Capital that stands first in line
Curators commit capital that absorbs losses on the credit book before anyone else. Forest Road runs the programme under bilateral agreements with approved curators. This page describes it and takes registrations of interest; it is not an offer.
A curator is a first-loss investor.
The three-layer loss cascade is the protocol's safety spec: curator first-loss, then the sGROVE backstop, then sUSDfr principal, in that order and never inverted. Curator capital is the first layer.
Capital that absorbs the first dollar of loss
Curator capital is posted per collateral class into the CuratorModule on the Ethereum instance. When a facility in that class realises a loss, curator capital absorbs it before the sGROVE backstop and before any sUSDfr holder is impaired. Senior capital is never subordinated to it.
It cannot leave from under a live book
Withdrawals are capped at the headroom above live exposure and freeze while any default in the class is unresolved or any custody incident is open. The rules are on chain and the same for every curator, including Forest Road.
Forest Road is the anchor curator
Forest Road originates, underwrites and services every facility in house and posts first-loss capital itself. Capital committed under this programme funds that position; Forest Road remains the party that posts, holds and withdraws it on chain.
The mechanics are documented in full on How it works and in the protocol docs; the live curator position per class is on Transparency.
Deeper risk earns the highest multiple.
Points track sustained participation. sUSDfr stakers already receive the protocol's variable yield, so their points start at the 1× base and mature to 2×. USDfr holders forgo that yield and earn 3× to 6× in lieu of it. Curator first-loss capital, which absorbs the very first dollar of any loss, earns the most: 5× today, maturing to 10× over 365 days. All three multiples are bounded and governance-tunable; changes apply going forward, never retroactively.
Points represent live first-loss capital, not the amount originally posted: when a class absorbs a loss, the affected positions freeze at the loss and resume on what remains. Points are not a token, not a promise of one, and not an implied return; any future utility is discretionary and subject to counsel review.
Where the numbers come from
How the programme works.
Your position.
Approved curators act here. Forest Road's Ethereum position is held by its AnchorCurator Safe; separately approved partners use their own approved wallet. On Solana, subscribe to the vault: deposit, give notice, withdraw when eligible, and claim coupons as they fall due.
Ethereum
Looking for wallets…
Solana
Devnet rehearsal. This surface is wired to the Solana devnet program and a test mint. Nothing here has value. The mainnet program is wired only after the audit and the deployment ceremony.
Connect a Solana wallet to see whether it is approved and, if it is, your position.
Looking for wallets…
Register interest.
Tell us where your capital sits and roughly how much. Forest Road follows up on eligibility; terms are settled directly and in writing.
What this is not