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Ajna Finance - Embracing DeFi Values
Osgur Murphy O Kane
Key Takeaways
13 min read
  • Ajna is an oracle-less, immutable, and permissionless lending protocol. It seeks to remove any external risks and dependencies and operate purely through code and incentives. This makes it somewhat unique in DeFi, and these properties will likely make it one of the most censorship-resistant protocols in a time of regulatory uncertainty around crypto.
  • On the other hand, immutability comes with trade-offs: the protocol experienced a potential griefing vector, which required it to be redeployed entirely.
  • Both ERC-20s and NFTs can be borrowed against, making it a competitor to both typical DeFi lending protocols and NFT lending protocols.
  • Overall, it is interesting to follow a protocol rigorously adhering to the ideals of immutability, autonomy, and censorship resistance, as those often lack in DeFi.


Ajna Finance is a lending protocol with a unique twist - it is immutable, does not use oracles, and allows anyone to create a lending pool for both ERC-20s and NFTs. Interested? Let's dive in.


Ajna has no protocol-level governance. Why? Governance can become concentrated in the hands of a few - resulting in centralized control of supposedly ‘decentralized’ protocols. This can lead to severe problems. For example, if a small number of identifiable people control a project, it can be targeted by bad actors, as well as hostile governments and regulators. In addition, governance can lead to outcomes that are not fair to all parties. For example, Abracadabra [considered changing interest...