Lending

A lender chooses a tick and an amount, and commits. From that moment the position earns whenever borrowers draw against the book, and it stands as the floor for everyone trading above it.

Return sources

• Origination — each draw pays a 1% origination fee to the depth it executes against.
• Skim flow — the collateral skim (Sec. 06) streams through to the lenders funding the position.
• Discounted acquisition — if title transfers, the lender receives the asset at the price they named — by construction a price they were willing to pay.

Lenders earn all the way down: a falling price unwinds borrower positions into the book rather than past it, so depth keeps collecting fees as it absorbs the move.

Curators

Capital can be committed directly, or through a curator— a vault that spreads idle quote across markets and ticks under a stated mandate. Curators are ordinary lenders from the protocol’s point of view; they hold no special rights.