Markets
The live markets, their risk parameters, and what each one means.
Three markets are live on testnet, all borrowing USDG.
Parameters
Read from the deployment on 2026-09-17. Every one of these is adjustable by the protocol owner — they are settings, not constants.
| Market | LTV | Liquidation threshold | Liquidator bonus |
|---|---|---|---|
| NVDA / USDG | 60% | 65% | 8% |
| SPY / USDG | 70% | 75% | 6% |
| WETH / USDG | 75% | 80% | 5% |
The ordering is the point. NVDA is a single stock: it can gap on one earnings report. SPY is an index: the same move requires the whole market to do it. WETH trades continuously, so there is no weekend gap to price in at all. Riskier collateral gets a lower LTV and a larger liquidator bonus, because a violent move needs liquidators to show up quickly enough to matter.
Caps
| Supply cap | 0 — uncapped on testnet |
| Borrow cap | 0 — uncapped on testnet |
Zero means no cap, not a cap of zero. On mainnet these would be set: a supply cap bounds how much of one asset the protocol is exposed to, and a borrow cap bounds how fast that exposure can be drawn down.
Interest curve
All three markets currently share the same curve — see interest rates for what the numbers do.
| Base rate | 0.5% |
| Utilisation kink | 80% |
| Rate at kink | 8% |
| Max utilisation | 90% |
| Max rate | 100% |
Wind-down
A market can be put into wind-down. New borrowing stops; repayment, withdrawal and liquidation continue. This is the mechanism for retiring a market — for instance when a Stock Token is delisted — without stranding anyone's collateral in it.
windDown is readable per market on the router, so any integration can show it.
Reserve factor
The share of borrower interest kept by the protocol rather than paid to lenders. It is set on the interest rate model and is 0% on testnet, which means lenders currently receive the whole borrow rate less utilisation effects.
Do not assume zero elsewhere. It is per-market and adjustable, and reading it as zero when it is not overstates the supply APY.