Hillrise Research
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Hillrise Research

What’s Next for Lending Protocols?

By Daniel Dal Bello, Director.
May 25, 2021–11 min read.

Top 7 DeFi projects by TVL on Defi Llama.
Loans outstanding by the Big 3 lenders. Dune chart created by hagaetc.
ETH vs Dai interest rate curves and utilization rates on Compound Finance. Purple = Borrow Rate, Green = Supply Rate.
Aave’s interest rate model for variable and stable loans taken from Aave’s blog.

Non-liquidatable loans: Ruler Protocol

Ruler Protocol’s homepage loan statistics.

Self-paying Loans: Alchemix

Alchemix’s deposit and farming TVL statistics taken from dyor.fi/alcx.
“Self-paying loans? What?”. Caption taken from Michael’s twitter.

Uncollateralised loans: TrueFi

Growth in loans cumulative loans originated by TrueFi. Dune chart created by tt_tyler.

Fixed-Rate Loans: Notional Finance

Cumulative loans originated on Notional Finance. Dune chart created by rchen8.
Loans originated by interest rate type across both Aave V1 and V2. Dune charts (top, btm) created by testcal.



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Hillrise Group

Hillrise Group is a blockchain-native venture capital and consulting firm supporting emerging Web3 startups.