Institutional on-chain credit is getting more interesting, and not just because lending volume is going up. You can already see the market splitting into a few clear layers: 1. First, credit protocols create the products and bring the initial liquidity on-chain. @maplefinance with syrupUSDC, @paretocredit with AA_FalconX, and @ClearpoolFin are some of the clearest examples. 2. As demand grows, an infrastructure layer starts to emerge, making it easier to tokenize, deploy, and operate private credit products. Pareto Studio is a good example of this direction. 3. Then come the risk managers, responsible for underwriting, managing exposure, and optimizing credit vaults for themselves or third parties. @SteakhouseFi, @SentoraHQ, @gauntlet_xyz, and @M11Credit are some of the names showing up most often in this layer. 4. Finally, the distribution layer brings these credit products to on-chain users across different blockchains. @superformxyz V2, @NestCredit on Plume/Solana, and @3f_xyz bringing leverage to credit assets via Morpho markets. This specialization matters. On-chain credit is starting to look less like a collection of standalone lending products and more like a real financial stack, with origination, risk, infrastructure, and distribution becoming separate layers.