CAMPIONS MARKETS
DeFi Lending Market Development
DeFi Lending Market Development
We help asset issuers, lending protocols and curators identify, structure, launch and grow viable lending markets across DeFi.
We help asset issuers, lending protocols and curators identify, structure, launch and grow viable lending markets across DeFi.
Discuss a Market
01 IDENTIFY
02 STRUCTURE
03 LAUNCH
04 GROW
A lending market requires more than a listing.
A lending market requires more than a listing.
A new lending market only becomes useful if it attracts sustainable borrowing, has sufficient liquidity, is competitively priced and can be supported by the underlying infrastructure.
A new lending market only becomes useful if it attracts sustainable borrowing, has sufficient liquidity, is competitively priced and can be supported by the underlying infrastructure.
01
Market Expansion
Identify and prioritize lending opportunities based on demand, positioning and implementation readiness.
02
Launch & Activation
Translate opportunity into market structure, liquidity commitments, POL, incentives and review preparation.
03
Market Growth
Monitor performance after launch and adjust pricing, liquidity allocation or incentives to improve utilization.
What determines whether a lending market is worth building?
What determines whether a lending market is worth building?
We combine market demand, competitive economics, capital requirements and implementation constraints to assess market viability.
We combine market demand, competitive economics, capital requirements and implementation constraints to assess market viability.
MARKET DEMAND
borrow balances
utilization
comparable-market activity
debt-pair demand
growth trends
MARKET DEMAND
borrow balances
utilization
comparable-market activity
debt-pair demand
growth trends
MARKET ECONOMICS
borrower APR
supplier APR
IRM structure
incentives
caps and effective pricing
MARKET ECONOMICS
borrower APR
supplier APR
IRM structure
incentives
caps and effective pricing
LIQUIDITY & CAPITAL
POL requirements
issuer-funded supply
liquidity routes
idle capital
capital efficiency
LIQUIDITY & CAPITAL
POL requirements
issuer-funded supply
liquidity routes
idle capital
capital efficiency
LAUNCH READINESS
oracle availability
protocol integrations
risk-review requirements
governance dependencies
implementation blockers
LAUNCH READINESS
oracle availability
protocol integrations
risk-review requirements
governance dependencies
implementation blockers
PURSUE · MONITOR · DO NOT PRIORITIZE
The objective is not to forecast exact future borrowing, but to determine where the available evidence justifies committing further time and capital.
The objective is not to forecast exact future borrowing, but to determine where the available evidence justifies committing further time and capital.
From market question to actionable decision
From market question to actionable decision
01 QUESTION
Where should a stablecoin issuer expand next?
01 QUESTION
Where should a stablecoin issuer expand next?
02 ANALYSIS
Compare lending demand, debt-pair economics, liquidity requirements, protocol constraints and incentive needs across qualified venues.
02 ANALYSIS
Compare lending demand, debt-pair economics, liquidity requirements, protocol constraints and incentive needs across qualified venues.
03 OUTPUT
Prioritized venue and debt pair, indicative POL requirement, key launch constraints and recommended next steps.
03 OUTPUT
Prioritized venue and debt pair, indicative POL requirement, key launch constraints and recommended next steps.
OUR APPROACH
Evidence first. Scenarios where uncertainty remains.
Evidence first. Scenarios where uncertainty remains.
Evidence first. Scenarios where uncertainty remains.
01 BENCHMARK
Compare balances, utilization, rates, incentives, caps and market liquidity.
01 BENCHMARK
Compare balances, utilization, rates, incentives, caps and market liquidity.
02 DIAGNOSE
Identify the binding economic constraint.
02 DIAGNOSE
Identify the binding economic constraint.
03 TEST
Evaluate rate, incentive, liquidity and market-structure scenarios.
03 TEST
Evaluate rate, incentive, liquidity and market-structure scenarios.
04 QUANTIFY
Show potential economic benefit alongside cost and constraints.
04 QUANTIFY
Show potential economic benefit alongside cost and constraints.
Where borrower or supplier response cannot be estimated reliably, we use scenario analysis and break-even conditions rather than presenting behavioural forecasts as fact.
Where borrower or supplier response cannot be estimated reliably, we use scenario analysis and break-even conditions rather than presenting behavioural forecasts as fact.
Where borrower or supplier response cannot be estimated reliably, we use scenario analysis and break-even conditions rather than presenting behavioural forecasts as fact.
Working across both sides of lending-market development
Working across both sides of lending-market development
ASSET ISSUERS
identify expansion opportunities
select venues and debt pairs
estimate POL and liquidity requirements
design incentives
prepare markets for onboarding
optimize existing markets
ASSET ISSUERS
identify expansion opportunities
select venues and debt pairs
estimate POL and liquidity requirements
design incentives
prepare markets for onboarding
optimize existing markets
PROTOCOLS & CURATORS
identify attractive assets
assess market opportunities
benchmark market economics
evaluate issuer support requirements
identify underperforming market structures
support market-development strategy
PROTOCOLS & CURATORS
identify attractive assets
assess market opportunities
benchmark market economics
evaluate issuer support requirements
identify underperforming market structures
support market-development strategy
Paid relationships and potential conflicts are disclosed where relevant. Campions Markets does not replace independent protocol risk review.
Paid relationships and potential conflicts are disclosed where relevant. Campions Markets does not replace independent protocol risk review.
DeFi-native. Quantitative. Founder-led.
DeFi-native. Quantitative. Founder-led.
Thomas Eisermann
Previously a Quantitative Risk Analyst at LlamaRisk, with a primary focus on Curve lending markets including LlamaLend and crvUSD. His work spans lending-market monitoring, parameter analysis, quantitative DeFi research, incentive and mechanism design, and an ongoing PhD on cryptoeconomic systems and decentralized financial markets.
Engage at any stage of the market lifecycle
Engage at any stage of the market lifecycle
01 MARKET EXPANSION ASSESSMENT
Determine whether an opportunity is worth pursuing and what would be required to make it viable.
01 MARKET EXPANSION ASSESSMENT
Determine whether an opportunity is worth pursuing and what would be required to make it viable.
02 LAUNCH & ACTIVATION SUPPORT
Support from market selection through liquidity, incentives, review preparation and launch coordination.
02 LAUNCH & ACTIVATION SUPPORT
Support from market selection through liquidity, incentives, review preparation and launch coordination.
03 POST-LAUNCH GROWTH
Ongoing monitoring and recommendations focused on growth, competitiveness and capital efficiency.
03 POST-LAUNCH GROWTH
Ongoing monitoring and recommendations focused on growth, competitiveness and capital efficiency.
Engagements can cover a single market or a broader lending-market strategy across multiple venues.
Engagements can cover a single market or a broader lending-market strategy across multiple venues.
CAMPIONS MARKETS
Building better lending markets.
Building better lending markets.
Whether you are evaluating a new venue, preparing a market for launch or improving an existing market, we can help determine what the economics support.
hello@campions.markets
Calendly / scheduling link
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hello@campions.markets
Calendly / scheduling link
X / LinkedIn