Unchained charges 14%–15% APR with a 2% origination fee using collaborative multisig (2-of-3). Strike charges 7.49%–10.5% APR with $0 origination fees using custodial. See the full breakdown of rates, thresholds, and custody risk below.
Rates verified 2026-05-14
Strike advertises a lower headline rate at 7.49%–10.5% compared to Unchained's 14%–15%. On a $1M loan held for 12 months, Strike saves $70,000 in total first-year cost (interest plus origination fees). From a custody perspective, Unchained presents lower counterparty risk with its collaborative multisig (2-of-3) model.
Strike offers tiered rates that decrease with larger loan amounts, while Unchained structures rates by term-length. Total year-1 cost includes both annualized interest and any origination fees charged upfront.
| Loan Size | Unchained APR | Strike APR | Unchained Total Year-1 Cost | Strike Total Year-1 Cost | Savings |
|---|---|---|---|---|---|
| $250,000 | 14% | 10% | $40,000 | $25,000 | $15,000 with Strike |
| $500,000 | 14% | 10% | $80,000 | $50,000 | $30,000 with Strike |
| $1M | 14% | 9% | $160,000 | $90,000 | $70,000 with Strike |
| $5M | 14% | 7.49% | $800,000 | $374,500 | $425,500 with Strike |
Total year-1 cost includes annualized interest plus origination fees. Unchained: 2% origination fee. Rates sourced from each lender's public rate pages as of 2026-05-14.
Unchained and Strike take fundamentally different approaches to collateral custody. 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. Strike uses Custodial. Your Bitcoin is held by Strike and could be at risk in the event of a hack, insolvency, or regulatory action.
Unchained triggers margin calls at 67% LTV and liquidates at 83% LTV. Strike triggers margin calls at 70% LTV and liquidates at 85% LTV. Unchained gives borrowers 24 hours to respond, while Strike provides 72 hours.
| Threshold | Unchained | Strike |
|---|---|---|
| Max Starting LTV | 50% | 50% |
| Margin Call | 67% LTV | 70% LTV |
| Margin Call Window | 24 hours | 72 hours |
| Liquidation | 83% LTV | 85% LTV |
Unchained: 33.0 percentage point buffer between starting LTV (50%) and liquidation (83%). Strike: 35.0 percentage point buffer between starting LTV (50%) and liquidation (85%). Strike provides a wider safety margin.
Choosing between Unchained and Strike requires evaluating total cost, custody risk, and which platform aligns with your borrowing profile. Unchained uses collaborative multisig (2-of-3) with 14%–15% APR, while Strike uses custodial with 7.49%–10.5% APR.
On a $500,000 loan, Strike 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. Strike charges no origination fee, so the only cost is interest.
The custody difference is material. Unchained uses collaborative multisig (2-of-3), which means your Bitcoin requires multiple key holders to coordinate, reducing single-point-of-failure risk. Strike uses custodial. In a platform insolvency scenario, Unchained borrowers' collateral is protected by the multisig architecture, while Strike borrowers may face creditor claims.
Unchained is the better fit for borrowers who are borrowing $150,000 or more and want collaborative key control. 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: Unchained: Commercial/institutional borrowers only since Jan 2024 — no consumer loans. Uses CTP ratio (inverse of LTV). Strike: Monthly-payment interest rates shown (10.5% = 11.
Strike is cheaper. On a $500,000 loan held for 12 months, Unchained costs $80,000 (14% APR + 2% origination fee) while Strike costs $50,000 (10% APR). That is a $30,000 difference in the first year.
Unchained uses collaborative multisig (2-of-3). Strike uses custodial. Unchained presents lower custody risk because your collateral requires coordination among multiple key holders.
Unchained's minimum loan is $150,000. Strike's minimum is $10,000. Strike is more accessible for smaller borrowers.
Unchained issues a margin call at 67% LTV with a 24-hour response window and liquidates at 83% LTV. Strike issues a margin call at 70% LTV with a 72-hour response window and liquidates at 85% LTV. Starting from a 50% LTV, Unchained provides a 33-point buffer before liquidation, while Strike provides a 35-point buffer.
It depends on your priorities. Unchained (14%–15% APR, collaborative multisig (2-of-3), min $150,000) is better for borrowers who value collaborative multisig (2-of-3) and have larger borrowing needs. Strike (7.49%–10.5% APR, custodial, min $10,000) is better for borrowers who value custodial and prefer this platform's lending structure. Use the rate table and cost comparison above to model your specific scenario.
Lygos offers 10% APR, $0 origination fees, and DLC-secured collateral where rehypothecation is cryptographically impossible.