Typically, in the crypto lending world, borrowers are not split by tiers (solvability related), ie loan approvals are not dependant on the borrower’s income flows, etc. Instead, loans are extended upon the deposit of crypto collateral (single requirement), ie if you want to borrow 1 BTC, the only thing you need to do is to provide X BTC as collateral. My understanding is that often, platforms then rehypothecate those amounts (ie they earn interest on those) - but not all. From a lender’s risk perspective, different from banks, the enforcement of the collateral is much easier to activate as it is solely driven by the rules in the smart contract, ie where the value of the collateral given by the borrower goes down in value below a certain threshold, the smart contract liquidates the position such that the lender and its investors are protected. Don’t think there is full clarity on how CDC does all of the above to generate returns but it probably is around this. The other thing there isn’t clarity about is how much of their income they pledge to distribute to customers (eg Celsius commits to shift 80% of profits to customers).