The internet capital market for onchain assets

Trade and borrowon one liquidity layerTrade and borrow tokenized treasuries, real-world assets, stablecoins, crypto and private credit on one liquidity layer.

Liquidity that is not trading is lending. One deposit earns trading fees and lending interest at the same time.

Built for

Liquidity that never sleeps.

Watch the launch film.

Most of the capital in a liquidity position is not trading.
It is waiting.

Capital spreads across prices, one bin trades, the rest is lent by distance, and it is called back before the price arrives.

Unified
Trading and lending share one pool of capital and one ledger. Moving a bin between the two is a change of accounting, not a transfer, so nothing is wrapped and no outside contract sits in the path.
Priced by distance
What a borrower pays reflects how likely the capital behind them is to be called back. A term structure over distance from the current price rather than over time.
Solvent by construction
A position can only be pledged for the part of it that was never lent out. Each dollar backs exactly one claim, and what a liquidator seizes is by definition already there.
Progressive
Falling behind closes the minimum needed to recover, at a cost that rises with severity, with room between steps. Built for collateral that prices on slow feeds.

/price-grid
A position is not one pool. It is many bins, each holding stock at its own price.
/active-bin
Only the bin at the current price earns. Everywhere else, capital waits.
/tier-router
The further a bin sits from the price, the more of it is lent. The nearest are never touched.
/one-market
Every pool holding an asset feeds one market, so a borrower faces one depth.
/recall
Lent capital drains back ahead of the price, so it is already there when a trade arrives. This edge closes the loop.
/collateral-lock
Borrow against the part that was never lent, so a loan can always be unwound.
/health-bands
Fall behind and you are trimmed and given room, not closed out in one move.
/settlement
Every position, rate and seizure settles on Solana. One program, one account model.

Open a pair to see the pools inside it. Each one has its own fee tier, and its own share already lent out.