LOANS BROKER
Post collateral
Draw
| grade | — |
| collateral | — |
| debt | — |
| max draw | — |
| margin ratio | — |
Tenor
| annual inflow | — |
| float leg | — |
| coverage C | — |
| rate multiplier φ(C) | — |
The term is computed from measured pool turnover and counts the sixth of fees the pool holds back. Every skim recalculates it.
Repay & retire
Retire returns the position once the debt reads zero.
Supply USDG
| supplied | — |
| borrowed | — |
| utilisation | — |
| your shares | — |
| supply cap | — |
What backs the book
| guaranty subfund | — |
| cover / debt cap | — |
| debt cap | — |
| liquidation threshold | — |
Each paper carries its own subfund, filled from fees collected on that paper. A shortfall past the subfund is published on chain rather than absorbed by lenders on other papers.
Stand an order above market
Part of the paper stands as a one-sided position above the current price. A pass of price through the range sells it into USDG and the proceeds land in the debt. The pool keeps its depth on the way down.
| spot paper | — |
| already laddered | — |
| current tick | — |
Standing orders
| order | — |
| range | — |
| paper in order | — |
| placed | — |
| state | — |
Bounds move once every 24 hours, and only while price sits below the lower edge. Settle pulls the filled part into the debt and returns the rest of the paper to the ticket.
Pair paper with a draw
On grade B the pool fees belong to the pool, so the Wire has nothing to skim. Cross pairs part of your paper with USDG from your own draw and opens a position inside the desk. Fees on that position belong to the ticket, and the Wire starts.
The price of the decision
| paper into the pair | — |
| USDG you bring | — |
| ladder capacity lost | — |
| impermanent loss at 1.5× | — |
| crossed | — |
| position id | — |
Paper inside the pair stops being pure exposure to the upside: as price moves, its share of the position falls and the quote share rises. You trade part of the growth for a fee stream, and both numbers sit above.
Split the ticket
The certificate holds the debt and the whole growth of the paper. The strip holds the fee flow until the chosen date and trades on its own. You sell time forward and keep the growth.
| margin ratio | — |
| needed to split | 1.400 |
Merge needs both stubs in one wallet.
The two stubs
| redemption certificate | — |
| holder | — |
| income strip | — |
| holder | — |
| matures | — |
| accrued | — |
| claimable | — |
Stand a bid
A dutch auction on thin paper waits for a buyer to appear. The desk asks for bids in advance instead: escrowed USDG earns a retainer for standing ready, and a lot fills against the best tier in the same block.
| book on this paper | — |
| specialists | — |
| retainer fund | — |
Your bid
| escrow | — |
| tier | — |
| retainer accrued | — |
| withdraw at | — |
| state | — |
A withdrawal requested while the paper sits under stress costs a quarter of the accrued retainer. Standing ready is paid for exactly the moments it is hardest to keep.
Seize a lot
| margin ratio | — |
| best bid | — |
Auction
| open | — |
| lot | — |
| price now | — |
| time left | — |
The Wire
Skims fees off the collateral position into the debt body. Anyone can call it; the proceeds only move into the ticket.
| last skim | — |
| interval | — |
The Cage
Ask the desk what it would say about a pool. Nothing is written.
Margin
| margin ratio | — |
| call due | — |
At 1.05 the desk unwinds part of the LP, takes the stable half into the debt and returns the paper half to the ticket.