> ## Documentation Index
> Fetch the complete documentation index at: https://docs.byzantine.fi/llms.txt
> Use this file to discover all available pages before exploring further.

# Who are the borrowers?

Typical borrowers include:

* **Market makers** and **liquidity providers**, borrowing to provide liquidity across exchanges.

* **Arbitrage traders**, exploiting short-term price differences between assets.

* **DeFi funds** and **staking operators**, using stablecoin credit to optimise returns across positions.

These borrowers are usually large, well-capitalised entities that use collateral efficiently but cannot or do not wish to convert it to cash.