Loans that
never liquidate.
Every loan is hedged the moment it opens, so it can't be liquidated. You don't pay cash interest, you cap your upside, and the tighter the cap the closer the rate gets to 0%. Lenders earn that capped upside as priced premium.
EveryDeFiloanyou'vetakenhadthesamefineprint:behave,orbeliquidated.Stormbithedgestheloanatorigination,soliquidationbecomesimpossiblebyconstruction.
A put below sets the floor that protects the lender. A short call above sets the cap whose premium funds the whole trade. It's been used on trading desks for decades. It's called a collar.
The call sold on your collateral pays for the put, drives the borrower's rate toward 0%, and funds the lender's yield, priced at trade entry, not promised from future revenue.
Nobody lends for free. These are live signed quotes from the testnet desk: tighten the cap and the real rate falls toward 0%, because you hand it the upside above the cap. Loosen it and the price comes back.
Your collar
Pick an expiry, drag the cap, see what 0% costs.
Pricing live from the testnet desk…
Live signed quotes from the testnet desk. 0% only holds at the tight caps where the call you sell covers the carry, paid in upside, never in cash.
Earn→
Deposit USDC, receive soUSD. Your yield is the call premium written on every funded loan, priced at trade entry, not borrowed from the future.
/02 CREDITBorrow→
Post BTC or ETH, borrow USDC from 0%. You pay in capped upside, not cash. Settle at the expiry you choose. No margin calls, no liquidation.
/03 AUCTIONSDeals→
When a borrower walks away, their collateral goes to a Dutch auction. Price falls until someone takes it.
/04 DOCSLearn→
Every trade-off stated plainly, why 0%, why no liquidation, where the yield comes from, and the risks.
Every funded loan, its floor, its cap, and the pool APY it feeds, settling on-chain. No hidden mechanics, no promised numbers. Move your cursor over the terminal.
Collar Book
APR⊕
The collar is written once, at origination, then the position rides to expiry, untouched by margin calls.
- 01
Lender deposits→
USDC enters a tenor vault, 7, 30 or 90 days, and mints soUSD.
- 02
Borrower gets a quote→
Posts BTC or ETH, picks an expiry, sees loan amount and cap before signing.
- 03
The collar is written→
A put (floor) and short call (cap) execute before any USDC moves. Liquidation becomes impossible.
- 04
Nothing happens→
No monitoring, no margin calls. The position rides to expiry, whatever the market does.
- 05
Settlement→
Repay and reclaim, or walk away, the put settles, collateral goes to auction. Lender protected to the floor.
The old fine print read “behave, or be liquidated.” Ours is one line, stated at quote time and never buried in a docs page: the upside above your cap is the desk's. No bots, no margin calls, no surprises.