The current on-chain liquidity ecosystem faces serious fragmentation issues, with various assets' liquidity scattered across different protocols and platforms, leading to inefficiencies. Emerging universal collateral infrastructure is changing this situation—it allows multiple asset classes to be unified and efficiently utilized, enabling users to obtain liquidity without selling their held assets.

The core logic of such systems is: depositors deposit liquid assets into the platform, and these assets can be used as collateral across different DeFi application scenarios. Compared to traditional single-asset collateral models, multi-asset collateral systems significantly reduce transaction friction, allowing users to retain ownership of the underlying assets while gaining flexible access to funds. This is of great significance for optimizing capital efficiency and promoting the deep development of the DeFi market.