Anvil is a DeFi protocol built on Ethereum that issues programmable letters of credit backed by on-chain collateral such as ETH or USDC. Users deposit assets into vaults, receive credit instruments, and retain control of their collateral, effectively eliminating loans, interest payments, and intermediary fees. The protocol launched on January 23, 2025, was bootstrapped without outside investors, charges no protocol-level fees, and its codebase has been audited by OpenZeppelin and Trail of Bits. Founded by Tyler Spalding, who previously co-developed Flexa, the protocol targets smaller borrowers by automating collateral management and compressing fixed costs toward zero. By issuing credit instruments rather than loans, Anvil avoids the liquidation dynamics that have caused cascading failures in other DeFi protocols.
Source: Read the original article
