Uncollateralized crypto lending protocols, compared.

TL;DR. As of October 2026, Wildcat, Clearpool, Pareto Credit and Accountable serve companies that pass a business identity check (and, on three of the four, a third party's credit review). Three live protocols document a route for an individual, each with its own entry condition: 3Jane for U.S.-based traders with a credit file, a bank account and on-chain assets; Credit for small loans, rising to $1,000, to people with an Orb-verified World ID, a proof-of-personhood credential checked in person; Union for anyone with a backer willing to stake funds. Maple Finance and Morpho Midnight are for borrowers who can post collateral, Goldfinch is in maintenance mode, and TrueFi has been reconstituted as Brila. Lenders seeking passive pooled yield are served by 3Jane, Maple or Credit's vault; a manager-run vault with live balance-sheet verification, by Accountable; a named firm to vet and a signed loan agreement, by Wildcat, Clearpool or Pareto. We build Unlloo, a peer-to-peer design for individuals in which each lender picks the borrower and the rate; it is on testnet only (a test network whose tokens have no real value; mainnet is the live one) and has never lent real money, which every other protocol here has.

Disclosure: we build one of the twelve protocols compared here. No ranking, no winner. Last verified: 5 October 2026.

Which protocols lend crypto with less than full collateral in October 2026?

This comparison covers seven live protocols through which crypto is lent on-chain without the borrower locking full collateral: Wildcat, Clearpool, Pareto Credit and Accountable host lending to verified companies, and 3Jane, Credit (by Divine Research) and Union extend credit to individuals.

Collateral is an asset a borrower locks so the lender can take it if the loan is not repaid; a loan backed by less than the amount borrowed is an under-collateralized loan, which DefiLlama, a public data site for decentralized finance (DeFi), files under "Uncollateralized Lending". That category held 22 listings on 5 October 2026; four we did not read, each with a larger loan book than some rows here, are named below. The kinds of loan are in getting a crypto loan without collateral.

Not every facility under that label is unsecured: the FalconX vault on Pareto funds a vehicle whose lending FalconX describes as over-collateralized, and Clearpool describes its OvalFi vault as senior secured.

In the tables, a curator or vault manager selects and monitors a vault's borrower, utilization is the share of a pool that is borrowed, a tranche is a slice of a pool that takes losses in a set order, and a first-loss layer absorbs a default before lenders do.

How big is each protocol, and why is TVL the wrong number for a credit protocol?

For most credit protocols here, TVL (total value locked) counts only what sits idle in the contracts, and a credit protocol's money is out with borrowers, so the figure to read is the one DefiLlama calls "borrowed". On 5 October 2026 Accountable showed $343.8 million borrowed against $0.59 million of TVL and Pareto Credit $210.1 million against $0.16 million.

Accountable's figure covers every vault type, including strategy vaults that are not loans to a borrower: DefiLlama's adapter, the script that reads a protocol's contracts, counts idle vault balances as TVL and deployed capital as borrowed. Maple, Morpho Midnight and Credit sit under DefiLlama's "Lending" category.

How does lending to companies work on Wildcat, Clearpool, Pareto Credit and Accountable?

On Wildcat, Clearpool, Pareto Credit and Accountable, lenders fund only identified legal entities, and each borrower's or manager's money sits in its own market or vault, so a default stays with that market's lenders. The four differ on who vets the borrower: each lender alone on Wildcat, a third-party credit rating as well on Clearpool, a curator on Pareto and an approved vault manager on Accountable.

Wildcat. A borrower deploys its own fixed-rate market after a business identity check (KYB, know your business). Wildcat's documentation separates that check from credit assessment: "We do not underwrite anyone." Each market is its own contract, with a reserve ratio, withdrawal cycle and penalty rate set by the borrower.

Clearpool. Borrowers must be verified institutions, rated by Credora; the docs call those ratings external to the protocol and not endorsed by Clearpool. The docs also describe Dynamic pools, open to any wallet; its lending page listed none on 5 October 2026, so we could not confirm one is open. Clearpool is the longest-running of the four.

