Aave
DeFi · Ethereum
Over-collateralised lending markets with algorithmic interest rates.
Centrifuge structures off-chain credit — invoices, receivables, private credit — into tokenised pools with senior and junior tranches, so on-chain capital can fund real-world borrowing. The yield is uncorrelated with crypto markets, but so is the risk: it depends on legal enforceability and originator diligence rather than on-chain collateral.
Other projects in RWA and adjacent categories.