# Example of UC

General thoughts:
- UC loans are not a new thing, we might do very well to think about *why* they are not more popular in DeFi.
- Maple, Goldfind, IB, TrueFi all implement permissioned lending in some way. You must *apply* to borrow.
- Moving to a permissionless or fully on-chain model appears to be *the* key challenge that these platforms are yet to solve.
- OTOH we might want to consider:
- If these platforms have not done it, why not?
- Where can we win against these specific platforms?
- Permissionless?
- Deterministic Funding?
- Hyper focus on target market?
- What makes us think we can win here?
- Is the market big enough or will grow enough that we can be okay?

### Comparison
https://docs.google.com/spreadsheets/d/1pWDxh8X_I2pXJS7w445qOHQ7t_70wB8wS1DKxwJA6co/edit?usp=sharing

## [Iron Bank](https://docs.ib.xyz/)

- Permissioned Lending

Iron Bank requires that UC loans are directed towards pre-approved sources (deterministic funding).

Not clear who is using.

## TrueFi

- See knxpwr's comments in discord

## [Clearpool](https://docs.clearpool.finance/clearpool/how-it-works/for-borrowers)

> Institutions interested in becoming borrowers can request to be whitelisted by contacting the Clearpool team.

## [Solend](https://docs.solend.fi/permissionless-pools/pool-ideas#uncollateralized-loans-for-protocols)

On Solana but has a nascent UC Permissionless pool:

> Protocols can also set up a permissionless pool that allows them to borrow without collateral from. This allows protocols like Delta One to borrow funds and conduct leveraged defi strategies for example.
Protocols can do this by creating a pool with two reserves, USDC and another token they have mint authority over. They can then set the price of this token to a flat $1, and then mint themselves collateral accordingly.

> To minimize bad debt or default, this pool should be governed by the integrated protocols' smart contracts to manage position sizes and margin. Funds should not enter anyone's wallets at all times. If interested, reach out to Soju on Discord!

## Maple
- Permissioned with 'rigorous' KYC-AML
- Integrations with Gnosis, on-ramps and off ramps (borrow or collateralize with USD for example)

## [GoldFinch](https://goldfinch.finance/)

- Permissioned lending
- Lots of features in the docs (not a good thing)
- Senior tranche is shared pool across all loans - interesting idea
- Junior tranche is loan specific

## References

https://medium.com/coinmonks/the-current-state-of-undercollateralized-defi-lending-2021-1f84e14527b5