Since Ethereum’s launch in 2014, more than 2.5 billion transactions have taken place across 300 million unique addresses and over 5,000 protocols. This explosion of on-chain data has created what is arguably one of the greatest financial datasets ever assembled, offering unparalleled visibility into user behavior around spot trading, staking, derivatives trading, lending / borrowing, governance participation, NFT purchases, etc.

Crypto needs credit expansion. The modern capitalist financial system relies on two core pillars to drive economic growth: a medium of exchange & the creation of credit. While stablecoins have convincingly delivered on the former over the past 10 years, DeFi growth remains constricted by the absence of a scalable and capital-efficient mechanism for credit creation. To truly become the internet-native financial system — free from bank liquidity — a cryptonative credit primitive must emerge to enable economic expansion backed by future growth.