Pareto Credit. Each Credit Vault has one named borrower, whose wallet receives the deposits directly, and lenders sign a Master Loan Agreement with that borrower after an identity check.

Accountable. Only vault managers whitelisted by Accountable can create vaults. The company says it does not pool funds or originate loans and does not ask depositors to trust its underwriting; its verification network reports a borrower's assets and liabilities in real time, and its FAQ says there is no insurance.

All four have real loan books and identified counterparties. Rate mechanics are in how DeFi interest rates are set.

Which protocols extend credit to individuals without collateral: 3Jane, Credit or Union?

Of the protocols compared here, three extend credit to individuals without collateral, 3Jane, Credit and Union, each on a different entry condition. We did not test whether each is taking new borrowers today, and public pages do not settle it for 3Jane's direct lines or for Credit.

3Jane. 3Jane runs one pool in two tranches, senior (USD3) and junior (sUSD3). In its FAQ 3Jane says it is not a lender: each line is a merchant cash advance, which it describes as a purchase of future receivables, and personal expenses are excluded. Its algorithm underwrites with credit-bureau scores, bank data and verified assets, and its docs call funding for other U.S. fintech lenders the pool's primary backing.

Credit. Credit is a pooled vault on World Chain, and an off-chain coordinator run by Divine signs each loan's terms. Its own dashboard showed 1,490,446 loans issued by 5 October 2026 (company-reported).

Union. A member vouches for another address by staking stablecoins, tokens pegged to a currency, behind it. The borrower's credit limit is the sum of those vouches, governance by UNION token holders sets the rate, and its docs say the protocol itself is not an underwriter of risk.

What each does that the other two do not: 3Jane sizes a revolving line from verified assets and bureau data, Credit lends to someone with no wallet history, and Union lets someone who knows the borrower stake behind them.

3Jane vs Wildcat protocol: what is the difference?

Wildcat is infrastructure that lets a verified company open its own fixed-rate credit market, where each lender chooses that borrower and the protocol makes no credit assessment. 3Jane is a single tranched pool that 3Jane itself underwrites and allocates, to U.S.-based merchants (its term) and to fintech lenders, so its suppliers choose a risk tranche and never a borrower.

Is Maple Finance still an uncollateralized lender?

Maple Finance is no longer an uncollateralized lender: its current documentation describes fixed-rate, over-collateralized loans to institutions that pass identity checks and a credit review by Maple. Under its earlier model, with outside delegates underwriting and collateral of 0 to 50%, one borrower, Orthogonal Trading, defaulted on $36 million in December 2022 (The Block, 5 December 2022), and DL News reported on 25 September 2023 that every pool launched that year was over-collateralized.

Maple is built for passive, collateral-backed, pooled yield with a first-in-first-out withdrawal queue; the restricted list for its syrup deposit pools includes the United States.

Morpho Midnight: offer-priced, fixed-term, with collateral

Morpho Midnight, the other protocol in this comparison that requires collateral, went live on Base on 21 July 2026. Rates come from offers that lenders and borrowers both post and are fixed to maturity; nobody assesses the borrower, and debt unpaid at maturity can be liquidated. Its whitepaper describes a fixed-rate protocol for collateralized credit.

Is Goldfinch (the DeFi credit protocol) still operating, and what happened to TrueFi?

Goldfinch is in maintenance mode: governance proposal GIP-87, posted on 12 June 2026 and backed by a community vote reported on 23 June 2026, ends new development and limits the protocol to collecting remaining legacy repayments. TrueFi's governance voted in March 2026 (TFIP-41) to reconstitute the project as Brila, whose documentation labels the original DAO lending pools as legacy.

Goldfinch. Goldfinch Prime, its 2025 product, has been wound down: a forum update of 7 July 2026 says investors were redeemed at full value and the contract paused. DefiLlama's Goldfinch series shows no "borrowed" value after 24 June 2026; that is a reporting change, not a repayment.

