted territory, building things that never existed before in a necessarily globalized internet era. Most of the successful apps on-chain are simply experiments that played out well.

Not Everyone Is a Terrorist or a Business!

Not everyone on-chain is running a business, so why should they be constrained by disclosing their identity when they don’t want to handle large transactions? I don’t have comprehensive data about this, but my hunch is that we are still talking about bringing institutions on-chain as a major milestone, so that makes me think that the majority of users are still individuals transacting among each other.

Everybody Knows Your Customer

KYC compliance is also achieved by suboptimal means; oftentimes intermediaries perform the process just to tick a checkbox for a potential audit. Compliance means storing some personal information indefinitely, and as we are periodically reminded, these personal data honeypots get hacked all the time. [6][7][8]

KYC requirements, as we know them, are simply not doing it. What we see is literally a 20th century compliance framework being applied to 21st century technology - it can’t keep up with technological progress, and in its current form it mostly constraints people who still care about compliance, while those who don’t care simply ignore it. While its primary goal is to decrease financial crimes and later make funding terrorism impossible, it does so at the cost of exposing retail to data theft.

Source: https://x.com/DarkWebInformer/status/1841606471605244320

Know Your Peer

Disclaimer: What follows certainly isn’t any legal advice but rather an opinion about how the ideal optimistic situation could look like. We won’t know if these solutions would indeed be sufficient for the regulators as acceptable, but the point is that we can spearhead attempts to mitigate transacting with bad actors ourselves today.

Now we know how we ended up in the current situation: We perform the KYC ritual so Kim can’t buy more rockets and ISIS more purses. We also know that it’s, in fact, the regulator being interested in all of the KYC details rather than the business themselves (to some extent). Arguably, businesses in crypto, like exchanges, wouldn’t be interested in validating your ID unless this was required by the regulator. Very likely, they are not interested in having the additional exposure of keeping your records and potentially getting fined and sued for the data leaks. They could be interested in some of your private data for marketing, but would they require your ID and photo? I don’t think so.

Let’s focus on DeFi as an emerging industry example. In true DeFi, there are no banks as transactional intermediaries; actually, in true DeFi, there shouldn’t be any transactional intermediary but the tech/code, which acts as the blindfolded, unbiased Lady Justice.

If there is no intermediary who could potentially engage in money laundering? Whose responsibility is it to comply? Of course, we won't truly know until there is social consensus and perhaps rulings, but for the sake of this article, let’s optimistically assume the following: It’s not the medium that carries responsibility but the people and entities on both sides of using that medium.

Just as cash itself, nor the issuer of cash, is responsible for whatever the two counterparties do with it, I’d argue that responsibility lies with the counterparties engaging via blockchain-deployed code. In an ideal world, this should be the case for true DeFi protocols where there is really no custodian operating between the two counterparties.

So it’s you, dear “peer.”

If you engage in a transaction with a counterparty that could trigger compliance tests (especially when you are a business), IMHO it’s you who should be worried about KYC compliance, and not the platform/protocol you are using. In the end, it’s your books.

What Can We Do to Self-Regulate Today?

I think it’s safe to assume that we don’t want to be supporting bad guys, and if we could choose not to engage with them in trading/exchanging, we wouldn’t.

So what can we do?

Let’s start with the ugly.

Protocol Censorship (Blacklists)

In pooled DeFi, there is not much one can do as an individual. The pools act like black boxes, and unless the protocols implement a form of censorship (like an address blacklist), you are kind of transacting with everyone in the system, including the bad guys. The protocols would have to specifically blacklist the bad addresses, but there is an issue—the bad guys can always spin up a new address that isn’t on the blacklist and be back in the game in no time. So, that’s not a very clever solution.

Whitelisting

An alternative approach is to constrain the protocol usage only to the “good guys,” meaning that only a specific set of addresses can use a protocol. Multiple tokenized “fintech” protocols have chosen this pathway. Even AAVE has experimented with a similar approach with the Project Arc in the past.

Now that we’ve included intermediary arbiters maintaining a white-/blacklist, a fair question comes to mind in both cases: Is this still even DeFi? I’d argue that it is not.

What’s the Downside Here?

Unless the transactional systems enable the creation of isolated markets using some form of opt-in whitelist or they are based on the p2p premise already—like intent/orderbook-based DEXes and lending protocols—you can’t do much with the existing DeFi stack of pooled liquidity (both AMM DEXes or pool-based lending protocols such as AAVE or Compound) and stay 100% compliant with existing regulatory requirements (if you care about them).

The pooled capital smart contract protocols are great. They deal with a lot of capital inefficiencies and leverage the fact that smart contracts enable the minimization of trust for deploying capital into the same basket with others while not letting someone else run away with your money. But they do a terrible job in situations where your worries aren’t just market participation but also compliance with existing frameworks. For that, there is pure peer-to-peer.

Note: Before we do that, I’d like to mention yet another disclaimer. I’m not an anti-KYC or anti-state maximalist, but rather a surveillance & nation-state minimalist. I dislike both to a large extent, but I’m all for pragmatism and reducing inefficiencies. I’m also very much pro-freedom, and I think that individuals should be able to choose to comply with regulations without having to return their cryptonative and cypherpunk badge.

Know Your Peer

Finally, let’s talk about selective disclosure and self-regulation. I’d say that’s the optimal pathway to enabling closer entanglement of DeFi with the legacy accounting system today.

Selective Disclosure:

Very likely, you as an individual won’t be required to identify the counterparty directly unless you want to ensure you are not transacting with someone on a sanctioned list. If you are a regulated business, however, you might have to go one step further and require the full KYC data set from the party you are transacting with—including copies of documents—or simply get validation of someone’s age without full disclosure.

As a business, you can either:

• Simply create your own list of identified addresses followed by your own data storage procedure.

• Use a 3rd party service such as the infamous Fractal ID (sorry, not sorry) or Privado (you can use these also to just ensure age checks).

As an individual, you can get a bit more creative. Let’s say you only care about not transacting with sanctioned countries or people below a certain age, but you want to preserve privacy in your operation, avoid potential data leaks, or ensure there is a real single human involved in the transaction. Luckily today, there are means to achieve that, such as:

• zkPassport: Enables you to get a ZK validation of someone’s country of origin or possession of a passport.

• Privado.ID: Provides a slightly more comprehensive toolset to prove more about a particular address.

• WorldID: Enables you to ensure you transact more than a certain amount with an individual.

In all cases here, identity theft is still possible, but that’s also possible and happens in TradFi, so it’s not an argument for dismissing the solutions. Also worth noting that there is no real precedence for the ZK solutions to be accepted as sufficient by the regulators - but I don’t think that should stop us from turning them into a standard either.

General Self-Regulation:

Most blockchains have the double-edged sword issue in the form of transparency. Thanks to companies like Chainalysis, the crypto industry has sobered up from claiming that cryptocurrencies are generally private. Thankfully, there are still projects like ZCash, Railgun, and many others fighting for “privacy by default.” That, however, also means an opportunity—an opportunity for creating “credit scores” that can help you identify trustworthy peers based on provable behavior.

Why bother with just a number associated with an unidentified address? Plenty of reasons:

• You can filter counterparties you want to engage with—whether community members, builders, or people passing a certain expertise level.

• You may only want to engage with those that fit your value set.

• You may adjust rates for counterparties more likely to repay loans on time (and vice versa).

Generally speaking, credit scores were invented to manage counterparty risks and lend capital efficiently. Today, we can also use them to encourage good/intended behavior. If you now think that’s the “Chinese social credit scoring,” think much smaller—community-level scoring.

There are many projects attempting to build a comprehensive scoring framework. Here are a few examples:

• TalentProtocol or Onchainscore (from the Base ecosystem).

• Legion.cc: Developed their own scoring method.

• Credit Bureau: Provides a comprehensive dataset about financial behavior.

While these tools are imperfect until we achieve a comprehensive and standardized “Decentralized Identity” (DID) functional across ecosystems, they can be sufficient for many cases.

Utilizing such reputation systems in combination with tools like zkPassport allows you to programmatically ensure compliance and manage risks.

Closing Words

If you were hoping to hear that KYC is a thing of the past, I’m sorry to say, but the AML bureaucracy is very likely here to stay. Sure, you can bury your head in the sand and act like it’s not affecting you. And of course you can escape using apps where KYC is a curse word as a sovereign being. If you’re an individual occasionally transacting, that might work in plenty of cases. If you’re a business or a professional in a highly regulated industry, that might however backfire. But there’s another perspective as well - it’s not only about compliance and legality, it’s also about personal values and minimizing instances where you’d be helping or supporting a bad cause or outcome with your actions.

Optimistically integrating privacy-preserving ways to Know Your Peer and self-regulating ourselves to circumvent bad actors is a better scenario than facing irrational KYC requirements on DeFi usage due to a few bad apples. I’m also not saying we should stop fighting for privacy rights, quite the contrary my appeal is that we should implement them before they are necessary and educate policy makers to prove that privacy preserving approach to KYC measures is the only way.

Key takeaways:

1. Today, we have tools to automate much of the KYC bureaucracy and hopefully some regulators will acknowledge this is the best of both worlds of AML and GDPR perspective

2. We can make an effort to avoid doing things we’d objectively say we don’t want to do, like trading against kids or lending money to the bad guys also without laws requiring this.

