Borrow USDC against SOL, JitoSOL and NVDAx. If the price falls into your range, collateral turns into dollars one band at a time, and back into collateral as the price recovers.

155.04153.49151.95150.44148.93147.44145.97144.51143.06141.63140.22138.81137.43136.05134.69133.34132.01130.69129.38128.09126.81125.54124.28123.04121.81120.59
SOL 182.40

Drag the flame down. Let go and the price comes back.

Example loan: 100 SOL in, 9,000 USDC borrowed, 25 bands from 155.04 to 120.59.

Collateral
100.00 SOL
In dollars
0.00 USDC
Paid to arbitrage
$0.00

Above your range: all collateral is SOL.

04:00–04:14

One example path through two loans with the same collateral and the same debt. One sits on a conventional market, one on Taper. Scroll to play the fourteen minutes.

Example path, not market data. Taper on the SOL market's launch terms. Conventional terms, also an example: liquidation at 75% LTV, 50% of debt closed, 5% bonus. Bars show equity against the same loan with no liquidation and no conversion (6,600 USD at 166.00); the tick is 100%.

180165150135120

Conventional market

SOL
Debt
Equity

Taper

SOL
USDC in bands
Paid to arbitrage
Equity
04:00:00

SOL 182.40. Both loans hold 100 SOL against 10,000 USDC. The conventional market liquidates at 133.33. Taper's 25 bands start 15% under the price, at 155.04, and run down to 120.59.

The price enters the top band at 155.04. As it crosses each band, the band sells SOL to arbitrageurs slightly under the oracle price.

133.33. The conventional market liquidates: 5,000 USDC of debt repaid, 39.38 SOL taken at the line, 1.88 of it the 5% bonus.

Low of 128.41. Taper holds 24.99 SOL and 10,547.03 USDC. Nothing was taken; 53.00 USD went to arbitrage on the way down.

The wick turns. Taper's bands buy SOL back as the price climbs through them. The liquidated SOL stays sold.

SOL 166.00. Taper holds 99.25 SOL, having paid 105.47 USD to arbitrage. The liquidated loan holds 60.63 SOL and owes 5,000 USDC.

Four bands or fifty

Your collateral is split evenly over the bands you choose, from 4 to 50, each 1% wide. The range starts 15% under the price, so nothing converts on an ordinary dip. Fewer bands convert quickly over a short fall; more bands convert gently over a long one, and past about 27 bands they lend you less.

Bands
Range
Range ends below price
SOL per band
Max borrow on 100 SOL
Max loan-to-value
Limited by
Converted after a 25% fall
SOL now
Converted right now

Point at a candle to pick it. Scrolling drops SOL from 182.40 to 128.00. SOL market terms: debt up to 55.00000000000001% of the collateral's value today, and up to 85% of its value at the bottom of the range.

SOL, JitoSOL and NVDAx

Three markets, each with its own USDC pool. Bands convert only while the price moves through them; a price that jumps skips the slope, the bands it jumps over sell at the new price, and a deep enough jump falls through to hard liquidation. Each market's limits follow how often its price jumps.

SOL

Trades around the clock. The oracle moves in small steps, and each band converts as the price passes through it.

Up to 55% LTV · 4 to 50 bands of 1%

JitoSOL

Priced from its own market feed, not from SOL. A sharp drop against SOL skips the gradual path: a 4% fall in one update sells several bands at once, at the lower price.

Up to 50% LTV · 4 to 50 bands of 1%

NVDAx

Nvidia stock as a Token-2022 token. Its oracle follows New York hours: it freezes overnight and over the weekend, then jumps at the open. New loans open only inside a trading session, with wider bands and a lower limit.

Up to 25% LTV · 10 to 50 bands of 2%

Synthetic example week, not market data. Point at the lanes to move through the week. Shaded: New York market closed.

Lend USDC

Each market borrows from its own USDC pool. Lenders deposit into it and earn what borrowers pay, in proportion to their share. The rate follows how much of the pool is lent out: 5% a year when none of it is, rising to 20% when all of it is.

Pool lent out
0%
Borrowers pay
5.00% a year
Lenders earn
0.00% a year
On 10,000 USDC, at this rate
0 USDC a year
  • Interest every second

    Debt grows every second at the borrow rate, and your share of the pool grows with it.

  • Withdraw idle cash

    You can take out whatever the pool holds in cash. Lent dollars return as borrowers repay or close, so when most of the pool is lent, a large withdrawal waits.

  • Shortfalls land on lenders

    If a liquidation cannot cover a loan's debt, the difference comes off that market's pool.

0%5%10%15%20%0%25%50%75%100%Pool lent outBorrowers payLenders earn

Every market's launch rate model: 5% plus 15% times the share lent out. Drag across the chart, or use the arrow keys.

Every band, one account

A market keeps all 128 of its bands in one zero-copy account, so a swap that crosses twenty bands still passes one account. Every swap and borrow writes to it, so trades in one market land one after another. Measured on the program: a four-band borrow takes about 60,000 compute units, a swap across 49 bands 328,791.

Market
One per collateral. Its USDC pool, the oracle feed and limits, band width, how many bands a loan may use, loan and liquidation discounts, the rate model.
Bands
One per market. Every band's collateral and dollar balance, laid out flat.
Loan
One per market and borrower. Debt, band range, and the loan's share of each band.
Lender
One per market and lender. Shares of the pool: its idle cash plus what borrowers owe.

Pyth prices, posted in the same transaction

Arbitrage runs on pull prices the arbitrageur posts alongside the swap. The program rejects a price that is stale, too uncertain, or older than the last one it used, so nobody can pick a convenient old update.

receivedpriceconfageresult
04:07:12.402149.83±0.040.4 sused
04:07:12.911151.20±0.0531.9 sstale
04:07:13.050149.10±2.900.2 stoo uncertain
04:07:13.300150.40±0.041.5 solder than last used
04:07:13.804149.62±0.050.3 sused

Example updates, checked against the SOL market's limits: 30 seconds, 1% confidence.

New to soft liquidation? Start with how Taper works, then bands and liquidation.