TrueFi. TFIP-41, executed on 24 March 2026, keeps institutional credit vaults as one of Brila's three pillars; we did not verify whether new loans are being made. It also states that the loans and defaults administered by Archblock, the company that serviced the legacy loans, are not the responsibility of TrueFi, and that those recovery processes continue independently. Archblock LLC and affiliates filed Chapter 11 petitions on 6 February 2026.

Which names are missing from this comparison, and why?

This comparison leaves out anything that does not lend, that DefiLlama files under real-world assets (RWA), or that we could not read from its own documentation. That covers scoring services such as Cred Protocol, RWA platforms such as Huma and Centrifuge, and RociFi and Atlendis, whose documentation we could not open and whose websites DefiLlama's listings marked as unreachable on 5 October 2026.

• Listed, not read. Credit Coop ($9.7 million borrowed), cSigma Finance ($22.4 million), JUSD Finance ($22.7 million) and Kasu ($12.9 million) sat in the same DefiLlama category on 5 October 2026.
• Atlendis. DefiLlama still showed $5.5 million borrowed for Atlendis V2 on 5 October 2026. A 2022 audit summary described borrower-specific pools in which each lender selects a rate within a range.

After a default, which protocols document a legal route for lenders, and which have a default or loss on record?

Among the live protocols, Wildcat, Clearpool, Pareto Credit, Maple Finance and 3Jane document a legal route after a default, and Credit's terms reserve collections and legal action to its operator. A dated public report of a default, write-down or terminated loan exists for Wildcat, Clearpool's permissioned pools, Credit, Maple's earlier model, Goldfinch and TrueFi.

The public record follows, with what is known about recovery (narratives: what happens if you don't repay a crypto loan, is it safe to lend crypto). We found no default for Pareto Credit, Accountable, Morpho Midnight, Maple's syrup and Institutional pools or 3Jane, which said on 5 May 2026 that its direct lines had no defaults after seven months. "None found" means none in the sources we opened, not none.

• Wildcat. Kinto's Phoenix Facility, September 2025, its first default since launching in 2023: Wildcat said the loss was limited to that market, and Kinto's founder said lenders would recover 76% of principal (The Block, 8 Sept 2025). Final payout: not published.
• Clearpool. It said on 22 December 2022 that lenders in its permissionless pools had taken no losses to that date; none found since. Two permissioned loans to Alameda Research (3.0 and 2.5 million USDC) were terminated on 11 November 2022; recovery: not published.
• Credit. Losses on many small loans are pooled. Company-reported: about 40% of first loans defaulted, at interest of 20% to 30% that the founder said compensates for those losses (Financial Times via Cointelegraph, 27 July 2025). Net loss to depositors: not published.
• Union. No dated third-party report found. Its docs describe write-offs against a voucher's stake, and its open-source stats dashboard reports frozen and defaulted amounts, which we do not restate.
• Maple Finance. Earlier model: after Orthogonal Trading's default, Maple expected at least $2.5 million from pool cover and fees (The Block, 5 Dec 2022); a provisional liquidator was appointed in January 2023; final recovery: not published. BTC Yield pilot, in dispute with Core Foundation: Maple said it would return 85% of lenders' principal and the rest after the proceedings (PANews, 21 Nov 2025); settled 22 May 2026, terms confidential.
• Goldfinch, per its forum. Tugende Kenya ($5 million): a covenant breach, then a restructuring and a write-down of up to the full amount (28 July 2023). Stratos: two positions ($5 million and $2 million) expected to be written to zero, with Warbler Labs backstopping the Senior Pool and Backers (7 October 2023). Lend East ($10.15 million): about $4.25 million expected back (April 2024). Recovery on Tugende and Lend East: not published.
• TrueFi, per its forum. Blockwater (3.42 million BUSD, 2022): about 22% recovered by August 2023. Invictus (1.02 million BUSD, 2022): a near-par recovery anticipated in August 2023; outcome: not published. Alameda Research, a single-borrower portfolio ($7.28 million): none recovered by 30 August 2023. TFIP-38, a governance proposal of 29 December 2025, says TRU was slashed but no reserve funds were used on-chain to make the pool whole.

Is there a peer-to-peer option where each lender picks the borrower and the rate?

