What an oracle-free lending market would actually need

Every lending hack of the last cycle traces back to a price feed. A thought experiment: could you build a margin system that never trusts an external oracle?

The core problem

Liquidations need a price. If that price comes from an oracle, the oracle is the attack surface. Manipulate it for one block and you can borrow against worthless collateral or liquidate healthy positions.

Oracle-free designs

One path is to let the market self-price via auctions: instead of reading a price, the protocol auctions collateral and lets bidders reveal the price through their bids. Another is fully isolated, fixed-term markets where the only price that matters is at settlement.