Fluid is pushing the boundaries of onchain lending. Loan-to-Deposit Ratios for onchain lenders have historically been low, averaging ~40%. By contrast, U.S. commercial banks have operated with average LDRs in the 70–75% range over the past few years. Monolithic lending markets can, in principle, push LDRs higher via collateral rehypothecation, but have historically taken a more conservative approach. Fluid’s LDR remains below that of traditional banks, but has been consistently above onchain peers since launch. Encouraging to see protocols pushing the limits of balance-sheet efficiency in DeFi.