None of the eleven protocols with real-money lending in this comparison lets each lender pick both a specific borrower and the rate. Lenders pick the borrower but not the rate on Wildcat, Clearpool and Pareto Credit; vouchers pick the borrower on Union while governance sets the rate; lenders name their own price on Morpho Midnight, but for a collateralized market and never a specific borrower.

Atlendis, described above, is one listing we could not check. Peer-to-peer crypto lending means individual lenders funding specific borrowers directly; how DeFi loans work compares it with pools.

Where does Unlloo fit in this comparison, and where is it behind the others?

Unlloo sits at a design point that none of the eleven other protocols compared here covers: loans to individual wallets in which each lender chooses the borrower and names a rate under the borrower's cap, with every loan isolated from every other. Unlloo is also the only protocol here that has not lent real money: it is live on testnet with a mainnet waitlist, so it has no repayment or default record, and it gives lenders no legal route, no first-loss layer and no exit before the repayment date.

A crowd loan is one loan funded by many independent lenders. On testnet, a borrower posts an amount, a maximum APR (annual percentage rate) and a repayment date; lenders escrow offers (lock them in the loan's contract) at or below that cap, and the borrower accepts the ones they want. Each borrower carries a 0-1000 on-chain reputation score built from wallet history plus attestations, third-party checks of identity, risk and social trust (how it is built). As in any permissionless lending, a smart contract cannot pursue a defaulter, so lenders bear the default risk. That makes it a different design point, not a proven one.

Where the others are ahead:

1. Every other protocol here has lent real money, several for years.
2. Wildcat, Clearpool, Pareto, Maple and 3Jane document a legal route, and Credit's terms reserve collections; a crowd loan has neither.
3. 3Jane, Goldfinch, Clearpool's Dynamic pools (as documented) and some Pareto vaults put a first-loss layer ahead of lenders.
4. Most live protocols here document an exit before the borrower repays on some products: a withdrawal cycle, a redemption queue or a position sale.
5. 3Jane reads credit-bureau and bank data and Accountable verifies liabilities; a wallet-history score sees neither.
6. Credit lends to a person with no wallet history and ties one person to one account; a reputation score starts near zero for a new wallet and cannot, alone, do the second.
7. Morpho Midnight already runs offer-priced, fixed-term lending with real money, against collateral.
8. Pooled designs ask no per-borrower judgment of the lender.

Isolation limits who is affected by a default; it does not make one less likely, or smaller for the lenders in that loan.

Which protocol fits which lender or borrower?

Which protocol fits depends on what you can prove and how much of the credit judgment you want to make yourself; none fits everyone.

This article is general education, not financial, legal or tax advice. Access rules, terms and figures change, so check each protocol's live page.

How did we check this comparison, and how can you re-check it?

Every row in this comparison comes from the protocol's own documentation first and dated reporting second, opened on 5 October 2026, and every "borrowed" figure comes from DefiLlama's public API. To re-check one, pull api.llama.fi/protocols and read chainTvls.borrowed.

Where a protocol publishes no figure we wrote "not published", and where we found no default we wrote "none found"; we did not estimate. Unlloo's row comes from our own public pages: the glossary and, for the score range and testnet status, the site. If a cell about your protocol is wrong, tell us through the Telegram link in our site footer and we will correct it with a date.

