Lygos charges 10% APR with $0 origination fees using non-custodial (dlc). Unchained charges 14%–15% APR with a 2% origination fee using collaborative multisig (2-of-3). 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 Unchained's 14%–15%. On a $1M loan held for 12 months, Lygos saves $60,000 in total first-year cost (interest plus origination fees). From a custody perspective, Lygos presents lower counterparty risk with its non-custodial (dlc) model.
Total year-1 cost includes both annualized interest and any origination fees charged upfront.
| Loan Size | Lygos APR | Unchained APR | Lygos Total Year-1 Cost | Unchained Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $250,000 | 10% | 14% | $25,000 | $40,000 | $15,000 with Lygos |
| $500,000 | 10% | 14% | $50,000 | $80,000 | $30,000 with Lygos |
| $1M | 10% | 14% | $100,000 | $160,000 | $60,000 with Lygos |
| $5M | 10% | 14% | $500,000 | $800,000 | $300,000 with Lygos |
Total year-1 cost includes annualized interest plus origination fees. Unchained: 2% origination fee. Lygos: $0 origination fee. Rates sourced from each lender's public rate pages as of 2026-06-09.
Lygos and Unchained 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. Unchained uses Collaborative multisig (2-of-3). Multiple key holders must coordinate to move funds, reducing single-point-of-failure risk but still requiring trust in the key coordination process.
Lygos triggers margin calls at 70% LTV and liquidates at 85% LTV. Unchained triggers margin calls at 67% LTV and liquidates at 83% LTV. Unchained gives borrowers 24 hours to respond to a margin call. Lygos uses threshold-based triggers without a fixed response window.
| Threshold | Lygos | Unchained |
|---|---|---|
| Max Starting LTV | 70% | 50% |
| Margin Call | 70% LTV | 67% LTV |
| Margin Call Window | Threshold-based | 24 hours |
| Liquidation | 85% LTV | 83% LTV |
Lygos: 15.0 percentage point buffer between starting LTV (70%) and liquidation (85%). Unchained: 33.0 percentage point buffer between starting LTV (50%) and liquidation (83%). Unchained provides a wider safety margin.
The choice between Lygos and Unchained 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. Unchained focuses on larger borrowers starting at $150,000, using collaborative multisig (2-of-3).
On a $500,000 loan, Lygos costs $50,000 in the first year versus $80,000 at Unchained, a difference of $30,000. Part of Unchained's higher cost comes from its 2% origination fee, which adds $10,000 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. Unchained uses collaborative multisig (2-of-3). In a platform insolvency scenario, Lygos borrowers' collateral is protected by the Bitcoin protocol, while Unchained 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. Unchained is the better fit for borrowers who are borrowing $150,000 or more and want collaborative key control.
Key details to be aware of: Unchained: Commercial/institutional borrowers only since Jan 2024 — no consumer loans. Uses CTP ratio (inverse of LTV).
Lygos is cheaper. On a $500,000 loan held for 12 months, Lygos costs $50,000 (10% APR) while Unchained costs $80,000 (14% APR + 2% origination fee). That is a $30,000 difference in the first year.
Lygos uses non-custodial (dlc). Unchained uses collaborative multisig (2-of-3). 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. Unchained's minimum is $150,000. Lygos is more accessible for smaller borrowers.
Lygos issues a margin call at 70% LTV (threshold-based, no fixed window) and liquidates at 85% LTV. Unchained issues a margin call at 67% LTV with a 24-hour response window and liquidates at 83% LTV. Starting from a 50% LTV, Lygos provides a 35-point buffer before liquidation, while Unchained provides a 33-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. Unchained (14%–15% APR, collaborative multisig (2-of-3), min $150,000) is better for borrowers who value collaborative multisig (2-of-3) and prefer this platform's lending structure. Use the rate table and cost comparison above to model your specific scenario.
See why borrowers choose Lygos over Unchained for Bitcoin-backed liquidity without custody risk.