Why This Is Different

This protocol doesn’t fit neatly into existing DeFi categories.

Compared to lending markets

Traditional DeFi lending platforms offer variable rates and serious overcollateralization. They don’t hedge interest rate risk; they pass it directly to users.

Here, rates can be fixed, hedged, and managed internally—more like a decentralized banking than a simple pool.

Compared to fixed-rate lending protocols

Traditional fixed-rate protocols lock capital into silos, where it largely sits idle until maturity. This caps both flexibility and returns.

Here, fixed rates are powered by active swap markets, and most of the collateral backing those positions can be reused in conservative XLP-Senior Tranche strategies. That means predictable fixed outcomes on the surface, while the underlying capital continues to earn yield—making the system more efficient without adding risk.

Compared to yield trading platforms

Yield trading platforms let users speculate on future yields. That’s powerful—but it’s not the same as offering deposits and loans that people can rely on.

This protocol is built for balance sheets, not just trading screens.

Compared to CeFi “fixed yield” products

Centralized platforms often offer fixed yields without transparency. Users don’t know how returns are generated or how risks are managed.

Here, everything is on-chain. Hedging happens in public markets. Risk is explicit, not hidden.

The result is something new: bank-like fixed income, without banks.