Sources:

[1] Bank Secrecy Act: https://www.fincen.gov/resources/statutes-and-regulations/bank-secrecy-act

[2] Financial Action Task Force (FATF), FATF Recommendations: https://www.fatf-gafi.org/recommendations.html

[3] USA PATRIOT Act: https://www.fincen.gov/resources/statutes-regulations/usa-patriot-act

[4] European Commission AML/CFT policy: https://finance.ec.europa.eu/financial-crime/anti-money-laundering-and-counter-terrorist-financing_en

[5] 5th EU AML Directive (AMLD5): https://eur-lex.europa.eu/ (Search “AMLD5”)

[6] FractalID hack: https://x.com/Fractal_ID/status/1813628886514823589

[7] Celsius: https://cryptoslate.com/horrendous-kyc-risks-on-show-as-website-detailing-celsius-users-losses-goes-live/

[8] Binance hack: https://thehackernews.com/2019/08/binance-kyc-data-leak.html

Here and now, at the start of the 21st century, traditional finance is being transformed into something faster, trustless, and more inclusive. A global system of value exchange is emerging, powered by digital infrastructure that lets anyone transact anytime, anywhere. We’re not just upgrading legacy assets—we’re creating space for the unique value driven by Millennials, Gen Z, and the rising wave of digital-native innovators.

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This approach ensures the DAO can respond quickly to opportunities while remaining inclusive.

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PWN Token: The Backbone

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vePWN: The Voting Power

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stPWN: The Staking Representation

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Protocol Oversight

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Acknowledgments: Building with Aragon OSx

We’d like to extend a huge thank you to the team at Aragon for their incredible work on the Aragon OSx framework, which serves as the backbone for PWN DAO's governance architecture.

Aragon OSx provides a robust, modular, and scalable infrastructure that makes deploying and managing DAOs seamless, enabling us to focus on innovating within our governance model. We’re proud to be part of the ecosystem building on such a groundbreaking platform.

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You can access the full whitepaper via the following link.

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4. Recognition and Rewards: Earn rewards and recognition within the PWN DAO community for your efforts and achievements as an ambassador.

5. Personal Growth: Contribute to the growth and success of PWN DAO, while also developing your own skills, knowledge, and expertise in the world of decentralized finance.

If you're passionate about cryptocurrency, DeFi, and Money Markets, and want to be a part of something groundbreaking, apply to become a PWN DAO Ambassador today. Together, let's unlock the power of decentralization and shape the future of finance.

Application form → https://forms.gle/hNMkwnyvpg6USD7XA

PWN Ambassador program

The PWN DAO Ambassador Program is a unique opportunity for individuals passionate about decentralized finance (DeFi) and money markets to join a dynamic community of advocates, educators, and innovators. As an ambassador for PWN DAO, you will be crucial in spreading awareness, fostering engagement, and driving growth within the PWN DAO ecosystem.

http://docs.google.com

Knowing that your peer has been active and maintains a solid on-chain history increases the likelihood of them staying true to their rep, like always repaying on time. That’s why we’ve created a reputation system on PWN. Now, you’ll have insights into the reliability and history of your fellow users.

How Do You Build Your Reputation?

Earning “rep” on PWN is simple—just stay active as a borrower or lender. Here’s are some examples of how you can boost your rep today:

• Fund or request loans on PWN [+1 rep for 1k$ volume]

• Try all protocol features at least once, like:

  • TokenBundler [+1 rep]

  • PWN Safe [+1 rep]

  • Enable notifications [+1 rep each]

• Get involved in the community:

  • Follow us on X / Farcaster / Lens

  • Join our Discord

  • Collect POAPs (Mint our Mirror articles, attend events)

Used PWN before? Head over to the app and check out your new reputation score on your dashboard. New to PWN? No worries! We’ve got onboarding campaigns coming soon, allowing you to bridge your rep from other platforms, including lending protocols and alternative reputation systems.

More achievements will be rolled out with each new release, so stay in the loop. Join our Discord and don’t miss a beat: Discord.PWN.xyz

Oh, and One More Thing:

We didn’t kick things off with PWN starting an empty DAO with no actual product on purpose. The DAO still hasn’t launched. The plan always was to show that a core team can build a solid product first - and then we’d invite the community to help scale it globally. Reputation scores are the perfect way to identify the early supporters, the folks who’ve been there from the jump. By building your rep on PWN today, you’re sending a clear signal: you’re exactly the kind of community member we want to shape the future of PWN DAO around.

Join the PWN DAO, now: APP.PWN.XYZ

• Lean Lending Liquidity (린융자의 유동성)

• Thesis-based Lending (명제 기반 대출)

이 기사에서는 독자가 현재 이용 가능한 DeFi 렌딩 솔루션이나 그와 관련된 기본적인 개념(예: 렌딩풀, 이용률함수, P2P 렌딩, 영구 및 고정금리 대출, 담보의 청산 등)에 이미 정통하다는 것을 전제로 합니다. 요약(TL;DR)은 기사의 마지막을 참조하십시오.

Lean Lending Liquidity (린융자의 유동성)

현재의 융자 풀

오늘의 DeFi 렌딩은 주로 대출자(공급자)가 자금을 전용 풀에 제공하는 형태로 이루어집니다. 이러한 풀은 다음과 같이 분류됩니다.

• '전체 시스템적' 풀: 프로토콜 전체에서 사전 선택된 담보 자산 포트폴리오에 노출됩니다(예: AAVE).

• '격리형' 풀: 자본 노출이 풀 고유의 담보 자산 내에 머무릅니다(예: Morpho).

이러한 시스템 내에서 유동성은 매우 효율적으로 활용됩니다. 풀의 이용률 파라미터나 전임 큐레이터가 특정 풀에 대해 금리나 청산의 경계를 설정하기 때문에 대출자와 대출자 모두에게 참여는 비교적 간단합니다. 복잡한 부분은 프로그램적인 파라미터나 큐레이터에 의해 추상화되어 있기 때문입니다(단, 큐레이터에 의한 커스터디 리스크는 다릅니다).

문제는 이러한 풀 시스템이 이미 유동성이 높은 시장에서만 효과적으로 작동한다는 것입니다. 서로 다른 프로토콜이 같은 자본 공급자나 대출자를 끌어들이기 위해 경쟁하게 됩니다. 즉, 대출자로서는 이러한 시스템 중 하나를 선택하거나 다른 시스템으로 갈아타야 하며, 환승 비용이 발생합니다. 여기에는 끊임없이 변화하는 시장에서 가장 유리한 금리를 선택하기 위해 시간을 보내거나 중개자에게 그 선택을 맡기는 것도 포함됩니다.

이러한 프로토콜의 금리는 일반적으로 시장 표준을 따릅니다. 따라서 많은 자본이 특정 풀에 영구적으로 위탁되게 됩니다. 한편, 다른 프로토콜은 포인트나 토큰과 같은 추가 인센티브를 제공함으로써 자신들의 풀로의 자금 이행을 촉진하려고 합니다. 이로 인해 이론상 또는 실제로 대출자의 이윤이 증가합니다. 극단적인 경우 초기 프로토콜은 다른 프로토콜을 "경쟁"하기 위해 유동성 파트너에게 직접 지불하기까지 합니다.

이것이 현상입니다. 우선 대출자가 자본을 풀에 투입하고 그 자금이 대출자에게 이용될 때까지 그 풀 안에 머무릅니다. 이러한 유동성은 그 프로토콜의 제약 내에서만 이용할 수 있습니다.

린 융자의 유동성(LLL)이란 무엇인가? 그리고 무엇을 해결할 것인가?

린 대출의 유동성(LLL) 목적은 미이용 대출 자본을 수요에 따라 활용하는 것입니다. LLL 하에서는 자금은 임의의 소스에서 인출되어 새로운 시장 기회가 출현했을 때 온 디맨드로 완전히 활용됩니다. 이는 암호화폐 지갑에 잠들어 있는 자본이나 융자 프로토콜에 배분된 자본 모두에서 가능합니다.

융자(렌딩) 풀의 맥락에서 린 융자의 유동성(LLL)은 그 풀 내에서 아직 사용되지 않는 부분을 풀의 테두리를 넘어 활용하는 것을 목표로 합니다. 이를 통해 자본의 할당자는 자신이 선택한 풀에서 기준선의 수익률을 유지하면서 그 자본을 자신의 견해에 따라 활용할 수 있는 길을 열 수 있습니다.

이 접근법은 언뜻 소모적으로 보일지 모르지만 실제로는 시너지 효과가 있습니다. 사용하지 않는 부분을 제거하면 수영장 이용률이 향상되고 모든 참가자에게 수익률이 향상됩니다.

어떻게 실행되는지?

기술적으로는 매우 단순합니다. 유동성 공급자는 자금 인출 권리를 다른 스마트 컨트랙트(LenderHook)에 이양할 수 있습니다. 이에 따라 공급자를 대신하여 자금을 풀에서 인출하는 조건이 지정됩니다. 이는 인간의 중개자를 의미하는 것이 아니라 데이터에 기반한 트리거를 이용해 풀보다 높은 이익을 제공하는 다른 프로토콜(P2P 대출 등)로 자금을 이동시키는 것을 가능하게 합니다.

PWN의 맥락에서는 LenderHooks를 사용하여 AAVE, Compound, Morpho의 자금을 사용하여 PWN 준거 P2P 대출(렌딩) 오퍼에 서명할 수 있으며, 풀을 떠나지 않고 대출자에게 더 높은 이율의 거래를 제공합니다. 더 좋은 거래가 나타날 때까지 이율을 유지할 수 있는 것입니다.

다음 시나리오를 상상해 보세요:

앨리스가 AAVE에 100,000 USDC를 투입해 ±2.45%의 연리(APY)를 얻는다고 합니다. 그녀는 LLL을 PWN에 연결하여 펜들의 stETH-PTs나 그녀가 좋아하는 NFT 컬렉션처럼 그녀가 잘 이해하고 있는 자산에 대해 연리 10% 이상의 P2P 대출을 자금 제공할 수 있게 합니다.

그녀는 자금을 송금하지 않고 PWN의 오퍼에 서명하며, 거래가 PWN 상에서 성사되면 자금은 그녀의 AAVE 포지션에서 직접 이동합니다. 이로 인해 거래 발견 기간 동안 얻은 이자를 잃지 않습니다.

누구나 이익을 얻습니다. 그러나 앨리스는 2.45%의 연리를 90일 동안 10%로 바꾸고 AAVE의 공급은 더 활용되어 다른 모든 사람들의 이익이 증가합니다. 대출이 상환되면 자금은 AAVE로 돌아가 업계 표준 이자율을 유지합니다. 훌륭하죠?

