Reading your positionEach card is one account. Supplies are what you've deposited (earning yield); Borrowings are what you owe (accruing interest). The Health Factor is your safety margin: above 1 is safe, at 1 you're on the edge, below 1 you can be liquidated. Watch the “Liquidated if ADA …” hint — it's the price at which that would happen. Keep some buffer by repaying or adding collateral before it gets close.

How lending worksPick an account (create one with + New if you have none), choose an asset, and Supply. Your deposit is queued and settled by the batcher within a minute or two, then earns interest continuously — the Supply APY rises as more of the asset gets borrowed. You can Withdraw any time, provided the pool has free liquidity and the deposit isn't locked as collateral for a loan. Deposits are not at risk from other borrowers; you're lending into a shared, over-collateralised pool.

How borrowing worksThree steps: 1) supply an asset on the Lend tab, 2) mark it as collateral below, 3) borrow another asset against it. You can borrow up to the asset's max-LTV of your collateral value. Borrowing accrues interest at the Borrow APR, and your collateral stays deposited (still earning) but locked until you repay. Keep your Health Factor above 1 — if collateral value falls too far the position can be liquidated (someone repays your debt and seizes collateral, plus a penalty). Repay any time to reduce debt and unlock collateral.

Your activityEvery action you take becomes an on-chain transaction. Requests you queue show as pending until the batcher settles them against the pool; you can cancel a pending one (this clears all queued requests on that account and refunds the locked ADA). Use the filters to narrow by type, and open any transaction on Cexplorer.

Understanding the rate curveEach market's interest rate is set by a curve: as utilisation (borrowed ÷ supplied) rises, both the borrow and supply rates climb. Below the kink (the target utilisation) they rise gently; above it they rise steeply, to discourage draining the pool and reward suppliers. The marker shows where the market is right now — drag the slider to see the rate at any utilisation. This page is read-only and needs no wallet.

The liquidity poolAll deposits and loans share one on-chain pool UTxO, shown up top with the total ADA it holds. Each asset card shows its live Supply / Borrow APR, how much is supplied vs the supply cap, and its utilisation. “Available to borrow” is idle liquidity capped by the borrow cap. This is the raw state that backs every position on the protocol.

Keeping the protocol solventWhen a position's Health Factor drops below 1 it becomes under-water and anyone may liquidate it: you repay part of its debt and receive its collateral plus a bonus, which keeps the pool fully backed. Separately, the batcher settles everyone's queued supply/borrow/withdraw/repay requests against the pool and earns a small fee per request. Both are permissionless — any connected wallet can do them.

Operator consoleOnly wallets holding the risk_op / oracle_op NFTs see this. From here you tune each market's risk parameters (rate curve, caps, max-LTV, liquidation threshold), global settings, and — on testnet — the oracle price used for liquidation testing. Every change is written on-chain as a transaction; use the live rate-curve preview to see a knob's effect before you commit it.