With permissionless pools, anyone can come to Solend and list their new token in an isolated pool! Users can set parameters based on how new the token is, and get them increased over time as the liquidity and holders grow.
This is the first/original use case for permissionless pools and makes our goal of "Any SPL token as collateral" possible.
Experiment with different pool ideas
Permissionless pools also allow DeFi degens to create different pools based on certain strategies.
For example, a mSOL / SOL pool with 98% LTV might be interesting. This would allow for higher leverage in the mSOL/SOL strategy, where you borrow SOL <6% APY and stake it with Marinade for 6-7% APY.
Uncollateralized loans for protocols
Protocols can also set up a permissionless pool that allows them to borrow without collateral from. This allows protocols like Delta One to borrow funds and conduct leveraged defi strategies for example.
Protocols can do this by creating a pool with two reserves, USDC and another token they have mint authority over. They can then set the price of this token to a flat $1, and then mint themselves collateral accordingly.
To minimize bad debt or default, this pool should be governed by the integrated protocols' smart contracts to manage position sizes and margin. Funds should not enter anyone's wallets at all times. If interested, reach out to Soju on Discord!
Uncollateralized loans for individuals/companies
Alternatively, a user can create a permissionless pool to borrow money as an individual or company such as a market making firm.
Similar to how protocols do it, but instead of a protocol minting a token a user does it instead. This would allow the pool creator to borrow uncollateralized from users who deposit into the pool. DYODD is a must when depositing in these pools.
This would have to rely on depositors trusting this borrower/pool creator and is a higher risk compared to relying on the integrated smart contracts.