다음으로 LLL을 p2p 대출에서 효과적으로 활용하는 방법에 대해 설명하겠습니다.

Thesis-based Lending (명제에 따른 대출)

지금부터는 PWN 특유의 기능에 대해 설명하겠습니다. P2P(order-book)형 렌딩은 어렵습니다. ETH Lend(현재의 AAVE)와 같은 프로토콜은 풀 형태의 렌딩을 발명함으로써 이 문제를 극복했습니다. 유동성이 높은 자산에 관해서는 풀 형태의 렌딩이 보다 간단한 해결책을 제공합니다. 그러나 풀형에는 단점이 있습니다. 자동화된 청산 메커니즘에 의존하고 있으며, 이러한 메커니즘은 유동성이 있는 자산에만 적용할 수 있으며, 독특하거나 복잡한 자산을 담보로 사용하기 어렵습니다.

또한 청산이 없는 고정금리 대출(이른바 롬버드론)이나 LP포지션, 고정금리 볼트, NFT와 같은 복잡한 합성자산을 활용한 대출 수요가 증명되고 있습니다. 여기서 P2P 렌딩이 돋보이는 것입니다. 이는 보다 민주적이고 유연한 디파이 렌딩 접근법으로 복잡한 토큰의 디파이 컴퍼빌리티의 종착점을 해방시킵니다.

PWN에서는 우선 모든 토큰에 대해 P2P 메커니즘을 사용해 렌딩 기능을 제공하는 데 주력했지만, 다른 프로토콜과 마찬가지로 대출자와 대출자 모두에게 대출 조건 설정이 어렵다는 교훈을 얻었습니다. 대출자는 '이율을 얻기' 위해 단지 버튼을 클릭하기만 하면 된다고 생각하기 때문에 유사한 자산에 대한 개별 조건 설정을 하는 것에 익숙하지 않습니다. 하지만 이것은 새로운 기회를 만들어냅니다. 거래의 복잡성은 LLL이 P2P 렌딩에서 유동성을 풀어줄 때 걸림돌 중 하나였지만, 그것도 이제 해결되고 있습니다.

여기서 Thesis-based Lending(명제에 기반한 대출)이 등장합니다. 특정 P2P 오퍼에 위탁하여 개별 거래조건을 설정하는 대신 'Lending Thesis(대출의 명제)'를 사용함으로써 담보자산의 조합과 제공조건에 대해 보다 광범위하고 일반적인 위탁을 하나의 서명(signature)으로 수행할 수 있으며 P2P 렌딩 메커니즘의 완전한 유연성을 유지하면서 실행됩니다.

예를 들어, 대출자는 다음과 같이 말할 수 있습니다.

"나는 70~80%의 LTV(대출가치비율)와 연리 4%로 60일간 ETH 기반의 리퀴드 스테이킹 파생상품에 대해 임의의 체인상 스테이블코인을 사용해 대출할 용의가 있습니다" 또는 "블루칩 NFT에 대해 40%의 LTV와 연리 20%로 대출한다"고 말해 그 명제에 쉽게 위탁할 수 있습니다.

어떻게 실행되는지?

Lending Thesis는 담보자산과 신용자산(또는 LLL을 통한 자금원)의 조합에 대한 복수의 약속을 고정조건에서 1회 서명으로 정리합니다. 이 접근방식에 의해 개별 P2P 오퍼에서 추상화되어 대출자는 LSD(리퀴드 스테이킹 파생상품), 블루칩, LP(유동성 풀) 등의 자산 클래스 전체에 업계 표준의 이율로 접근할 수 있게 됩니다.

큐레이션 된 Lending Thesis 과 개별화 된 Lending Thesis

대출자는 기존 대출 전략에 구독하여 큐레이터가 제공한 업계 환율을 복사하거나 자신의 명제를 작성하여 다른 사람에게 제공하고, 그 선택에서 발생하는 수수료의 일부를 얻을 수 있습니다.

첫 번째 단계로 큐레이션된 대출 전략을 활성화합니다. 여기서는 큐레이터가 경쟁력 있는 시장 파라미터를 설정하고 다른 대출자가 단순히 구독할 수 있습니다. 이것은 타인의 전략을 카피 트레이드(또는 카피 렌딩)하는 것과 같다고 생각해 주세요. 두 번째 단계에서는 누구나 자신의 렌딩 명제를 작성할 수 있도록 합니다. 이를 통해 PWN의 보편성을 온전히 활용해 복잡하거나 단순하게 자신이 원하는 명제를 형성할 수 있게 됩니다.

대출자 측에서는 아무것도 바뀌지 않습니다. 대출자는 대출자가 제공하는 조건을 단순히 받아들이거나 자신이 선택한 조건으로 요청할 수 있습니다.

정리

우리는 지난 12개월 동안 수집한 커뮤니티 및 사용자 피드백을 기반으로 두 솔루션을 모두 개발했습니다. 이러한 솔루션은 기존 대출 솔루션을 이용할 때나 PWN에서의 P2P 대출 거래를 시도할 때 사람들이 직면했던 장애물에 대응하고 있습니다. 그 결과 이 두 구성 요소의 통합이 이루어졌으며 토큰화된 생태계 내에서 자본의 광범위한 이용과 효과적인 유동성 이전이 기회 손실 없이 가능해졌습니다.

요약(TL;DR)

• **Lean Lending Liquidity (LLL)**는 대출자가 풀린 프로토콜에서 기본 이율을 얻으면서 자금을 강제로 전송하는 대신 부드러운 약정으로 더 높은 이율의 새로운 기회에 노출되는 것을 가능하게 합니다.

• Thesis-based Lending은 임의의 담보 토큰 세트에 대해 AAVE, Compound, Morpho 등의 기존 대출 풀을 포함한 임의의 대출 자본원을 사용하여 하나의 서명으로 집단적인 약속을 가능하게 합니다.

Figure 3은 두 개념이 모두 PWN의 P2P대출 프로토콜에 어떻게 적용되는지를 설명하고 있으며, 기본적인 P2P대출 기능을 자연스럽게 확장하고 있습니다.

이 두 가지 조합을 통해 PWN은 생태계 내에서 유동성을 더 잘 분배하기 위한 완벽한 전송 허브가 되며, 그 목적이 달성되고 상환된 후에는 기존 대출 유동성 프로토콜의 견고한 기반으로 되돌릴 수 있습니다. 자신의 편안한 수준에서 무리 없이, 기회 손실을 수반하지 않고, 그 커뮤니티에 유동성을 제공함으로써, 당신 자신의 암호화폐 틈새의 경제 성장에 공헌한다고 상상해 보세요. 우리가 PWN을 구축한 것은 바로 그 때문입니다. 암호화폐 네이티브 (cryptonative)의 경제를 하나의 커뮤니티마다 부트스트랩하는 것을 목표로 하고 있습니다.

• Lean Lending Liquidity（リーン融資の流動性）

• Thesis-based Lending（命題に基づく融資）

この記事では、読者が現在利用可能なDeFiレンディングソリューションや、それに関連する基本的な概念（例：レンディングプール、利用率関数、P2Pレンディング、永久および固定金利ローン、担保の清算など）に既に精通していることを前提とします。要約（TL;DR）は記事の最後をご覧ください。

Lean Lending Liquidity（リーン融資の流動性）

現在の融資プール

今日のDeFiレンディングは主に、貸し手（供給者）が資金を専用プールに提供する形で行われます。これらのプールは次のように分類されます。

• 「全システム的」プール：プロトコル全体において事前選択された担保資産ポートフォリオに露出します（例: AAVE）。

• 「隔離型」プール：資本の露出がプール固有の担保資産内に留まります（例: Morpho）。

これらのシステム内では、流動性は非常に効率的に活用されます。プールの利用率パラメータや専任のキュレーターが特定のプールに対して金利や清算の境界を設定するため、貸し手と借り手の両方にとって参加は比較的簡単です。複雑な部分はプログラム的なパラメータやキュレーターによって抽象化されているためです（ただし、キュレーターによるカストディリスクは異なります）。

問題は、これらのプールシステムが既に流動性の高い市場でしか効果的に機能しないことです。異なるプロトコルが同じ資本供給者や貸し手を引きつけるために競争することになります。つまり、貸し手としては、これらのシステムのいずれかを選択するか、あるいは他のシステムに乗り換える必要があり、乗り換えコストが発生します。これには、絶えず変化する市場の中で最も有利な金利を選ぶために時間を費やすか、仲介者にその選択を任せることも含まれます。

これらのプロトコルの金利は通常、市場標準に従います。そのため、多くの資本が特定のプールに永続的にコミットされることになります。一方で、異なるプロトコルは、ポイントやトークンのような追加のインセンティブを提供することで、自分たちのプールへの資金移行を促そうとします。これにより、理論上、又は実際に、貸し手の利潤が増加します。極端な場合、初期のプロトコルは、他のプロトコルに「競り勝つ」ために、流動性パートナーに直接支払うことさえあります。

これが現状です。まず貸し手が資本をプールに投入し、その資金が借り手に利用されるまで、そのプール内に留まります。このような流動性は、そのプロトコルの制約内でしか利用できません。

リーン融資の流動性（LLL）とは何か？ そして何を解決するのか？

リーン融資の流動性（LLL）の目的は、未利用の貸付資本を需要に応じて活用することです。LLLの下では、資金は任意のソースから引き出され、新しい市場機会が出現したときにオンデマンドで完全に活用されます。これは、仮想通貨ウォレットに眠っている資本や、レンディングプロトコルに配分された資本の両方において可能です。

融資（レンディング）プールの文脈で、リーン融資の流動性（LLL）は、そのプール内でまだ使用されていない部分を、プールの枠を超えて活用することを目指します。これにより、資本の割り当て者は自分の選んだプールでベースラインの利回りを維持しながら、その資本を自分の見解に基づいて活用する道を開くことができます。

