The Ajna protocol is a noncustodial, peer-to-pool, permissionless lending and borrowing system that requires no governance or external price feeds to function. Lenders specify a price range at which they will lend assets. Overcollateralized borrowers pay interest to lenders when the asset price falls within the lender's specified price range. **Note that the APY shown on vaults.fyi is the maximum APY paid to fully utilized lending positions; lenders in non-utilized positions earn less.** Read more about how Ajna works [here](https://faqs.ajna.finance/faqs/lending#how-do-i-lend).