Wildcat Protocol

Wildcat lets approved borrowers deploy undercollateralised credit markets whose lenders take direct exposure to the named borrower. Borrowers choose reserve, term, rate, access, and withdrawal-cycle parameters and can draw assets down to the reserve requirement; repayment ultimately depends on the borrower returning assets. Wildcat warns that default can cause substantial or total lender loss. The shared off-chain-credit rule therefore decides before size or protocol quality: an advisor cannot independently verify borrower assets, liabilities, seniority, recovery and stressed liquidity from the market token. The 2026-08-15 survey reported $9.83M supplied and $171.5M borrowed across Ethereum and Plasma.

Review triggers: events that reopen the verdict
• A named market publishes independently audited current borrower assets, liabilities, legal claim and seniority, collateral and liens, defaults and recoveries, plus executable stressed withdrawal without borrower discretion or new lender funding

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 and class applicability

Wildcat markets are direct credit facilities to protocol-approved borrowers. A borrower may set a reserve ratio from zero to 100%, draw available assets, choose open or fixed term, set a withdrawal cycle up to 90 days and gate lender access. Optional onchain collateral contracts exist, but Wildcat states the default design is under- or uncollateralized. This is direct borrower-credit exposure governed by the shared v1 off-chain-credit dossier.

Current observation and perimeter

The DefiLlama API read on 2026-08-15 reported approximately $9.83M supplied across Ethereum and Plasma and separately reported about $171.5M borrowed. The chain perimeter is corrected from Ethereum-only. Neither the small liquid reserve nor the large borrowed balance supplies borrower-level assets, liabilities, seniority or recovery evidence.

Control, loss and exit applicability

Borrowers control market rates, reserve ratios, terms, access hooks and withdrawal-cycle settings within protocol bounds. Withdrawal requests receive available reserves pro rata and depend on borrower repayment; protocol fees rank ahead of lenders. Wildcat’s risk disclosure says borrower default or refusal to repay may cause substantial or total loss, and known-issues documentation describes malicious or delinquent borrower behavior that code cannot fully prevent.

Why the class rule decides

The shared v1 off-chain-credit dossier controls because repayment and recovery depend on a borrower whose complete financial condition and creditor waterfall are not continuously verifiable onchain. Reopen only for a named market after independently audited borrower assets and liabilities, legal entity and claim, collateral and liens, seniority, cash flows, defaults and realized recoveries are current, and proposed-size withdrawal can be executed without borrower discretion or new lender funding.

Class rule

The off chain credit class is outside the approved structures, so every protocol in it is not approved until the rule changes. The rule is about the structure, not an adverse finding about this protocol, and it is not a client instruction. The events that would reopen it are listed with the memo.

Sources

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

• Wildcat Docs — borrower market configuration and repayment · primary · accessed 2026-08-15
  Supports: borrower credit line, reserve ratio, market term, access controls, withdrawal cycle, borrower repayment
• Wildcat Docs — risk disclosure statement · primary · accessed 2026-08-15
  Supports: undercollateralized credit, borrower default, substantial or total loss, borrower parameter control, counterparty diligence
• Wildcat Docs — optional collateral contracts · primary · accessed 2026-08-15
  Supports: default undercollateralized design, optional pledged assets, capital-call failure, collateral liquidation, borrower recovery
• Wildcat Docs — protocol fees and lender seniority · primary · accessed 2026-08-15
  Supports: protocol-fee seniority, borrower market deployment, fee authority, lender reserve claim
• DefiLlama — Wildcat Protocol survey record · secondary · accessed 2026-08-15
  Supports: current supplied TVL, current borrowed amount, Ethereum, Plasma, uncollateralized-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.