このアプローチは一見、消耗的にに見えるかもしれませんが、実際にはシナジー効果があります。未使用部分を取り除くことでプールの利用率が向上し、全ての参加者にとって利回りが向上します。

どのように実行されるのか？

技術的には非常にシンプルです。流動性の供給者は、資金引き出しの権利を別のスマートコントラクト（LenderHook）に委譲することができます。これにより、供給者に代わって資金をプールから引き出す条件が指定されます。これは人間の仲介者を意味するのではなく、データに基づくトリガーを利用して、プールよりも高い利益を提供する別のプロトコル（P2Pローンなど）に資金を移動させることを可能にします。

PWNの文脈では、LenderHooksを使用することで、AAVE、Compound、Morphoの資金を使ってPWN準拠のP2P融資（レンディング）オファーに署名することができ、プールを離れることなく貸し手により高い利回りの取引を提供します。より良い取引が現れるまで利回りを維持することができるのです。

以下のシナリオを想像してみてください：

アリスがAAVEに100,000 USDCを投入し、±2.45%の年利（APY）を得るとします。彼女はLLLをPWNに接続し、PendleのstETHーPTsや彼女のお気に入りのNFTコレクションのように、彼女がよく理解している資産に対して年利10%以上のP2Pローンを資金提供できるようにします。

彼女は資金を送金することなく、PWNのオファーに署名し、取引がPWN上で成立すると、資金は彼女のAAVEポジションから直接移動します。これにより、取引の発見期間中に得られた利息を失うことはありません。

誰もが利益を得ます。しかし、アリスは2.45%の年利を90日間で10%に変え、AAVEの供給はさらに活用され、他の全員の利益が増加します。ローンが返済されると、資金はAAVEに戻り、業界標準の利率を維持します。素晴らしいですよね？

次に、LLLをP2P融資で効果的に活用する方法について説明します。

Thesis-based Lending（命題に基づく融資）

ここからはPWN特有の機能について説明します。P2P（order-book）型のレンディングは難しいものです。ETHLend（現在のAAVE）のようなプロトコルは、プール型のレンディングを発明することで、この問題を克服しました。流動性の高い資産に関しては、プール型のレンディングがより簡単な解決策を提供します。しかし、プール型には欠点があります。自動化された清算メカニズムに依存しており、これらのメカニズムは流動性のある資産にしか適用できず、ユニークまたは複雑な資産を担保として使用することが困難です。

更に、清算のない固定金利ローン（いわゆるロンバードローン）や、LPポジション、固定金利のボールト、NFTのような複雑な合成資産を活用したローンの需要が証明されています。ここでP2Pレンディングが際立つのです。これは、より民主的で柔軟なDeFiレンディングのアプローチであり、複雑なトークンのDeFiコンポーザビリティの終着点を解放します。

PWNでは、まず全てのトークンに対してP2Pメカニズムを使ってレンディング機能を提供することに注力しましたが、他のプロトコルと同様に、貸し手と借り手の両方にとって融資条件の設定が難しいという教訓を得ました。貸し手は「利回りを得る」ためにただボタンをクリックするだけで良いと考えているため、類似の資産に対する個別の条件設定を行うことに慣れていません。しかし、これは新しい機会を生み出します。取引の複雑さはLLLがP2Pレンディングにおいて流動性を解放する際の障害の一つでしたが、それも今や解決されつつあります。

ここで Thesis-based Lending（命題に基づく融資）が登場します。特定のP2Pオファーに委託して個別の取引条件を設定する代わりに、「Lending Thesis　（融資における命題）」を使用することで、担保資産の組み合わせと提供条件に対して、より広範で一般的な委託を一つの署名（signature）で行うことができ、P2Pレンディングメカニズムの完全な柔軟性を維持しつつ実行されます。

例えば、貸し手は次のように言うことができます。

「私は、70-80%のLTV（ローン価値比率）と年利4%で60日間、ETHベースのリキッドステーキング・デリバティブに対して、任意のチェーン上のステーブルコインを使って貸し付ける用意があります」または「ブルーチップNFTに対して40%のLTVと年利20%で貸し付ける」と言って、その命題に簡単に委託ができます。

どのように実行されるのか？

Lending Thesisは、担保資産と信用資産（またはLLLを通じた資金源）の組み合わせに対する複数の委託を、固定条件で1回の署名でまとめます。このアプローチにより、個別のP2Pオファーから抽象化され、貸し手はLSD（リキッドステーキング・デリバティブ）、ブルーチップ、LP（流動性プール）などの資産クラス全体に業界標準の利率でアクセスできるようになります。

キュレーションされた Lending Thesis 対 個別化された Lending Thesis

貸し手は、既存の貸付戦略にサブスクライブし、キュレーターによって提供された業界レートをコピーするか、自分自身の命題を作成して他者に提供し、その選択から生じる手数料の一部を得ることができるようになります。

第一段階として、キュレーションされた貸付戦略を有効にします。ここでは、キュレーターが競争力のある市場パラメータを設定し、他の貸し手がそれに単純にサブスクライブすることができます。これは他人の戦略をコピートレード（またはコピーレンディング）するようなものと考えてください。第二段階では、誰もが自分のレンディング命題を作成できるようにします。これにより、PWNの普遍性を完全に活用し、複雑でもシンプルでも自分の望む命題を形成することが可能になります。

借り手側では何も変わりません。借り手は、貸し手が提供する条件を単に受け入れるか、自分の選択した条件でリクエストを行うことができます。

まとめ

私たちは、過去12ヶ月間に収集したコミュニティおよびユーザーのフィードバックに基づき、両方のソリューションを開発しました。これらのソリューションは、既存の貸付ソリューションを利用する際や、PWNでのP2P貸付取引を試みる際に人々が直面していた障害に対応しています。その結果、これら二つのコンポーネントの統合が実現し、トークン化されたエコシステム内での資本の広範な利用と効果的な流動性移転が、機会損失なしに可能となりました。

要約（TL;DR）

• Lean Lending Liquidity (LLL) は、貸し手がプールされたプロトコルから基本利回りを得ながら、資金を強制的に転送する代わりに、柔軟な委託によってより高い利回りの新たな機会にさらされることを可能にします。

• Thesis-based Lending は、任意の担保トークンセットに対して、AAVE、Compound、Morphoなどの既存の貸付プールを含む任意の貸付資本源を使用して、1つの署名で集団的な委託を可能にします。

図3は、両方の概念がPWNのP2P貸付プロトコルにどのように適用されるかを説明しており、基本的なP2P貸付機能を自然に拡張しています。

この二つの組み合わせにより、PWNはエコシステム内で流動性をより良く分配するための完璧な転送ハブとなり、その目的が果たされて返済された後には、既存の貸付流動性プロトコルの強固な基盤に戻すことができます。自分の快適なレベルで、無理なく、機会損失を伴わずに、そのコミュニティに流動性を提供することで、あなた自身の暗号通貨ニッチの経済成長に貢献することを想像してみてください。私たちがPWNを構築したのは、まさにそのためです。クリプトネイティブ（cryptonative）の経済を一つのコミュニティごとにブートストラップすることを目指しています。

• Lean Lending Liquidity

• Préstamos basados en una Tesis

Para los fines del artículo, asumiré que el lector está familiarizado con las soluciones de préstamos DeFi actualmente disponibles y los conceptos generales detrás de ellas (por ejemplo, pools de préstamos, función de utilización, préstamos P2P, préstamos perpetuos y a tasa fija, liquidaciones de collateral, etc.). Para ver el TL:DR, desplázate hasta la parte inferior.

Lean Lending Liquidity (LLL)

Préstamos en pool hoy

Hoy en día, los préstamos DeFi se producen predominantemente a través de prestamistas(proveedores de liquidez) que despliegan fondos en pools dedicados. Estos pools pueden ser:

• “A nivel sistema”, exponiendo al usuario a un portafolio preseleccionado de activos de collateral a nivel de protocolo (por ejemplo, AAVE), o

• “Aislados”, donde la exposición de capital se mantiene dentro de los activos de collateral específicos del pool (por ejemplo, Morpho)

Dentro de estos sistemas encapsulados, la liquidez se apalanca de manera bastante efectiva - los parámetros de utilización del pool (o curadores dedicados) establecen las tasas de préstamo y los límites de liquidación para el pool en particular, por lo que la participación tanto de prestamistas como de prestatarios es bastante sencilla, ya que las complejidades se abstraen mediante parámetros programáticos o curadores (con diversos riesgos de custodia).

El obstáculo es que estos sistemas de pools solo funcionan de manera efectiva en mercados ya líquidos, y los diferentes protocolos inevitablemente compiten por atraer al mismo capital y los mismos prestamistas.En pocas palabras, como prestamista, tienes que elegir uno de estos sistemas o saltar de uno a otro, incurriendo en costos de cambio - incluido el tiempo dedicado a seleccionar el que tenga la tasa más favorable en un mercado en constante cambio o un intermediario que lo haga en tu nombre.

Las tasas en estos protocolos suelen seguir los estándares del mercado, lo que significa que gran parte del capital permanece comprometido de forma perpetua en un pool determinado, mientras que los diferentes protocolos intentan incentivar el cambio a su pool ofreciendo incentivos adicionales como puntos o tokens, lo que teóricamente y, a veces, en la práctica, aumenta los rendimientos para los prestamistas. En situaciones extremas, los primeros protocolos incluso pagan directamente a los socios de liquidez para “sobresalir” de los demás.

Este es el status quo: primero, los prestamistas despliegan capital en un pool, y el dinero se queda en ese pool hasta que los prestatarios lo utilicen. Dicha liquidez solo está disponible dentro de las restricciones del protocolo particular. Observa la Figura 1 para una explicación visual.

¿Qué es Lean Lending Liquidity (LLL) y que resuelve?

