Cicada is an on-chain credit risk management company founded by a seasoned team of former buy- and sell-side credit professionals. Cicada’s co-founders have deep crypto lending expertise, having underwritten $850m in loans at a 1.2% default rate during the prior cycle. Created following the collapse of FTX, Cicada facilitates the growth of institutional lending on public blockchains by enabling lenders to participate in risk-managed non-custodial lending products.