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Deposits and receipts

Deposits convert underlying into share receipts. Later deposits use the ratio of total assets to receipt supply with a small virtual offset. The first deposit has special initial-share accounting. Token and receipt native decimals affect the final amounts.

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Debt shares

Debt uses shares so interest can accrue pool-wide without rewriting every borrower. New debt shares round up; regular repayment shares round down, with dust handling and clamps. Account debt reads include pending interest.

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Lazy interest accrual

Read previews floor the pending interest term. Mutations persist interest with ceiling rounding and advance the timestamp. A read-only simulation does not itself commit a pool update.

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Origination fee

The fee is computed from gross borrowing and sent to treasury. Gross borrowing becomes debt; the remainder becomes account-held collateral. The frontend records a zero-fee configuration, but the fee is changeable and should be read from the selected pool.

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Redemption limits

Requested receipt value is capped by 50% of total assets and available liquidity. Partial execution burns the corresponding receipt quantity. This is not a queued withdrawal request or an automatic promise to send the remainder later. See exact formulas and pool signatures.