Native Credit Pool

Native Credit Pool is a single-sided supply pool that lends assets to market makers for on-chain spot trading, deployed on Ethereum, BSC, Arbitrum, and Base. TVL was $31.9M at the 2026-08-14 survey, below the size floor, so we will not open an individual review until it clears that floor. One practice advising 100 households moves $1M to $8M into a venue on the same research. At this size, that book becomes the exit crush, whatever the protocol’s quality. A review would start with the borrower side: lending to market-making firms is a credit decision, and we would need to see how those loans are secured.

Review triggers: events that reopen the verdict
• TVL sustained above the retired TVL threshold for 30 days

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-15.

The research file

Mechanism applicability

Native documentation describes a unified single-sided pool whose assets private market makers borrow to settle spot swaps. Market makers post collateral and receive credit based on collateral and trading positions, subject to asset-specific factors. Their quotes can exceed their contributed collateral. This gives suppliers pooled credit exposure to market makers and covers settlement under the size-floor rule. It does not show that the collateral, any market maker, or any listed asset is sound.

Current observation and control applicability

The DefiLlama protocol API read on 2026-08-15 showed about $27.5M of tracked Native Credit Pool TVL across seven EVM networks. The shared v1 dossier sets the size floor, and Native was below it, so we will not open an individual review until it clears that floor. Current official documentation still described pool and PMM operation. Native’s documented settings include administrator force-pause, pause, credit-limit, leverage and liquidation-factor fields. We have not yet reviewed current borrowers, positions, parameters, administrators, audits or incidents.

Exit applicability

Supplier assets serve as inventory that market makers borrow and must return with interest. Native itself identifies a risk of bad debt if liquidation cannot keep pace with volatility or congestion. Available supplier liquidity therefore depends on outstanding PMM positions, settlement and pool cash. Each chain and asset pool can also be much smaller than the aggregate. At the current size, those borrower and exit dependencies matter for an advised allocation.

Why the class rule decides

The shared v1 dossier sets the size-floor rule for this protocol. Open an individual review only after repeatable surveys show that protocol TVL has cleared the size floor continuously for 30 days and that pool, borrower and settlement activity remains visible. Then review each asset and chain pool for PMM identity and concentration, collateral and credit limits, pricing and liquidation, administrator controls, contracts and audits, incidents, bad debt, fees, and observed withdrawals during settlement stress. Clearing the floor would start a review, not grant approval.

Research status

This is a capacity-unproven record for Native Credit Pool, not a quality rejection or approval. Reported TVL says how big the venue is, not what the client owns, who can change the rules, or how a position exits at a proposed size. The individual review opens when the protocol clears the size floor.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• Native Docs — Credit Pool mechanism · primary · accessed 2026-08-15
  Supports: single-sided pool, market-maker borrowing, liquidity tiers, dynamic allocation
• Native Docs — Credit Pool risks · primary · accessed 2026-08-15
  Supports: bad debt, liquidation lag, collateralization, health ratio, smart-contract risk
• DefiLlama — Native Credit Pool survey record · secondary · accessed 2026-08-15
  Supports: current TVL, supported chains, lending category

Inherited controls

The research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.