Timeswap is a new Money Market Protocol coming to Ethereum that uses Automatic Market Makers. It will allow anyone to create borrowing/lending markets for any ERC20 token; which could really help out the long tail of assets out there that are still building up liquidity. This looks a useful addition to the DEFI ecosystem to me. No token out at this point so don't go trying to buy it. Testnet has launched on Rinkeby. I highly recommend having a play around with it. It looks really slick.
"Timeswap is the first fully decentralized AMM based money market protocol which is self sufficient, non-custodial, gas efficient and works without oracles or liquidators. Timeswap’s proprietary 3 variable AMM is motivated by the constant product AMM used by Uniswap. It provides flexibility to the end user by allowing the user to decide their risk profile and accordingly set the interest rates & collateral ratio for each lending or borrowing transaction. It is minimalistic, gas-efficient and permission-less, allowing anybody to create a borrowing / lending market for any ERC-20 tokens."