Sources

1. DefiLlama, "Protocols" (public API), pulled 5 October 2026 at 11:31 UTC. Borrowed figures for every row, the two TVL figures in the text, category names and the count of 22 listings, the chains listed for Morpho Midnight, the figures for the four listings we did not read and for Atlendis V2, and the website flag on the RociFi and Atlendis listings.
2. DefiLlama, "Goldfinch" (protocol API), pulled 5 October 2026 at 11:31 UTC. Series begins 26 August 2021; last non-zero borrowed value, $56.1 million on 24 June 2026.
3. DefiLlama Adapters, "projects/accountable/index.js", undated code file, opened 5 October 2026. Idle vault balance counts as TVL and the rest of vault assets as borrowed, across vault types.
4. DefiLlama Adapters, "projects/maple/index.js", undated code file, opened 5 October 2026. Why the TVL sentence says "most": Maple's TVL includes pool cash, strategy cash and collateral, and borrowed is active loan principal.
5. Wildcat, "The Elevator Pitch" (documentation), last modified 10 August 2026 per the site's sitemap. Borrower-set market terms; no credit assessment and no insurance against defaults.
6. Wildcat, "How borrowers are onboarded" (documentation), last modified 10 August 2026 per the site's sitemap. Every borrower is a registered legal entity that passed a business identity check; the quoted sentence on underwriting.
7. Wildcat, "Onboarding" (documentation), last modified 24 February 2025 per the site's sitemap. Only registered legal entities are accepted as borrowers today.
8. Wildcat, "Lenders" (documentation), last modified 11 August 2026 per the site's sitemap. No immediate withdrawals; requests are paid after the withdrawal cycle.
9. Wildcat, "Borrowers" (documentation), last modified 7 April 2026 per the site's sitemap. The borrower sets the reserve ratio, penalty rate, grace period and withdrawal cycle; the last two each range from 0 to 2,160 hours (90 days).
10. Wildcat, "Template MLA" (documentation), last modified 10 August 2026 per the site's sitemap. Optional loan agreement between the borrower and each lender, governed by the laws of England and Wales.
11. The Block, "Crypto lending protocol Wildcat says Kinto default poses 'no risk of contagion' for outstanding loans", 8 September 2025. Wildcat's first default since launching in 2023; Wildcat's statement that the loss is limited to the Phoenix Facility; the Kinto founder's statement that lenders would recover 76% of principal.
12. The Block, "Wildcat Labs raises $3.5 million in seed extension round to grow its undercollateralized lending protocol", 5 September 2025. Wildcat's own figure of $368 million originated since launch.
13. Clearpool, "For Lenders" (documentation FAQ), undated documentation page, opened 5 October 2026. Borrowers must be verified institutions; lenders in permissionless pools need only a wallet.
14. Clearpool, "Dynamic" (documentation), undated documentation page, opened 5 October 2026. Utilization-based rates set through governance, Credora ratings, withdrawal subject to liquidity, and the 5% insurance parameter.
15. Clearpool, "Prime" (documentation), undated documentation page, opened 5 October 2026. Permissioned borrowers and lenders; fixed terms and rates.
16. Clearpool, "Interest Rates" (Credit Vaults documentation), undated documentation page, opened 5 October 2026. Credit Vault rates are set by the borrower.
17. Clearpool, "Withdrawing Liquidity" (Credit Vaults documentation), undated documentation page, opened 5 October 2026. Withdrawals from Credit Vaults by request and notice.
18. Clearpool, "Credit Risk Scoring" (documentation), undated documentation page, opened 5 October 2026. Credora ratings are external to the protocol and not endorsed by Clearpool.
19. Clearpool, "Default" (Credit Vaults documentation), undated documentation page, opened 5 October 2026. Grace period, auction of the debt and lender vote.
20. Clearpool, "Digital Currency Lending Agreement" (documentation page embedding the PDF), PDF version of 5 January 2024. Hong Kong governing law and HKIAC arbitration.
21. Clearpool, "Terminated Permissioned Pools" (documentation), undated documentation page, opened 5 October 2026. Two loans to Alameda of 3,000,000 and 2,500,000 USDC, terminated on 11 November 2022.
