Verify

Check every figure the protocol relies on: how NAV is built, the treasury behind it, realised yield and the insurance fund.

Follow the money.

EACH HARVEST · EVERY BOX LINKS TO ITS CONTRACT ON BASESCAN

DEXFIMints the bondsPays their weekly yield into its farm.bonds mintedDexFi's own figureBOND 0x969C…006f

RECOUP VAULTHolds every depositor's bondsStaked in DexFi's farm through its custody adapter.bonds in custodyBASESCAN

NAV ORACLEper bondPrices the collateral. A price, not money.BASESCAN

HARVESTharvests runDEXFI'S FARM PAID$0.23per bond a weekOver the last 12 weeks, before any split. History, not a promise.Anyone can run it, at most once every 5 days.BASESCAN 0x230A…45b6

55%Borrowers' debtStreamed across every deposited bond, a little every second. Then:It pays the bond's debt down; that principal goes back to the lender pool.On a bond with no debt, it is surplus its depositor can claim.BASESCAN 0x8E90…f748

25%Lender poolThe pool that lent the USDC.Released to lenders over time. The pool's balance is with the principal, below.BASESCAN 0x9085…8Fb2

10%Insurance fundCovers an auction shortfall before lenders do.BALANCE NOWin the fundBASESCAN 0x8E90…f748

10%ProtocolRecoup 80%DexFi 20%BALANCE NOWwaiting to be flushedFEE SPLITTER 0xA905…5177

THE PRINCIPAL · WHERE LENDERS' USDC GOES

LENDERSDeposit and withdrawDeposit USDC for pool shares, and withdraw: instantly up to the pool's idle cash, by request beyond it.

LENDER POOLBALANCE NOWin the pool, deposits includedLends to borrowers while more than 15% of the pool stays in cash.BASESCAN 0x9085…8Fb2

BORROWERSBALANCE NOWdebt outstandingBorrow USDC against their bonds. The debt is paid down by them, or by their 55% of each harvest.BASESCAN 0x8E90…f748

LIQUIDATION AUCTIONCloses a loan past its lineA loan past the liquidation line has its bonds auctioned. The proceeds repay the debt to the pool first. From what is left, a penalty of up to 5% of the debt is split 50% to whoever opened the auction and 50% to insurance, and the rest goes back to the borrower. A shortfall is written down against insurance first, then the pool.BASESCAN 0x92E9…694F

A price, not moneyHarvest USDC, line width = sharePrincipal, arrowed, not to scaleShares are fixed by the protocol; the totals move with what the bonds pay and what is lent.

TABLE VIEW · 13 boxes, 20 flows

BOX	WHAT IT DOES	SHARE	CONTRACT
DexFi	Mints the bonds and pays their weekly yield into its farm.	-	DexFi's bond 0x969C…006f 0x969C6eCF97c256846029cBCBB865824E505E006f
NAV oracle	Prices the collateral. A price, not money.	-	NAVOracle 0xF18e…681d 0xF18ed41cfC1d00A179Eea790a2A4C7d48365681d
Recoup vault	Holds every depositor's bonds. Its custody adapter stakes them in DexFi's farm and claims their USDC.	-	CollateralVault 0x95d5…FC53 0x95d5442aA3E3FDeb13DD9158fB9eCD0A1777FC53
Custody adapter	Holds the vault's stake in DexFi's farm: the farm records it under this contract, which claims the USDC for the harvest.	-	DirectCallAdapter 0x2a10…b05f 0x2a10A9f17024f98Ab9511F73f2473f82125Eb05f
Harvest	Claims the farm's USDC and splits it. Anyone can run it, at most once every 5 days.	-	EpochHarvester 0x230A…45b6 0x230A5bDECAb42dCb1f7d4850E47fb02B6F3345b6
Borrowers' debt	Streamed across every deposited bond, a little every second. It pays that bond's debt down, and the principal it repays goes back to the lender pool; on a bond with no debt it is surplus its depositor can claim.	55%	CreditManager 0x8E90…f748 0x8E902D98Ef0b513613b42E3A0AA99b06bf28f748
Lender pool	The pool that lent the USDC.	25%	LenderPool 0x9085…8Fb2 0x9085B96c079d8790D0A74043e2cfeB031C5d8Fb2
Insurance fund	Covers an auction shortfall before lenders do.	10%	CreditManager 0x8E90…f748 0x8E902D98Ef0b513613b42E3A0AA99b06bf28f748
Protocol	Flushed to the fee splitter, which pays Recoup 80% and DexFi 20%.	10%	ProtocolFeeSplitter 0xA905…5177 0xA905d06704451733Ea77889FD3ac9847dcD35177
Lenders	Deposit USDC for pool shares, and withdraw: instantly up to the pool's idle cash, by request beyond it.	principal	people, not a contract
Lender pool	Lends to borrowers while more than 15% of the pool stays in cash.	principal	LenderPool 0x9085…8Fb2 0x9085B96c079d8790D0A74043e2cfeB031C5d8Fb2
Borrowers	Borrow USDC against their bonds. The debt is paid down by them, or by their 55% of each harvest.	principal	CreditManager 0x8E90…f748 0x8E902D98Ef0b513613b42E3A0AA99b06bf28f748
Liquidation auction	A loan past the liquidation line has its bonds auctioned. The proceeds repay the debt to the pool first. From what is left, a penalty of up to 5% of the debt is split 50% to whoever opened the auction and 50% to insurance, and the rest goes back to the borrower. A shortfall is written down against insurance first, then the pool.	principal	LiquidationAuction 0x92E9…694F 0x92E93BD303B1dcA297e69857711d7b77617c694F

