Docs

One contract per market. It holds a full-range ETH/TOKEN position, takes LP deposits, lends ETH against the token, and is itself the LP share token (a plain ERC20).

The same depth fills swaps and backs loans. Nothing sits idle.

Anyone can deploy a market for any ERC20. No listing process, no admin keys. One market per token + fee tier. Always quoted in ETH: the debt is ETH, the collateral is the token.

1. 1Pick the token and a fee tier (0.05–1.00%, immutable, split 50/50 LP/protocol).
2. 2Deploy through the factory — one transaction, the pool is initialized at your seed price.
3. 3Seed the first deposit. Borrowing opens 60 seconds later.

Create a market →

Deposit ETH and the token together at the pool ratio. You receive LP shares (Liq SYM/ETH LP).

Withdraw burns shares and returns both sides pro-rata. If pool ETH is out on loan, an oversized withdraw waits until borrowers repay.

Lock the token, draw ETH at 40% LTV. Borrowing removes both sides of the pool proportionally, so it never moves the price.

Repay any amount, any time. Collateral unlocks proportionally; a full repay closes the position. Add collateral freely, or remove any excess above HF 1.10.

Variable rate from pool utilization. A global index accrues per second; every open position pays it.

util = debt / poolETH

util ≤ 50%   APR = 2.5% + util × 20%
util > 50%   APR = 12.5% + (util − 50%) × 250%

ceiling 100% APR

All interest goes to LPs: it is donated straight into the pool position. High utilization raises the rate, which pushes repays and frees exit liquidity.

A position is liquidatable below 150% collateralization (HF < 1.00). Anyone can liquidate.

1. 1The liquidator repays the position's full debt in ETH.
2. 2They receive the collateral at a 2.5% discount.
3. 3The repaid ETH and any residue refill the pool — depth grows after every liquidation.

Swaps, deposits, and withdrawals are locked for the rest of a liquidation's block. Atomic-bundle attacks get nothing.

HF = collateral value / (1.5 × debt value)

No external oracle. The pool prices itself, defended in layers (tuned for ~100ms blocks):

A manipulated price must survive open arbitrage for two full snapshot periods before anything believes it — and the 70% utilization cap bounds the damage even then.

Each market's own hook address is on its card in /app.

1,000,000 fixed supply. Standard ERC20 — no taxes, no token mechanics.