ZeroLend
ZeroLend was a decentralized DeFi lending protocol operating across multiple Ethereum Layer 2 networks (zkSync, Manta, Base, Linea, XLayer), offering carry trades and yield leveraging on digital assets to permissionless crypto-native users. It shut down in February 2026 after TVL collapsed from $359M to ~$6.5M.
- Company typePrivate
- Founded2023
- HeadquartersAthens, Greece
- Headcount11–50
- GTM typeB2C
- OfferingSoftware
What ZeroLend does
ZeroLend was a decentralized finance (DeFi) lending protocol founded in 2023 that operated permissionless lending markets across multiple Ethereum Layer 2 networks, including zkSync (where it was the largest lending protocol by TVL), Manta Network (third-largest), Linea, Base, and XLayer. The protocol's core offering was its lending market enabling users to supply and borrow digital assets, with a product specialization in carry trades and yield leveraging on higher-risk asset categories including real-world assets (RWAs), stablecoins, LP tokens, and memecoins. Supporting products included ZERO token staking (with protocol revenue sharing, partner airdrops, and deflationary buybacks), Earn/Yield markets, and a Crypto Credit Card that remained in waitlist phase. The protocol was non-custodial and accessed via a self-serve web application at app.zerolend.xyz, with risk parameter management handled in partnership with Chaos Labs and oracles supplied by Pyth and Redstone.
The business model relied on lending interest rate spreads, with the protocol capturing a portion of borrower interest as revenue from each transaction. Go-to-market was product-led and community-driven, primarily via Discord, Twitter/X, GitHub, and documentation channels, with no sales motion. Customer segments were horizontal DeFi user personas — DeFi power users executing carry trades, crypto natives deploying capital across L2 ecosystems, and holders of diverse digital assets — served globally on a permissionless basis. ZeroLend raised $3M in seed funding in February 2024 at a $25M post-money valuation from a syndicate of crypto-native investors including ConsenSys, Curve Finance, Mapleblock Capital, and Momentum 6. The protocol peaked at $359M in TVL in November 2024 with approximately 350,000 unique active addresses, but suffered a January 2025 exploit on its Bitcoin product that triggered mass withdrawals and was ultimately shut down in February 2026 after TVL collapsed to roughly $6.46M. The company cited inactive chains, discontinued oracle support, security attacks, and prolonged operating losses as the reasons for closure, with its ZERO token falling 34% on the announcement.
ZeroLend firmographics
Firmographics- Name
- ZeroLend
- Legal name
- ZeroLend
- Website
- https://zerolend.xyz
- Company type
- Private
- Founded year
- 2023
- Operating status
- Closed
- Headcount range
- 11–50 employees
- Short description
- ZeroLend was a decentralized DeFi lending protocol operating across multiple Ethereum Layer 2 networks (zkSync, Manta, Base, Linea, XLayer), offering carry trades and yield leveraging on digital assets to permissionless crypto-native users. It shut down in February 2026 after TVL collapsed from $359M to ~$6.5M.
- Ownership category
- akta.pro rank
ZeroLend industry classification
Industry- Product category
- Decentralized Finance (DeFi) Lending
- NAICS
- Securities and Commodity Exchanges (52321)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Decentralized Lending & Borrowing Protocols (FSADAMAA)
- akta.pro secondary industries
- Decentralized Lending & Credit Markets (overcollateralized/undercollateralized, P2P) (FSAPAEAA), Lending Protocol Infrastructure (Oracles, Rate Models, Vaults) (FSADAFAN)
Keywords
Where ZeroLend is headquartered
LocationHeadquarters
- HQ city
- Athens
- HQ country
- Greece
- HQ region
- Europe
Offices1 record
Markets served
ZeroLend business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Infrastructure, Personnel, Operations
Revenue model
- Lending Interest Spreads: ZeroLend generates revenue through interest rate spreads on loans originated through its lending markets. Users borrow assets and pay interest, with the protocol capturing a portion of the lending fees as protocol revenue.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
ZeroLend product offering
Product offeringCore offering
ZeroLend operates a decentralized lending market protocol deployed across multiple Ethereum Layer 2 solutions (zkSync, Manta, Linea, Base, XLayer). It enables users to lend and borrow digital assets — including real-world assets (RWAs), stablecoins, LP tokens, and memecoins — and to execute carry trade and yield leveraging strategies through permissionless, non-custodial smart contract markets.
