> will lenders lend at advantageous rates to Beanstalk after it establishes itself as a good creditor? or will lenders demand an outsized return for lending to Beanstalk, on account of their money being locked up for an indeterminant duration?

One would think that once Beanstalk has an even more robust credit history, lenders with lower risk profiles would be even more inclined to lend to Beanstalk! Once you have a sufficient credit history I don't think the "indeterminate" lock up period will be a deterrent (that's what high weather helps mitigate in the near term).

The protocol is in a debt cycle right now (as indicated by the market cap being $50M while the pod line of lenders is $390M), but in the long run the debt level should be much more reasonable and the market cap will be significantly larger than the pod line.

> interesting project.

Agreed! There are a lot of new, interesting aspects to this specific algo stablecoin that I haven't seen before. And the best part is that it's working! All other non-collateral algo stablecoins failed within a month (like ESD, Basis Cash, etc), but Beanstalk has been chugging along for 4-5 months now. I think the Lindy effects are strong here.