Phoenix Research(@0xPhoenix77):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.

2026.09.10 14:28

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.

Phoenix Research@0xPhoenix77

2026.09.03 10:30

DeFi lending is already a $28.5B market. But borrowers still can’t predict what their debt will cost. Fixed-rate lending is trying to fix that ↓ This factor is divided into 5 different approaches 1. Intent / orderbook-based credit Borrowers and lenders quote the rate + duration they want, then wait for a match. @Morpho Midnight @TenorFinance @term_labs @Loopscale @rheo_xyz @jup_offerbook 2. Tokenized fixed-maturity debt Turn fixed-term loans into tradable maturity assets, similar to bonds or PTs. @TermMaxFi @Fira_Lend @Secured_Fi 3. Fixed + variable lending Users can choose between floating rates or a specific rate + duration. @kamino @ExactlyProtocol 4. Borrower-set rates Borrowers choose their own interest rate, with different trade-offs depending on how low they set it. @LiquityProtocol @flexmeow Then there are a few more unique models: @iris_credit: solvers source liquidity from existing lending markets and manage it to keep borrowing costs predictable. @kpk_io × @eulerfinance: curator-built fixed-rate markets anchored to benchmark yields. @InverseFinance: tokenizes borrowing rights through DBR instead of using a fixed maturity. @WildcatFi: fixed-rate credit for undercollateralized/private borrowers. @aave Stable Vaults: predictable yield for depositors rather than fixed-rate borrowing. Different models but same direction DeFi solved instant liquidity. The next step is making the cost of capital predictable.