Product overview
ZeroLend is a multi-chain decentralized lending market built on Ethereum Layer 2 solutions, offering carry trades and yield leveraging products. The core offering consists of the ZeroLend Lending Protocol with its native ZERO governance token, supported by Earn/Yield Markets for generating returns on digital assets (RWAs, stables, LP tokens, memecoins) and ZERO Staking for revenue sharing. A Crypto Credit Card product was announced for spending crypto without selling. The protocol operated across zkSync Era (largest by TVL) and Manta Network (third-largest by TVL), with plans to expand to other Layer 2 solutions. The protocol shut down in February 2026 after three years of operation due to sustainability challenges.
Differentiator
Problem solved
Functional benefit
Products and services
- ZeroLend Lending Protocol A decentralized finance (DeFi) lending protocol operating on Ethereum Layer 2 solutions, offering carry trades and yield leveraging on digital assets including RWAs, stablecoins, LP tokens, and memecoins. Targeted at self-directed crypto users.
- ZERO Governance Token Native governance token enabling holders to participate in protocol governance, share protocol revenue, receive partner airdrops, and benefit from deflationary buybacks. For crypto token holders participating in ZeroLend governance.
- Earn/Yield Markets Yield generation product allowing users to earn returns on high-risk digital assets including real-world assets (RWAs), stablecoins, LP tokens, and memecoins supplied to protocol lending pools.
- ZERO Staking Staking mechanism allowing ZERO token holders to share protocol revenue, receive partner airdrops, and benefit from deflationary buybacks.
Quantifiable outcome
- Largest lending protocol on zkSync by TVL (2024)
- +1 more outcomes
Companies that use ZeroLend
Customer profileSegments3 records
Ideal customer profiles3 records
ZeroLend technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration7 records
Feature4 records
ZeroLend partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered core and major.
- zkSynccoreZeroLend is the largest lending protocol on zkSync by Total Value Locked. The protocol leverages zkSync's Layer 2 infrastructure for scalable, low-cost lending operations.
- Manta NetworkcoreZeroLend is the third-largest lending protocol on Manta Network by TVL. The partnership enables lending services on Manta's privacy-preserving Layer 2 blockchain.
- LayerZerocoreIntegrated for cross-chain messaging and interoperability, enabling ZeroLend to operate across multiple blockchain networks with unified messaging standards.
- PythmajorOracle data provider integrated for price feeds, supplying real-time market data for lending operations and collateral valuation.
- GelatomajorAutomation infrastructure partner providing smart contract automation and task scheduling for protocol operations.
- RedstonemajorAlternative oracle provider offering price feeds and data services for protocol operations.
- Chaos LabsmajorRisk management platform providing ongoing risk monitoring and parameter optimization for the lending protocol's risk frameworks.
- ImmuneficoreBug bounty platform hosting ZeroLend's security vulnerability reward program for responsible disclosure.
- IntoTheBlockmajorOn-chain analytics provider supplying market intelligence and risk metrics for protocol monitoring.
- DeFiLlamamajorDeFi TVL aggregator used for protocol analytics and market positioning data.
- DunemajorBlockchain analytics platform hosting ZeroLend protocol dashboards and trading analytics.
Scale indicators6 records
Recent moves6 records
Expansion highlights3 records
ZeroLend competitors and assessment
Company assessmentDirect peers
- Aave: Aave is the largest decentralized lending protocol in DeFi, operating across multiple Ethereum L2s. Directly comparable to ZeroLend as a money market offering overcollateralized lending and borrowing, with similar revenue model (interest rate spreads) and multi-chain deployment strategy.
- Compound: Compound is one of the original Ethereum-based decentralized lending protocols. Directly comparable to ZeroLend in core functionality (algorithmic money markets with cToken-style interest accrual), serving DeFi users seeking yield on crypto collateral.