22. Clearpool, "The Outlook for DeFi Lending Following the Stress Tests of 2022", 22 December 2022 (read in an archived copy; the live page blocks automated fetching). Launch in March 2022; the statement that permissionless-pool lenders had suffered no losses to that date.
23. Clearpool, "Lending" (app page), opened 5 October 2026. Company-reported $964.9 million of loans originated; sections for Vaults, a Treasury Pool and Prime, and no Dynamic pool listing.
24. Clearpool, "Clearpool Launches Credit Vaults 2.0 with OvalFi, Unlocking Cross-Border PayFi Liquidity", 21 January 2026 (read in an Internet Archive copy of 21 March 2026). The OvalFi vault described as senior secured with a first lien.
25. Pareto, "Credit Vaults" (documentation), undated documentation page, opened 5 October 2026. Whitelisted borrowers, verified lenders, deposits sent to the borrower's wallet, lending cycles, redemption at the end of the following cycle.
26. Pareto, "Live vaults" (documentation), undated documentation page, opened 5 October 2026. Borrower and curator per vault, including M11 Credit on the FalconX vault.
27. Pareto, "Onboarding" (lender guide), undated documentation page, opened 5 October 2026. Lenders sign the terms and a Master Loan Agreement with the borrower.
28. Pareto, "Tranching" (documentation), undated documentation page, opened 5 October 2026. Senior and junior tranches are optional per vault.
29. Pareto, "Multi-Borrower vs Single-Borrower Vaults: Two Architectures for Onchain Private Credit", 23 September 2026. Each Credit Vault is a segregated single-borrower facility, so a default stays inside that vault.
30. Pareto, "OTC Desk: Liquidity on Demand for Private Credit", 28 September 2026. A lender can sell a vault position before the cycle ends.
31. Pareto governance forum, "Leagues M1-2025: Roadmap and M4-2024 Recap", 9 January 2025. Credit Vaults debuted in early October 2024, when the project was Idle DAO.
32. Pareto, "The Path Towards a Scalable Credit Economy", 25 February 2025. Company statement of over $150 million in credit extended to institutional borrowers.
33. Pareto, "Private credit crossed $2T. Legacy underwriting hasn't crossed the 1990s.", 31 July 2026. On the FalconX vault, the curator M11 Credit is written into the legal documentation with authority to start cure periods and enforcement for lenders.
34. Pareto, "Two Prime Launches Axiom WBTC Yield Vault on Pareto", 17 September 2026. A vault with first-loss capital provided by the borrower.
35. FalconX, "On-Chain Institutional Lending | FalconX Credit Vault", 24 June 2026. The vault lends to a separate vehicle, FalconX lends on an over-collateralized basis, and FalconX provides a first-loss contribution.
36. Accountable, "Phase 1: Create the Vault" (documentation), undated documentation page, opened 5 October 2026. Only vault managers whitelisted by Accountable can create vaults; the manager whitelists borrowers.
37. Accountable, "YieldApp FAQs" (documentation), undated documentation page, opened 5 October 2026. Vault access types, fixed-term and open-term vaults, redemption queue, no insurance.
38. Accountable, "Data Verification Network (DVN)" (documentation), undated documentation page, opened 5 October 2026. Real-time reporting of assets and liabilities.
39. Accountable, "YieldApp Mainnet Is Live", 24 November 2025. Launch date; the company's statement that it does not pool funds or originate loans, and its wording on underwriting.
40. 3Jane, "Introduction" (documentation), undated documentation page, opened 5 October 2026. One pool in a senior and a junior tranche funding direct credit lines and fintech facilities.
41. 3Jane, "Merchants" (documentation), undated documentation page, opened 5 October 2026. U.S.-based eligibility; wallet, bank and credit-file connection; signed agreement.
42. 3Jane, "FAQ" (documentation), undated documentation page, opened 5 October 2026. 3Jane's statement that it is not a lender and extends merchant cash advances; who qualifies, the $25,000 on-chain minimum, the bar on personal expenses, the insurance fund and loss order, redemption terms.
43. 3Jane, "Overview" (Backing, documentation), undated documentation page, opened 5 October 2026. Fintech facilities are the pool's primary backing.
44. 3Jane, "Jane Score" (documentation), undated documentation page, opened 5 October 2026. A 300-1000 score built from on-chain scores and credit-bureau scores.
