Lend
Supply to the pool these loans are funded from. Your share of the pool gains value as borrowers' weekly bond yield arrives. It can lose value too - read the risk box below before you deposit anything.
How the pool works
The pool is an ERC-4626 vault: you hold shares, and the share price rises as the lender share of harvested bond yield is released over the period it accrued, not in a lump. Instant withdrawals are limited to the pool's idle USDC; anything more goes through a withdrawal request, set out in the risk box and the panel below it. If a borrower is being liquidated, the pool marks down the expected loss straight away, so an exit already carries it.
Reading the pool from Base.
Nothing can be deposited until the pool has answered.
No rate is promised. Lenders are paid a share of what the borrowers' bonds actually yield, and it can be nothing.
- Pool contract deployed on Basedone
- External audit of the pool's sourcedone · 26 Sep
- Capped first phase: Recoup's own capitaldone
- Outside deposits, under a capin progress
When the pool opens, the deposit button unlocks only after all six are ticked. Ticking is a record for you, not a waiver.
With no wallet connected, your ticks last for this browser session only.
Your assumptions, not a forecast
Recoup promises no lender rate. This works out a rough one on numbers you can change: lenders receive 25% of the weekly yield on every bond deposited in Recoup's vault, with a loan against it or not, shared in proportion to what each has deposited. It opens on an example deposit and the trailing yield; the pool's two figures are yours to fill in.
What you would put in. $100 to start with, as an example.
Prefilled with the trailing 12 weeks (weeks starting 13 Aug to 29 Oct): $0.23 per bond per week on average, a year of it as a share of the $29.79 oracle NAV a bond is lent against (6 Oct). History, not a promise. Change it to your own.
Your guess, up to 85%: the pool keeps 15% of its book in cash, and cash earns nothing.
Your guess, from 10% to the 25% most a loan can open at. The bonds behind the loans are worth the debt divided by the LTV, so a lower LTV puts more yielding bonds behind each dollar lent. It stops at 10% because below that the answer grows without limit as the LTV falls.
Fill in your deposit, the share of the pool lent out and the average LTV, and the arithmetic appears here.
If more lenders deposit and borrowing stays the same, less of the pool is lent out, and the same yield is spread across more deposits: this figure falls with the share lent out.
Lenders can lose part or all of a deposit. Read the six risks in the box above before you deposit.
What this leaves out
- Only the lender share is counted. Borrowers' 55%, the insurance fund's 10% and the protocol's 10% never reach lenders.
- Borrowers pay no interest in this version, so the bond yield is the pool's only income.
- Each harvest's lender share is released into the share price over the time it took to earn, at least a week. Leave early and you forfeit the part not yet released.
- You buy shares at the current price, so yield already released belongs to the lenders before you.
- Losses: a bad loan the auction and the insurance fund do not cover comes off the share price of the whole pool, and a DexFi failure could cost most or all of a deposit.
- The fund's payouts rise and fall, and some weeks pay nothing. In 3 of the last 12 weeks it paid under DexFi's advertised 25% floor, at DexFi's fund price of $26.68.
- The bond yield is a share of the oracle NAV, not DexFi's fund price, because the LTV is measured at the oracle NAV. The newest week of the prefill is provisional until the fund's next top-up lands.
- Bonds deposited with no loan against them pay lenders too. The prefilled LTV counts every bond in the vault; an LTV of borrowers alone leaves those bonds out, and the figure is then a floor.
- The prefilled figures are the pool and the vault as they are now. Borrowing, deposits, the NAV and the yield all move, so they describe today, not the weeks you would be in the pool.
- Not modelled: cash held back for withdrawal requests, an LTV that moves as the NAV moves and as yield pays debt down, and rounding.
USDC per share: what one share pays on the way out now. It rises as the lenders' 25% of each harvest is released, and it can fall.
- Withdraw instantly up to the pool's idle cash not owed to a request: Reading the lender pool on Base now.
- More than that is a withdrawal request, with no service deadline.
Reading the insurance fund on Base
- Idle cash: what withdrawals are paid from, and what can be lent down to the line
- Lent to borrowers against their bonds, repaid by them or from their share of each harvest
- Insurance fund: it takes the first loss, before the pool
TABLE VIEW
| Total assets | - |
| Lent to borrowers | - |
| Idle cash | - |
| Kept from lending (15% of the pool) | - |
| Room left to lend | - |
| Can leave instantly now | - |
| Requests waiting | - |
| Exit share price (USDC per share) | - |
| Entry share price (USDC per share) | - |
| Marked down against loans at auction | - |
| Insurance fund | - |
| Insurance target | - |
How requests are served, and when a floor can lock, is in the risk "A larger withdrawal needs a request." above. Shares convert at the live exit price when your request is serviced. The receiver claims the USDC, or anyone can trigger the transfer with claimFor(receiver); either way it goes only to the fixed receiver.
No live withdrawal request. When you file one, these four fields fill in.