So @fraxfinance will be introducing oracle-less lending without (hard) liquidations Here is what you need to know about it: (I am writing it as I read through and might miss something) 1) Lenders will hold a debt in an LP token rather than a single token. 2) There is no oracle needed because your debt is xy=k. 3) You can not be hard liquidated instead, your collateral is softly liquidated into your debt token at a discount. 4) It might sound similar to @CurveFinance LLAMMA but it is not the same. Lenders on Curve initially have the debt as a single token and LLAMMA relies on oracles. The liquidation-deliquidation part is similar and is mainly executed by arbitrageurs. 5) Frax BAMM is also similar to the "Smart Collateral" concept from @0xfluid but on Frax you can only borrow the token from the LP. On Fluid (pinned thread on my feed), you can borrow any token from the shared pool. Liquidation logic is pretty similar as well. Personal thoughts: It is a very interesting and innovative design but I think that there is a limited use-case for it. People borrow assets to get leverage. If you want to leverage Eth, since the borrower is the LP lender at the same time, you will have an IL on collateral. The use case might come from the yield-bearing stable LPs to leverage the yield.