Wildcat’s unsecured lending protocol seems totally fine, theyre basically short term commercial paper issued by MMs and other entities, the floating price is a great innovation. Actually if this was around last cycle, 3ac wouldve had a much easier time restructuring, as its credit wouldve traded in open market and couldve used assets to rebuy debt Longterm default rate of everything trends toward 100% given sufficient time, in the meantime it is willing borrower and willing lender and the markets will decide the rates Something like this wouldve been really useful for btc miners last cycle also