Testnet preview - Recoup runs on Base Sepolia. Nothing here moves real funds. What that means

Base Sepolia is a test network. The bonds are mock DexFi bonds, not DexFi Treasury Bonds, and they are worth nothing. Figures marked TESTNET are read from the contracts deployed there, and the buttons on this site send real transactions to them. Everything else on the site is illustrative, and says so where it sits.

RECOUP.

Stats

Every figure the protocol has produced on Base Sepolia, indexed from its own events. Realised history only, never a projection.

READING THE INDEXED RECORD

Fetching the snapshot the indexer wrote.

TOTAL VALUE LOCKED
Reading total value locked
collateral at the oracle's NAV, plus the lender pool
TOTAL BORROWED
Reading protocol totals
outstanding debt, only ever decreases
CAPITAL LENT
Reading protocol totals
in the lender pool
INSURANCE FUND
Reading protocol totals
of a $5,900 target
NAV PER BOND
Reading protocol totals
the oracle's price
DISTINCT USERS
Reading protocol totals
borrowers and lenders, ever

What one bond has been worth, every time the oracle said so.

NAV PER BOND · POSTED ON CHAIN
NAV per bond over time: every NAVPosted event from the oracle, one marker per post, with the band a single key can move the price without confirmation.

How much the protocol is holding, lending and covering.

TOTAL VALUE LOCKED
TOTAL VALUE LOCKED per UTC day, derived from the contracts' events; the last point is a live read when available.
TOTAL DEBT OUTSTANDING
TOTAL DEBT OUTSTANDING per UTC day, derived from the contracts' events; the last point is a live read when available.
LENDER POOL ASSETS
LENDER POOL ASSETS per UTC day, derived from the contracts' events; the last point is a live read when available.
INSURANCE FUND
INSURANCE FUND per UTC day, derived from the contracts' events; the last point is a live read when available.

Money in, money out.

BORROWED VS REPAID · WEEKLY
USDC borrowed and repaid per week, from Borrowed and Repaid events on CreditManager.
borrowed
repaid
DEPOSITED VS WITHDRAWN · WEEKLY
USDC deposited to and withdrawn from the lender pool per week, from ERC-4626 Deposit and Withdraw events.
deposited
withdrawn

How close the loans are to the line.

LTV DISTRIBUTION · OPEN POSITIONS
Open positions bucketed by loan-to-value, with the maximum LTV a new borrow may reach marked.

Liquidation begins at 50% LTV, off the right of this chart on purpose: no position may open past 25%, so the whole book has to lose half its value before the first one is at the line.

HEALTH · NOW
AVERAGE HEALTH FACTOR
Reading health
no open positions
DEBT-WEIGHTED LTV
Reading LTV
against a 25% maximum at open
POSITIONS WITHIN 20% OF THE LINE
Reading positions
a health factor under 1.25: the collateral would need to fall a fifth
AUCTIONS · WEEKLY
Liquidation auctions per week by outcome, from AuctionFilled, AuctionExpiredToWorkout and AuctionCancelled events.
filled
expired to workout
cancelled

Where every harvested dollar went. History, not a promise.

HARVESTS BY EPOCH
Each harvested epoch split four ways, from the Harvested event: borrowers, lenders, insurance, protocol.
borrowers · 55%
lenders · 25%
insurance · 10%
protocol · 10%
PROTOCOL FEE · CUMULATIVE
The protocol's share of harvested yield, cumulative by epoch, split between Recoup and DexFi by the configured ratio.
Recoup · 80%
DexFi · 20%

Derived. The 80 / 20% split is arithmetic on the protocol leg of each harvest. The splitter contract is not deployed on this network, so no transfer to either wallet has happened.

Who is using it.

BORROWERS
Borrowers ranked by outstanding debt
#BORROWERDEBTBONDSLTV
1Reading the leaderboardReading the leaderboardReading the leaderboardReading the leaderboard
2Reading the leaderboardReading the leaderboardReading the leaderboardReading the leaderboard
3Reading the leaderboardReading the leaderboardReading the leaderboardReading the leaderboard

Top 25 by outstanding debt at the indexed block. LTV bars run to the 50% liquidation line.

LENDERS
Lenders ranked by pool assets
#LENDERASSETSSHARE OF POOL
1Reading the leaderboardReading the leaderboardReading the leaderboard
2Reading the leaderboardReading the leaderboardReading the leaderboard
3Reading the leaderboardReading the leaderboardReading the leaderboard

Shares converted to assets at the indexed block. Deposits and withdrawals only; transfers between wallets are not tracked.

REFERRERS
Referral codes ranked by borrowers bound
#CODEREFERRERBINDS
1Reading the leaderboardReading the leaderboardReading the leaderboard
2Reading the leaderboardReading the leaderboardReading the leaderboard
3Reading the leaderboardReading the leaderboardReading the leaderboard

Payouts start at Phase 4.

The fund behind the bonds.

THE DEXFI FUND · CONTEXT
FUND VALUE
Reading the fund snapshot
DexFi treasury, all chains, net of debt
LEVERAGE
Reading the fund snapshot
gross assets over net
AAVE HEALTH RATE
Reading the fund snapshot
the fund's borrow position
DAYS IN THE SERIES
Reading the fund snapshot
one DeBank snapshot per day, since 2026-08-24
ASSET CLASS MIX
majors-$0
stables-$0
RWA-$0
long tail-$0
unpriced-$0

Display only. Collateral and liquidation maths use the protocol's own NAV oracle, never a third-party feed. The unpriced share is the part of the fund only DexFi can price, which is the part the oracle haircuts.

Recoup is pre-launch software under active development. Nothing on this site is financial advice or an offer of financial services.