Secured Finance

Permissionless On-Chain Fixed-Income Infrastructure

We build the base market for on-chain fixed income: term lending & zero-coupon bond (ZCB) trading. The protocol stays non-custodial & open; compliance lives at the asset layer.

$1.42M
Total TVL[2]
Filecoin $1.16M / Ethereum $164K / Arbitrum $93K
As-of: Sep 2025; Source: DeFiLlama
$0.28M
USDFC Supply[2]
As-of: Sep 2025; Source: Protocol
205K
Galxe Uniques[3]
18.9% repeat rate (38.8K)
As-of: Sep 2025; Source: Internal analytics
$284.6B
Stablecoin Market[4]
$3T on-chain volumes
As-of: Aug 2025; Source: Industry report

What We Do

ZC Loan Markets — Fixed-rate, fixed-maturity via public orderbooks. Quarterly maturities on the last Friday of Mar/Jun/Sep/Dec at 00:00 UTC (timestamp-based; no business-day adjustment).

USDFC (FIL-backed CDP) — 0% interest + 0.50% one-time mint fee; supply elastic vs FIL collateral (bounded by LTV / liquidation params).

ERC-4626 Strategy Vaults — sfUSDC (EVM) & sfUSDFC (Filecoin) auto-route deposits to term orderbooks; "deposit-and-forget" UX.

Why It Matters

DeFi lacks deep, standardized term markets. Borrowers need USD/JPY term funding; lenders want predictable fixed returns without custody risk.

Variable-rate protocols dominate with Aave ≈ $28.9B[6] and Compound ≈ $1.08B[6] in outstanding borrowings who could benefit from term certainty.

Regulatory Position

Permissionless × asset-level compliance: RWA issuers run KYC/AML & allowlists; protocol is non-custodial / non-intermediating; under the Singapore Legal Opinion[1], protocol entities do not provide DPT services or operate a market/clearing facility.

No additional KYC/AML required of protocol entities beyond reasonable AML/CFT via issuer allowlists. We do not provide on/off-ramp or exchange.

How We Differ

  • Fixed-rate via orderbooks, not utilization curves (Aave/Compound)
  • Quarterly last-Friday 00:00 UTC maturities concentrate liquidity & standardize roll-through
  • Portable loan tokens (ZC) enable external use/rehypothecation
  • Direct RWA collateral recognition—no wrapper tokens; liquidation moves withdrawal rights
  • sfUSDC / sfUSDC vaults bootstrap depth; multi-chain & JPY runway (JPYC yield curve + sfJPYC)

Business Model

Initial Match Fee
N × (Q × 25 bps) at fill
Auto-Roll Fee
N_roll × (25 bps × 2 legs) per quarterly roll
USDFC Mint
0.50% + freq adj one-time
Q = tenor in quarters (e.g., 12M → Q=4 → 100 bps once at match). 2 legs = borrower + lender both roll together.

Market Context

Stablecoins ≈ $284.6B; on-chain volumes ≈ $3T (Aug 2025)[4].

Tokenized Treasuries & MMFs ≈ $7.4B[5].

Variable-rate debt ≈ $30B (Aave ≈ $28.9B; Compound ≈ $1.08B)[6].

Investment Opportunity

Governance token financing to scale legal/audit, liquidity, vault build-out, and RWA integrations. 30-min intro; DocSend on request.

References

[1] Legal Opinion: Dentons Rodyk (14 Jul 2025), p.2–5, 7 (DPT/SFA scope, market/clearing, AML scope).

[2] Secured Finance protocol metrics (As-of: Sep 2025).

[3] Galxe campaign analytics (As-of: Sep 2025).

[4] Stablecoin market cap & on-chain volumes (As-of: Aug 2025) — DeFiLlama, CoinGecko.

[5] Tokenized Treasuries & MMFs (As-of: Aug 2025) — rwa.xyz, Token Terminal.

[6] Variable-rate borrowings (Aave/Compound) (As-of: Aug 2025) — DeFiLlama, protocol dashboards.