🔎 RESEARCH: Bringing private credit onchain is not just a distribution problem.The bigger challenge is aligning three layers: retail access, disciplined underwriting and enforceable claims.Structured-access hybrid models keep funding and ownership onchain, while borrower checks, physical collateral and default recovery remain within regulated legal frameworks.That matters for SMEs, whose loans are often backed by equipment, vehicles, real estate or inventory rather than crypto assets.@eightlends illustrates ...