Recently, an interesting lending protocol model has sparked discussions in the community. The core concept is as follows: users can collateralize various crypto assets or physical assets to receive collateralized tokens, which can then be used to participate in trading without actually selling their holdings.

There are several notable features of this design. First, it allows continuous staking—you can keep increasing your position and flexibly adjust leverage strategies. Second, the liquidity aspect is well-developed, making capital flow more efficient. Additionally, the liquidation risk is relatively manageable, giving users more room for adjustments.

From the perspective of DeFi evolution, this type of protocol attempts to address two pain points in traditional lending markets: one is limited asset liquidity, and the other is the user-unfriendly liquidation mechanism. Combining these elements indeed offers a new direction for market thinking.

Of course, whether this model can become the next mainstream in DeFi depends on actual risk control performance and user adoption. But from an innovation standpoint, this idea is still quite interesting.