Neverland
Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.
Neverland is a lending protocol built for Monad, offering pooled lending with governance-token locks and automated strategies layered on top. It held $13.7 million across 14 pools at the 2026-08-14 survey. The registry rejects it on size: one practice advising 100 households moves $1M to $8M into a venue on the same research, and below $100M TVL that book becomes the exit crush. Size alone decides it, whatever the protocol’s quality. A review at size would also depend on the standing of Monad itself in the chain registry.
- TVL sustained above $100M for 30 days
The research file
Mechanism applicability
Neverland uses an Aave V3-based pooled lending market on Monad. Suppliers receive nTokens; borrowers post collateral and face utilization rates, health-factor limits and liquidation. DUST and veDUST incentives and self-repayment add governance-token dependencies without changing lending exposure.
Current observation and perimeter
The DefiLlama API read on 2026-08-15 reported approximately $13.5M supplied, $6.1M borrowed and $341,000 staked, all on Monad. Supplied TVL remains far below the shared v1 $100M line, and primary documentation confirms a Monad pool.
Control and exit applicability
Parameters include LTVs, liquidation thresholds, caps, reserve factors, interest strategies and oracle prices; governance directs incentives and revenue. Withdrawal requires unborrowed liquidity and, for borrowers, a safe resulting health factor. Self-repayment relies on veDUST rewards rather than guaranteed debt reduction.
Why the class rule decides
The shared v1 below-materiality dossier controls. Reopen after supplied TVL sustains at least $100M for 30 days and Monad has an acceptable chain disposition. Then review assets, oracles and parameters, admin controls, audits and incidents, bad debt, liquidations, utilization, incentives, strategies, and stressed withdrawals against approved lending alternatives.
Sources
The claims above trace to these. Where a number could not be independently verified, the thesis says so.
- Neverland Whitepaper — lending model · primary · accessed 2026-08-15
Supports: Aave V3 architecture, Monad, nTokens, risk parameters, liquidations, self-repayment - Neverland Whitepaper — withdrawal FAQ · primary · accessed 2026-08-15
Supports: pool contracts, unborrowed liquidity, withdrawal constraint, collateral health, supply caps - DefiLlama — Neverland survey record · secondary · accessed 2026-08-15
Supports: current supplied TVL, borrowed balance, staked balance, Monad, lending category
Inherited controls
The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.
| Chain | Verdict | Grade | Control constraint |
|---|---|---|---|
| Monad | Approved · limits | crypto-backed | the L1 has a public validator path, but its short production record, single initial client lineage, and Foundation-directed delegation keep stake and operations concentrated. |