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 with the lender share of harvested bond yield, released over the period it accrued across rather than in a lump. The controller-scoped withdrawal flow described below is the accepted replacement design for the next deployment. The verified Base Sepolia pool deployed on 19 August still has the historic FIFO queue. In the replacement, withdrawals are limited by the pool's idle USDC. For more, your wallet can hold one withdrawal request with a receiver fixed when you create it. You or an operator you approve chooses when and how much currently serviceable value to convert into a claim. The receiver can pull the USDC, or anyone can trigger claimFor(receiver); either route pays only that fixed receiver. Each request is quoted a cash floor when it is filed, and earlier floors are served ahead of later requests and of instant withdrawals; there is no promised service time, and a floor can be locked after a loss of the pool's own cash (see the risk box below). If a borrower is being liquidated, the pool marks down what it expects that position to lose straight away, so an exit already carries the mark-down.
The pool has never held a cent, and is not open.
The contract was built on 10 August and deployed to Base Sepolia on 19 August, where it is live and verified. It holds nothing, and it is not yet wired as the protocol's source of loan liquidity, so it can neither fund a loan nor take a loss. 33Labs' external audit of the pool's source is complete (scope and findings), but this testnet deployment predates its fixes, and the public pool stays closed until the remaining launch gates are met.
- Pool contract built and deployeddone
- External audit of the pool's sourcedone
- Wired in and funded on testnetin progress
- Public lender launchto come
Read the risk box below before any of this matters to you. It has not been softened.
Funded by 10% of every harvest. It absorbs auction shortfalls before any loss is socialised to lenders.
WORKED EXAMPLE · NOT FROM CHAIN
What this screen will show once the pool holds something: total assets, share price, idle float and an illustrative rate. None of it is a record of anything, because nothing has happened yet.
Worked example of the Phase 4 pool. It holds nothing and has paid no one, so the assets, share price and APY below are not records of anything. The insurance fund is the exception - that one is read from the contracts.
Not open yet. The pool was built on 2026-08-10 and deployed on Base Sepolia on 2026-08-19, where it is live and verified. It is not yet wired as the protocol's source of loan liquidity and holds nothing, so a deposit here would sit idle rather than fund a loan. The external audit of the pool's source is complete; the public pool still waits on the rest of Phase 5.
- DexFi custody risk sits with you, the lender. Loans are collateralised by DexFi Treasury Bond NFTs - a custodial product controlled by the DexFi team. In the tail scenario where DexFi fails or refuses redemption, it is lenders who lose: borrowers already hold the borrowed cash and can simply walk away.
- Losses are socialised. If a liquidation auction and the insurance fund don't cover a bad position, the shortfall is written down against the whole pool via the share price. Every lender bears a slice.
- A larger withdrawal needs a request. Only the idle portion of the pool is instantly withdrawable. The pool deployed on Base Sepolia today still runs the old first-in, first-out withdrawal queue. Everything else in this paragraph is the replacement, in source but not yet deployed. Each wallet controls one live request for more, with a receiver fixed at creation, and each request is quoted a cash floor when it is filed. Earlier floors are served first, ahead of later requests and of instant withdrawals, and there is no service deadline. The wallet or an operator it approves chooses when and how much currently serviceable value to convert. Shares stay invested until service, then the fixed receiver pulls the claimable USDC. A floor is not a guarantee. If USDC leaves the pool other than through its own payments, the floors can add up to more than the cash left, and then every queued lender can be locked out of all of that cash, not only the amount lost, until a borrower repays or a request is cancelled. There is no guaranteed recovery time, and cancelling your own request frees cash for the other requests, not for you.
- A liquidation marks the pool down straight away. When a position goes to auction or into a workout, the pool immediately reserves what it expects that position to lose, and the price you exit at carries that mark-down. You can still leave - you just cannot leave ahead of the loss. A withdrawal request changes liquidity timing, not exposure: its shares stay invested until service, and service uses the same live marked-down price. New deposits price on the un-marked figure, so nobody can buy the discount and pocket it when the mark-down is released. The mark-down is an estimate - if the recovery beats it, the difference goes back to whoever is still in the pool.
- Yield arrives gradually, not in a lump. Each epoch's lender share is released into the share price over time. After money reaches the pool, deposits and mints pay for their share of the active tail instead of diluting current holders. Before delivery there is no holder snapshot: join before it arrives and you can participate. Enter during an active tail and leave early, and you can receive less than you deposited because the exit price counts only released assets. A recovered loss is not reserved for the lenders who originally bore it, and a frozen backlog is excluded until it is re-rated.
- Yield is not fixed. No lender yield has been realised yet - the rate quoted above is an illustration, not an offer, a promise or a record. Once the pool is live the figure becomes trailing realised yield, and that can fall to zero.
Accepted replacement design, not yet deployed: each wallet controls at most one live request. Its receiver cannot change. You or an operator you approve can choose when and how many currently serviceable shares to convert at the live exit price. Those shares stay invested until service. The receiver can claim, or anyone can trigger the transfer with claimFor(receiver); the destination cannot be changed. Each request is quoted a cash floor when it is filed, and earlier floors are served ahead of later requests and of instant withdrawals; there is no promised service time. A floor is not a guarantee: after a loss of the pool's own cash the floors can lock every queued request, as the risk box above says. The verified 19 August Base Sepolia pool still uses the historic FIFO queue.
No live withdrawal request.