TESTNET BUILD — no mainnet deployment, no real value. Nothing on this site is an offer or a live financial product.

Transparency

The live book, verifiable on-chain

Protocol supply, backing, reserves, principal-weighted book yield, historical net default performance, fee revenue, the fee-net sUSDfr rate and global high-water mark, the backstop, and the redemption queue — every number below comes from Sepolia testnet contract state, contract previews, or events. No off-chain estimate is substituted.

The backing invariant — supply ≤ backing, enforced in-contract

Gross collateral & reserves

—

idle reserve + gross loan collateral

Curator first-loss capital

—

sum of all five class pools

sGROVE total backstop

—

$— per-event capacity

Backing is the protocol's accounting claim: idle reserves plus outstanding loan principal. Gross collateral & reserves replaces loan principal with the broader collateral reference: receivables scale their live outstanding principal by the signed LTV, so the reference amortizes with the loan and falls on a write-down, and digital-asset loans use the latest fresh m-of-n attested mark; closed facilities are excluded. Curator capital is shown separately because it is subordinated USDfr already backed by this same asset pool—not an additional external asset to add a second time. The sGROVE figure is its total funded USDfr coverage reserve; the separately shown per-event capacity is the maximum callable for one loss event.

Reserves

0x203c…0BAD

Idle stablecoin reserve

$—

Deployed principal

$—

sUSDfr vault

0x197b…d0F4

Staked assets

— USDfr

Shares outstanding

—

Fee-net exchange rate

—

Performance-fee NAV rate

—

Global high-water mark

—

Last fee checkpoint

—

The displayed exchange rate simulates fees due now. Gross marked fee NAV is the conservative impairment-netted rate tested against the global HWM before fee shares are minted.

The book

0x70eB…CF8c

Facilities originated

—

Book exposure

$—

Performing weighted yield

—

All-outstanding contractual yield

—

Performing principal

—

Gross performing income run-rate

—

Non-performing principal

—

Gross contractual tiers, weighted by live outstanding principal. The performing rate includes only Active and Amortizing loans; it is not realized cash yield or an sUSDfr return.

Historical credit performance

0xCB14…8124

Overall net default rate

—

Net principal written off

—

Cumulative funded principal

—

Film & TV tax credits

—

Renewable energy

—

Life sciences

—

Real estate

—

Digital assets

—

Cumulative principal written off after cash recoveries, divided by cumulative principal actually funded. Full recoveries contribute zero. Unresolved defaults remain in live risk metrics and are not counted as historical loss until realized.

Protocol revenue

0x1a20…9115

Revenue since deployment

— USDfr-equiv.

Origination fees

—

Interest fees

—

Performance fees

—

Management fees

—

Current interest fee

—

Current performance fee

—

Current management fee

—

Waterfall recipient

—

Vault recipient

—

Event-summed fees at receipt or crystallization. Performance and management amounts are denominated in USDfr at the checkpoint but paid as sUSDfr shares, whose later value can change. Recipient wallet balances are not used because fee assets/shares can be transferred. Principal repayments and depositor income are excluded. The HWM is protocol-wide, not personal cost-basis accounting.

sGROVE backstop

0xD2DF…0EcF

Coverage capacity (per event)

$—

Coverage reserve

$—

Capacity is the USDfr coverage reserve × per-event cap — never the market value of staked GROVE.

Redemption queue

0x0159…C269

Current epoch

—

Epoch ends

—

Queued shares

—

Settlement liquidity

$—

Provenance

0x9848…b97f

Network

Sepolia testnet

As of block

—

Every figure on this page is a direct contract read — click any panel's address to reconcile it on Etherscan. Test tokens; no real value.