El objetivo de Lean Lending Liquidity es poner a trabajar el capital de préstamo no utilizado en el momento de la demanda. Bajo LLL, los fondos se extraen de una fuente arbitraria para ser utilizados al máximo a pedido cada vez que surge una nueva oportunidad de mercado. Esto puede ocurrir tanto en el contexto de capital ocioso en una billetera como de capital desplegado en un protocolo de préstamos.

En el contexto de los pools de préstamos, Lean Lending Liquidity tiene como objetivo encontrar un uso para la parte aún no utilizada del pool de préstamos más allá de las barreras de ese pool en particular. Esto permite al proveedor de capital seguir obteniendo un rendimiento base en un pool de su elección, mientras que desbloquea un camino para que ese capital sea apalancado de acuerdo a su propia tesis.

Este enfoque puede parecer extractivo, pero el efecto es en realidad sinérgico - contribuye aún más al aumento de la utilización del pool (eliminando la porción no utilizada), lo que aumenta efectivamente el rendimiento para todos en el pool.

¿Cómo se hace?

Tecnológicamente, es muy sencillo. El proveedor de liquidez puede delegar los derechos de retiro a otro contrato inteligente (LenderHook), que especifica los términos para solicitar fondos del pool en nombre del proveedor. Esto no significa un intermediario humano, sino más bien permite que los desencadenantes impulsados por datos muevan los fondos a otro protocolo, como (pero no limitado a) un préstamo P2P con mayores rendimientos de los que ofrece el pool.

En el contexto de PWN, los LenderHooks permiten firmar ofertas de préstamos P2P de PWN con los fondos de AAVE, Compound o Morpho - exponiendo al prestamista a acuerdos de mayor rendimiento, sin la necesidad de tener que salir de los protocolos basados en pool para hacerlo. Manteniendo el rendimiento hasta que surja un mejor acuerdo.

Figure 1:Lean Lending Liquidity - flow

Imagina este escenario:

Alice despliega 100,000 USDC en AAVE para ganar aproximadamente un ±2.45% de APY. Ella desbloquea el LLL para PWN, lo que le permite financiar préstamos P2P con un APR superior al 10% contra activos que conoce bien, digamos stETH Pendle PTs o su colección favorita de NFT favorita.

Entonces, ella firma compromisos con ofertas de PWN sin tener que enviar los fondos a ninguna parte. Una vez que surge un acuerdo en PWN, los fondos se mueven directamente desde su posición en AAVE, lo que significa que no pierde ningún interés devengado durante el período de descubrimiento del acuerdo.

Todos se benefician: Alice convierte su 2.45% APY en un 10% de APR durante 90 días, y el suministro de AAVE se utiliza aún más, lo que aumenta los rendimientos para todos los demás. Una vez que se reembolsa el préstamo, los fondos vuelven a AAVE, manteniendo la tasa estándar de la industria. Genial,verdad?

Ahora, exploremos cómo aprovechar el LLL de manera efectiva en préstamos P2P:

Préstamos basados en tesis

Aquí nos estamos adentrando en la funcionalidad específica de PWN. Los préstamos P2P (libro de órdenes) son un desafío. Protocolos como ETHLend (ahora AAVE) aprendieron esto por las malas, lo que los llevó a inventar los pools de préstamos, convirtiéndolos en la solución de préstamos más utilizada en DeFi hoy en día. Para activos muy líquidos, los pools proporcionan una solución de prestar/pedir prestado más sencilla. Sin embargo, los pools tienen un inconveniente: dependen de mecanismos de liquidación automatizados/incentivados. Estos mecanismos no solo restringen el uso del pool a activos líquidos, sino que también dificultan el uso de activos únicos o complejos como colateral.

Además, existe una demanda comprobada de préstamos a tasa fija sin liquidaciones (también conocidos como préstamos Lombard) y de apalancamiento de activos más complejos y sintéticos, como posiciones de LP, bóvedas a tasa fija y NFTs. Aquí es donde los préstamos P2P brillan - es un enfoque mucho más democrático y flexible para los préstamos DeFI y desbloquea el juego final de la composabilidad DeFi para tokens complejos.

En PWN, nos hemos centrado primero en habilitar la utilidad de préstamo para cada token utilizando el mecanismo P2P, y al igual que otros, también aprendimos por las malas que establecer los términos de préstamo puede ser un desafío tanto para prestamistas como para prestatarios. Los prestamistas están acostumbrados a la comodidad de simplemente hacer click en un botón para “ganar rendimiento” sin tener que revisar cada oferta o establecer términos individuales para activos similares en un pool, pero esto también conlleva un espacio de oportunidad. La complejidad de la negociación de acuerdos siguió siendo uno de los obstáculos para que el LLL desbloquee la liquidez en los préstamos P2P también. Hasta ahora.

Aquí es donde entra en juego el Préstamo basado en tesis. En lugar de comprometerse con una oferta P2P específica y establecer parámetros de acuerdo individualizados, una “Tesis de préstamos” permite un compromiso más amplio y generalizado con una combinación de activos de colateral y términos proporcionados con una sola firma, manteniendo al mismo tiempo la flexibilidad completa del mecanismo de préstamo P2P.

Por ejemplo, un prestamista puede decir:

“Estoy dispuesto a prestar contra cualquier derivado de staking líquido basado en ETH al 70-80% de LTV y 4% de APR durante 60 días, utilizando cualquiera de mis stablecoins en cualquier cadena”, o “prestar contra cualquier NFT bluechip al 40% de LTV y 20% de APR”. Y simplemente comprometerse con dicha tesis con un solo click.

Cómo se hace?

Una Tesis de préstamo encapsula una multitud de compromisos con una combinación de activos de colateral y crédito (o fuentes de financiación a través de LLL) con términos fijos por una duración determinada, todo firmado con una sola firma. Este enfoque se abstrae de las ofertas P2P individuales, exponiendo a los prestamistas a clases de activos completas como LSDs, bluechips, LPs, etc. con tasas de la industria. Consulta la Figura 2 como ejemplo de la configuración.

Figure 2: Ejemplo de una tesis de préstamo

De estrategias de préstamo curadas a tesis de préstamo individualizadas

Los prestamistas podrán suscribirse a una estrategia de préstamo existente, copiando las tasas de la industria proporcionadas por los curadores, o formar su propia tesis y ofrecerle a otros para ganar un parte de las comisiones generadas por sus selecciones

El primer paso para habilitar estrategias de préstamo curadas, donde un curador establece los parámetros de mercado competitivos para que otros simplemente se suscriban.Piensa en esto como un equivalente al copy-trading(o copy-lending) de la estrategia de otra persona. El segundo paso será permitir que cualquiera elabore su propia Tesis de préstamo, tan compleja o simple como desee, aprovechando al máximo la universalidad de PWN.

En el lado del prestatario, nada cambia - los prestatarios pueden simplemente aceptar los términos que proporcionan los prestamistas o hacer sus propias solicitudes con los términos que elijan.

Resumen

Hemos desarrollado ambas soluciones en respuesta a los comentarios de la comunidad y los usuarios recopilados durante los últimos 12 meses.Estas soluciones abordan los obstáculos que enfrentaban las personas al utilizar las soluciones de préstamo existentes o al intentar los acuerdos de préstamo P2P originales en PWN.El resultado es la fusión de estos dos componentes, lo que permite una mayor utilización del capital y una transferencia de liquidez efectiva dentro de nuestro ecosistema tokenizado, sin costos de oportunidad.En resumen:

• Lean Lending Liquidity (LLL) permite un compromiso suave en lugar de una transferencia definitiva de fondos para exponer a los prestamistas a nuevas oportunidades con mayores rendimientos, mientras siguen obteniendo un rendimiento base de los protocolos basados en pools.

• El préstamo basado en tesis permite compromisos masivos hacia un conjunto arbitrario de tokens de collateral, utilizando cualquier fuente de capital de préstamo, incluidos los pools de préstamos existentes (AAVE,Compound, Morpho) con una sola firma.

La figura 3 explica cómo se aplican ambos conceptos al protocolo de préstamos P2P de PWN, expandiendo naturalmente la funcionalidad básica de los préstamos P2P.

Figure 3: LLL con un préstamo basado en Tesis en PWN

La combinación de los dos hace que PWN sea el mejor hub de transferencia y sea perfecto para distribuir mejor la liquidez dentro de nuestro ecosistema y, una vez que cumpla su propósito y se reembolse, traerla de vuelta a sus sólidas bases de los protocolos de liquidez de préstamos existentes.Imagina contribuir al crecimiento económico de tu crypto nicho propio al proporcionar liquidez a esa comunidad en tu nivel de comodidad, con facilidad y sin costo de oportunidad para ti. Impulsar la economía nativa de criptomonedas, una comunidad a la vez. Para eso construimos PWN.

• Lean Lending Liquidity

• Thesis-based Lending

For the sake of the article, I’ll assume the reader is familiar with currently available DeFi lending solutions and on a high-level with the general concepts behind them (e.g. lending pools, utilization function, p2p lending, perpetual and fixed-rate loans, collateral liquidations, etc.). For TL;DR scroll to the bottom.

Lean Lending Liquidity (LLL)

DeFi lending today - Lending pools:

Today, DeFi lending predominantly happens through lenders (suppliers) deploying funds into dedicated pools. These pools are either:

• “system-wide” exposing one to protocol-wide preselected portfolio of collateral assets (eg. AAVE), or

• “isolated” where capital exposure stays within pool-specific collateral assets. (eg. Morpho)

Within these encapsulated systems, liquidity is leveraged quite effectively - pool utilization parameters (or dedicated curators) set lending rates and liquidation bounds for the particular pool so participation for both lenders and borrowers is quite simple, as complexities are abstracted by programmatic parameters or curators (with varying custodial risks).

The hurdle is that these pool systems only work effectively in already liquid markets, and the various lending protocols inevitably compete to attract the very same supply capital and lenders. Simply put, as a lender you have to choose one of these systems or jump from one to another, incurring switching costs - including the time spent selecting the one with the most favorable rate in a constantly changing market or an intermediary to do this on your behalf.

