Market-priced borrowing. Perpetual terms.
The self-clearing rate for Bitcoin-backed loans.
Libre's 6 fixed-rate pools each lock a single APR. Borrowers hunt for the right price across a ladder. Lenders sit in underutilized pools earning nothing on idle capital.
What if the rate just… found itself?
Perpetual loans, no expiry. Pay per-second for exactly the time you borrow. Set a slippage cap — never fill above your max rate.
Deposit USDT, mint TPF. Your LP token appreciates as borrowers accrue interest. Partial-fill redemptions with senior claim — exit whenever liquidity allows.
Kinked at 80% utilization — cheap below, steep above. The curve is the self-clearing price.
| Utilization | Borrow APR | Lender Yield |
|---|---|---|
| 0% | 3.00% | 0.00% |
| 20% | 4.50% | 0.90% |
| 40% | 6.00% | 2.40% |
| 60% | 7.50% | 4.50% |
| 80% ⚡ kink | 9.00% | 7.20% |
| 90% | 14.50% | 13.05% |
| 100% | 20.00% | 20.00% |
Unlike fixed pools, no day-one capitalization. You accrue from elapsed time only.
Set max_apr_bps on your borrow. If the rate spikes past your cap, you queue and fill later.
Rate re-samples when your loan is touched. A spike never reprices time already passed.
TPF = your claim
NAV per TPF = (available + outstanding) / supply. As interest accrues, your token is worth more USDT.
Partial-fill redemptions
Queue to redeem. Paid as liquidity arrives. Unfilled TPF keeps earning. Cancel anytime.
Redeemers are senior
In every processqueue cycle, redemptions fill before new loans disburse. Your exit has priority over new borrowers.
The optional buyback sweep also won't run while any redemption is pending.
Max LTV to borrow: 50% (repo) / ~60% (live)
Warning zone: 70% LTV
Liquidation trigger: 80% LTV → 72-hour cure window
No term to expire means the only liquidation path is an LTV breach. Partial collateral withdrawal is supported — just stay under max LTV.
Min loan ~0.01 BTC
No dust-loan spam
Keeper-driven disbursement
No atomic flash-borrow
Per-second interest from t=0
Every hour has a real cost
One active loan per account
No fan-out exploits
No origination fee. No minimum interest. You pay for exactly the time and amount you borrow — nothing more.
| Dimension | Fixed Pools (0–5) | Variable Pool (6) |
|---|---|---|
| Rate | Frozen at borrow time | Floats on utilization |
| Term | 30 / 90 / 180 days | Perpetual |
| Interest math | Daily, ceil to whole days | Per-second, exact integer |
| Liquidation | LTV + term expiry | LTV only |
| Redemptions | All-or-nothing | Partial-fill, senior claim |
| Upfront interest | 1 day capitalized | None |
The vault model, Bitcoin bridge, collateral math, max LTV, and 72-hour cure window are all identical. Pool 6 is purely additive.
A configurable buyback_share (% of interest, not principal) is excluded from NAV and swept to a buyback contract:
USDT → BTC → LIBRE for the DAO
Currently set to 0% — lenders receive 100% of interest. Intended early range: 5–20%.