45. 3Jane, "Merchant Discount Factor Rate" (documentation), undated documentation page, opened 5 October 2026. Pricing from pool utilization, the borrower's credit risk and lateness.
46. 3Jane, "Legal Recourse" (documentation), undated documentation page, opened 5 October 2026. Security interest and UCC-1 filing, arbitration or court, collections agencies.
47. 3Jane, "3Jane is Evolving", 5 May 2026. Company statements: about $8 million originated on direct lines, zero defaults on them after seven months, and the $1 million insurance fund.
48. 3Jane, "Reintroducing 3Jane", 28 October 2025. First credit lines deployed in September 2025.
49. Divine Research, "Credit - Vault" (app page), undated, opened 5 October 2026. Self-description as an "undercollateralized peer-to-pool lending protocol on World Chain", read in the app's explainer (JavaScript-rendered).
50. Divine Research, "Credit" analytics dashboard, read 5 October 2026 (JavaScript-rendered). Company-reported 1,490,446 loans issued and $3.89 million lent; live since 18 December 2024.
51. Zellic, "Divine Research Credit Contracts: Smart Contract Security Assessment", 16 September 2025. The coordinator signs each loan; Orb-verified accounts; pre-signed permissions used to force repayment.
52. Divine Research, "Divine Raises $6.6M to Scale Unsecured Lending", 25 September 2025. Limits start small and rise to $1,000; rates calibrated to expected losses and utilization.
53. Divine Research, "Terms of Use", last revised 14 April 2026. Vault positions as a claim on pooled assets, withdrawals limited by liquid assets, collections and legal action reserved.
54. Cointelegraph, "Divine Research issues unbacked crypto loans using Sam Altman's World ID", 27 July 2025. Relays Financial Times reporting: a first-loan default rate of about 40%, interest of 20% to 30%, and the founder's statement that the interest compensates for those losses.
55. Union, "Introduction" (documentation), undated documentation page, opened 5 October 2026. Any address can build a credit line; the protocol is not an underwriter of risk.
56. Union, "Plain English (Detailed)" (documentation), undated documentation page, opened 5 October 2026. Credit limit as the sum of vouches; locked stake; write-offs.
57. Union, "FAQ" (documentation), undated documentation page, opened 5 October 2026. A voucher who is not repaid does not get the money back.
58. Union, "Union - Credit onchain" (homepage), undated, opened 5 October 2026. Parameters, including the rate, are set by holders of UNION tokens.
59. Union, "Introducing Union", 20 December 2021. Launch post.
60. Union, "union-stats" (dashboard source code, UTokenStats.js), undated code file, opened 5 October 2026. The stats dashboard displays a "Frozen Amount" and a "Defaulted Amount".
61. Maple, "Welcome to Maple" (documentation), undated documentation page, opened 5 October 2026. Yield comes primarily from fixed-rate, over-collateralized loans to institutions.
62. Maple, "How to Borrow from Maple: Borrower Guide" (documentation), undated documentation page, opened 5 October 2026. Identity checks, credit review and master lending agreement.
63. Maple, "syrupUSDC, syrupUSDT and syrupUSDG - Risk Disclosures", undated documentation page, opened 5 October 2026. Withdrawal queue; a shortfall after collateral liquidation is shared by the pool's lenders.
64. Maple, "syrupUSDC, syrupUSDT and syrupUSDG - Available Jurisdictions", undated documentation page, opened 5 October 2026. The restricted list includes the United States.
65. The Block, "DeFi lending platform Maple Finance debuts with its inaugural $17 million pool", 19 May 2021. Launch, pool delegates, collateral levels of 0 to 50%.
66. The Block, "Orthogonal Trading defaults on $36 million of loans on Maple Finance", 5 December 2022. The $36 million default across eight loans; Maple's expectation of at least $2.5 million from pool cover and fees.
67. Maple, "Maple's Q1 2023 Treasury Report", 31 July 2023. Joint provisional liquidators appointed over Orthogonal Trading in late January 2023.
68. PANews, "Maple Finance denies the allegations made against it by the CORE Foundation, stating that it is actively pursuing legal action.", 21 November 2025. Maple's statement that it would return 85% of principal to BTC Yield lenders and the remainder after the legal proceedings.
