Ethereum is quietly backing a new credit stack.
On-chain credit is one of the strongest clusters inside the @ethereum Security Subsidy Program, which helps mainnet builders reduce audit and security costs.
The selected projects already cover several directions:
❱ Fixed-rate lending
@term_labs
@TenorFinance
@spineprotocol
❱ Structured credit & leverage
@roycoprotocol risk tranching
@twynexyz credit delegation and leverage
@StormbitFinance options-backed lending
❱ New credit models
@3janexyz undercollateralized lending
@anvil_xyz secured credit infrastructure
❱ RWA-backed credit
@40acres_Finance lending against RWAs and yield-bearing assets
Ethereum lending used to involve: deposit collateral, borrow, repay.
Now the stack is expanding into fixed rates, tranches, delegated credit, undercollateralized loans, and RWA-backed lending.
On-chain lending is starting to look less like a simple money market and more like a full credit system.
As these structures become more complex, security has to scale with them too.
Next up: the stablecoin stack.
You can also read more in my fixed-rate lending stack below.
DeFi lending is already a $28.5B market.
But borrowers still can’t predict what their debt will cost.
Fixed-rate lending is trying to fix that ↓
This factor is divided into 5 different approaches
1. Intent / orderbook-based credit
Borrowers and lenders quote the rate + duration they want, then wait for a match.
@Morpho Midnight
@TenorFinance
@term_labs
@Loopscale
@rheo_xyz
@jup_offerbook
2. Tokenized fixed-maturity debt
Turn fixed-term loans into tradable maturity assets, similar to bonds or PTs.
@TermMaxFi
@Fira_Lend
@Secured_Fi
3. Fixed + variable lending
Users can choose between floating rates or a specific rate + duration.
@kamino
@ExactlyProtocol
4. Borrower-set rates
Borrowers choose their own interest rate, with different trade-offs depending on how low they set it.
@LiquityProtocol
@flexmeow
Then there are a few more unique models:
@iris_credit: solvers source liquidity from existing lending markets and manage it to keep borrowing costs predictable.
@kpk_io × @eulerfinance: curator-built fixed-rate markets anchored to benchmark yields.
@InverseFinance: tokenizes borrowing rights through DBR instead of using a fixed maturity.
@WildcatFi: fixed-rate credit for undercollateralized/private borrowers.
@aave Stable Vaults: predictable yield for depositors rather than fixed-rate borrowing.
Different models but same direction
DeFi solved instant liquidity.
The next step is making the cost of capital predictable.
Last edited Sep 10, 2026 · 2:28 PM UTC
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