CDPs · Review

Active

Enosys Loans Review 2026: A Liquity V2-Style CDP on Flare

Enosys Loans is a Liquity V2 fork on Flare that lets users borrow the $CDP stablecoin against collateral, including XRP-based assets. It holds roughly $7.3M in TVL and has a short track record.

Flare

By the DappsAtlas editorial team · Updated Nov 4, 2026

DappsAtlas score

6.0/10

Mixed

Visit Enosys Loans

Our verdict on Enosys Loans

6.0/10

Enosys Loans suits users who already hold XRP-based or other Flare assets and want to borrow a stablecoin against them. Its main strength is the proven Liquity V2 design, along with integration into the wider Enosys suite. The main caveat is that DefiLlama lists no audits and the protocol launched recently, so users should read the audit materials, start small and watch liquidation levels closely.

Score breakdown

How Enosys Loans scores

Security: 5.5/10
Ease of use: 6.0/10
Fees: n/a
Features: 6.5/10

Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.

What is Enosys Loans?

Enosys Loans is the lending product in the Enosys DeFi suite. DefiLlama classes it as a CDP protocol and describes it as a Liquity V2 fork on Flare. Users borrow the $CDP stablecoin against deposited collateral.

DefiLlama shows about $7.25M in TVL, down 1.6% over seven days, and lists the protocol since December 2025. A Google result dates the launch announcement to September 2025 and mentions XRP-backed borrowing. Another notes $3.6M TVL and 1.6M $CDP minted soon after launch, including $1M backed by XRP.

Enosys describes itself as a blockchain R&D lab. Its suite includes DEX V2 and V3, farms, a bridge, an NFT gallery and infrastructure tools. DefiLlama lists a token, EXFI. A separate Songbird platform, Experimental Finance, is a different product.

How Enosys Loans works

A CDP protocol lets users lock crypto as collateral and borrow a stablecoin against it. On Enosys Loans the stablecoin is $CDP. The protocol is a fork of Liquity V2, so it follows that design.

In a Liquity V2-style system, borrowers keep their positions open as long as collateral stays above a minimum ratio. If it falls below, the position can be liquidated. Stability Pools hold $CDP deposits that cover those liquidations, and depositors earn a share of protocol fees. Redemptions let anyone swap $CDP for collateral at face value, which helps keep the peg.

Public sources give no Enosys-specific parameters. Minimum ratios, rate settings and accepted collateral should be confirmed in the app.

6 features

Key features

CDP stablecoin borrowing

Users lock collateral and mint the $CDP stablecoin against it, following the Liquity V2 model.

Stability Pools

A Google result describes Stability Pools that earn protocol fees, plus additional incentives for participants.

XRP-backed loans

Public sources mention XRP-backed borrowing, and early minting included $1M backed by XRP.

Part of the Enosys suite

Loans sits beside a DEX, farms, a bridge and an NFT suite from the same team.

Public code and audits

Enosys states that its audits and code are publicly available.

Flare-native deployment

The protocol runs on Flare, so users interact with Flare-based assets.

Pros and cons

What we like

Builds on the Liquity V2 design, a well-known CDP model with a public track record in other deployments.
Gives holders of XRP-based assets on Flare a way to borrow without selling.
Part of a broader Enosys ecosystem with a DEX, farms and a bridge.
Enosys states that its audits and code are public.
TVL of roughly $7.3M shows some user adoption.

Watch out for

DefiLlama lists no audits for this protocol, so readers must locate and check the audit reports themselves.
Liquity V2 forks carry liquidation and redemption risk, and these risks are heightened with volatile collateral.
The protocol launched in late 2025, so its track record is short.
The $CDP stablecoin's peg depends on the design working under stress, and public sources give no peg history.
Fee and interest rate details are not in the published facts.

Enosys Loans fees

Fee details are not published. Liquity V2-style protocols typically charge borrowers an interest rate and may charge fees on early rate changes or redemptions. The Enosys facts do not confirm the specifics for this fork.

Beyond protocol fees, users also pay Flare network gas. Check the Loans app and the Enosys knowledge base for current rates, minimum collateral ratios and any fees before opening a position.

Is Enosys Loans safe?

DefiLlama lists zero audits for Enosys Loans. Enosys's homepage says audits and code are public and that each release is tested in 11 environments, but the project does not name an auditor or confirm which audits cover the Liquity V2 fork. No hack or exploit is mentioned publicly. This is not evidence that none has occurred.

The main risks are smart-contract bugs, liquidation when collateral falls, and stablecoin depeg risk. Positions are non-custodial, so users hold the keys, but funds sit in smart contracts. Public sources include no regulatory or licensing information. This is a research summary, not financial advice.

