Blend, Stellar's largest DeFi protocol, faces competing V3 proposals: Templar wants institutional RWAs and fixed-rate lending with permission pools; the alternative keeps Blend primitive, letting builders layer features on top. No governance DAO; the backstop LP market migration decides which version wins.
Two builders presented competing visions for Blend V3 at the Stellar Global Town Hall. Templar Protocol proposes institutional-grade features: RWA-focused pools, fixed-rate loans, multi-chain borrowing, and permission controls for regulated entities. The counter-proposal keeps Blend minimal: RWAs are supported where assets already work, but fixed rates and complex CDP logic should live in protocols built on top, like OrbitCDP. The core tension is scope—Templar wants Blend to own the RWA money market; the alternative favors composability. Blend has no DAO or voting, so whichever version attracts majority backstop LP migration wins; emissions follow. This is the largest lending protocol on Stellar choosing its path forward.