FROM	TO	WHAT MOVES	SHARE
DexFi	Recoup vault	USDC yield, paid into the farm where the custody adapter stakes the vault's bonds	100% of the harvest
NAV oracle	Recoup vault	a price, not money: the NAV every loan and liquidation is measured against	not money
Recoup vault	Harvest	the farm's USDC, claimed through the custody adapter for the bonds in custody	100% of the harvest
Harvest	Borrowers' debt	USDC	55% of the harvest
Harvest	Lender pool	USDC	25% of the harvest
Harvest	Insurance fund	USDC	10% of the harvest
Harvest	Protocol	USDC	10% of the harvest
Protocol	Recoup	USDC, paid by the fee splitter	8% of the harvest
Protocol	DexFi	USDC, paid by the fee splitter	2% of the harvest
Borrowers' debt	Lender pool	the principal it repays, as it pays a bond's debt down	part of the 55%
Borrowers' debt	Depositors	surplus, on a bond with no debt left, for its depositor to claim	part of the 55%
Lenders	Lender pool	USDC deposited, for pool shares	principal
Lender pool	Lenders	USDC withdrawn: instantly up to the pool's idle cash, by request beyond it	principal
Lender pool	Borrowers	USDC lent against their bonds, while more than 15% of the pool stays in cash	principal
Borrowers	Lender pool	principal repaid, by them or from their share of each harvest	principal
Borrowers	Liquidation auction	the bonds of a loan past the liquidation line	bonds
Liquidation auction	Lender pool	the proceeds, up to the debt	principal
Liquidation auction	Auction caller	50% of the penalty	principal
Liquidation auction	Insurance fund	50% of the penalty	principal
Liquidation auction	Borrower	what is left after the debt and the penalty	principal

We price your collateral lower than DexFi does, on purpose.

DIVERGENCE FROM DEXFI

This gap is deliberate. Recoup prices part of the fund from primary sources, with no DexFi input. The rest is DexFi's vault book, which only DexFi prices, so it takes a 20% haircut: most of the gap. Better to underprice collateral than overprice it.

A live comparison, not a reconciliation. No monthly reconciliation has been published yet. The first will appear here.

CURRENT NAV

per bond · reading Recoup's oracle on Base

CHECK IT YOURSELF

$ cast call 0xF18ed41cfC1d00A179Eea790a2A4C7d48365681d "navPerBond()(uint256)" --rpc-url https://mainnet.base.org

DexFi displays for the same bond. Recoup prices the fund itself rather than taking that figure on trust; neither number is an error.

is the price all collateral and liquidation maths use. The methodology below shows how it is built.

