Bitcoin credit, on Bitcoin's base layer.
Borrow against your Bitcoin or earn 12% on it — without surrendering custody. Non-custodial. No margin calls. No counterparty risk.
Partners
How it works
Both parties commit Bitcoin. Both parties pre-sign every possible outcome. Bitcoin's base layer enforces the result.
Both parties commit Bitcoin to the same contract.
You commit Bitcoin as collateral; the lender commits Bitcoin as principal. Both sit in the same Discreet Log Contract (DLC) pool on Bitcoin's base layer. Every settlement outcome is pre-signed by both parties before any Bitcoin moves. Cadena holds no key.
You sell your own Bitcoin separately for the cash you need.
The contract gives you synthetic exposure to your locked collateral. You sell Bitcoin separately on your own exchange or OTC desk for the cash.
Cash in hand. Bitcoin position preserved through the locked collateral.
The contract settles itself at term-end.
At maturity, the pre-signed Contract Execution Transaction broadcasts on-chain. The lender's USD target is paid in Bitcoin at maturity price. You receive the residual back to self-custody.
No margin calls. No active repayment.
Why Cadena
Most Bitcoin lenders take your coins. We never touch them.
True Self-Custody
Your private keys never leave your hands. Bitcoin sits in on-chain DLC contracts — Cadena has zero ability to move, seize, or rehypothecate your collateral. The Signer App is open-source and verifiable.
No Margin Calls
Fully On-Chain
Funded Fast, Verified Properly
Regulated · Verifiable · Live
How Cadena compares
Why non-custodial Bitcoin credit is structurally different from every other option.
| Feature | Cadena | Custodial Lenders | DeFi Pools (wBTC) | Selling Bitcoin |
|---|---|---|---|---|
| Keep BTC in self-custody | ✓ | ✗ | ✗ wrapped | ✗ |
| No margin calls | ✓ | ✗ | ✗ liquidation engine | — |
| No rehypothecation | ✓ | ✗ | ✗ pooled | — |
| No credit check | ✓ | ✗ | ✓ | — |
| No taxable event | ✓ | ✓ | depends | ✗ |
| Fully on-chain enforcement | ✓ | ✗ | ✓ | — |
| Bitcoin-native (no wrapping) | ✓ | depends | ✗ | — |
| Keep BTC price upside | ✓ | ✓ | ✓ | ✗ |
| Lender gets fixed yield | ✓ | ✓ | ✗ variable | — |
| Pre-signed settlement | ✓ | — | ✗ | — |
Verified on mainnet
An early Cadena contract settled on Bitcoin's mainnet. Every outcome was pre-signed.
Early contract — funded Nov 2025, settled May 2026
6-month term · $80k BTC · 12% annualized yield
Bitcoin's price fell over the term — the lender received more sats than the opening BTC contribution implied, exactly as the pre-signed CETs were structured to deliver.
Frequently asked questions
The questions every prospect asks before their first contract.
For institutions
If you're managing a Bitcoin treasury, running a fund, operating a mining business, or sitting on a sec-lending desk — Cadena's architecture maps onto your existing collateral and settlement mental model.
Worked examples by use case
12% annualized USD yield on Bitcoin
View →Non-custodial liquidity without selling
View →Kevin Bell, CFA
Founder — term sheets available
Stay in the loop
Rate updates, on-chain settlements, and chapter excerpts from Endgame — Kevin's book on the credit function on Bitcoin.
One email per week. Unsubscribe anytime.
Ready to put your Bitcoin to work?
Borrow against your Bitcoin or earn 12% USD-denominated yield on it — without surrendering custody. Onboard once. Reuse across every contract.
No credit check · No custody transfer · No margin calls · Mainnet-verified
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