69. Maple, "Core Foundation and Maple International Operations SPC reach full and final settlement", 22 May 2026. The settlement; its terms are confidential.
70. Maple, homepage, opened 5 October 2026. Company-reported cumulative "Amount Borrowed" of $26.10 billion.
71. DL News, "Why Maple is ditching under-collateralised lending: 'No one's profitable'", 25 September 2023. All pools launched in 2023 were over-collateralized.
72. Morpho, "Now Live: Morpho Midnight & New Markets App", 21 July 2026. Launch on Base; fixed-rate, fixed-term credit from participants' offers.
73. Morpho Association, "Morpho Midnight Whitepaper", May 2026. A fixed-rate protocol for collateralized credit; offers; bad debt shared across a market's lenders.
74. Morpho, "Liquidation" (Midnight documentation), undated documentation page, opened 5 October 2026. Health-based liquidation, and liquidation of any debt still outstanding after maturity.
75. Goldfinch governance forum, "GIP-87: Maintenance Mode of Goldfinch Operations and Wind-Down Goldfinch Prime", 12 June 2026, with an update of 7 July 2026. Maintenance mode, the recovery trust, about $100 million of loans enabled by the original protocol, and Goldfinch Prime investors redeemed at full value with the contract paused.
76. The Block, "Goldfinch set to shutter Prime after community vote backs wind-down proposal", 23 June 2026. The community vote on GIP-87; Goldfinch Prime's launch in February 2025.
77. Goldfinch, "Goldfinch Overview" (documentation), undated documentation page, opened 5 October 2026. Backers, Senior Pool, borrowers as off-chain lending businesses, off-chain collateral.
78. Goldfinch governance forum, "Update on the Tugende Kenya Facility", 28 July 2023. The $5 million loan, the covenant breach, the restructuring and the expected write-down of up to the full amount.
79. Goldfinch governance forum, "Update on Stratos Pool", 7 October 2023. Two positions of $5 million and $2 million expected to be written down to zero; Warbler Labs' statement that it would backstop those losses for the Senior Pool and Backers.
80. Goldfinch governance forum, "Update on Lend East Pool", 2 April 2024. The $10.15 million pool and the borrower's expected repayment.
81. TrueFi forum, "TFIP-41: TrueFi Reconstitution and Transition to Brila", 5 March 2026. The reconstitution; institutional credit vaults as one of Brila's three pillars; the statement that loans and defaults administered by Archblock are not the responsibility of TrueFi and that recoveries continue independently.
82. Tally, "[TFIP-41]: TrueFi Reconstitution and Transition to Brila", proposed 16 March 2026, executed 24 March 2026. The on-chain vote record.
83. Brila, "[Legacy] DAO pools" (documentation), undated documentation page, opened 5 October 2026. The original TrueFi lending pools labelled legacy.
84. Brila, "What is Brila?" (documentation), undated documentation page, opened 5 October 2026. Launch in November 2020 under the TrueFi name; company-reported total of more than $1.7 billion originated.
85. TrueFi, "For Borrowers" (documentation), Internet Archive copy of 7 August 2022. The $10 million threshold, credit review and staker vote.
86. The Block, "South Korean firm Blockwater defaults on $3 million loan from TrueFi", 10 October 2022. The notice of default of 6 October 2022.
87. TrueFi forum, "Archblock Special Servicing Update", 16 August 2023. Blockwater and Invictus loan amounts, both defaulted in 2022; about 22% recovered from Blockwater; the servicer's expectation of a near-par recovery from the Invictus liquidation.
88. TrueFi forum, "Proposal for SSA Advisory and Legal Services Invoicing", 30 August 2023. Alameda portfolio principal of $7.28 million with nothing recovered to that date.
89. TrueFi forum, "TFIP-38: Legacy SAFU governance unlock and treasury reallocation", 29 December 2025. TRU was slashed from stakers after the 2022 defaults; no reserve funds were used on-chain to make the pool whole.
90. Stretto, "Archblock LLC, et al." (case page), undated, opened 5 October 2026. Chapter 11 petition date of 6 February 2026.
91. Runtime Verification, "Runtime Verification audits Atlendis Protocol", 15 March 2022. A third-party description of Atlendis: borrower-specific pools in which a lender selects a lending rate within a range.