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.