Rates on these protocols usually follow market standards, as a result majority of the capital remains committed in perpetuity in a given pool, while other protocols try to incentivize switching to their pool by offering extra incentives like points or tokens - theoretically and sometimes practically increasing the returns for the lenders. In extreme situations, new protocols even pay liquidity partners directly to “compete”.

This is the status quo: first lenders deploy capital into a pool, and the money sits in that pool until borrowers utilize it. Such liquidity is only available within the constraints of the particular protocol.

What is Lean Lending Liquidity (LLL) and what does it solve?

The goal of Lean Liquidity is to put unutilized lending capital to work at the time of demand. Under LLL, funds are pulled from an arbitrary source to be fully utilized on demand whenever a new market opportunity emerges. This can happen in the contexts of both idle capital sitting a wallet or capital deployed to a lending protocol.

In the context of lending pools, Lean Lending Liquidity aims to find use for the yet unused portion of the lending pool beyond the barriers of that particular pool. This allows the capital allocator to keep earning a baseline yield in a pool of their choosing, while unlocking a path for that capital to be leveraged according to their own thesis.

This approach may seem extractive, but the effect is actually synergistic: it further contributes to increased pool utilization (removing the unutilized portion), effectively increasing yield for everyone in the pool.

How is it done?

Technologically, it’s very simple. The liquidity supplier can delegate withdrawal rights to another smart contract (LenderHook), which specifies the terms for requesting funds from the pool on behalf of the supplier. This does not mean a human intermediary but rather allowing data driven triggers to move the funds into another protocol such as (but not limited to) a p2p loan with higher returns than what the pool provides.

In the context of PWN the LenderHooks allow to sign PWN compliant p2p lending offers with the funds from AAVE, Compound or Morpho - exposing the lender to higher yield deals - without the necessity of having to leave the pooled protocols to do so. Keeping the yield until a better deal emerges. See Figure 1. for visual explanation.

Imagine this scenario:

Alice deploys 100,000 USDC into AAVE to earn ±2.45% APY. She unlocks the LLL to PWN, enabling her to fund p2p loans with an APR above 10% against assets she understands well - let’s say stETH Pendle PTs or her favorite NFT collection.

She then signs commitments to PWN offers without having to send the funds anywhere. Once a deal emerges on PWN, the funds are moved from her AAVE position directly, meaning she doesn’t lose any accrued interest during the deal discovery period.

Everyone benefits: Alice turns her 2.45% APY into 10% APR for 90 days, and AAVE supply gets further utilized, increasing returns for everyone else. Once the loan is repaid, the funds flow back to AAVE, maintaining the standard industry rate. Nice, right?

Now, let’s explore how to leverage LLL effectively in p2p lending:

Thesis-based Lending

Here we are getting into PWN specific functionality. P2P (order-book) lending is challenging. Protocols like ETHLend (now AAVE) learned this the hard way, which led them to invent lending pools - making them the most used lending solution in DeFi today. For highly liquid assets, pools provide a simpler borrow/lend solution. However, pools have a downside: they rely on automated/incentivized liquidation mechanisms. These mechanisms not only constrain pool usage to liquid assets but also make it difficult to use unique or complex assets as collateral.

Moreover, there’s a proven demand for fixed-rate loans with no liquidations (aka Lombard loans) and for leveraging more complex, synthetic assets such as LP positions, fixed-rate vaults, and NFTs. This is where p2p lending shines - it’s a much more democratic and flexible approach to DeFi lending and it unlocks the end-game of DeFi composability for complex tokens.

At PWN, we have first focused on enabling the lending utility for every token using the p2p mechanism and like others we also learned the hard way that setting the lending terms can be challenging for both lenders and borrowers. Lenders are used to the convenience of simply clicking a button to “earn yield” without sculpting every single offer or setting individual terms for similar assets in a pool, but this also comes with an opportunity space. The complexity of deal making remained to be one of the blockers for LLL to unlock liquidity in p2p lending as well. That’s until now.

This is where Thesis-based Lending comes into play. Instead of committing to a specific p2p offer and setting individualized deal parameters, a “Lending Thesis” allows for a broader, generalized commitment to combination of collateral assets and provided terms with one single signature while maintaining the full flexibility of the p2p lending mechanism.

For example, a lender can say:

“I’m willing to lend against any ETH-based liquid-staking derivative at 70-80% LTV and 4% APR for 60 days, using any of my stablecoins on any chain,” or “lending against any bluechip NFT at 40% LTV and 20% APR.” And simply commit to such a thesis in one click.

How is it done?

A Lending Thesis encapsulates a multitude of commitments to a combination of collateral and credit assets (or funding sources via LLL) with fixed terms for a given duration, all signed with one signature. This approach abstracts away from individual p2p offers, exposing lenders to entire asset classes like LSDs, bluechips, LPs, etc. with industry rates. See Figure 2. as an example setup:

From Curated Lending Strategies to Individualized Lending Theses

Lenders will be able to subscribe to a existing lending strategy, copying industry rates provided by curators, or form their own thesis and event offer it to others in order to earn a cut of the fees generated by their selections.

The first step is to enable curated Lending strategies - where a curator sets the competitive market parameters for other to simply subscribe to. Think of this as an equivalent of copy-trading (or copy-lending) someone else’s strategy. The second step will be to enable anyone to craft their own Lending Thesis - as complex or simple as they desire fully leveraging the universality of PWN.

On the borrower side, nothing changes—borrowers can simply accept the terms lenders provide or make their own requests with terms of their choosing.

Summary

We’ve developed both solutions in response to community and user feedback gathered over the last 12 months. These solutions address the hurdles people faced when utilizing existing lending solutions or trying the back-to-the-roots p2p lending deals on PWN. The result is the merger of these two components, enabling broader capital utilization and effective liquidity transfer within our tokenized ecosystem, without opportunity costs.

To summarize:

• Lean Lending Liquidity (LLL) allows soft-committing rather than hard-transferring funds for exposing lenders to new opportunities with higher yields while they keep getting base-yield from pooled protocols. .

• Thesis-based Lending enables mass-commitments toward an arbitrary set of collateral tokens, using any source of lending capital - including existing lending pools (AAVE, Compound, Morpho) with one signature.

The Figure 3. explains how are both concepts applied to the PWN p2p lending protocol, naturally expanding the basic p2p lending functionality.

The combination of the two makes PWN the perfect transfer hub to better distribute liquidity within our ecosystem and once it serves its purpose and is repaid, bringing it back toward its strong foundations of existing lending liquidity protocols. Imagine contributing to the economic growth of your own crypto niche by providing liquidity to that community at your comfort level, with ease and no opportunity cost to you. Bootstrapping the crypto-native economy one community at the time. That’s what we built PWN for.

• Unlock the value of your digital assets by using them as collateral.

• Earn solid returns with fixed-rate loans.

• Snag undervalued assets if borrowers can't repay.

• Safeguard your portfolio during market crashes.

In the wild world of digital assets, managing risk isn't just smart - it's essential. With markets that can flip in a heartbeat, how do you protect your wealth while staying open to new opportunities? Enter PWN - the P2P lending protocol designed to help you hedge like a pro using your digital assets.

In this piece, we break down how both lenders and borrowers can use PWN to manage risks effectively, especially when the market's looking shaky. Let’s dive into the strategies and outcomes you can leverage with PWN.

1. Earn Interest on Loans

For lenders, PWN offers a straightforward way to earn interest by providing loans backed by digital assets at fixed rates. This setup compensates for the risk you take on by supplying liquidity during uncertain times.

Example: You issue a loan of 2,000 DAI, secured by a DeFi derivative such as stETH (Lido Staked Ethereum) valued at 3,000 DAI, with a 12% interest rate over three months. Here’s what you can expect:

• If the borrower pays back the loan, you pocket 240 DAI in interest, netting a solid return.

• If the borrower defaults, you get the stETH, which could still hold significant value, especially if the market bounces back.

1. Acquire Tokens Below Market Price

Lending on PWN isn’t just about earning interest - it’s also a smart way to get your hands on valuable digital assets, like gold-backed tokens (think PAXG or XAUT), at prices below market value. By carefully tweaking the Loan-to-Value (LTV) ratio and Annual Percentage Rate (APR), you can set yourself up to snag collateral at a discount if a borrower defaults.

Here’s how it works: Imagine you issue a loan of 2,000 DAI against a PAXG token, currently valued at $2,500. Given PAXG's stability as a gold-backed asset, you decide to set the LTV at 80%, meaning the loan amount is 80% of the token's market value. You also set an APR (annual percentage rate) of 24% for 3 months (~90 days). This rate is pretty competitive, especially when compared to traditional pawn shops where storage costs push interest rates higher. Here’s how you can expect a return on investment (ROI) up to 25%:

• If the borrower repays the loan, you earn an APR of 24% on the 2,000 DAI loan - 480 DAI over a year.

• If the borrower defaults, you get the PAXG token at a 20% discount from its market value, meaning that the ROI upon liquidation would result in an APR of 100% (25% for 3 months) if the asset price stays the same. Given PAXG's stability, this is a low-risk way to acquire a solid asset at a bargain, with potential for future gains.

The Bottom Line

In today’s unpredictable digital asset landscape, PWN stands out as a must-have tool for both borrowers and lenders. Whether you’re looking to earn interest or pick up discounted assets during market dips, PWN gives you the power to navigate volatility with confidence. By incorporating PWN into your risk management playbook, you can build financial resilience and stay poised for success—even when the markets get rough.

Explore PWN today and take charge of your financial future!

—

Want to get in touch with PWN? Reach out to us on Twitter or join the community on Discord.

Your feedback is what drives our evolution, and we’re committed to making your experience smoother, faster, and even more powerful. Before we dive into the new features, a huge shoutout to everyone who shared their thoughts with us—your insights are invaluable!

What's New in the UI?

We’ve made some killer upgrades to streamline matchmaking for both lenders and borrowers, cutting through the noise to make it easier to find the right assets and opportunities.