7 steps

How to get started with Enosys Loans

1
Read the Enosys Loans documentation and the audit materials linked from the Enosys site.
2
Set up a Flare-compatible wallet and fund it with the collateral you plan to use, plus a small amount for gas.
3
Open the Loans app from the official Enosys site and connect your wallet.
4
Choose a collateral type, deposit amount and borrow amount, keeping a wide buffer above the minimum collateral ratio.
5
Review the interest rate and liquidation terms shown in the app, then confirm the transaction.
6
Monitor your position and add collateral or repay if prices move against you.
7
Optionally, deposit $CDP into a Stability Pool, noting the risks.

Open Enosys Loans

Who Enosys Loans is for

Enosys Loans is for experienced DeFi users on Flare who understand collateral ratios and liquidation risk. It may suit those who want stablecoin liquidity against XRP-based assets, or who want to earn fees through the Stability Pools. Beginners should learn how CDPs work first.

Enosys Loans FAQs

What is Enosys Loans?

Enosys Loans is a collateralized debt position (CDP) protocol on the Flare network. DefiLlama describes it as a Liquity V2 fork. Users lock collateral and borrow the $CDP stablecoin against it.

What collateral can be used on Enosys Loans?

Public sources name XRP-backed borrowing, and a Google result mentions that $1M of early minting was backed by XRP. A search listing also shows HLN. The full, current list of accepted collateral is not public and should be confirmed in the app.

Which blockchain does Enosys Loans run on?

Enosys Loans runs on Flare. The wider Enosys group also operates products on Songbird and other chains, but DefiLlama lists only Flare for the loans protocol.

Has Enosys Loans been audited?

DefiLlama lists no audits for Enosys Loans. The Enosys homepage says audits and code are publicly available, but the project does not name an auditor or report. Check the audit documentation before depositing.

What are the Stability Pools?

Stability pool depositors provide $CDP to absorb liquidations and earn protocol fees. A Google result also mentions additional incentives and rewards outside those fees. Current yields are not public.

Is borrowing on Enosys Loans risky?

Yes. CDP borrowing can lead to liquidation if collateral value falls, and redemptions can close positions with the lowest interest rates. Smart-contract bugs are possible, and the protocol is a recent launch.

Compare

Enosys Loans alternatives

All alternatives

crvUSD

CDPs

crvUSD is Curve Finance's overcollateralized, USD-pegged CDP stablecoin on Ethereum, minted against crypto collateral by DeFi borrowers.

TVL $112M−13.2%Ethereum

Liquity V2

CDPs

Liquity V2 is an immutable Ethereum borrowing protocol where users set their own interest rate and mint the BOLD stablecoin against ETH, wstETH or rETH.

TVL $86.7M+0.6%Ethereum

Frankencoin

CDPs

Frankencoin is an over-collateralized, oracle-free Swiss franc stablecoin (ZCHF) on Ethereum for borrowing, saving and payments.

TVL $59.3M+2.1%Ethereum

Liquity V1

CDPs

Liquity V1 is an immutable Ethereum protocol offering 0% interest LUSD loans against ETH collateral, for DeFi users comfortable with liquidation risk.

TVL $155M−0.8%Ethereum

Indigo

CDPs

Indigo is a non-custodial synthetic assets protocol on Cardano for minting iUSD and iBTC against collateral, aimed at Cardano DeFi users.

TVL $3.10M−5.5%Cardano

Sky Lending

CDPs

Sky Lending is the borrowing and savings side of the Sky ecosystem on Ethereum, built on the USDS stablecoin, the upgraded version of DAI.

TVL $4.67B−8.4%Ethereum

Same category

More CDPs

CDPs rankings

Sky

CDPs

Sky is the rebranded MakerDAO, a DeFi protocol issuing the USDS and DAI stablecoins, governed by SKY token holders, for DeFi users and stablecoin holders.

Liquity

CDPs

Liquity is an Ethereum borrowing protocol where ETH holders mint USD stablecoins (LUSD, BOLD) against their collateral, with the LQTY token for incentives.

Ethereum

Reservoir Protocol

CDPs

Reservoir Protocol issues the rUSD stablecoin and yield assets srUSD and trUSD across 17 chains, for DeFi users seeking stable yield.

TVL $69.6M−2.3%Monad · Ethereum · Plasma +14

River Omni-CDP

CDPs

River Omni-CDP is a multi-chain CDP protocol that issues the satUSD stablecoin against cross-chain collateral without bridging, for experienced DeFi users.

TVL $74.3M−3.9%BNB Chain · BSquared · Ethereum +9