The market
One market, four reserves, a single borrowable asset. Every parameter was fixed at deployment and can only be changed by a signed transaction from the multisig that owns it.
The four reserves
| Asset | Role | Max LTV | Liq. threshold | Cap |
|---|---|---|---|---|
| EURC | Borrow only | — | — | €5,000 |
| cbBTC | Collateral only | 50% | 75% | €5,000 |
| SPYx | Collateral only | 50% | 75% | €5,000 |
| QQQx | Collateral only | 50% | 75% | €5,000 |
cbBTC is Coinbase-wrapped bitcoin. SPYx and QQQx are tokenised S&P 500 and Nasdaq exposure issued by Backed. All three share identical parameters, so the risk profile does not change with the collateral you choose.
One borrowable asset
EURC is the only asset anyone can borrow. The other three can be supplied and used as backing, but never lent out — which is why they show no supply rate. That single-borrowable design is what keeps the market readable: there is one debt asset, one rate curve, one utilisation number.
Where the numbers come from
- Oracle
- Chainlink on all four reserves
- Liquidation penalty
- 5%
- Close factor
- 25% of the debt per liquidation
- Deposit cap
- €5,000 per reserve
- Owner
- Squads multisig · 4 of 7 signers
- Host fee
- Paid to the Kurate treasury wallet
Ownership
The market is owned by a Squads multisig requiring four signatures out of seven. That multisig can change parameters going forward. It cannot seize deposits, cannot pause you out of your own position, and holds no upgrade key over the liquidation logic — that belongs to Kamino.
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Last updated 1 day ago · Kurate