Blockchains enable the origination and management of secured loans without reliance on trusted actors like escrow agents. Investors originate decentralized secured loans on protocols like Compound and Aave that allow users to pledge one type of crypto-asset as collateral so that they or others can borrow another supported crypto-asset. Smart contracts allow investors to borrow crypto-assets only up to limited loan-to-value ratios (“LTV”) and manage auto-liquidation of the pledged collateral if the LTV increases to a certain trigger (e.g., 80%). Depositors of collateral in these systems receive yield paid out from borrowers. For instance, a depositor of Dai into Compound receives cDai, which is paid a block-by-block yield from borrowers of Dai. These yield-generating tokens (cTokens for Compound, aTokens for Aave, etc.) are themselves transferable and can be staked in other protocols, including to be used as collateral for more loans.