Narratives
The money going into Lending and credit, who puts it there, how much it is talked about and the projects behind it.
Money is moving into Lending and credit; Erebor is the project with the most noise and the most funding there; it has no token yet; its presale: not yet.
- Seeded
- Funded
- Noticed
- Crowded
- Cooling
What changed this week
- This week: 2 new rounds, $15.0M announced (the week before, 1). The largest: Marble ($11.0M, led by Polychain Capital) and Lombard Systems (ex SemiLiquid) ($4.0M, led by Ethereal Ventures).
- New money from a new name: Pantera Capital, Polychain Capital and Anatoly Yakovenko make their first round we know of here.
- It took 1.0% of our news this week, down from 1.3% the week before.
- DeFi coins did 2.5 pts worse than the market over 7 days.
- The most talked-about project is Erebor (3 stories).
Rounds, 30 d7new
With top funds4rounds
Raised, 30 d$62.0M6 with a figure
Share of news1.4%284 stories
No token yet7of 7 projects
Twelve weeks i
Rounds a week 4
Share of news 2.3%
Coins vs market ±6 ptsmeasured on DeFi coins
Stage
week to Aug 27this week
rounds with a top fundother roundsshare of newscoins ahead of the marketbehindrebuilt from past data
Read the twelve weeks as a table
| Week to | Rounds | Top funds | Raised | News | Coins vs market | Stage |
|---|---|---|---|---|---|---|
| Nov 12 | 2 | 1 | $15.0M | 1.0% | -2.5 pts | Noticed |
| Nov 5 rebuilt | 1 | 1 | — | 1.3% | 0.0 pts | Noticed |
| Oct 29 rebuilt | 0 | — | — | 1.3% | -2.2 pts | Noticed |
| Oct 22 rebuilt | 4 | 2 | $47.0M | 1.8% | 0.0 pts | Noticed |
| Oct 15 rebuilt | 0 | — | — | 1.3% | -3.6 pts | — |
| Oct 8 rebuilt | 0 | — | — | 1.4% | -2.1 pts | — |
| Oct 1 rebuilt | 0 | — | — | 2.3% | +6.3 pts | — |
| Sep 24 rebuilt | 0 | — | — | — | — | — |
| Sep 17 rebuilt | 0 | — | — | — | — | — |
| Sep 10 rebuilt | 0 | — | — | — | — | — |
| Sep 3 rebuilt | 0 | — | — | — | — | — |
| Aug 27 rebuilt | 0 | — | — | — | — | — |
Projects to watch i
| Project | Last round | Funds | Token | News | Social | Sale |
|---|---|---|---|---|---|---|
| Marble | Nov 2026 · Seed · $11.0M | Polychain CapitalBlockwallLattice Fund+3 | No token yet | 1 | 1 | Not yet |
| Fission Labs | Oct 2026 · Series A · $10.0M | Pantera CapitalAri RubensteinBorderless Capital+3 | No token yet | — | 0 | Not yet |
| Spout Finance | Oct 2026 · Strategic · $2.0M | Anatoly YakovenkoPaul TaylorRaj Gokal+21 | No token yet | — | 0 | Not yet |
| Rates Exchange | Oct 2026 · Round | Coinbase VenturesYZi Labs (ex Binance Labs)Amber Group+2 | No token yet | — | 0 | Not yet |
| Erebor | Oct 2026 · Round · $30.0M | Robinhood Ventures Fund I (RVI) | No token yet | 3 | 0 | Not yet |
| HoneyB | Oct 20 · Seed · $5.0M | PEER Venture PartnersPortal VenturesAnchorage Digital | No token yet | 1 | 0 | Not yet |
| Lombard Systems (ex SemiLiquid) | Nov 2026 · Seed · $4.0M | Ethereal VenturesALPS CapitalATKA+2 | No token yet | — | 0 | Not yet |
Funds in Lending and credit i
| Fund | Tier | Rounds | This month | Led | Projects | First here |
|---|---|---|---|---|---|---|
| Anchorage Digital | — | 2 | 2 | — | Spout Finance, HoneyB | Oct 19, 2026 |
| Pantera Capital first time | Tier 1 | 1 | 1 | 1 | Fission Labs | Oct 19, 2026 |
| Polychain Capital first time | Tier 1 | 1 | 1 | 1 | Marble | Nov 10, 2026 |
| Anatoly Yakovenko first time | Tier 1 | 1 | 1 | — | Spout Finance | Oct 19, 2026 |
| Circle first time | Tier 1 | 1 | 1 | — | Fission Labs | Oct 19, 2026 |
| Coinbase Ventures first time | Tier 1 | 1 | 1 | — | Rates Exchange | Oct 31, 2026 |
| Paul Taylor first time | Tier 1 | 1 | 1 | — | Spout Finance | Oct 19, 2026 |
| Raj Gokal first time | Tier 1 | 1 | 1 | — | Spout Finance | Oct 19, 2026 |
| Amber Group first time | Tier 2 | 1 | 1 | — | Rates Exchange | Oct 31, 2026 |
| Draper Dragon first time | Tier 2 | 1 | 1 | — | Spout Finance | Oct 19, 2026 |
| Maven 11 Capital first time | Tier 2 | 1 | 1 | — | Marble | Nov 10, 2026 |
| Ethereal Ventures | Tier 3 | 1 | 1 | 1 | Lombard Systems (ex SemiLiquid) | Nov 5, 2026 |
| Bering Waters Ventures | Tier 3 | 1 | 1 | — | Spout Finance | Oct 19, 2026 |
| Borderless Capital | Tier 3 | 1 | 1 | — | Fission Labs | Oct 19, 2026 |
All 7 rounds we know of in Lending and credit, newest first
| Date | Project | Round | Raised | Category | Investors |
|---|---|---|---|---|---|
| Nov 2026 | Marble | Seed | $11.0M | Lending and credit | Polychain CapitalMaven 11 CapitalRippleSusquehanna Crypto+2 |
| Nov 2026 | Lombard Systems (ex SemiLiquid) | Seed | $4.0M | Lending and credit | Ethereal VenturesALPS CapitalFirst CommitVeris Ventures+1 |
| Oct 2026 | Rates Exchange | — | — | Lending and credit | Amber GroupGami CapitalF-Prime CapitalCoinbase Ventures+1 |
| Oct 2026 | Erebor | — | $30.0M | Lending and credit | Robinhood Ventures Fund I (RVI) |
| Oct 20 | HoneyB | Seed | $5.0M | Lending and credit | Portal VenturesPEER Venture PartnersAnchorage Digital |
| Oct 2026 | Fission Labs | Series A | $10.0M | Lending and credit | Pantera CapitalCircle VenturesNew Form Capitalgumi Cryptos Capital (gCC)+2 |
| Oct 2026 | Spout Finance | Strategic | $2.0M | Lending and credit | Draper DragonAnchorage DigitalFlow TradersTaisu Ventures+20 |
Read Nov 12, 08:42 UTC. Rounds by month are dated the day they became known.