I really don't get why people are so excited about SALT. It's the simplest loan type imaginable. It's called a Lombard loan where you put up highly liquid assets and they give you a no brainer loan against it. This is such any easy model to replicate that there's going to be 10 competitors to SALT in no time. The exchanges could offer this service so easily. Actually, they already do offer it if they offer margin trading, but it's just a slightly different model. There is absolutely no competitive advantage here at all in the mid to long term. I certainly wouldn't plan on holding this long term or even mid term.