Malda Project Research Report Overview Malda (formerly Mendi Finance) is a decentralized protocol focused on unified liquidity lending, which completed its rebranding in February 2025. The protocol addresses the issue of liquidity fragmentation in DeFi through zero-knowledge proof technology, creating a global liquidity pool across Ethereum and Layer 2 networks. @malda_xyz Current Status (as of September 28, 2025 UTC): TVL: $7,976,761 (all on the Linea network) Total Lending: $1,790,000 Social Following: 83,379 Twitter followers Core Technical Features Unified Lending Pool 1. Global Liquidity Integration: Aggregating assets from Ethereum and L2 networks (such as Linea, Base, Optimism) into a single global pool 2. Seamless Experience: Users can deposit, borrow, repay, and withdraw on any supported chain without the need for cross-chain bridging 3. Unified Rates: Enjoy consistent rates across all chains, maximizing capital efficiency zkProof Security Architecture Zero-Knowledge Verification: Based on RISC Zero's zkVM, all computations (utilization, liquidation, etc.) are executed off-chain, with on-chain verification Ethereum-Level Security: Ensures the security of cross-chain interactions through mathematical proofs, preventing double spending and state inconsistencies Anti-Censorship: Users can independently order proofs, bypassing sorter censorship zkML Risk Management 1. On-Chain Verifiable Risk Assessment: Collaborating with Brevis to use zkMachine Learning for transparent risk modeling 2. Dynamic Parameter Calculation: Calculating liquidation thresholds, LTV ratios, and other parameters through zkML models 3. Privacy Protection: Ensuring computational verifiability while keeping data undisclosed Team and Funding Core Team Funding Status 1. Funding Model: Bootstrap development, no traditional VC rounds disclosed 2. Revenue Sources: Internal protocol revenue and partner incentives 3. Governance Funding: Resource allocation through community governance Development History and Partnerships Key Milestones 1. February 20, 2025: Rebranded from Mendi Finance to Malda 2. March 6, 2025: Launched testnet "Malda Awakening" 3. April-May 2025: Mainnet launch 4. May 30, 2025: Suffered a hack, losing approximately $1.2M (recovered through "Phoenix Action") 5. September 15, 2025: Boundless mainnet activation, enhancing ZK infrastructure Strategic Partnerships Across Protocol: Intent-based rebalancing and large loan fulfillment Brevis: zkML risk model collaboration RISC Zero/Boundless: ZK infrastructure API3: Oracles and OEV revenue (80% to the protocol) Linea: Builder allocation funds and incentives Token Economics $MALDA Token Type: Governance and utility token, migrated from $MENDI Current Price: Approximately $0.01061 (low liquidity) Revenue Model: Real yield assets, capturing protocol revenue for stakers and the treasury Revenue Distribution Lending Spread: 15% Liquidation Fees: 20-30% OEV Revenue: 80% Projected Revenue: $108M next year (2% market share) Competitive Landscape Analysis Malda Advantages: Pioneering ZK unified liquidity (2-3 year technology barrier) Addressing $50B fragmented market pain points zkML risk management innovation Investment Assessment Positive Factors Technological Innovation: Pioneering ZK unified lending, addressing DeFi fragmentation Strong Partnerships: Collaborations with top projects like RISC Zero, Across Protocol Audit Security: Secured through Veridise security audit Market Potential: Targeting 5-10% of the DeFi lending market share (~$2.5-5B TVL) Risk Factors Declining TVL: TVL has decreased by 55% over the past 30 days, indicating market challenges Early Stage: The protocol is still in its early stages, with limited user adoption Security History: Previously suffered a hack (recovered but has a risk record) Intense Competition: Facing liquidity competition from established protocols like Aave and Compound Conclusion Malda innovatively addresses the fragmentation issue in DeFi lending through ZK technology, possessing significant technical advantages and market potential. However, the protocol is still in the early development stage, and the declining trend in TVL and limited user adoption indicate real market challenges. Investors should pay attention to its technological implementation, user growth, and TVL recovery capabilities. Risk Level: Medium-High Risk Innovation Index: High Market Maturity: Early