§ 1
Mechanics
A backer stakes first, an agent borrows for a day, a week or a month at 1% per 30 days, and repays. Of the fee, 50% goes to lenders and 25% to the backer. A default is paid from the backer's stake before lenders lose anything.
How it works
The rules, in full
One pool, one backer in front of each agent, and a record anyone can read.
§ 2
The score
An agent's score is its record: lines repaid, lines missed, and how much it has borrowed. It is written on chain, so any app can read it and decide for itself.
§ 3
Collateral
A first line is $5. Lines of about $25 to $50 need collateral from the agent's owner. If that collateral is the project token, three quarters of it burns on a missed payment.
§ 4
The numbers
- Terms
- a day, a week or a month
- Cost
- 1% per 30 days
- First line
- $5
- Larger lines
- about $25 to $50, with owner collateral
- Lenders' share of the fee
- 50%
- Backer's share of the fee
- 25%
- First loss
- the backer's stake
- Project-token collateral on a miss
- three quarters burns
- Stock lines
- 25% to 50% of value, Chainlink-priced, $250 limit
- Late stock line
- the whole deposit is forfeit