Current track
Lending & Borrowing
Lending & Borrowing, End to End
The whole loop: supply collateral, borrow against it, stay above your health factor, or get liquidated.
TradFi: Secured margin lending desk
Interest Rate Models
How a pool prices money with no rate desk: utilization in, borrow APR out.
TradFi: Money-market rate curve set by supply/demand
Liquidations
The backstop that keeps lending pools solvent: when health factor drops below 1, keepers seize collateral at a discount.
TradFi: Margin call + forced position close-out
Monolithic vs. Modular Lending
One shared pool or many isolated markets — the architecture choice that decides whether bad debt is contained or contagious.
TradFi: Universal bank vs. ring-fenced subsidiaries
Aave: v3 to v4 Architecture
DeFi's largest lender, from its monolithic v3 pool (isolation, eMode, caps) to the modular hub-and-spoke v4 launched in 2026.
TradFi: Commercial bank → bank holding company
Morpho — Primitive + Curation
A minimal, immutable lending primitive plus a curation layer — the architecture that grew to ~$7B by separating the engine from the risk management.
TradFi: Clearing utility + asset managers