Ajna is a decentralized lending protocol that enables peer-to-pool secured loans without the need for governance or reliance on external price feeds. Unlike traditional lending and borrowing systems that depend on active governance to set rates and manage contracts, Ajna eliminates these barriers, reducing both solvency and liquidity risks. This innovative design streamlines the lending process for on-chain assets. One of the core features of Ajna is its permissionless pool creation. Users can create lending pools that consist of a quote token provided by lenders and a collateral token provided by borrowers. This unique setup allows lenders to gauge borrower demand while borrowers can assess lender interest in loans secured by their collateral. By removing the need for a governance process to whitelist tokens, Ajna fosters a more accessible lending environment. Ajna also introduces price-specified lending, allowing lenders to set their own lending prices without relying on oracles. Lenders can indicate the amount of quote token they are willing to lend per unit of collateral, simplifying the lending process. These specified prices are organized into predefined buckets, which help streamline the protocol and reduce complexity. With Ajna, users benefit from a flexible and efficient lending ecosystem that operates on market-driven pricing, enhancing both participation and liquidity. The protocol's design not only promotes accessibility and efficiency but also caters to a broad range of lending preferences, making it a valuable addition to the DeFi landscape.