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Why Blockchain’s Mechanics Reject Fractional Reserves

It is a Feature, Not a Bug

This report unpacks the economic realities of a fully-funded blockchain world. From on-chain capital inefficiencies to institutional barriers and hybrid solutions, it analyzes "inefficiency" as a deliberate, structural feature and discusses potential improvements to DeFi’s capital efficiency.

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Why Blockchain’s Mechanics Reject Fractional Reserves

It is a Feature, Not a Bug

This report unpacks the economic realities of a fully-funded blockchain world. From on-chain capital inefficiencies to institutional barriers and hybrid solutions, it analyzes "inefficiency" as a deliberate, structural feature and discusses potential improvements to DeFi’s capital efficiency.

Download Research Paper

Inside This Report

Capital Without Credit
Capital Without Credit

Blockchains demand real assets to move value; no rehypothecation, no central bank liquidity. This is trustless design, but it creates friction.

Blockchains demand real assets to move value; no rehypothecation, no central bank liquidity. This is trustless design, but it creates friction.

The Cost of Prefunding
The Cost of Prefunding

Trading, settlement, and commerce all face capital drag in a world where every transaction must be collateralized in advance.

Trading, settlement, and commerce all face capital drag in a world where every transaction must be collateralized in advance.

Bridging the Divide
Bridging the Divide

Institutions want in but regulatory, legal, and operational frictions make access hard. The report looks at solutions like hybrid infrastructure and regulated post-trade systems.

Institutions want in but regulatory, legal, and operational frictions make access hard. The report looks at solutions like hybrid infrastructure and regulated post-trade systems.

Rethinking Capital Efficiency
Rethinking Capital Efficiency

Ideas like yield-bearing collateral, programmable credit markets, and omnichain liquidity show how DeFi can evolve without compromising its core principles.

Ideas like yield-bearing collateral, programmable credit markets, and omnichain liquidity show how DeFi can evolve without compromising its core principles.

Why Institutional Leaders Need This Report

Foundational Understanding

Gain clarity on why blockchain markets operate so differently from traditional finance—and what that means for portfolio construction, liquidity provisioning, and risk frameworks.

Strategic Use Cases

Learn how new lending primitives, stablecoin-based settlement, and DeFi-native risk structures can serve as credible complements to traditional credit infrastructure.

A Framework for Capital Efficiency

Understand how to assess, price, and design around the cost of capital in DeFi lending platforms—and how that changes across different protocol designs and regulatory regimes.

Ready to Rethink the Future of Capital in DeFi?

This report is essential for professionals building or investing in institutional DeFi infrastructure. Whether you’re focused on risk management, stablecoin liquidity, or cross-chain credit solutions, this paper offers the key insights you need.

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Download the Report Now

Download the Report Now

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