twyne Raises $2.5M Seed Round Led by cyber Fund and Ethereal Ventures

Credit delegation is a structurally interesting corner of DeFi lending: it separates collateral provision from borrowing demand, which could unlock idle capital but also concentrates risk in whoever underwrites the borrower. The notable signal here is the cap table — Euler's involvement suggests incumbents see delegation as complementary rather than cannibalistic to existing lending markets. Whether that thesis holds depends on whether delegated quotas attract genuine borrower demand or simply reshuffle existing leverage, and on how protocols price the added counterparty risk.