Lygos charges 10% APR with $0 origination fees using non-custodial (DLC). Strike charges 7.49%–10.5% APR with $0 origination fees using custodial (proof-of-reserves for 50+ BTC). See the full breakdown of rates, thresholds, and custody risk below.
Terms checked individually — Lygos: 2026-09-29; Strike: 2026-09-29.
For the standardized $250,000, 50% LTV, 12-month scenario, Lygos is 10% APR and Strike is 10% APR. Lygos: 50% LTV · 12-month term. Strike: Monthly-pay option; 12-month fixed term.
From a custody perspective, Lygos presents lower counterparty risk with its non-custodial (DLC) model.
To keep the comparison clean, both lenders are modeled at $250,000 principal, 50% starting LTV, and a 12-month term, using monthly-pay pricing where available. Lygos pricing varies by flat rate; Strike pricing varies by loan size and payment schedule. Actual offers can differ when those inputs change.
| Loan Size | Lygos APR | Strike APR | Lygos Total Year-1 Cost | Strike Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $250,000 | 10% | 10% | $25,000 | $25,000 | Nearly even |
Assumptions: $250,000 principal, 50% starting LTV, 12-month term, and monthly-pay pricing where offered. Total year-1 cost includes annualized interest and fees, but does not add a fee again when the lender's published APR already includes it. Lygos: $0 origination fee. Terms checked individually — Lygos: 2026-09-29; Strike: 2026-09-29.
Lygos and Strike 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. Strike uses custodial (proof-of-reserves for 50+ BTC). Your Bitcoin depends on the security and solvency of that custody arrangement and could be at risk in the event of a hack, insolvency, or regulatory action.
Lygos: At-risk alert at 80%; no mandatory call. Positions liquidate at 90% LTV. Strike triggers margin calls at 70% LTV and liquidates at 85% LTV. Strike gives borrowers 72 hours to respond to a margin call. Lygos has no mandatory margin-call step; at-risk alert at 80%; no mandatory call.
| Threshold | Lygos | Strike |
|---|---|---|
| Max Starting LTV | 70% | 50% |
| Margin Call | At-risk alert at 80%; no mandatory call | 70% LTV |
| Margin Call Window | No margin-call window | 72 hours |
| Liquidation | 90% LTV | 85% LTV |
This comparison uses each lender's own maximum starting LTV, not a common 50% starting position. Lygos: 20.0 percentage point modeled buffer between maximum starting LTV (70%) and liquidation (90% LTV). Strike: 35.0 percentage point modeled buffer between maximum starting LTV (50%) and liquidation (85% LTV). Strike provides a wider safety margin.
The choice between Lygos and Strike comes down to three factors: total cost, custody architecture, and who the platform is designed for. Lygos serves borrowers from $25,000 to $100M with a single transparent rate and non-custodial DLC security. Strike serves a broader range starting from $10,000, using custodial (proof-of-reserves for 50+ BTC).
At $250,000, both lenders have comparable first-year costs: Lygos at $25,000 and Strike at $25,000. The difference is marginal, so the decision turns on custody architecture, liquidation terms, and platform features rather than raw cost.
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. Strike uses custodial (proof-of-reserves for 50+ BTC). That arrangement adds custody-provider and insolvency risk that a script-enforced DLC avoids.
Lygos is the better fit for borrowers who prioritize non-custodial security, want a single transparent rate, and are borrowing $25,000 or more. Strike is the better fit for borrowers who are borrowing $10,000 or more and prefer this platform's specific features.
Key details to be aware of: Strike: 0.79% fee if repaying with BTC collateral, 0.
The costs are nearly identical. Lygos totals $25,000 and Strike totals $25,000 under the standardized scenario. Other factors like custody model and liquidation terms may be more important in this case.
Lygos uses non-custodial (DLC). Strike uses custodial (proof-of-reserves for 50+ BTC). 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 $25,000. Strike's minimum is $10,000. Strike is more accessible for smaller borrowers.
Lygos has no formal margin-call threshold and liquidates automatically at 90% LTV. Strike issues a margin call at 70% LTV with a 72-hour response window and liquidates at 85% LTV. For a common 50% starting LTV (rather than each lender's maximum), the modeled buffers are 40 points at Lygos and 35 points at Strike.
It depends on your priorities. Lygos (10% APR, non-custodial (DLC), min $25,000) is better for borrowers who prioritize non-custodial security and want a flat transparent rate. Strike (7.49%–10.5% APR, custodial (proof-of-reserves for 50+ BTC), min $10,000) is better for borrowers who value custodial (proof-of-reserves for 50+ BTC) and prefer this platform's lending structure. Use the rate table and cost comparison above to model your specific scenario.
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