I remember back in 2021, I came into contact with a team working on on-chain unsecured lending. At that time, this model appeared many years before the now popular RWAfi concept.

Their logic was actually simple: raise funds on-chain and then lend to users in emerging markets. When discussing risk control, the team said they established offline collection systems locally to handle bad debt risks.

Interestingly, the final outcome was that the project never managed to accumulate the expected deposit scale; most of the funds still came from the team's own capital. Later, they survived mainly by monetizing through exchange traffic.

Looking at it now, this model was essentially an early exploration before RWAfi became popular. Early innovative projects often go through such transformations—from an ideal business model to a practical way of survival.