Blend Capital primary sources — 2026-05-08

Official site

• https://blend.capital/
  • Minimal product site framing Blend as decentralized lending pools created by users, DAOs, and institutions.

Docs root

• https://docs.blend.capital/
  • Docs home describing Blend as a liquidity protocol primitive built on Stellar.

Core mechanism docs

• https://docs.blend.capital/blend-whitepaper
  • Best single protocol source for the isolated-pool model, owned-vs-standard pools, backstop structure, utilization-based interest rates, liquidations, and governance framing.
• https://docs.blend.capital/blend-whitepaper.md?ask=How%20does%20Blend%20use%20isolated%20pools%2C%20owned%20vs%20standard%20pools%2C%20and%20the%20backstop%20module%20to%20segment%20risk%20and%20govern%20pool%20control%3F
  • Helpful doc-grounded synthesis of how risk isolation, pool mutability, and backstop governance interact.
• https://docs.blend.capital/blend-whitepaper.md?ask=What%20interest-rate%20and%20utilization-control%20mechanisms%20does%20Blend%20describe%2C%20including%20rate%20modifier%2C%20target%20utilization%2C%20and%20utilization%20caps%3F
  • Useful focused source for the rate modifier, target utilization, and utilization-cap safety logic.

Pool control / backstop docs

• https://docs.blend.capital/pool-creators/pool-management.md
  • Important for understanding what owned pools can change, what standard pools cannot, and how pool-state transitions work.
• https://docs.blend.capital/users/backstopping.md
  • Best practical source for backstop deposits, queueing, emissions, and pool-state effects.
• https://docs.blend.capital/pool-creators/adding-assets/interest-rates.md
  • Details the dynamic interest-rate model and configuration parameters.
• https://docs.blend.capital/pool-creators/adding-assets/risk-parameters.md
  • Covers asset-level factors and safety knobs including utilization-related controls.

Code / source mirrors

• https://github.com/blend-capital/blend-contracts
  • Soroban implementation repository for the protocol.
• https://github.com/blend-capital/blend-contracts-v2
  • V2 contract repository.
• https://raw.githubusercontent.com/blend-capital/docs-v2/main/blend-whitepaper.md
  • Public markdown copy of the whitepaper; saved locally as blend-whitepaper.md for the corpus.

Corpus takeaway

Blend is useful because it makes permissionless lending look less like one protocol with one risk committee and more like a framework for many locally governed credit markets. The strongest comparison is:

1. Aave/Compound-style money markets for the baseline concept,
2. Euler/Rari-style permissionless asset listing for flexibility pressure,
3. but with much more explicit pool-level isolation, owner-vs-immutable market types, and backstop-governed first-loss capital.

That makes Blend a strong comparison class for future work on isolated lending, borrower-controlled credit surfaces, and any protocol that claims neutrality while still embedding practical governance in pool deployers, oracle choices, and emergency liquidity backstops.