Uncollateralized lending has one obvious problem: if there is no collateral, lenders need another reason to trust the borrower. In March 2022 Atlendis tried to solve this by partnering with Credora, a credit risk company then known as X-Margin.
The partnership
- Announced: 17 March 2022.
- Partners: Atlendis, the uncollateralized lending protocol, and Credora (formerly X-Margin), which provides credit evaluations for trading firms and institutions.
- Role in the protocol: obtaining a Credora credit evaluation became one step in the Atlendis whitelisting process, and the result was displayed to lenders.
How privacy-preserving credit scoring works
Institutional borrowers rarely want to publish their balance sheets on a blockchain. Credora’s approach was to compute a credit evaluation from sensitive data, such as portfolio positions, KYC and financial statements, without revealing that underlying data to lenders. Lenders saw a risk assessment and ongoing monitoring instead of raw figures.
On Atlendis, this gave lenders more information when choosing which borrower pools to fund and at what rate, while borrowers kept their data private.
Why it mattered
Overcollateralized protocols do not need credit scores because collateral covers the risk. Once collateral is removed, the quality of borrower information decides whether the market works at all. The Atlendis and Credora partnership was an early attempt to combine on-chain lending with an off-chain style credit rating layer.
What became of Credora
Credora outlived the Atlendis model. In September 2025, oracle provider RedStone acquired Credora and relaunched it as “Credora by RedStone”. By then Credora said it had facilitated more than $1 billion in uncollateralized loans across centralized and decentralized platforms. RedStone later announced Credora risk ratings for DeFi lending venues including Morpho and Spark.
The direction is telling: credit ratings did become part of on-chain lending, but mainly as a risk layer for large lending markets rather than as the basis for small, borrower-specific pools.
