Fixed-rate loans, cleared once a week.

A sealed-bid auction for 4-week USDC loans on Solana. Every matched order, lender or borrower, gets the same clearing rate.

Series: USDC, 4 weeks
Collateral: SOL, jitoSOL
Clears: Once a week

Hold the seal to open it, or scroll.

Fixed-rate loans,
cleared once a week.

A sealed-bid auction for 4-week USDC loans on Solana. Every matched order, lender or borrower, gets the same clearing rate.

What does USDC cost for the next four weeks?

Lending on Solana is mostly variable-rate pools, where the rate moves with utilization every block. A market maker funding inventory, a DAO planning a budget or a basis trader pricing a position needs one number for the whole term.

Tenor's weekly auction sets that number, and it holds until the loan matures.

Tenor, fixed 6.25%

Interest on 1,000,000 USDC, 28 days: Tenor 4,794.52
Same loan on this pool path: Pool 4,892.29
Pool range on this path: 5.46% to 8.10%

The pool path is simulated and the fixed rate comes from the example auction further down; neither is market data.

1 Commit

Seal an order into this week's auction.

Lenders lock USDC and borrowers lock SOL or jitoSOL when they commit, so side and maximum size are public. The rate is hashed with a salt and stays sealed until the reveal. Each order also posts a 1 USDC bond, returned when it is revealed.

Order ticketUSDC · 4 weeks

Highest rate you'll pay

7.00%

USDC to borrow

250,000USDC

Borrowers lock SOL or jitoSOL at commit.

Everyone sees

Borrow · 250,000 USDC

Only you know until reveal

7.00% · salt drawn at sealing

sha256(side, rate, size, salt, owner, auction)Computed in your browser when you seal.

Practice ticket, nothing is sent. Seal a real order on the desk

An example book

24 sealed orders. The sides can be totalled before the reveal: 15.6M offered, 14.3M bid. Nobody can see a rate.

800K
600K
1.2M
1M
1.4M
2M
600K
2.2M
1.5M
800K
900K
1.6M
2.4M
1.2M
1M
900K
1.6M
1.5M
1.8M
1.1M
1.1M
700K
700K
1.3M

Hover an envelope for what the chain shows before the reveal. On the desk, the live book is drawn the same way.

2 Reveal

Seals break. Each rate lands on its tick.

The program checks every reveal against its hash and adds the size to a histogram at that rate. A commit that is never revealed forfeits its bond.

3 Clear

Offers sorted up, bids sorted down. They cross at 6.25%

Lenders at exactly 6.25% fill 69.2% each, pro rata. Clearing reads 21 ticks, never the 24 orders, so its cost stays flat however many orders arrive.

4 Claim

Every filled order gets 6.25%.

Lenders who asked as little as 4.25% earn 6.25%. Borrowers who would have paid 8.75% pay 6.25%. Lenders receive notes, borrowers receive USDC, and whatever didn't fill unlocks.

Lenders receive a note, an SPL token that pays out after maturity.

Every auction mints its own note, one per USDC lent. Once the auction's loans are repaid or closed, each note redeems for its share of what came back: principal plus interest at the clearing rate when every borrower pays.

tenorSpecimen · USDC 4-week series

Note

Redeems after maturity for100,479.45USDC

6.25%

Face: 100,000 USDC
Rate: 6.25%, cleared
Term: 28 days
Standard: SPL token

479.45

Interest on 100,000 USDC at 6.25% for 28 days: simple interest on a 365-day year, rounded up to the nearest millionth of a USDC.

Transferable

A note is a plain SPL token. It moves between wallets like any other, and whoever holds it at settlement redeems it.

One pool per auction

Notes from one week never share another week's pool. A default is written off only against the notes of its own auction.

Borrowers keep collateral above the line until they repay.

Collateral has to stay worth 200% of the debt for the whole term. Below that, anyone can close the loan: they pay the debt and take collateral at a 5% discount, and the rest goes back to the borrower. A loan still open at maturity is closed the same way, and the USDC goes to note holders.

Example loan: 250,000 USDC at 6.25%
Collateral: 3,140.0 SOL
Debt, fixed for 28 days: 251,198.63 USDC
Ratios: 250% to open, 200% to keep

SOL $200.00drag

Maintenance 200%

Debt 100%

250%

Collateral ratio at SOL $200.00

Safe while SOL stays above $160.00.

ClearedWeek 1Week 2Week 3Repay

Every cleared auction adds a rate to the record.

Each auction's clearing rate and matched volume live in its account on Solana, and the chart reads them as they are finalized. Open a week to see its whole book on the desk.

Aug 7Aug 14Aug 21Aug 28Sep 4Sep 11Sep 18Sep 25

Latest: 6.25%
Range, last 8 auctions: 6.00% – 6.50%
Matched in those auctions: 95.3M USDC

An example record. Live rates appear here once auctions are clearing. Every auction on the market page