Markets
Markets and limits
SOL, JitoSOL and NVDAx: every limit, mint and price feed.
Taper launches with three markets. Each lends USDC from its own pool against one kind of collateral, and each was created with limits that suit how its price moves. Once a market exists, no instruction can change its limits.
Limits
| SOL | JitoSOL | NVDAx | |
|---|---|---|---|
| Max loan-to-value | 55% | 50% | 25% |
| Range starts under the price | 15% | 15% | 25% |
| Band width | 1% | 1% | 2% |
| Bands per loan | 4 to 50 | 4 to 50 | 10 to 50 |
| Liquidation discount | 5% | 5% | 10% |
| Band trade fee | 0.2% | 0.2% | 0.2% |
| Oracle max age | 30 s | 30 s | 30 s |
| Oracle max confidence | 1% | 1% | 1% |
| Borrow rate | 5% + 15% × use | 5% + 15% × use | 5% + 15% × use |
| Borrowing hours | Always | Always | Trading sessions |
Every market has 128 bands. A band trade pays the 0.20% fee, or more for two minutes after a fast move (Oracle).
Collateral
SOL. Deposited as wrapped SOL, a classic SPL token with no freeze authority. The app wraps your SOL in the same transaction that opens the loan and unwraps it when you close. Priced from Pyth's SOL/USD feed.
JitoSOL. Jito's staked SOL, a classic SPL token with no freeze authority. Priced from Pyth's JitoSOL/USD feed, its own market price, not SOL's price times a staking rate. A depeg against SOL therefore shows up in its price directly.
NVDAx. Nvidia stock as an xStock, a Token-2022 token. Its price follows the regular New York session, so the market lends less, starts ranges further down, uses wider bands, and opens new loans only during trading sessions. NVDAx and trading sessions covers what that means.
The program pins these exact mints and feeds. Any other token is refused.
Addresses
| USDC mint | EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v |
|---|---|
| SOL mint | So11111111111111111111111111111111111111112 |
| JitoSOL mint | J1toso1uCk3RLmjorhTtrVwY9HJ7X8V9yYac6Y7kGCPn |
| NVDAx mint | Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh |
| Pyth receiver | rec2HHDDnjLfj4kE7VyEtFA1HPGQLK33259532cRyHp |
The program and market addresses appear here when the markets open.
Each market account is derived from its collateral mint, the USDC mint and the admin that created it. Its bands, USDC vault and collateral vault are derived from the market. Program lists the seeds.
What the admin can and cannot do
The admin that created a market holds two powers over it:
- Open the NVDAx borrowing window for each trading session, directly or through a session signer it appoints from TAPER stakers, and whose stake it can burn.
- Recenter the band grid, only while the market holds no debt and nothing in any band.
There is no instruction to change a market's limits, pause repayments, or move funds out of a vault.
Because the admin's key is part of a market's address, anyone can create their own market for a supported collateral under their own key, and it will have a different address. The app lists only Taper's own markets, whose admin is TAPER governance.