PWN: making DeFi P2P again.

What’s different about PWN?

Most DeFi lending today relies on pools. These pools make borrowing and lending turnkey but often constrain liquidity to the most traded tokens. PWN breaks away from this pool-centric approach, allowing users to create loan proposals directly on their own terms, with no reliance on intermediaries or oracle feeds.

With PWN, loan terms can be fine-tuned on a deal-by-deal basis, allowing each loan to function as a personalized financial instrument. Borrowers and lenders can select the collateral and credit asset of their choice, and set parameters like loan-to-value (LTV) ratios, interest rates (APR), and loan duration. The terms they pick remain fixed for the whole loan duration.

Unlike other DeFi lending platforms that use price-based liquidations triggered by market fluctuations, PWN’s loans only face liquidation if borrowers fail to repay within the agreed timeframe (time-based liquidation).

PWN’s model brings a user-controlled, customizable lending experience to DeFi. By combining the flexibility of personalized loan terms with fixed yields and a straightforward, time-based liquidation structure, PWN creates a lending environment that aligns with each user’s strategy while removing the dependency on market conditions that add complexity and risk to decentralized lending.

Solving the P2P lending challenges: key PWN features

P2P lending traditionally faces friction: Loan proposals can be slow to be picked up without a pool backing them, and lenders may struggle to keep unused capital earning interest. PWN tackles these challenges head-on with three major innovations:

Lean Lending Liquidity (LLL): With LLL, PWN opens new uses for “idle” capital in existing lending pools like Aave, Compound, or Morpho. Lenders can “soft-commit” their capital, letting it earn base returns in a pool while remaining available for P2P deals on PWN whenever high-yield opportunities arise. This adaptive liquidity reduces the need to switch between protocols, ensuring lenders stay efficient and responsive, all without opportunity costs.
Strategies: Setting terms for individual loans can be tedious and require a fine understanding of money markets. To address this, PWN introduced strategies-based lending, where selected curators define broader lending strategies that any lender could commit to multiple proposals in one click. For example, a lender could commit to lending against a selection of ETH-based liquid restaking tokens with a 4% APR, 70% LTV, and 60-day duration. Strategies simplify the lending process by enabling broader commitments with a single action, making P2P more accessible and less data-intensive.
Elastic Proposals: By default, PWN allows lenders and borrowers to post proposals that essentially act as customizable liquidity pools. Each proposal remains open until the allocated credit or collateral run out. This feature removes the friction of single-use proposals, while giving lenders and borrowers full control over terms.

A protocol backed by prominent cryptonatives.

PWN’s adaptive approach to lending has garnered support from leading Ethereum figures, including Vitalik Buterin, Patricio Worthalter, Danny Ryan, Tim Beiko, John Lilic, and more. Their backing emphasizes PWN’s unique value in addressing key limitations of current DeFi lending and pushing P2P innovation forward.

It has also integrated leading protocols in the DeFi space, like Pendle, Beefy, Superform, Usual, Yearn, and more, positioning itself as an effective catalyst for composability.

PWN has been live since 2022 and is currently deployed on 8 EVM chains.

You can find more info in the docs https://docs.pwn.xyz/