这篇论文讲了个能用的链上信贷风控框架，能从链上转账记录还原钱包现金流，评估还款能力，还过了严格验证，已经在生产环境跑了。
该论文提出已部署的zLend框架，从原始代币转账记录重建钱包每日余额历史，分别针对固定稳定币篮子与全部可转移代币两次重建，以区分总持有量与可支出流动性。框架推导出流动性覆盖率、现金流波动性、回撤恢复统计和薪资式付款节奏检测器。验证采用黄金主数据方法，跨语言生产迁移实现1e-9容差，独立复现与原系统参考夹具吻合（78/78断言）。六个参考钱包中四个在贷款规模从10美元到25,000美元变化时改变等级，且回撤与覆盖率标准作用在不同钱包集合。zLend已投入生产，通过第三方API集成影响真实贷款决策。
zLend: A Dual-Scope Cash-Flow Reconstruction Framework for On-Chain Credit Underwriting
Decentralized lending lacks a credit bureau: a borrower's capacity to repay must be inferred entirely from public on-chain activity, without income verification or a liability record. This paper presents zLend, a deployed cash-flow underwriting framework that reconstructs a wallet's daily balance history from raw token transfers and derives short-duration repayment-capacity signals from it. The reconstruction is performed twice per wallet, once restricted to a fixed stablecoin basket and once over all fungible transfers, on the premise that a wallet's total token holdings and its liquid, spendable balance are distinct quantities whose conflation misprices risk. From each series we derive liquidity coverage against a fixed loan size, cash-flow volatility and regularity, a drawdown-and-recovery statistic adapted from quantitative finance, and a recurring-counterparty detector that identifies salary-like payment cadence from transfer timing alone. The two views are then compared: a wallet with large aggregate holdings whose stablecoin reserve rarely covers the loan size is flagged as a liquidity mismatch irrespective of total wealth. We specify the pipeline formally, document the golden-master methodology used to verify a cross-language production migration to numerical tolerance 1e-9, and characterize the tier function's parameter sensitivity with an independent reimplementation validated to exact agreement (78 of 78 field assertions) against the deployed system's reference fixtures. Tier assignment is governed predominantly by the reference loan size, with four of six reference wallets changing tier across loan sizes from USD 10 to USD 25,000; the drawdown and coverage criteria bind on disjoint wallets, so neither subsumes the other; and no criterion in the tier rule is inert. zLend is deployed in production, informing real lending decisions via third-party API integrations.