1. Unified Proposal Creation: We’ve simplified the proposal process, making it super intuitive whether you’re lending or borrowing.

2. Revamped Asset Pages: Now, you can post proposals directly from an asset’s page—no more jumping through hoops.

3. Accruing Interest Default: Loans with accruing interest are now the default, so you can lock in those gains seamlessly.

4. New Appraisal Sources: We’ve added new appraisal integrations for assets, including DeFi derivatives like

   • Pendle PTs and LPs

   • SuperForm SuperPositions

   • Yearn V3 vaults

   • Morpho vaults

   • Ether.fi Liquid vaults and many more.

And this is just the start—PWN Protocol v1.2 unlocks even more exciting features on the horizon, so keep your eyes peeled for future updates.

New Features Enabled by PWN Protocol v1.2

The protocol side got a serious upgrade too.

1. Loan Extensions & Refinancing: Need more time or better terms? You’ve got the flexibility to extend or refinance your loans.

2. Daily Accruing Interest: Interest now accrues every minute, offering precise calculations and a guaranteed APR for everyone involved.

3. Persistent Offers: Lenders can now post offers that borrowers can execute multiple times, making deal-making even more efficient.

But there’s more going on under the hood:

1. Thesis-Based Lending: A new way to streamline your lending strategy—stay tuned for a deep dive on this.

2. Dutch-Auction Based Loan Parameters: Not sure about market terms? Let the auction-style parameters set the stage for you.

3. Elastic Proposals: Make it easier to find a match by allowing some flexibility in the loan amount.

4. ERC5646 Support: Boosted protocol compatibility with Token State Fingerprint. Want the details? Check out more on ERC5646 here.

What Do You Need to Do?

Absolutely nothing! Version 1.2 upgrades seamlessly, so you can enjoy all the new features without lifting a finger.

Are Your Active Loans Affected?

Not at all. Your active loans are locked and loaded—no changes here. PWN Protocol’s immutability means existing deals stay exactly as they are.

Are Your Existing Proposals Affected?

Nope, your proposals remain unchanged and ready for action.

We’re stoked about these updates and can’t wait to hear what you think. Thanks for being part of the journey as we keep pushing the boundaries of what’s possible with PWN!

QED
Josef

Backed

Swiss-based Backed brings real-world financial assets on-chain, enabling DeFi integrations and highly efficient global markets. Backed ERC-20 assets are built for decentralization: Transferable, composable, and multichain, they track the value of real-world assets such as bonds, stocks, or ETFs and are 1:1 collateralized by them. Tokens are issued in compliance with the Swiss DLT Act and can be redeemed for the underlying asset’s cash value.*

Why use Backed assets as collateral on PWN?

• Asset diversification: ETFs, T-bonds, stocks…you can enjoy exposure to high-performance RWAs while reaping the benefits of DeFi composability and self custody.

• Low-volatility, fixed-income collateral: Backed corporate and government bonds are fixed income assets and make for highly desirable yield-bearing collateral for potential lenders.

• Custom terms, fixed rates: On PWN, you choose and fix your loan terms—APR, duration, borrowed asset, LTV—to suit your needs, and they remain the same for the whole loan duration.

• Zero price-based liquidation: The only way to lose your Backed assets? Miss the repayment deadline.

• Multi-chain: Leveraging assets across all chains PWN and Backed are deployed on, including Arbitrum, Optimism, Base, Polygon, BNB Chain and Ethereum.

HOW DOES PWN WORK?

ABOUT PWN

PWN is a peer-to-peer permissionless lending protocol. In the true spirit of DeFi composability, PWN users can borrow against—or lend using—any asset in their wallet (ERC-20, NFT, and even a bundle of both), while enjoying absolute flexibility on the loan terms (LTV, duration, APY, etc.). The oracle-less nature of the protocol protects all PWN loans from price-based liquidations. The only way to lose collateral is to default on a loan.

Operating on seven EVM-compatible networks, PWN opens up new liquidity avenues, composability options, and leverage opportunities, while giving its users both optimized capital efficiency and predictability on both sides of the loan. A win on all fronts.

*To redeem directly with Backed, users must undergo a KYC and AML check.

Backed DOES NOT sell its tokens to U.S. Persons or for the account or benefit of U.S. Persons, and tokens are not marketed, offered, or solicited in the U.S. or in any other prohibited jurisdiction.

For a full list of prohibited and restricted countries and review of legal documentation, please visit https://www.assets.backed.fi/legal-documentation

The concept of "lending a hand" is at the heart of what we do at PWN. With customized PWN Spaces, we're taking this narrative to the next level by providing a space where community members can actively support each other’s financial endeavors and tap into new utility for their assets.

What are PWN Spaces?

PWN Spaces are tailored hubs designed to facilitate borrowing and lending within specific communities. They focus around community-specific assets and display only relevant loan requests by and for their holders.

They’re perfect for protocol communities, such as Superform, Sommelier or Swaap; or NFT communities like Pudgy Penguins, Aavegotchi, or Nouns.

Whether you're a borrower wanting to make your assets work for you or a lender eager to grow your portfolio while supporting your community, PWN Spaces are the place for you.

Why use Spaces

• Community Engagement: By borrowing and lending via your community’s PWN Space, you increase your chances to lend to or borrow from a fellow community member.

• Prosperity: Projects, DAOs, and creators can leverage a Space as a curated environment to promote their native assets, bolstering community around it or even taking things a step further and growing their treasury by lending to their community. PintSwap exemplified this strategy on PWN, fostering community engagement and enriching its treasury simultaneously.

• Risk mitigation: Via PWN Spaces, you invest in loan requests backed solely by assets you know and trust.

Ready to leverage the power of community?

Browse PWN's Spaces and discover lending within yours.

PWNDAO is a hub for peer-to-peer lending backed by digital assets. Use any token as collateral, invest in fixed-interest loans, and enjoy attractive returns, all without liquidation risk. Check out the PWNDAO platform today.Want to get in touch with PWNDAO? Reach out on Twitter or join our community on Discord.

Beefy

Beefy is a decentralized, multi-chain Yield Optimizer that allows its users to earn compound interest on their crypto holdings. Their vaults are designed to optimize returns from various liquidity pools, automated market making (AMM) projects,‌ ‌and‌ ‌other yield farming opportunities in the DeFi ecosystem by periodically reinvesting earned interest, upping compounding effects. Maximum earning potential, minimal effort.

Why use Beefy assets as collateral on PWN?

Leveraging Beefy assets on PWN offers users a strategic blend of liquidity access and passive yield generation.

• Continued growth: With this integration, your collateral doesn't just sit; it grows. Beefy’s auto-compound feature ensures your assets continue to increase in value while simultaneously securing your PWN loans.

• Universal: Single assets, LP tokens—ALL Beefy assets can be used as collateral on PWN. More flexibility, more liquidity.

• Stable borrowing conditions: On PWN, you choose and fix your loan terms—APR, duration, borrowed asset, LTV—to suit your needs, and they remain the same for the whole loan duration.

• Zero price-based liquidation: The only way to lose your Beefy assets? Miss the repayment deadline.

• Multi-chain: Leveraging assets across all chains PWN and Beefy are deployed on, including Arbitrum, Optimism, Base, Polygon, Ethereum, and more, ensuring that no asset is left behind.

HOW DOES PWN WORK?

ABOUT PWN

PWN is a peer-to-peer permissionless lending protocol. In the true spirit of DeFi composability, PWN users can borrow against—or lend using—any asset in their wallet (ERC-20, NFT, and even a bundle of both), while enjoying absolute flexibility on the loan terms (LTV, duration, APY, etc.). The oracle-less nature of the protocol protects all PWN loans from price-based liquidations. The only way to lose collateral is to default on a loan.

Operating on seven EVM-compatible networks*, PWN opens up new liquidity avenues, composability options, and leverage opportunities, while giving its users both optimized capital efficiency and predictability on both sides of the loan. A win on all fronts.

We’re incredibly excited to announce the integration of Pendle. With a TVL approaching $5B, the protocol has led the DeFi charge, and has been a key actor in the Liquid Restaking narrative, offering some of the most profitable composability options out there.

With this latest integration, Pendle’s fixed-yield collateral meets PWN’s fixed-term P2P loans. DeFi operators can now use their PT tokens as collateral on PWN and unlock the liquidity they need until their Pendle position matures.

Pendle

Pendle enables the permissionless tokenization and trading of yield, unlocking various strategies such as obtaining fixed yield, long crypto yields, or trade yields of any assets on Pendle. Things get even sweeter when PWN comes into the equation. PT tokens, with their fixed yields, align seamlessly with PWN’s fixed-term loans, offering predictable portfolio planning and optimal asset utilization.

Why use Pendle assets as collateral on PWN?

Leveraging Pendle assets on PWN opens up a world of opportunities for DeFi investors looking to maximize their capital efficiency while keeping exposure to premium yield.

• New liquidity: By using Pendle assets as collateral, you unlock P2P liquidity on PWN while still earning yield as your assets reach maturity.

• Fixed-yield collateral: Pendle's PT tokens’ fixed yield guarantees predictable returns and offset borrowing costs.

• Fixed lending terms: You’re free to choose the loan terms that best fit your strategy (APR, loan duration, borrowed asset, LTV). These won’t change for the whole loan duration.

• Zero price-based liquidation: With PWN, you can wait for maturity with peace of mind. The only way to lose your precious PT is to miss the repayment deadline.

• Multi-chain: PWN’s deployed on Arbitrum, Optimism, Ethereum, and BNB Chain. No PT tokens left behind.

• PT + LP: In addition to PT tokens, LP positions can be used as collateral on PWN for additional liquidity (or leveraged point farming if you’re into that).

HOW DOES PWN WORK?

