How it works

How Confluere is different

• Outright repo, not a collateral loan

  Your tokens are sold to the lenders, not locked as collateral, and you keep the right to buy them back. Ownership really moves, so there is no margin call and no liquidation, whatever the market does.

• No oracle

  Repayment compares token amounts and dates only. No price feed can be manipulated, go stale or trigger a sale.

• No intermediary

  Borrowers and lenders meet in an immutable contract. No curator picks your risk, no liquidator profits from your position, no owner can change the rules.

• No MEV

  Orders gather for a round and fill together at one price. There is no execution order to front-run or sandwich.

• No slippage

  You set the worst price you accept. An order never fills beyond it; if a round's price is worse, it waits or comes back to you.

• Fixed rate, fixed date

  Your rate is set when your order fills and does not move until maturity. You know today exactly what you repay and when.

When you borrow

You post collateral; it is sold at the price of the next round (about every 2 minutes on the test networks, one price for everyone in the round) and you receive the loan. The card shows exactly how much to repay and by when. Repay before the deadline to buy the collateral back; if you don't, you keep the proceeds and owe nothing.

When you lend

You buy lender units below the buy-back price. If the borrower repays, you are paid the buy-back price, which is your fixed rate to maturity (minus the protocol's share of the interest). If not, you receive the collateral instead. A vault lends for you by a rule fixed at deployment.

What never happens

• No price feed decides anything. Prices shown as "price now" are for reference only.
• No liquidation, and no sale of your tokens on an exchange.
• No one manages risk for you: no curator, no owner, no upgrade.

Known limits

• Once a position starts it is never closed early. A roll-over to the next maturity can fail to fill; the current position then stays as it is.
• In markets where you can repay any time, lenders may be paid back before the date.
• Vault withdrawals can include borrowers' tokens from loans that were not repaid.
• Every loan of the same date shares one repayment window, counted in blocks after the date. A pause of the network pauses it too.
• If a token's issuer can freeze transfers, repaying, claiming and withdrawing that token stop while it is frozen.
• Anyone can open a market. New markets are marked, vaults don't lend there yet, and a guardian may pause them for up to 7 days at a time.

Security and status

• Contracts are immutable: no owner, no upgrade, no admin keys.
• Only privilege: a guardian may pause a new market for up to 7 days. It cannot move funds.
• Internal audit, October 2026 (docs/AUDIT_2026-10-11.md on GitHub). No external audit yet.
• Testnet deployment on Monad Testnet and HyperEVM Testnet, same code at the same address. Test tokens have no value.