WILDCAT V2.5: REVOLVING CREDIT, TRANCHED CLOS, AND CREDIT DEFAULT SWAPS

Summary from the TLDR Crypto newsletter

Wildcat, an undercollateralised credit protocol on Ethereum that has facilitated several hundred million dollars in onchain credit, has announced V2.5 alongside three new product lines. V2.5 transitions the core underwriting model from deposit pools to revolving credit facilities (RCFs) with APR split into commitment and utilisation components, and introduces sealed-bid auctions for borrower price discovery alongside precommitment levels and rolling lockup hooks. New product lines include WildUSD/CatUSD, a tranched CLO system with senior/junior tranches designed to produce a credit-backed stablecoin, ERC-4626 wrappers for non-rebasing debt tokens, cross-asset collateral vaults, and both covered and naked credit default swaps.