# navigator's guide

> **NOTE: THIS DOCUMENTATION IS A WORK IN PROGRESS**

Pharos is a DeFi primitive that allows any user to create leveraged lending markets between any assets under any terms.

Via third-party [plugins](https://docs.pharosprotocol.com/plugins), the protocol allows the creation of personalized markets, where mutually agreed loans enable participants to tailor their risk management and set their desired fees. The on-chain nature of the ecosystem ensures transparent and trustless management of loans, including the use of on-chain positions with [leverage](https://docs.pharosprotocol.com/plugins/terminal).

This way, Pharos does not attempt to predict all possible markets that DeFi users need. Instead they are free to create their own markets, with limitless customizability.