Debt financing provided directly by non-bank lenders to borrowers, bypassing public markets. On-chain protocols originate loans using DeFi capital pools. On Solana, Maple Finance provides institutional lending and Credix finances fintech in emerging markets.
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Debt financing provided directly by non-bank lenders to borrowers, bypassing public markets. On-chain protocols originate loans using DeFi capital pools. On Solana, Maple Finance provides institutional lending and Credix finances fintech in emerging markets.
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AMMs, routing, liquidity, lending, and trading infrastructure.
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Private Credit (private-credit) Category: DeFi Definition: Debt financing provided directly by non-bank lenders to borrowers, bypassing public markets. On-chain protocols originate loans using DeFi capital pools. On Solana, Maple Finance provides institutional lending and Credix finances fintech in emerging markets. Related: Real-World Asset Tokenization (RWA), Lending Protocol, Fixed Income, Credit Rating
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The process of representing ownership of traditional financial assets (treasuries, private credit, real estate, equities) as tokens on a blockchain. Tokenized RWAs grew from ~$6 billion in 2022 to over $30 billion by 2025, led by BlackRock's BUIDL fund (tokenized treasuries) and Maple Finance (private credit). RWAs bridge traditional finance with DeFi composability.
A DeFi protocol that enables users to deposit tokens to earn yield and borrow tokens against collateral. Key Solana lending protocols include Solend, MarginFi, Kamino, and Save (formerly Solend v2). Lending rates float based on utilization (borrowed/deposited). Deposits receive interest-bearing receipt tokens representing their share.
Asset class comprising debt instruments paying regular, predetermined interest and returning principal at maturity. Includes government bonds, corporate bonds, T-bills, and money market instruments. Solana's RWA ecosystem is primarily fixed-income-focused.
Assessment of creditworthiness by agencies (Moody's, S&P, Fitch). Ranges from AAA (near risk-free) to junk (BB+ and below). US Treasuries are AAA-rated. Private credit DeFi protocols must evaluate risk without formal ratings, a key risk factor.
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Assessment of creditworthiness by agencies (Moody's, S&P, Fitch). Ranges from AAA (near risk-free) to junk (BB+ and below). US Treasuries are AAA-rated. Private credit DeFi protocols must evaluate risk without formal ratings, a key risk factor.
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The process of representing ownership of traditional financial assets (treasuries, private credit, real estate, equities) as tokens on a blockchain. Tokenized RWAs grew from ~$6 billion in 2022 to over $30 billion by 2025, led by BlackRock's BUIDL fund (tokenized treasuries) and Maple Finance (private credit). RWAs bridge traditional finance with DeFi composability.
A DeFi protocol that enables users to deposit tokens to earn yield and borrow tokens against collateral. Key Solana lending protocols include Solend, MarginFi, Kamino, and Save (formerly Solend v2). Lending rates float based on utilization (borrowed/deposited). Deposits receive interest-bearing receipt tokens representing their share.
Asset class comprising debt instruments paying regular, predetermined interest and returning principal at maturity. Includes government bonds, corporate bonds, T-bills, and money market instruments. Solana's RWA ecosystem is primarily fixed-income-focused.
Assessment of creditworthiness by agencies (Moody's, S&P, Fitch). Ranges from AAA (near risk-free) to junk (BB+ and below). US Treasuries are AAA-rated. Private credit DeFi protocols must evaluate risk without formal ratings, a key risk factor.
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A protocol that enables token swaps using algorithmic pricing against pooled liquidity instead of matching individual buyers and sellers. AMMs use mathematical formulas (typically constant product x*y=k) to determine prices based on the ratio of tokens in a liquidity pool. On Solana, major AMMs include Raydium, Orca, and Meteora.
An AMM design where liquidity providers concentrate their capital within specific price ranges instead of across the full 0-to-infinity range. CLMMs dramatically improve capital efficiency—LPs earn more fees per dollar deposited within their active range. If the price moves outside the range, the position becomes inactive. Orca Whirlpools and Raydium CLMM are leading implementations on Solana.
A smart-contract-held reserve of two or more tokens that enables trading via an AMM. Users deposit token pairs in specified ratios to become liquidity providers and earn trading fees. Pools are identified by their token pair and fee tier. Pool depth (total value locked) determines price impact for trades.
A token issued to liquidity providers representing their proportional share of a pool's reserves and accrued fees. LP tokens can be burned to withdraw the underlying assets. The value of LP tokens changes as the pool's token ratios shift and fees accumulate. LP tokens are often stakeable in yield farming programs for additional rewards.