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<p>We characterise the equilibrium between borrowers and lenders in a decentralised lending protocol (DLP). Using this equilibrium characterisation, we develop a methodology for a DLP to update the interest rate model in order to move the proportion of liquidity being borrowed towards a desired level of utilization. Finally, we run experiments to assess the performance of the proposed methodology when the DLP does not know the supply and demand curves, and when there are changes in the environment.</p>

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Interest rate models in decentralised lending protocols

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年7月6日

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  • Samuel N. Cohen,
  • Leandro Sánchez-Betancourt,
  • Łukasz Szpruch

摘要

We characterise the equilibrium between borrowers and lenders in a decentralised lending protocol (DLP). Using this equilibrium characterisation, we develop a methodology for a DLP to update the interest rate model in order to move the proportion of liquidity being borrowed towards a desired level of utilization. Finally, we run experiments to assess the performance of the proposed methodology when the DLP does not know the supply and demand curves, and when there are changes in the environment.