The Next Phase of Onchain Lending: Collateral, Leverage and Emerging Markets

DeFi has become remarkably efficient at lending against assets that can be priced and liquidated almost instantly. But the real economy doesn't operate that way. Businesses depend on receivables,

DeFi has become remarkably efficient at lending against assets that can be priced and liquidated almost instantly. But the real economy doesn't operate that way. Businesses depend on receivables, working capital, contractual cash flows and credit instruments that mature over weeks, months or years. These assets represent an enormous part of global finance, yet very little of that economic activity has become usable collateral in onchain lending markets. I believe the next major breakthrough in D