Parameters at a Glance
The main parameters in these docs, in one table. Per asset risk settings, tranche settings and fees are set by governance within limits the program enforces.
| Area | Parameter | Value |
|---|---|---|
| Borrowing | Interest | 0% |
| Borrowing | Maximum LTV | 50%, and the program never allows more |
| Borrowing | Liquidation threshold | 54.1% to 62.5%, by asset (see Supported Assets) |
| Borrowing | Liquidation penalty | Threshold minus 50%: 4.1% to 12.5%, by asset |
| Borrowing | Safety zones | Safe up to 35% LTV, warning above 35% to 45%, danger above 45% |
| Borrowing | Partial liquidation target | About 50% LTV |
| Borrowing | Full sale above | 100% minus the asset's penalty, about 87.5% to 95.9% LTV |
| Borrowing | Maximum leverage on a buy | 1.98x |
| Borrowing | Utilization cap | 85% |
| Cycles | Cycle length | Weekly or every two weeks, by asset |
| Cycles | Contract size | 100 shares |
| Cycles | Contract lengths accepted onchain | 1 to 35 days |
| Lending | Senior priority | 7% a year on Senior's balance |
| Lending | Share of the excess | 25% Senior, 75% Junior |
| Lending | Junior minimum | 12% of the pool, while the pool's yield rate is above Senior's 7% |
| Lending | Cash reserve target | 15% of the pool |
| Lending | Senior instant withdrawal haircut | 0% while the reserve is at 75% of target or more, rising to 3% when empty |
| Lending | Queue floor | Queue payments never take the reserve below 25% of its target |
| Lending | Withdrawal fee | 0.20% of USDC withdrawn |
| Lending | Junior notice | 45 days |
| Lending | Junior pause after bad debt | 30 days, or until the loss is made good |
| Lending | Settlement | Weekly |
| Lending | Adjustment window | 7 days |
| Lending | Treasury bill rate ceiling | 6% a year |
| Fees | Protocol fee | 20% of gross premium; 10% while the Insurance Fund is at target |
| Fees | Protocol fee split | 50% Insurance Fund, 50% treasury |
| Fees | Fee on Treasury bill yield | 0% |
| Insurance Fund | Target | 2% of pool value |
| Prices | Oracle | Stork |
| Prices | Relay cadence | Checked every 15 seconds; written on a 0.5% move or every 5 minutes |
| Points | Points per $1 of protocol fee | 100 |
| Points | Collateral side / capital side | 58% / 42% |
| Points | Loyalty multiplier | 1.00x, 1.25x after 30 days, 1.50x after 90 days |
| Points | Redemption | 1,000 points = $1; minimum 5,000 |
| Referrals | Bonus | 10% of a friend's points for 12 months |