The Fed wants to hold stablecoin issuers to published standards. DeFi lending is still running on oracles and governance votes. “Too interconnected to fail” is being rebuilt onchain, without the capital buffers.

The next version of Ajna removes the LUP, the Fenwick tree, the loan queue, Dutch auctions, and origination fees Less machinery = fewer ways to break it

Regulators are telling stablecoin issuers to write the rules down. DeFi can go further and write them into the contract.

Oracles are expensive, which means most assets don’t get a lending market. Anyone can launch one for any asset on Ajna. DeFi is for everyone.

Immutability has a cost. If a flaw can’t be patched, it can only be replaced by a new version users choose to move to. We think change should be opt-in.

An interest rate that can be gamed for a single block isn't really a market rate. Rates should only move when real capital is committed.

Most lending protocols won't list your token until it's big enough to be approved by governance. On Ajna, any project can launch its own lending market. No oracle, no vote, no gatekeepers. Your holders can borrow against the token, and lenders can earn on it.

Every complicated mechanism adds attack surface. The best way to secure a lending protocol is often to remove parts. Ajna got rid of its liquidation auctions, its loan queue, and the price that could be manipulated.

On Ajna, lenders deposit at the price they trust, earn interest when borrowers use their liquidity, and can mark it for withdrawal at any time. You decide your own risk, not an oracle or a DAO vote.

Liquidations shouldn't depend on who has the fastest bot. If a loan defaults, anyone should be able to call it and get a fair, known reward. Simple rules make for fairer markets.

Think of Ajna as an order book for loans. Lenders post the prices they're willing to lend at, and borrowers take whatever liquidity fits their collateral. No oracles or governance, just supply and demand.

Ajna democratizes DeFi Catch CEO and Co-Founder @mikeahathaway break down its markets-based approach

"Permissionless" means more than anyone being able to deposit. Anyone should also be able to improve the market. On Ajna, any user can move a borrower to a better price, which turns lenders into a group competing to offer the best terms.

Ajna has no oracles, no origination fees, and no liquidation auctions. If a loan defaults, anyone can call it and the lender is repaid from the collateral.