Crypto credit used to be sold as speed: pledge bitcoin or ether, receive liquidity, avoid selling the asset. That is still useful, but it is no longer enough to compare providers. As markets mature, borrowers increasingly need to evaluate crypto loans like any other secured financing product.
Collateral is not one thing.
BTC held in qualified custody, wrapped BTC in a protocol, ETH posted to a smart contract, and stablecoins inside an exchange account can all support borrowing. They do not carry the same operational, liquidity, or liquidation risk. Those differences show up in rates, margin calls, and loan terms.
Rate transparency matters.
On-chain markets publish utilisation and variable rates in real time. Centralised platforms often quote tiered rates tied to account status, custody terms, or proprietary funding costs. Private credit desks may negotiate pricing around relationship size and collateral composition.
The best comparison starts with the same question every lender asks: how quickly can this collateral be valued, controlled, and liquidated without impairing the client relationship?