Unified Liquidity Enables The First Permissionless Long-Tail Leverage Market

Opinion by: Sky, founder at LIKWID

In the last wave of decentralized finance (DeFi) innovation, a generation of engineers funded by venture capital worked tirelessly to design “permissionless” lending protocols.

Many projects made notable strides, yet their core structure was centuries old — the collateralized loan model. Like the Sumerians once pledged livestock for silver, modern DeFi still relies heavily on oracles to feed offchain prices into lending systems — a single point of failure disguised as neutrality.

Despite claims of being…