Platform Comparison
Unchained vs Lava: CeFi Multi-Sig vs DeFi-Origin Lender
Compare Unchained (CeFi multi-sig) and Lava for Bitcoin-backed loans. Safety, custody models, APR, and which fits your risk tolerance.
This is the purest custody-model comparison in the tracked loan set. Unchained offers the top safety score among tracked CeFi lenders, with multi-sig custody (you hold 2 of 3 keys) and a 9.0 safety score. Lava has one of the lowest published BTC rates we track (6.5-7.5%, comparable to Arch from 7.25% and SALT from 7.49%) but its custody model is unresolved — reporting (Bitcoin Magazine, Nov 2025) indicates a move to custodial cold storage while its site still markets self-custody. The trade-off is Unchained's confirmed key control vs Lava's lower rate and unconfirmed custody.
Unchained is stronger on custody-first safety: 9.0/10 with multi-sig custody, no-rehypothecation language, NMLS licensing, and a 24-hour grace period.
Lava is stronger on headline rate: 6.5% APR with no KYC. But its custody model is unresolved (reportedly custodial as of Nov 2025, though its site still claims self-custody) and there is no regulatory recourse — you cannot assume you keep your keys.
Head-to-Head Comparison
Key Differences
- Unchained uses multi-sig collaborative custody while Lava uses custodial (platform holds keys)
- Lava offers a lower starting APR (7.50% vs 14.18%)
- Unchained scores higher on safety (9.0 vs 3.4)
The Verdict
Which platform is right for you?
→ Pick Unchained if:
- • You want the top safety score in our tracked dataset (9.0/10)
- • You want multi-sig custody with user keys
- • You want regulatory protection (NMLS licensed)
- • You have $150K+ to borrow
- • You value a 24-hour grace period before liquidation
→ Pick Lava if:
- • You want one of the lowest published BTC rates we track (6.5-7.5%; Lava custody unresolved)
- • You want non-custodial lending
- • You want a permissionless route with no tracked US-state exclusions in our dataset
- • You're comfortable with smart contract risk
- • You want to borrow as little as $100
Share this comparison
Ready to compare your specific scenario? Use the comparison tool to input your loan amount, collateral, and preferred terms.