Finance Without Borders
Summary
Ketju does not approve Finance Without Borders under its class rule for protocols on unapproved chains: the only venue the yield survey observes settles on Polygon, which Ketju does not approve. Finance Without Borders takes fixed-term deposits and promises a fixed yield. The chain rule applies before the deposit terms matter. We made no finding on how well Finance Without Borders is run.
- A material Finance Without Borders yield venue on an approved chain appears in the yield survey, at which point the fixed-return counterparty, term, and early-withdrawal terms require their own review
- Ketju changes its verdict on Polygon
Ketju checks this memo every night and opens a review if its venues or files show a warning or a cited document changes. The first confirmation is due 2026-12-15.
Research
How it works
A depositor locks a supported asset for a fixed term and is promised a fixed return, and the contracts track active principal on-chain. A fixed return on a term deposit is a credit claim on whoever funds it, because no observable pool of borrowers or validators pays it. The documentation we could reach on 2026-09-15 does not name the party that pays the return. We did not pursue that question, because the venue in the yield survey settles on an unapproved chain.
Size and holdings
The DefiLlama protocol API, read on 2026-09-15, classed Finance Without Borders as Yield and reported about $52k. DefiLlama listed it on 2026-06-25 with no recorded audit. DefiLlama lists Ethereum, Base, Polygon, Binance and Arbitrum, but the yield survey the same day observed pools on Polygon only. Ketju applies the chain rule to the pools actually observed. The deployments on approved chains with no observed pools are listed in the review triggers below, and we do not treat them as usable today.
Withdrawals
A fixed term itself limits withdrawals: principal is committed for the stated period whatever happens to the chain or the protocol. Polygon’s controls sit under every transaction, and a depositor who wants to withdraw early depends on whatever early-withdrawal terms the contract contains. No audit is recorded, so the contract evidence is thin.
Class rule
Ketju does not approve any protocol under the class rule for protocols on unapproved chains while the rule stands. The rule covers the structure and makes no finding about this protocol’s quality. It does not tell an advisor what a client should hold. The review triggers list the events that would lead Ketju to review the rule or this protocol again.
Sources
Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.
- Finance Without Borders · primary · accessed 2026-09-15
Supports: protocol identity, fixed-term deposits, fixed yield, multi-chain claim - DefiLlama: FWB record · secondary · accessed 2026-09-15
Supports: current TVL, chain list, Yield category, listing date, no recorded audit - DefiLlama: yields pools feed · secondary · accessed 2026-09-15
Supports: observed venue perimeter, Polygon-only yield pools, survey observation
The asset and the chain
This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.
| Chain | Verdict | Freeze | What it can do |
|---|---|---|---|
| Polygon PoS | Not approved | Mixed control | a public validator set orders transactions, but a 5-of-9 multisig can instantly upgrade staking and canonical bridge contracts, and a 5-of-8 multisig controls custom child tokens. |