Dollar lending

Rhea Lend

Not approved Runs only on a chain Ketju does not approve

Verdict

Not approved

Runs only on a chain Ketju does not approve

Who can freeze it

Mixed control

Withdrawals

A supplier withdraws only while the market has cash, and only onto NEAR.

Reviewed

2026-09-22 · next 2027-03-22

Class rule for protocols on unapproved chains

Summary

Ketju does not approve Rhea Lend under its class rule for protocols on unapproved chains: it settles only on NEAR, a chain Ketju does not approve. Ketju’s concerns with NEAR are who can upgrade the chain and how holders move assets off it. Rhea Lend is the Burrow money market under the Rhea Finance name and the largest lending venue on NEAR. Its standing on NEAR does not change the chain grade. We made no finding on how well Rhea Lend is run.

Review triggers

Rhea Lend deploys meaningful liquidity on a chain Ketju approves
Ketju changes its verdict on NEAR

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 2027-03-22.

Research

How it works

Rhea calls Rhea Lend ’the first and most trusted money market on cross-chain’. Its audit links still point to the NearDeFi burrowland repository, which identifies it as Burrow. Six stablecoin supply markets (USDC, USDT, DAI, FRAX and bridged versions) held about $2.2M of the $171M of reported protocol TVL when we reviewed it. Suppliers earn borrower interest on NEAR.

Who controls it

BlockSec published two audits of burrowland. Ketju’s NEAR grade records that protocol versions take effect when the top 100 block producers adopt the client. It also records that the 2025 inflation change shipped after a failed community vote, and that the route to Ethereum is Omni Bridge, over an MPC group, and Wormhole.

Withdrawals

A supplier withdraws only while the market has cash, and only onto NEAR. Moving assets off NEAR requires the bridge the chain grade describes.

Class rule

The chain rule applies before the assets or rates matter. Ketju will review Rhea Lend again if NEAR passes Ketju’s chain review or if Rhea Lend deploys material liquidity on an approved chain.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

Rhea Finance: product overview · primary · accessed 2026-09-22
Supports: money market on cross-chain, NEAR chain, no terms or entity disclosure
NearDeFi burrowland: BlockSec audit 1 · primary · accessed 2026-09-22
Supports: Burrow lineage, BlockSec audit
DefiLlama: Rhea Lend protocol data · secondary · accessed 2026-09-22
Supports: Lending category, Near only, reported TVL

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
NEAR Protocol	Not approved	Mixed control	upgrade authority sits with whoever cuts the nearcore release and the 100 block producers who adopt it, and withdrawals over the bridge depend on an MPC set and Wormhole as well as NEAR consensus.

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