ABOUT PWN

PWN is a peer-to-peer permissionless lending protocol. In the true spirit of DeFi composability, PWN users can borrow against—or lend using—any asset in their wallet (ERC-20, NFT, and even a bundle of both), while enjoying absolute flexibility on the loan terms (LTV, duration, APY, etc.). The oracle-less nature of the protocol protects all PWN loans from price-based liquidations. The only way to lose collateral is to default on a loan.

Operating on six EVM-compatible networks*, PWN opens up new liquidity avenues, composability options, and leverage opportunities, while giving its users both optimized capital efficiency and predictability on both sides of the loan. A win on all fronts.

*Ethereum, Optimism, Arbitrum, Base, Binance Smart Chain, Polygon, Cronos

Your yield positions, supercharged. With the new Superform integration, users can now leverage their SuperPositions as collateral on PWN while collecting yield on their vault deposits.

Superform

Superform evolves the way yield is discovered and managed: a single transaction, instant access into any ERC-4626 yield vault on any EVM chain, using any asset. No manual swapping, bridging, and depositing needed. Superform’s SuperPositions are tokenized 1:1 representations of vault shares, and enable cross-chain composability. In other terms, you can use your assets on Arbitrum to deposit in a vault on Ethereum, and use your SuperPosition as collateral on PWN on Arbitrum.

Why use Superpositions as collateral on PWN?

By using SuperPositions as collateral, you can enjoy new DeFi opportunities without giving up your yield-bearing vault deposits. Here's why it's a win-win:

• Yield-bearing collateral: Your SuperPositions continue to generate yield while in escrow on PWN, offsetting borrowing costs.

• Both flexible & predictable: Set your loan terms (borrowed asset and amount, LTV, APR, duration) and enjoy stability throughout the loan duration.

• No price-based liquidation: Rest easy knowing that your SuperPositions are secure, regardless of price fluctuations for the underlying asset. All you have to do is pay back your loan, plus interest, on time.

• Bundled leverage: PWN lets you bundle your SuperPositions with any other assets on the same chain to unlock additional liquidity opportunities.

HOW DOES PWN WORK?

https://www.youtube.com/watch?si=4zPFEKJsX4Kqz5Rg&v=_1wQFZc4KyY&feature=youtu.be

ABOUT PWN

PWN is a peer-to-peer permissionless lending protocol. In the true spirit of DeFi composability, PWN users can borrow against—or lend using—any asset in their wallet (ERC-20, NFT, and even a bundle of both), while enjoying absolute flexibility on the loan terms (LTV, duration, APY, etc.). The oracle-less nature of the protocol protects all PWN loans from price-based liquidations. The only way to lose collateral is to default on a loan.

Operating on six EVM-compatible networks*, PWN opens up new liquidity avenues, composability options, and leverage opportunities, while giving its users both optimized capital efficiency and predictability on both sides of the loan. A win on all fronts.

• Ethereum, Optimism, Arbitrum, Base, Binance Smart Chain, Polygon, Cronos

Gear up for a seamless DeFi synergy. With the new Instadapp Lite integration, ETH v2 pool depositors can now use their iETHv2 tokens as collateral to borrow on PWN while remaining exposed to Instadapp’s yield strategies.

Instadapp

Instadapp Lite is the easiest way to deposit to earn interest on some of the most popular DeFi assets on the market. Instadapp Lite utilizes protocols like AAVE, Compound, and Morpho with Lido Staked Ether (stETH) and Instadapp's own DeFi Smart Account architecture. Users simply deposit funds into their desired Strategy Vault and Instadapp Lite maximizes their gains by reducing the number of transactions, saving on gas, automating fee collection, and simplifying the overall process of setting up and actively monitoring a DeFi strategy.

In other words, Instadapp Lite makes it easy for anyone to deposit and earn on DeFi strategies without having to do the work. More yield, less stress.

Why use Instadapp iETHv2 tokens as collateral on PWN?

PWN lets you use your iETHv2 tokens as collateral to borrow the asset of your choice, so you can seize more DeFi opportunities or unlock looping strategies by redepositing in the vault. And there’s more:

• High-quality asset: iETHv2 tokens can be redeemed for stETH or ETH, making them a highly trusted, desirable collateral for lenders.

• Yield-bearing collateral: Your iETHv2 works for you while you use it as collateral so you can offset your borrowing costs.

• Flexibility meets predictability: Borrowers can choose their loan terms (borrowed asset and amount, LTV, APR, duration). Once set, they remain immutable for the entire loan duration.

• No-price based liquidation: Forget about price fluctuations. The only way to lose your collateral is to miss the loan repayment deadline.

• Bundled leverage: You can bundle multiple assets to create a single collateral and unlock additional liquidity (you can mix your iETHv2 tokens with NFTs and other ERC-20s).

HOW DOES PWN WORK?

ABOUT PWN

PWN is a peer-to-peer permissionless lending protocol. In the true spirit of DeFi composability, PWN users can borrow against—or lend using—any asset in their wallet (ERC-20, NFT, and even a bundle of both), while enjoying absolute flexibility on the loan terms (LTV, duration, APY, etc.). The oracle-less nature of the protocol protects all PWN loans from price-based liquidations. The only way to lose collateral is to default on a loan.

Operating on six EVM-compatible networks*, PWN opens up new liquidity avenues, composability options, and leverage opportunities, while giving its users both optimized capital efficiency and predictability on both sides of the loan. A win on all fronts.

*Ethereum, Optimism, Arbitrum, Base, Binance Smart Chain, Polygon, Cronos

Meet Sommelier

Sommelier is an innovative asset management protocol whose mission is to make DeFi more accessible, profitable, and efficient for everyone. Their advanced technology is built on the Cosmos SDK and enables intelligent vaults that can optimize portfolios, trade long-short, borrow-lend, and farm. Independent strategists can leverage the power of off-chain computation to bring algorithmic vaults on-chain, allowing vaults to dynamically adapt to market conditions and provide enhanced opportunities and risk mitigation to users. All vaults are enabled by audited smart contracts and controlled by protocol governance, ensuring transparency and security.

Why use Sommelier vault tokens as collateral on PWN?

PWN lets you use your cellar vault tokens as collateral to borrow the asset of your choice, so you can seize more DeFi opportunities or unlock looping strategies by redepositing in the vault, all while collecting yield. And there’s more:

• High-quality assets: Sommelier’s cellar vaults feature reputable assets like ETH, WBTC, and stablecoins. making them a highly trusted, desirable collateral for lenders.

• Yield-bearing collateral: Your Sommelier vault position works for you while you use it as collateral so you can offset your borrowing costs.

• Flexibility meets predictability: Borrowers on PWN can choose their loan terms (borrowed asset and amount, LTV, APR, duration). Once set, they remain immutable for the entire loan duration.

• No-price based liquidation: Forget about price fluctuations. The only way to lose your collateral is to miss the loan repayment deadline.

• Bundled leverage: You can bundle multiple assets to create a single collateral and unlock additional liquidity (you can mix your Sommelier vault tokens with NFTs and other ERC-20).

NB: Bonded assets can’t be used as collateral.

HOW DOES PWN WORK?

ABOUT PWN

PWN is a peer-to-peer permissionless lending protocol. In the true spirit of DeFi composability, PWN users can borrow against—or lend using—any asset in their wallet (ERC-20, NFT, and even a bundle of both), while enjoying absolute flexibility on the loan terms (LTV, duration, APY, etc.). The oracle-less nature of the protocol protects all PWN loans from price-based liquidations. The only way to lose collateral is to default on a loan.

Operating on six EVM-compatible networks*, PWN opens up new liquidity avenues, composability options, and leverage opportunities, while giving its users both optimized capital efficiency and predictability on both sides of the loan. A win on all fronts.

*Ethereum, Optimism, Arbitrum, Base, Binance Smart Chain, Polygon, Cronos

Meet Swaap

Swaap v2 is an innovative market-making protocol that specializes in blue-chip crypto assets. It offers liquidity providers with superior, effortless market-making strategies.

The protocol uses mathematically optimized strategies that intelligently adjust fees and asset holdings to maximize returns while minimizing impermanent loss risks—all on autopilot. It's like having an expert trader working for you around the clock.

Swaap's models are built in collaboration with leading institutions, bringing the best of traditional financial market-making models to DeFi. It allows liquidity providers to engage with a wide array of assets across the Polygon, Arbitrum, Ethereum ecosystems.

Why use Swaap LP tokens as collateral on PWN?

PWN lets you use your Swaap LP tokens as collateral to borrow the asset of your choice, so you can seize more DeFi opportunities or unlock looping strategies by redepositing in the pool of your choice. And there’s more:

• No impermanent loss risk: You can leverage your LP without worrying about  additional risk of impermanent loss.

• Yield-bearing collateral: Your Swaap LP works for you while you use it as collateral (yes, that includes Swaap’s future token rewards).

• Flexibility meets predictability: Any Swaap LP can choose their loan terms (borrowed asset and amount, LTV, APR, duration). Once set, they remain immutable for the entire loan duration.

• No-price based liquidation: Don’t worry about price fluctuations. The only way to lose your collateral is to miss the loan repayment deadline.

• Bundled leverage: You can bundle multiple NFTs and ERC-20 assets to create a single collateral and unlock additional liquidity.

• Multichain: Swaap LP tokens can be used as collateral on PWN on Ethereum, Polygon, and Arbitrum.

HOW DOES PWN WORK?

ABOUT PWN

PWN is a peer-to-peer permissionless lending protocol. In the true spirit of DeFi composability, PWN users can borrow against—or lend using—any asset in their wallet (ERC-20, NFT, and even a bundle of both), while enjoying absolute flexibility on the loan terms (LTV, duration, APY, etc.). The oracle-less nature of the protocol protects all PWN loans from price-based liquidations. The only way to lose collateral is to default on a loan.

Operating on six EVM-compatible networks*, PWN opens up new liquidity avenues, composability options, and leverage opportunities, while giving its users both optimized capital efficiency and predictability on both sides of the loan. A win on all fronts.

*Ethereum, Optimism, Arbitrum, Base, Binance Smart Chain, Polygon, Cronos