TLDR Tech / Crypto
The Hitchhiker's Guide to Onchain Credit
There are over 160 startups, protocols, and institutions across the onchain credit ecosystem, categorized into four main layers. These are Credit Issuance, Capital Allocation, Infrastructure, and Risk Management, with 19 sub-categories. The Credit Issuance layer spans institutional credit funds, tokenized offchain credit, and onchain origination models, including overcollateralized lending, P2P, InfraFi, and PayFi. This report provides a useful mental model for anyone trying to understand who the players are, which categories matter, and where the gaps remain in the onchain credit stack.
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