This article begins by dissecting the operational principles of lending protocols and CDP (Collateralized Debt Position) protocols through Justlend and MakerDAO, respectively. It then uses DYDX to illustrate the significance of protocol risk management.
This article delves into the analysis of cryptocurrency lending protocols starting from the foundational framework. In addition to mainstream protocols, it also explores the Pendle protocol and identifies a quadrant that does not yet exist.
This article points out that Solana's trade-offs go beyond mere hardware centralization and involve considerations from users, nodes, and project developers.