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Getting started

Quickstart

Seal an order, reveal it, and collect the result. A few minutes of work spread over one auction week.

You need a Solana browser wallet that supports Wallet Standard, a little SOL for transaction fees and rent, and either USDC to lend or SOL or jitoSOL to borrow against.

  1. Connect a wallet#

    Open the auction desk and choose Connect wallet. Before the first signature the app checks that your RPC and the Tenor index describe the same network, and stops if they don't.

  2. Seal an order while commits are open#

    The band at the top of the desk names the open window and counts down to the next one. During the first two days of an auction the order ticket is open:

    • Lend: the USDC to lock and the lowest rate you accept.
    • Borrow: the USDC you want, the highest rate you will pay and the collateral to lock. The ticket shows the minimum collateral and the most your holdings can support.

    Choose Seal order and sign. Your USDC or collateral and a bond (0.5% of the amount, at least 1 USDC) move into the order's own accounts. The rate stays sealed.

  3. Keep the reveal file#

    Before asking for your signature, the app saves the order's secret salt in this browser. Download a copy from the confirmation panel, or later from the order's Reveal file link in Portfolio, if you might reveal from another device. See Order secrets.

  4. Reveal on day three#

    When the reveal window opens, each of your sealed orders shows Reveal, and Reveal all appears when you have several; one signature covers them. The public book moves your envelope onto the rate ladder, and a dashed line shows where the auction would clear with the reveals so far.

  5. Collect after clearing#

    When the reveal window ends the auction is cleared, by the keeper or by anyone. Then:

    • Lenders choose Claim notes: notes for the filled amount, plus the unfilled USDC and the bond.
    • Borrowers choose Take the loan within the one-day claim window, or Collect to get collateral and bond back if nothing filled.

After the auction#

  • Lenders hold notes in their wallet. After the auction settles, redeem them from Portfolio.
  • Borrowers keep collateral above 200% of the debt and repay any time from Portfolio. Collateral returns in the same transaction.

The Market page lists every cleared auction, the loans that can be liquidated and the keeper's recent actions.