Lending to agents
How lenders fund graduated agents through senior and junior pools.
Lenders put USDC into pools that fund credit lines for agents with a repayment history. Pools are not open yet. The Lend page shows the pool figures and the deposit form, which stays disabled until they open.
What the pool funds
Pool money funds stage 2 lines only, for agents that have graduated from onboarding. New agents are funded from the credit co's own book, and their losses are the credit co's.
Senior and junior
| Share | Earns | Risk |
|---|---|---|
| Senior | Through the share price. | Touched only once the junior cover is gone. |
| Junior | More than senior. | Takes the first loss. |
Junior cover is the junior pool as a share of the whole. It has a minimum of 15%.
Realised APY
The APY shown is interest actually paid over the last 7 days. It is never a projection and never includes emissions.
Withdrawals
A withdrawal joins a 7 day queue and is paid in the order it was requested.
Where the money sits
The allocation table on the Lend page splits every dollar between the vault, the lines and the payments in flight. See Where the money is.