🔎 RESEARCH: Not all crypto credit is built on the same foundations. CeFi lending, DeFi pools, tokenized Treasuries and RWA private credit each rely on different forms of custody, collateral and enforcement. CeFi concentrates counterparty exposure, DeFi depends on onchain collateral and liquidation, while RWA credit still rests on offchain underwriting and legal claims. When a position fails, what matters most: the token, the collateral or the claim behind it? Cointelegraph Research with @eightlends maps how credit exposure is structured across the crypto market.(Cointelegraph)