Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.
The product is indicative of a broader maturation in DeFi's lending sector, which has so far been limited to decentralized exchanges and stablecoin applications.
The funds' high yield targets are partly a function of its on-chain structure, he explained. Doing everything on a blockchain cuts as much as 150 basis points in fees that would otherwise go to administrative costs. The fund itself also has a six- to 12-month lockup – a far shorter timetable than investors in traditional private credit are used to, he said. It will pay fixed yields as high as 10% for longer-term investors, plus 10% of the upside generated by the fund. Its aim is 18-20% returns.
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