Gavel
Oracle-free, fixed-rate, fixed-term credit against Bitcoin, and the term structure derived from its settled auctions. This surface is read-only: it displays what the market has done and executes nothing.
This market lets you borrow against it at a rate and a term fixed when the auction settles. This site does not execute anything — it shows you what the market has done, so you can decide whether to act elsewhere.
See the market →An agent acting on this protocol leaves a complete public record. Enter its address and read every auction, loan and position it holds, with the provenance of each figure — without connecting anything.
Supervise an address →Every figure on this site is fetched from an API you can call yourself, and the same files an agent reads are the ones these pages render. The datasheet lists every series, its cadence, and how much stands behind it.
Read the datasheet →How it works
A borrower posts collateral and the terms they want. Lenders bid the rate down until one clears. The rate is discovered by competition, not set by a formula or read from a price feed.
When the auction settles, the amount owed and the maturity date are fixed. There is no external price feed in the call graph and no mid-term liquidation: the loan does not change because the market moved.
Settled auctions at different tenors describe a term structure — what credit costs at each maturity. It is published only once enough auctions have settled to mean something.