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There is an enforcement shortage in crypto credit markets. Everyone wants undercollateralized lending. None of them can get credit. The reason is always the same: the borrower can run. We fill the enforcement shortage. We make running impossible.

This memo documents eighteen months of research, 70+ conversations with protocol teams and institutional lenders, and countless hours of technical exploration that led us to a singular conviction: on-chain credit infrastructure is a once-in-a-generation opportunity.