💡Motivation
DeFi lending is stuck. To borrow $1,000, you need to lock up $1,500 in collateral. This works for leverage trading, but it fundamentally limits crypto's growth:
Can't onboard new people - No crypto assets = no collateral = no access
Can't fund productive activity - Small businesses, inventory, working capital: all locked out
Can't expand the economy - Just shuffling existing capital among the already-wealthy
Can't fulfill crypto's promise - "Financial access without banks"—but only if you're already rich
Meanwhile, 1.7 billion people remain unbanked. Payday lenders charge 300%+ APR. Traditional credit scores exclude billions. And crypto—with all its infrastructure for global, permissionless payments—can't help them.
Why Uncollateralized Lending Matters
It's how crypto grows beyond speculation into a real economy.
Economic expansion: A Shopify merchant borrows $2,000 for inventory, sells it, repays lenders, and everyone grows. That's new economic activity—not just leveraging existing assets for more leverage trades.
User onboarding: Someone shares their loan request on social media. Non-crypto people contribute $20 with a credit card. They discover stablecoins, wallets, on-chain settlement—through helping a friend, not trading.
Crypto's core value proposition: Global financial access without traditional institutions. We have the payment layer (stablecoins). Now we need the credit layer.
Next Steps
Economic Context: Why Now? - Five converging trends that make this possible
Vision - The future we're building
How It Works - Technical overview
Borrower Profiles - Who we serve
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