Cointelegraph: Encrypted credit structure analysis

The Cointelegraph study notes that not all encryption credits are based on the same basis. Private credit for centralized finance (CeFi) lending, decentralised finance (DeFi) pools, monetized treasury and real assets (RWA) depends on different forms of custody, mortgage and enforcement. CeFi concentrated on the counterparty risk, DeFi relied on chain mortgages and liquidation, while RWA credit remained based on off-chain insurance and legal claims. When a position fails, the most important is: a token, collateral or the claim behind it? The Cointelegraph study illustrates the structure of credit risk in the encrypted market。