The Risk Desk for
Onchain Credit.
Credit Analysis for
Your Onchain Book.

The Risk Desk for
Onchain Credit.
Credit Analysis for
Your Onchain Book.

The Risk Desk for
Onchain Credit.
Credit Analysis for
Your Onchain Book.

The Risk Desk for
Onchain Credit.
Credit Analysis for
Your Onchain Book.

The Risk Desk for
Onchain Credit.
Credit Analysis for
Your Onchain Book.

Capitoli stress-tests every position, traces liquidations through to your

claim, and re-marks the book daily. Every number can be replayed by anyone.

Capitoli stress-tests every position, traces liquidations through to your

claim, and re-marks the book daily. Every number can be replayed by anyone.

Capitoli stress-tests every position, traces liquidations through to your

claim, and re-marks the book daily. Every number can be replayed by anyone.

Capitoli stress-tests every position, traces liquidations through to your claim, and re-marks the book daily. Every number can be replayed by anyone.

Launch App

If you lend onchain, you are underwriting credit. You deserve the analysis the largest curators run in-house.

If you lend onchain, you are underwriting credit. You deserve the analysis the largest curators run in-house.

If you lend onchain, you are underwriting credit. You deserve the analysis the largest curators run in-house.

Our Whitepapers

Dive deeper into how Capitoli underwrites onchain credit, from collateral valuation and downside stress to fixed-rate curves and the full credit book

Dive deeper into how Capitoli underwrites onchain credit, from collateral valuation and downside stress to fixed-rate curves and the full credit book
WHITEPAPER 01
Coming Soon

Capitoli Underwrite

WHITEPAPER 02
Coming Soon

Capitoli Curve

WHITEPAPER 02
Coming Soon

Curve

WHITEPAPER 03
Coming Soon

Capitoli Dealer

WHITEPAPER 03
Coming Soon

Dealer

The audit trail,
in public

The audit trail, in public

The audit trail, in public.

Every Capitoli report is a credit memo in canonical JSON: hashed, pinned to one finalized block, and bound to its inputs, methods and evidence. Anyone can rerun it from the published evidence and land on the same result.

Every Capitoli report is a credit memo in canonical JSON: hashed, pinned to one finalized block, and bound to its inputs, methods and evidence. Anyone can rerun it from the published evidence and land on the same result.
{
  "kind": "UnderwriteReport",
  "reportHash": "0xb863b32e9702c4b68c1d16dc7b0e0f7369591ff56f928865d53a48603203d658",
  "cut": { "number": "26035973", "finality": "finalized" },
  "identity": {
    "collateralToken": { "symbol": "PT-USD3-17DEC2026" },
    "loanToken": { "symbol": "USDC" },
    "terms": {
      "lltv": { "raw": "860000000000000000", "unit": "wad" },
      "liquidationIncentiveFactor": { "raw": "1043841336116910229", "unit": "wad" }
    }
  },
  "inputEcho": { "claim": { "raw": "100000000" } },
  "analysis": {
    "compensation": {
      "currentBaseRate": { "value": { "raw": "58773946828608000", "unit": "annual-rate-wad" } },
      "trailing30d": { "value": { "raw": "60156593821794749", "unit": "annual-rate-wad" } }
    },
    "scenarioAllocations": [{
      "scenarioId": "combined-stress",
      "bounds": [{
        "boundId": "selected-market-last",
        "claimImpact": {
          "loss": { "raw": "0" },
          "unrealizedShortfallShare": { "value": { "raw": "0" } }
        }
      }]
    }]
  },
  "support": { "state": "full" }
}

Frequently Asked Questions

What is Capitoli?

The risk desk for onchain credit. Capitoli does the analytical work a credit desk does before and after a loan: it values the collateral, stresses it to the downside, measures how much can actually be liquidated before losses reach the lender, and keeps the book under daily surveillance. Every result is published with the evidence to replay it. It starts on Morpho, and will expand to every form of onchain credit.

Who is it for?

Anyone who carries onchain credit risk without a large research budget behind them: curators competing with the biggest desks, depositors checking the curator they allocate to, direct lenders supplying a market themselves, and lending protocols that accept vault shares as collateral.

What do you mean by underwriting?

The analysis, not the capital. In tradfi an underwriter often puts its balance sheet behind a deal; Capitoli never does. We lend nothing, exectue nothing and never need your wallet. We give you the credit memo and the decision stays yours.

How is this different from real-time monitoring?

It is the other half. Real-time tools flag an exploit in minutes. Capitoli measures the slow-moving risk they miss: collateral drifting toward its liquidation threshold, exit liquidity thinning, the same exposure piling up across markets.

Why portfolios, not tokens?

Because vault shares are now collateral. Two vaults can look like separate collateral while carrying the same underlying exposure. Capitoli underwrites each market and aggregates the book, so shared exposure shows up once, where it belongs.

What is currently available in Underwrite Beta?

Underwrite Beta is our first release. Pick one of three supported Morpho markets on Ethereum, enter the size you lend, or prefill it from a vault's position to obtain a report pinned to a finalized block. Report shows what the market pays you, what the collateral is really worth, and how five stress scenarios travel from liquidation to your claim, down to your distance to loss. The methodology evidence comes with it, exportable as JSON. It's the first piece of the desk, and more is on the way. Tell us what's missing: your feedback shapes what we build next.

Copyright © Capitoli
Copyright © Capitoli