The lending market on BNB Chain was long dominated by a leading platform until emerging protocols appeared in recent years, completely rewriting the market landscape. Based on the TVL data of $4.3 billion versus $1.583 billion, new platforms have become the first choice for more users. Behind this change are not only numerical shifts but also a deeper understanding of genuine user needs and innovations at the mechanism level.

The most intuitive difference lies in borrowing costs. Traditional platforms maintain BNB borrowing interest rates at around 4%-5%, which can spike to 28% or higher during periods of high market demand, placing significant pressure on users' capital costs. In contrast, through innovative P2P lending mechanisms, new platforms stabilize borrowing rates within the range of 0.84%-2.05%, greatly reducing financing costs. Interestingly, there is also an improvement in capital utilization efficiency—traditional platforms have a deposit utilization rate of only 32%, leading to large amounts of idle and wasted funds, whereas new platforms achieve a 90% utilization rate, allowing depositors to earn tangible returns.

From a mechanism design perspective, the differences are even more pronounced. Traditional models adopt a centralized "point-to-pool" structure, where the platform decides which assets to support and sets parameters, leaving little room for user participation. New platforms take a completely different approach—users can create vaults and markets without permission, supporting a wider variety of collateral types, including many high-quality assets not recognized by traditional platforms. Especially notable is the multi-vault isolation design, which ensures that risks in each vault are independent; problems in one vault won't affect the entire system, surpassing shared pool models in risk management.

Another often overlooked aspect is ecosystem value. Users of new platforms can participate in ecosystem activities such as Launchpool and Megadrop on major exchanges through related assets, whereas traditional platforms are almost blank in this regard. This combination of lending and additional ecosystem benefits makes new platforms not just lending tools but also gateways for asset appreciation—this is precisely the core competitive advantage that enables rapid user adoption.