Every bull market was ignited by one new primitive.
You’ve finally been dealt the right hand.
Underneath every page of this site is one object — the funded book: a market where every price is committed capital that must stand behind what it quotes.
The credit layer the AMM era never had, and the primitive that will power the next one.
One-sided resting bids instead of quotes that can walk away.
Settlement by title transfer instead of forced sales into panic.
Every exposure on a clock instead of trust that never expires.
No oracle anywhere, because the capital is the price.
The factory deploys the vault and initializes the pool in one call. The seed becomes the floor which borrowers can lend against.
Posts tokens, borrows USDC for a fixed term. As price moves, keepers are incentivized to arbitrage the asset’s volatility to reduce the borrower’s debt.
Lenders deposit USDC at a tick, say $0.80 on a $1.00 token, declaring “repay me in full, by making me an owner at 80 cents on the dollar.” If the price falls through the tick and holds past the liquidation window, the lender receives the tokens at their quoted price. They can execute an arbitrage trade or hold the tokens purchased at a discounted rate.
| Event | Source | Lenders receive |
|---|---|---|
| ▲ skim | borrower’s realized appreciation above the high-water mark | utilization-curve share of every skim — 20% mid-range, up to 95% when capital is scarce; the rest pays the borrower’s debt down |
| ▼ tranche | borrower’s equity | a premium on every band-triggered settlement; the repayment itself is principal coming home |
| ▼ restore | borrower buys the position back | a reversal fee for the assignment-that-almost-was |
| ◆ entry / rollover | borrower’s time | a duration- and volatility-priced origination fee — the option premium, repriced at every roll |
| ◆ pool flow | organic swaps | swap fees when a resting bid fills; assignment delivers tokens at the lender’s own quoted discount |
Tokens with existing venues import their price history and depth. Risk is underwritable on day one, external arbs anchor the market, and passive lenders can enter early.
The issuer locks token + USDC seed in factory code. Conservative genesis; caps and ladder tightness are earned with clean history — 7, 30, 90 days.
A bonding-curve launch graduates: the raise becomes market-owned, permanently locked, first-loss liquidity. Fees accrue to depth with no claimant — the floor deepens with age.
40Acres is the differentiator — see the full side-by-sides here.
Run every seat of a market yourself — seed it, trade it, break it — day by day.
Walk the same loan as the borrower, lender, issuer, and curator see it.
The full accounting of lender APY — no emissions anywhere in it.
The failure modes, what each one costs, and which seat pays it.
From deposit to price in five steps — how the ladder prices leverage.