Wildcat
Decentralized undercollateralized lending protocol
Performances
RD Popularity Index
RD Growth Index
Revenue & Burn
Protocol income
$40.89KBuyback funds
--Burn funds
--Buyback ratio
--Protocol funds over time
Monthly amounts & ratios
| Period | Protocol income | Buyback funds | Burn funds | Buyback ratio |
|---|---|---|---|---|
| Oct 2026 | $40.89K | -- | -- | -- |
| Sep 2026 | $69.02K | -- | -- | -- |
| Aug 2026 | $74.25K | -- | -- | -- |
| Jul 2026 | $76.37K | -- | -- | -- |
| Jun 2026 | $75.16K | -- | -- | -- |
| May 2026 | $88.36K | -- | -- | -- |
Comparison
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About Wildcat
Wildcat is a decentralized protocol for undercollateralized lending, enabling borrowers to create fully customized credit markets on-chain. Unlike traditional DeFi lending that requires over-collateralization, Wildcat allows borrowers to define parameters such as interest rates, repayment windows, lock-up periods, and reserve ratios, while lenders can directly choose which markets to fund based on their own risk assessment.
The core value proposition is its flexibility and the introduction of a trust layer on-chain. It replaces manual OTC negotiations and legal paperwork with transparent smart contracts and optional master loan agreements, making credit more accessible for DAOs, businesses, and institutional players. The main pain point it addresses is the lack of infrastructure for uncollateralized borrowing in DeFi, which forces creditworthy entities to either over-collateralize or rely on off-chain intermediaries.
In the past six months (2026-03-02 to 2026-09-02), Wildcat has focused on expanding market configurability, including more granular control over withdrawal cycles and penalty mechanisms. The protocol has also seen increased integration with compliance tools such as OFAC screening, and continued efforts to improve the lender experience through clearer risk indicators. No major security incidents were reported during this period, though the protocol had previously undergone audits that identified and fixed several vulnerabilities.
Wildcat, an undercollateralized lending protocol, was founded in 2023 by Laurence Day and Dillon Kellar, with Wintermute's Evgeny Gaevoy as a silent partner, aiming to solve the inefficiency of overcollateralized DeFi lending. In 2024, it raised $1 million in a seed round via ECHO, marking its first public capital raise and validating community support. In September 2025, Wildcat Labs completed a $3.5 million seed extension led by Robot Ventures, with participation from Triton Capital, Polygon Ventures, and others, bringing total funding to $5.3 million. The protocol launched its generalized V2 on Ethereum mainnet in February, facilitating over $150 million in outstanding credit and $368 million in total origination, serving institutional borrowers like Wintermute. These milestones underscore Wildcat's long-term significance in expanding on-chain credit beyond collateral constraints, though its risk model remains a subject of debate.
In the past six months, Wildcat has kept expanding: in March 2026 its TVL surpassed $200M with borrow rates nearing 100%, making it the largest private undercollateralized credit protocol on Ethereum. Key progress is V2 development: the RCF (Revolving Credit Facility) Phase 1 code has been merged, adding a dedicated factory and market contracts that implement a commitment fee plus utilization-based interest, while explicitly tracking drawn principal. Two Sepolia testnet deployments were also completed, paving the way for mainnet. The V1-to-V2 changelog additionally covers Hooks mechanism upgrades and withdrawal batch optimizations.
For the roadmap, the official focus is launching the revolving credit market in V2. A new factory and separate market contracts preserve compatibility with legacy markets. Phase 1 deployment and handoff are planned, with audits and mainnet rollout to follow, along with lens read extensions to support mixed market populations.
Dillon Kellar: Co-founder of Wildcat, currently Head of Engineering. Formerly Lead Developer at Indexed Finance, where he led the development of the Nirn protocol; previously co-founded Interstate Network and was a partner at ZK Consulting. Background in computer science.
Laurence Day: Co-founder and CEO of Wildcat. Former technical contributor to Indexed Finance and Chief Research Officer at Arboreum, researching community credit systems; previously worked at Standard Chartered Bank on model risk analytics and Haskell development, and at Intel Labs on compiler research. Holds a PhD in Theoretical Computer Science from the University of Nottingham, an LLB from the University of Leeds, and an MSc in Financial Engineering from WorldQuant University.