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Choosing where to lend or borrow on Stellar? This page compares XOXNO Stellar Lending and Blend V2 in plain terms. Both are overcollateralized lending protocols on Soroban. They differ in how liquidity is organized, how positions are tracked, and how risk is managed.

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At a glance

XOXNO Stellar LendingBlend V2
LiquidityOne shared pool for all listed assetsSeparate pool per deployment
Your positionBalances on one lending account. No receipt tokensSupply and debt tokens (bTokens and dTokens) per pool
Cross-asset borrowingOne account can supply and borrow multiple assetsPositions are scoped to one pool
Protocol changesGovernance timelock (~48 hours on mainnet)Standard pools are fixed after deploy
InsuranceBad debt shared across lenders in the poolPer-pool backstop fund covers losses first
Moving from BlendBuilt-in one-transaction migrationManual exit from Blend, then deposit elsewhere

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How each protocol is structured

XOXNO uses one central liquidity pool for every listed asset. Your wallet owns a lending account that holds all your supplies and borrows. You interact through XOXNO lending. Governance can update risk settings on a delay. Emergency pause is immediate. Blend is built around isolated pools. Anyone can deploy a pool with its own assets, oracle, and risk parameters. Positions in one pool do not affect another. Each pool has a backstop module: an insurance fund that earns part of borrower interest and absorbs bad debt before lenders take a loss. Blend also supports non-collateral supply: you can lend assets without posting collateral on the same account. On XOXNO, supplied assets count as collateral unless you withdraw them.

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Risk and liquidations

XOXNO checks two things on your whole account: a borrowing limit (LTV) when you borrow or withdraw, and a health factor that decides if you can be liquidated. Below 1 is liquidatable. Blend tracks borrow capacity per pool using collateral and liability factors. Liquidations use a Dutch auction rather than a fixed bonus. Bad debt hits the pool backstop first, then may be shared among lenders in that pool. Oracles: XOXNO uses Reflector and RedStone with strict checks before risky actions. Blend lets each pool creator pick an oracle at deployment.

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Migrating from Blend to XOXNO

XOXNO offers a one-transaction migration from approved Blend pools. In a single step it repays your Blend debt, withdraws your collateral, and opens an equivalent XOXNO position. If anything fails, the whole transaction rolls back. Non-collateral Blend supply has no direct equivalent on XOXNO and is deposited as collateral during migration. See the Blend migration guide for the user walkthrough.

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When to choose each

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Choose Blend when

  • You want an isolated pool with custom assets, oracle, and risk settings for a specific community or use case.
  • You prefer permissionless pool creation without a protocol-wide governance delay for new listings.
  • Receipt tokens matter: bTokens you can hold, transfer, or plug into other integrations.
  • The backstop model fits you: per-pool insurance funded by BLND:USDC deposits.
  • You need non-collateral supply (lend without posting collateral on the same account).
  • You are already in a Blend pool whose parameters, backstop depth, and rewards work for you.

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Choose XOXNO when

  • You want shared liquidity across all listed assets instead of fragmented pools.
  • You prefer governance with a timelock before risk or oracle changes go live.
  • You want simple account balances without separate supply or debt tokens.
  • You need cross-asset positions: borrow and supply multiple assets from one account, with spoke-based risk configuration.
  • You are migrating from Blend and want a single atomic transaction.
  • You plan to use XOXNO strategies (multiply, swap debt or collateral, repay with collateral).

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Migration decision

Move to XOXNO when shared liquidity, risk parameters, or the migration path fit your position better than staying in a specific Blend pool. Stay on Blend when isolated pools, receipt tokens, backstop economics, or an existing pool’s community and emissions are the main draw. Positions do not migrate automatically. You start migration explicitly or exit Blend on your own.

Blend migration

User guide for moving a Blend position to XOXNO.

Accounts and risk

How your XOXNO account works after migration.

Health factor

Staying safe on XOXNO after you migrate.

Overview

What XOXNO Stellar Lending does and how it works.
For developers: Contract-level migration flow, parameters, and CLI examples are in the Blend migration developer guide.
stellar contract invoke --id <controller> --network <network> \
  --source <user> \
  -- migrate_from_blend \
  --caller <user> \
  --account-id 0 \
  --blend-pool <approved_blend_pool>
See the full command and argument reference in that guide.