Ajna Protocol

Ajna Protocol is a non-custodial, peer-to-pool lending and borrowing protocol that eliminates oracles entirely. Instead of relying on external price feeds, lenders manually set the price at which they are willing to lend, while borrowers provide collateral and borrow against these pools.

Its core value proposition lies in true permissionlessness: anyone can create a pool for any ERC-20 or ERC-721 asset without governance whitelisting. This removes oracle manipulation risks, reduces reliance on centralized price sources, and enables long-tail assets to be used as collateral. The protocol also uses market-driven interest rates and liquidation bonds to incentivize fair liquidations.

In the past six months (March–September 2026), Ajna suffered a significant exploit in March 2026, where an attacker exploited a flaw in the liquidation accounting mechanism across multiple pools, including syrupUSDC, wstETH, rETH, cbWBTC, and WETH/USDC, resulting in losses of approximately $775,000. The incident highlighted risks in the protocol's internal pricing logic. Following the attack, the team worked on mitigations, but the event raised questions about the safety of its oracle-free design in extreme market conditions.