yeah agreed. I have heard of an exchange called firefish, where funds are locked onchain on a multisig instead of it being 100%  custodial, but beyond that it looks like the same old idea of trading bitcoin with leverage.

For some reason it has become again the new popular thing to do.

Regarding these "new" loan products, they don't seem to me to be fundamentally different or innovative, except perhaps for proof of reserves. 

siggy47

bitcoin

Debt, Leverage and Fiat Come to Bitcoin

>> “Money is a means, it’s not an end.” – Jack Mallers

I don't know how this trend started, probably through Saylor. But in the case of Mallers specifically, isn't it obvious that he is just trying to sell his new product on Bitcon backed loans?

Also what are your general thoughts on this trend of taking bitcoin backed loans? As far as I can see all these loans are margin callable, which historically has been proven to be very risky for a volatile asset like bitcoin. Will we see another collapse, like with Blockfis, FTX, etc after the 2021 bubble?