Tenor
@TenorFinance
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Tenor is a fully integrated platform to access onchain lending markets. Built on the Morpho Protocol 🦋
Onchain
Joined June 2024
.@MorphoLabs V2 will introduce fixed rate / term loans, OTC markets, built in compliance and more, to unlock the next phase of onchain lending's growth We've led the seed rounds of two teams building on V2: @TenorFinance: fixed rate loans for institutions TBA: DeFi for
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Read the full article here: https://t.co/5zv7soAFYg
bankless.com
Bankless Ventures' Arnav Pagidyala on the exciting developments in onchain lending.
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“DeFi lending is no longer an experiment in collateralized leverage; it’s evolving into the architecture of a programmable financial system.” A great piece by @0xArnav on the innovation happening in onchain lending.
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Fixed rates.
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The solution: • P2P matching → For capital efficiency • Unified liquidity → Lenders simultaneously allocate across multiple markets • Simplified position management → Auto-renewal at maturity • Flexible terms → Bespoke OTC agreements
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Previous attempts at fixed rates fell short on UX, with • Liquidity fragmentation & slippage • Complex position management (early exits, renewal at maturity)
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Fixed-rate markets can solve these issues with: • Predictable costs & a better UX • Improved capital efficiency • More flexible borrowing terms
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Today, onchain borrowing mostly happens via variable-rate pools. They’re simple to use, but come with major drawbacks: • Unpredictable costs • Structural spreads • Limited customization
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Great recap of the history of onchain lending markets by @JackLongarzo One key point is that low-governance protocols like @MorphoLabs are very attractive for builders, enabling innovation on an immutable foundation. Morpho has nailed it with its modular approach and is taking
Lending is one of DeFi’s killer apps In this week’s Work in Progress, @JackLongarzo @jessewldn and I discuss the evolution and trade-offs in lending protocols: from pooled liquidity —> isolated markets —> modular, open design Plus, what it means for builders and new users
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Open rails to power the future of finance.
We're building finance like the early internet. Morpho Vaults V2 is open-source by design, permissionless by default. Find the GitHub repo below 👇
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We’ve been working closely with curators and are excited for the first phase of Morpho V2. If you’re a curator we haven’t connected with yet, we’d love to hear from you.
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Tenor will support curators as their role evolves with Markets V2. We’ll provide the tooling to: → Enter bespoke agreements with borrowers OTC → Automate allocation and market making across different maturities → Send offers directly to borrowers → Track their PnL and
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Vaults V2 let curators allocate to: → Markets V1 → Other vaults → Markets V2 (later this year) This flexibility, combined with Markets V2’s fixed-rate positions, will allow curators to build truly distinct strategies and stand out.
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The first phase of Morpho V2 is live: Vaults V2. A new vault standard that enables curators to set themselves apart with differentiated strategies. Here’s why it matters 🧵
The 1→100 moment for vaults is here. Morpho Vaults V2 is a new open-source standard designed to power the future of asset curation. Live now on @ethereum and soon onchain everywhere.
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I spent the past 2 days at the Canada Fintech Forum 🇨🇦 The enthusiasm for stablecoins & DeFi among Canadian institutions & fintechs exceeded my expectations. Accelerate.
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In hindsight, it’ll be obvious that fixed rates are what will push onchain borrowing to the masses.
6-12 months from now, the big story in crypto is going to be credit and borrowing. It will explosively grow over the next few years. Two vectors: 1. There’s nearly $4 trillion dollars of crypto and growing: when people can borrow against this crypto, rather than sell, they
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Tenor will leverage Morpho V2’s intent based system to offer the best platform to borrow & lend at fixed rates.
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Benefits of the P2P architecture: • Predictable borrowing rates • Better execution than in utilization-based pools: borrowers & lenders are matched at the same rate with no structural spread between them • Option to set bespoke terms (KYC, liquidation grace periods, etc.)
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