Borrows pause automatically if NAV is older than 8 days. A single post can move NAV by at most 10%, and by the full 10% only once 24 hours have passed since the price last changed; the limit grows evenly until then. A larger move is held back for at least 12 hours and counts only if it is confirmed in a separate step before it expires.

INSURANCE FUND

target: 5% of outstanding debt before any cap raise

Funded by 10% of harvested yield.

IF AN AUCTION FALLS SHORT

1The auction's proceeds pay down the debt first.
2The insurance fund covers what is left, as far as its balance reaches.
3Anything beyond that falls on whoever funded the loan: the lender pool, or the treasury where it is the funder. If the pool cannot absorb it yet, that part is deferred.

HARVEST CLOCK

NEXT EPOCH HARVEST CAN RUN FROM

reading EpochHarvester on Base

LAST HARVEST

EPOCHS RUN

on this deployment

MINIMUM GAP

5 days

Config.MIN_EPOCH_GAP, fixed in the contract

The earliest time, not a promise of one. Harvests are triggered by a keeper, and anyone can call one. The contract refuses a harvest until 5 days after the last one, so the next harvest lands at this time or later, whenever it is next triggered. Times are UTC.

How this is worked out, and how to check it

The time is the harvester's own lastHarvestAt plus MIN_EPOCH_GAP. Before then harvest() reverts with EpochGapNotElapsed, carrying that same moment in unix seconds. It is shown rounded up to the minute, and "open now" is judged by this device's clock rather than the chain's, so the two can differ by a few seconds. The keeper runs on a schedule that can be delayed, so a harvest can arrive hours after the gate opens.

the last harvest, in unix seconds

$ cast call 0x230A5bDECAb42dCb1f7d4850E47fb02B6F3345b6 "lastHarvestAt()(uint256)" --rpc-url https://mainnet.base.org

a dry run of the harvest itself: before the gap it reverts with the time it opens

$ cast call 0x230A5bDECAb42dCb1f7d4850E47fb02B6F3345b6 "harvest()" --from 0x0000000000000000000000000000000000000001 --rpc-url https://mainnet.base.org

THE DEXFI FUND

FUND VALUE

$4,118,283

DexFi's own figure

BONDS MINTED

130,269

USDC DISTRIBUTED

$2,035,211

since June 2025

BOND MINT PRICE

0.0126 ETH

$31.61

DexFi's public fund data as of 2026-10-09.

DEXFI'S OWN FIGURES

These are DexFi's figures about itself, not an independent valuation. DeBank's read of the same treasury, which the daily cross-check compares them against, is on Stats. Display only: collateral and liquidation maths use Recoup's own NAV oracle, never a third-party feed.

REALISED WEEKLY YIELD PER BOND - LAST 12 WEEKS

$0.09-61.4% vs avg29 Octlatest week, provisional

12-wk avg $0.23

13 Aug

3 Sep

24 Sep

15 Oct

29 Oct

The newest week is provisional: its span is assumed to be seven days until DexFi's next top-up lands, and it can move when it does.

Weeks commencing 13 Aug to 29 Oct.

HISTORY, NOT A PROMISE

USDC per bond per week, from the DexFi farm's on-chain reward-funding events divided by bonds staked. History, not a promise: no rate is promised, and every projection the app shows starts from this trailing history, the lender calculator's rough APR included.

Every figure the protocol has produced, indexed from its own events, is on Stats.

NAV METHODOLOGY

Step 1. Price the part of the DexFi treasury EOA that has a primary source, with no DexFi input: its ETH at Chainlink's price and its Aave position net of debt, on Base mainnet:0xd4ec4E5b7625Fed3c40Bfeec206E49396F02Dd54Basescan ↗
Step 2. Take the rest of the fund - DexFi's vault book and other-chain balances, which only DexFi prices - at DexFi's own figure, less a 20% haircut.
Step 3. Divide the sum by total bonds outstanding. DexFi's displayed price divides the same fund with no haircut, which is the gap in the divergence panel above.
Step 4. Posted on chain at most about once a day. A large move is held back and counts only if it is confirmed in a separate step before it expires; borrowing pauses if the price is more than 8 days old.
reading the oracle's last post
Step 5. Reconcile monthly against DexFi's displayed bond price; publish the reconciliation here.
not yet published