Lygos charges 10% APR with $0 origination fees using non-custodial (dlc). Ledn charges 9.25%–11.49% APR with a 2% origination fee using custodial (segregated). See the full breakdown of rates, thresholds, and custody risk below.
Rates verified 2026-06-09
Lygos offers a lower headline rate at 10% compared to Ledn's 9.25%–11.49%. On a $1M loan held for 12 months, Lygos saves $19,900 in total first-year cost (interest plus origination fees). From a custody perspective, Lygos presents lower counterparty risk with its non-custodial (dlc) model.
Ledn offers tiered rates that decrease with larger loan amounts, while Lygos charges a flat rate regardless of loan size. Total year-1 cost includes both annualized interest and any origination fees charged upfront.
| Loan Size | Lygos APR | Ledn APR | Lygos Total Year-1 Cost | Ledn Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $100,000 | 10% | 11.49% | $10,000 | $13,490 | $3,490 with Lygos |
| $250,000 | 10% | 10.99% | $25,000 | $32,475 | $7,475 with Lygos |
| $500,000 | 10% | 10.19% | $50,000 | $60,950 | $10,950 with Lygos |
| $1M | 10% | 9.99% | $100,000 | $119,900 | $19,900 with Lygos |
| $5M | 10% | 9.25% | $500,000 | $562,500 | $62,500 with Lygos |
Total year-1 cost includes annualized interest plus origination fees. Ledn: 2% origination fee. Lygos: $0 origination fee. Rates sourced from each lender's public rate pages as of 2026-06-09.
Lygos and Ledn take fundamentally different approaches to collateral custody. Lygos uses Non-custodial (DLC). Your Bitcoin is locked on the Bitcoin blockchain in a smart contract. Neither Lygos nor any third party can access or move your collateral. Ledn uses Custodial (segregated). Your Bitcoin is held by Ledn and could be at risk in the event of a hack, insolvency, or regulatory action.
Lygos triggers margin calls at 70% LTV and liquidates at 85% LTV. Ledn triggers margin calls at 70% LTV and liquidates at 80% LTV.
| Threshold | Lygos | Ledn |
|---|---|---|
| Max Starting LTV | 70% | 50% |
| Margin Call | 70% LTV | 70% LTV |
| Margin Call Window | Threshold-based | Threshold-based |
| Liquidation | 85% LTV | 80% LTV |
Lygos: 15.0 percentage point buffer between starting LTV (70%) and liquidation (85%). Ledn: 30.0 percentage point buffer between starting LTV (50%) and liquidation (80%). Ledn provides a wider safety margin.
The choice between Lygos and Ledn comes down to three factors: total cost, custody architecture, and who the platform is designed for. Lygos serves borrowers from $50,000 to $50,000,000 with a single transparent rate and non-custodial DLC security. Ledn serves a broader range starting from $500, using custodial (segregated).
On a $250,000 loan, Lygos costs $25,000 in the first year versus $32,475 at Ledn, a difference of $7,475. Part of Ledn's higher cost comes from its 2% origination fee, which adds $5,000 upfront on this loan size. Lygos charges no origination fee, so the only cost is interest.
The custody difference is material. Lygos uses non-custodial (dlc), which means your Bitcoin is locked on the Bitcoin blockchain in a smart contract where no party can access it. Ledn uses custodial (segregated). In a platform insolvency scenario, Lygos borrowers' collateral is protected by the Bitcoin protocol, while Ledn borrowers may face creditor claims.
Lygos is the better fit for borrowers who prioritize non-custodial security, want a single transparent rate, and are borrowing $50,000 or more. Ledn is the better fit for borrowers who need smaller loans or more flexible access.
Key details to be aware of: Ledn: 2% admin fee waived US/Canada. Bitcoin-only and fully custodied (no rehypothecation) since Jul 2025; monthly proof-of-reserves.
Lygos is cheaper. On a $500,000 loan held for 12 months, Lygos costs $50,000 (10% APR) while Ledn costs $60,950 (10.19% APR + 2% origination fee). That is a $10,950 difference in the first year.
Lygos uses non-custodial (dlc). Ledn uses custodial (segregated). Lygos presents lower custody risk because your collateral is locked on the Bitcoin blockchain where no party can access it.
Lygos's minimum loan is $50,000. Ledn's minimum is $500. Ledn is more accessible for smaller borrowers.
Lygos issues a margin call at 70% LTV (threshold-based, no fixed window) and liquidates at 85% LTV. Ledn issues a margin call at 70% LTV (threshold-based, no fixed window) and liquidates at 80% LTV. Starting from a 50% LTV, Lygos provides a 35-point buffer before liquidation, while Ledn provides a 30-point buffer.
It depends on your priorities. Lygos (10% APR, non-custodial (dlc), min $50,000) is better for borrowers who prioritize non-custodial security and want a flat transparent rate. Ledn (9.25%–11.49% APR, custodial (segregated), min $500) is better for borrowers who value custodial (segregated) and need smaller loan access. Use the rate table and cost comparison above to model your specific scenario.
See why borrowers choose Lygos over Ledn for Bitcoin-backed liquidity without custody risk.