Wild.credit is an capital-efficient AMM that also functions as a lending protocol in which the LPs (liquidity providers) benefit from a true single-token exposure and don’t suffer from IL (impermanent loss). Put simply, Wild is a bit like Uniswap, but with an added ability to borrow supplied tokens and without the IL to the LPs. With traditional “basket-based” lending protocols such as Compound, the ability to add new assets is tightly controlled. If a single asset is exploited, it can potentially compromise all users of the protocol. This creates the incentive for these basket-based protocols to focus on the most popular low-risk assets and leave out everything else. Using isolated lending pairs, lenders can decide which pairs they are comfortable with and provide liquidity only to those. Just like on Uniswap, users of Wild are also free to create lending pairs for any asset permissionlessly. During the time of high utilization, the system gradually starts increasing the interest rate. The system is initially set to target a 75% utilization rate. The higher the rate, the more there is an incentive for other LPs to deposit the asset and for the borrowers to repay their debt. In addition to lending, each pair also functions as an AMM, similar to Uniswap. This allows the system to use this (delayed) price as an oracle for keeping the borrower collateralization ratios in good standing with the help of liquidations. To prevent oracle manipulations, when someone makes a withdrawal, it won’t instantly move the swap price. The AMM has internal virtual balances that are adjusted slowly in the events of deposits/withdrawals. This keeps the swap price unchanged right after the withdrawal and starts to change it slowly. To allow better composability, Wild introduces single-sided LP tokens. Instead of giving you a single combined LP token, each lending pair has two LP tokens, representing a claim over their respective underlying assets. These are standard ERC20 tokens that can be used, transferred, or sold anywhere else. For each lending pair, LPs are able to deposit just one asset and withdraw the same amount in the same asset later on + any accumulated fees and interest. While there is no risk of IL, there is another risk to be aware of. Since the lending pair also functions as an AMM (it does the swaps), there may temporarily not be enough liquidity in the pair at all times. Just like with Compound, Aave, or Cream, the risk in Wild is that during periods of high utilization, you may have to wait a bit until there is more liquidity for you to withdraw all your funds. In addition to interest rates acting as incentives for borrowers/lenders, each deposit/withdrawal changes the swap price with a delay.