Tiger Research: DeFi evolving from single-pool to risk-isolated models

Asian Web3 research and consulting firm Tiger Research argued that the DeFi ecosystem is shifting toward a modular, risk-isolated architecture. In a report on the modularization of the DeFi lending market, the firm noted that the collapse of Lehman Brothers and the Kelp DAO incident exposed a structural flaw in single-pool models, where the failure of one asset can escalate into a system-wide crisis. This trend is accelerating with the influx of real-world assets (RWAs), the report added. Tiger Research predicts that in a modular architecture, the capabilities of the operational layer that manages the financial products will become increasingly important.