- Spark Protocol: Spark is a major L2-native lending protocol associated with the Sky/MakerDAO ecosystem. Comparable to ZeroLend as an Ethereum L2 money market focused on stablecoin and ETH lending, targeting similar DeFi power users seeking leveraged yield strategies.
- Radiant Capital: Radiant is an omnichain money market protocol deployed across multiple chains. Directly comparable to ZeroLend's multi-chain L2 strategy, offering cross-chain lending with unified liquidity pools and similar cross-chain messaging integration via LayerZero.
- Morpho: Morpho is a lending optimization protocol that creates efficient lending markets on top of Aave and Compound. Comparable to ZeroLend in targeting yield-optimization use cases for sophisticated DeFi users, though Morpho focuses on optimization layers versus standalone markets.
- Silo Finance: Silo Finance is a decentralized lending protocol using isolated risk markets. Comparable to ZeroLend in offering cross-chain lending (Ethereum, Arbitrum) with similar DeFi-native user base seeking yield and leverage on crypto collateral.
- Euler: Euler is a decentralized lending protocol with modular, permissionless market creation. Comparable to ZeroLend as a DeFi-native lending platform offering sophisticated yield strategies to power users across multiple chains.
Broad incumbents
- MakerDAO (Sky): MakerDAO/Sky is one of the largest DeFi protocols, operating the DAI/SKY stablecoin system via collateralized debt positions. Comparable to ZeroLend in lending infrastructure for crypto collateral, though operating at much broader scale and across different geographies of the DeFi ecosystem.
Emerging players
- dYdX: dYdX is a decentralized perpetual futures exchange with its own chain. Partially comparable to ZeroLend as a sophisticated DeFi trading platform targeting power users with leveraged positions, though focused on derivatives rather than spot lending.
Regional players
- Venus Protocol: Venus is a major money market protocol on BNB Chain. Comparable to ZeroLend in offering algorithmic lending and borrowing with similar revenue model, but operates in a different blockchain ecosystem (BNB Chain rather than Ethereum L2s).
Market position
Strengths3 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
ZeroLend social profiles
Digital presenceZeroLend financial estimates
Financial estimateRevenue estimate
Valuation estimate
ZeroLend leadership team
Management profileNumber of profiles
Profiles1 record
ZeroLend funding detail
Funding detailFunding overview
Funding rounds2 records
Investors26 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
ZeroLend M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about ZeroLend
What does ZeroLend do?
ZeroLend operates a decentralized lending market protocol deployed across multiple Ethereum Layer 2 solutions (zkSync, Manta, Linea, Base, XLayer). It enables users to lend and borrow digital assets — including real-world assets (RWAs), stablecoins, LP tokens, and memecoins — and to execute carry trade and yield leveraging strategies through permissionless, non-custodial smart contract markets.
Is ZeroLend a public or private company?
ZeroLend is a private company. It is classified as venture growth investor backed and is currently closed.
When was ZeroLend founded?
ZeroLend was founded in 2023. It employs 11 to 50 people.
Where is ZeroLend based?
ZeroLend is headquartered in Athens, Greece, in the Europe region.
How does ZeroLend make money?
One revenue line is on record: lending Interest Spreads.
Who are ZeroLend's main competitors?
Direct peers on record are Aave, Compound, Spark Protocol, Radiant Capital, Morpho, Silo Finance and Euler. MakerDAO (Sky) is listed as a broad incumbent. dYdX is listed as an emerging player. Venus Protocol is listed as a regional player.
Does ZeroLend have an API?
No public API is recorded for ZeroLend.
What industry is ZeroLend in?
ZeroLend's product category is Decentralized Finance (DeFi) Lending. Its primary akta.pro industry code is FSADAMAA, Decentralized Lending & Borrowing Protocols, with a secondary code of FSAPAEAA, Decentralized Lending & Credit Markets (overcollateralized/undercollateralized, P2P). Its NAICS code is 52321 and its SIC code is 6200.