XOXNO Lending

Summary

Ketju does not approve XOXNO Lending under its class rule for protocols on unapproved chains: it runs on MultiversX and Stellar, and Ketju approves neither chain. MultiversX has not passed Ketju’s chain review, and Ketju does not approve Stellar. XOXNO runs overcollateralized lending on those two chains. Every venue it offers therefore sits on a chain Ketju has not approved. We made no finding on how well XOXNO is run.

Review triggers
• Ketju approves MultiversX in its chain review, or changes its verdict on Stellar
• XOXNO launches a material, independently verifiable lending deployment on an approved chain

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

XOXNO Lending is ordinary overcollateralized pooled lending. Suppliers fund a market, borrowers post collateral worth more than the loan, utilization sets the rate, and liquidation clears unhealthy positions. Nothing about that design is unusual. Both deployments record balances, accrue interest, price collateral and settle withdrawals on chains Ketju has not approved, and that decides the verdict.

Size and holdings

The DefiLlama protocol API, read on 2026-09-15, classed XOXNO Lending as Lending and reported about $1.39M across MultiversX, which DefiLlama labels Elrond, and Stellar. DefiLlama listed it on 2026-09-02 with no recorded audit. The yield survey the same day observed ten pools, all on MultiversX. Ketju has not assessed MultiversX at all and does not approve Stellar, so both deployments fail the same test.

Who controls it

Validators, finality and emergency controls on each chain sit under the lending contracts, and Ketju has approved neither chain. Utilization limits how much supply holders can withdraw, as in any pooled lending market. Liquidation depends on each chain continuing to price and settle. No audit is recorded for the protocol.

Withdrawals

A XOXNO Lending supplier on Stellar withdraws only the cash the market holds, and only below the market’s utilization ceiling. XOXNO’s documentation says a supplier’s balance can exceed the cash available to withdraw because borrowers have taken some liquidity. A withdrawal that would exceed the ceiling is rejected even if enough cash remains. The documentation lists no withdrawal fee or delay, and we found no published withdrawal terms for the MultiversX deployment as of Oct. 18, 2026.

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.

• XOXNO · primary · accessed 2026-09-15
  Supports: protocol identity, overcollateralized lending, Stellar deployment
• DefiLlama: XOXNO Lending record · secondary · accessed 2026-09-15
  Supports: current TVL, Elrond and Stellar perimeter, Lending category, listing date, no recorded audit
• XOXNO Docs: Stellar lending liquidity · primary · accessed 2026-10-18
  Supports: withdrawal liquidity, utilization ceiling

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.