Lend or borrow USDC at a fixed rate for 1, 4 or 12 weeks. Bids are sealed, the book clears at a single price, and every note can be sold before maturity.
Size and side are public, the rate is a hash until reveal day. Then supply meets demand, and everyone who clears gets the same rate, whether they bid 4% or 9%.
Lock USDC or collateral. Post sha256(rate‖salt) and a 0.5% bond.
Open the hash. Unrevealed orders lose their bond.
Curves cross. One uniform rate per maturity.
Lenders get notes, borrowers get USDC.
Every loan is an SPL note. Hold it to maturity for the fixed rate, or sell it on the secondary book: its price pulls to par as the date gets closer.
Five assets, each with its own ratios and deposit cap. Prices from Pyth only, never a DEX spot, so a thin pool can't fake a liquidation.
| Asset | Initial | Maintenance | Price source |
|---|
Below maintenance, a liquidator repays the debt and receives the collateral at a 5% discount. Not repaid at maturity: collateral is sold, noteholders are paid first.
Three maturities clearing side by side give Solana something it doesn't have: a public, auction-discovered yield curve for USDC.
| Variable pools | Single-term auctions | Ladder | |
|---|---|---|---|
| Rate | Moves every block | Fixed | Fixed, uniform clearing |
| Maturities | — | One | 1W · 4W · 12W |
| Exit before maturity | If liquidity allows | Transfer only | Secondary note book |
| Collateral | Many | SOL, jitoSOL | SOL, jitoSOL, mSOL, INF, cbBTC |