Vault isolation.
Each vault is its own smart contract with its own NAV, borrower pool, and fee curve. Losses in one vault do not reach another. LPs pick their exposure by picking their vault.
USDC in. Borrower fees out. No emissions, no lockup, no hidden spreads. Permissionless from one dollar.
The base fee pays every LP. The protocol fee pays the LPs who stake $APPEX.
Base fee
Paid by borrowers on every draw
Protocol fee
Available to LPs who stake $APPEX
Protection here is structural, not promised. Four specific mechanisms sit between your deposit and a loss scenario, each with a wiki-traceable explanation.
Each vault is its own smart contract with its own NAV, borrower pool, and fee curve. Losses in one vault do not reach another. LPs pick their exposure by picking their vault.
The vault's counterparty is the borrowing company, not their downstream customer. If a customer pays late or fails to pay, the borrower still owes the vault on the original term. Repayment is contractual, not conditional.
Every borrower passes credit evaluation, financial review, and background checks before drawing. Concentration guidelines cap exposure per borrower and per industry. Insurance applies where available. Default permanently removes a borrower from the approved pool.
Capital outside an active advance sits in Aave earning continuous yield, and redemptions draw from that liquid position first. Idle capital still works, and exit liquidity is backed by it.
Smart contracts ship after third-party audits, and a standing bug-bounty program invites ongoing review. The security surface is documented, not assumed.
Four steps, one continuous flow. Capital earns the whole time it is in the vault, whether it is drawn by a borrower or deployed to DeFi. Redemption passes through gates that protect the remaining LPs.
Connect a wallet and specify a USDC amount. The vault refreshes NAV, calculates the current share price, and mints LP tokens to your wallet. The minimum is one USDC. Access is permissionless at the contract level.
The LP yield fee accrues to NAV every day the advance is outstanding, not in a lump sum at repayment. LP token value rises continuously. No claim, no harvest, no gas. Staking rewards distribute monthly, aligned with typical borrower repayment cycles.
USDC not in an active advance goes to Aave for continuous DeFi yield. The position is fully liquid and withdrawable instantly. Borrower demand and DeFi allocation are managed together to keep redemption capacity intact.
Submit a withdrawal request. If the liquid DeFi position covers the amount, the request settles promptly once the gate releases. If not, the request queues FIFO until repayments land. Daily caps and per-request limits apply. The vault never recalls outstanding advances.
Connect a wallet and specify a USDC amount. The vault refreshes NAV, calculates the current share price, and mints LP tokens to your wallet. The minimum is one USDC. Access is permissionless at the contract level.
Launch is forthcoming. Follow the protocol to be ready the day the first vault opens.
