Pre-launch · built on BaseLend and borrow on Base.

Pick yourdepth.

Every other money market hands you a blended rate and a blended risk. LADER splits the market into sealed depth zones, so the yield you take is the risk you chose.

Open the console Read the risk first

Depth range0 – 6 300 m

Zones at launch3 · isolated

Supply APY, modelled2.6 – 23.7%

Shared bad debtNone. Ever.

The problem

A blended rate is a subsidy you never agreed to.

In a shared pool, one rate has to cover every asset in it. The lender who wanted nothing but ETH and USDC is quietly underwriting the newest listing on the platform, and being paid a blended rate for the privilege. The lender who actually wanted that risk is being paid less than it is worth.

Both of them are in the wrong trade, and neither of them chose it. LADER makes the choice explicit: three zones, three rate curves, three sealed balance sheets. You descend to the depth you want and you are paid for that depth, not for the average of everyone else’s appetite.

Shared pool

One rate. One balance sheet. A bad listing is everyone’s problem.

LADER

Three rates. Three balance sheets. A bad listing is one zone’s problem.

The descent

Three rungs. You choose which one you stand on.

Depth film · Z-01 → Z-03 · modelled parameters0 m → 6 300 m

Z-01 · 13 bar

Z-010 – 200 m

Shelf

Blue-chip collateral, conservative caps, boring on purpose.

2.6–5.7%Supply APY, modelled at 60–90% utilisation

Max LTV: 80%
Liquidation threshold: 83%
Liquidation bonus: 5%
Utilisation kink: 90%
Supply cap: 25M USDC
Oracle: Chainlink primary + 30-min TWAP sanity band

cbBTCWETHUSDC

The shelf exists for capital that should never have to think about a long-tail listing. Only assets with deep on-chain liquidity and a primary Chainlink feed are eligible, and the interest curve is flat enough that a utilisation spike never turns into a withdrawal queue.

Z-02 · 75 bar

Z-02200 – 1 000 m

Twilight

Staked ETH and Base majors. Real yield, real drawdowns.

6.0–11.9%Supply APY, modelled at 60–90% utilisation

Max LTV: 68%
Liquidation threshold: 74%
Liquidation bonus: 8%
Utilisation kink: 85%
Supply cap: 8M USDC
Oracle: Chainlink + Uniswap v3 TWAP, 2% deviation breaker

wstETHcbETHAERO

Below the light line the collateral set widens to liquid staking tokens and the larger Base-native assets. Loan-to-value drops, the liquidation bonus rises, and a deviation breaker halts the zone if two independent feeds disagree by more than two percent.

Z-03 · 634 bar

Z-031 000 m and below

Trench

The deep end. Highest rate on the ladder, and the thinnest margin for error.

13.4–23.7%Supply APY, modelled at 60–90% utilisation

Max LTV: 45%
Liquidation threshold: 55%
Liquidation bonus: 12%
Utilisation kink: 80%
Supply cap: 1.5M USDC
Oracle: Dual feed, 1% deviation breaker, 20-min staleness halt

DEGENlong-tail Base assets

The trench lists volatile, thinly traded collateral at the tightest caps on the protocol. Positions are liquidated earlier and harder than anywhere else, because the only thing standing between a bad hour and bad debt is how fast the zone closes a position. Suppliers here can lose principal.

The invariant

What happens in the Trench stays in the Trench.

Isolation is the whole product. Each zone keeps its own accounting, its own collateral set, its own oracle and its own reserve. A shortfall is settled against the suppliers of the zone that produced it, and there is no accounting path that lets it reach anywhere else — not another zone, not the treasury.

Below: a 42% collateral gap in Z-03 over nine minutes, run against the Phase 1 parameters. The Trench takes a 3.4% hit to supplier principal once liquidation revenue and the zone reserve are applied. The Shelf and the Twilight read exactly zero.

Modelled scenario, not historical data. Parameters from the Phase 1 risk framework.

Where the yield comes from

Three sources. All of them are somebody paying for something.

Borrow interest

Borrowers pay a rate set by the zone's own curve. Deeper zones price capital higher because the collateral behind it is harder to sell in a hurry. That spread is the depth premium, and it lands with the suppliers of that zone only.

Liquidation revenue

When a position crosses its threshold, liquidators repay the debt and take collateral at a discount. Part of that discount is retained by the zone as a buffer before any loss can reach suppliers.

Protocol fee

A fixed share of interest and liquidation revenue is routed to the fee distributor and paid to LADER stakers in the assets it was collected in — USDC, ETH, whatever the zone earned.

No emissions. Nothing on this page is funded by printing LADER. If borrowers stop borrowing, the yield goes to zero — which is the honest behaviour of a lending market, and the reason the numbers here are ranges rather than promises.

Read this before you descend

How you lose money here.

Descending is a choice, so it has to be an informed one. This is the complete list of ways a position on LADER can go against you.

Liquidation: If your collateral falls past the zone's liquidation threshold, your position is closed at a discount to a liquidator. In the Trench that discount is 12%, and the threshold sits only 10 points above the maximum LTV. Deep positions are closed early and hard, by design.
Loss of principal: Isolation contains bad debt inside a zone. It does not delete it. If a zone's liquidations do not clear fast enough, the suppliers of that zone absorb the shortfall. Suppliers in the other zones absorb nothing.
Smart contract: The contracts are new. They will be audited before mainnet and the audit reports will be published here, but an audit is evidence, not a guarantee.
Oracle failure: Every zone depends on a price feed. Feeds can be stale, wrong, or manipulated. Each zone runs a deviation breaker and a staleness halt that freezes borrowing rather than pricing a position on a feed nobody trusts.
Liquidity: High utilisation means withdrawals queue behind repayments. Deep zones are capped precisely so a full exit stays possible, but there is no moment where instant withdrawal is promised.
Variable rates: Every APY on this page is modelled from the Phase 1 parameters. Realised rates depend on utilisation, and utilisation depends on people. Nothing here is a forecast and nothing here is guaranteed.

Dive plan

What ships, and in what order.

0 – 200 m

Phase 1 — two zones, live parameters

The Shelf and the Trench, supply and borrow, per-zone risk parameters, hardened oracles and a liquidation engine that actually closes positions under stress. The point of Phase 1 is to prove isolation end to end, with real money in two zones that could not be more different. No token.

In progress

200 – 1 000 m

Phase 2 — fee capture and the middle of the ladder

The Twilight zone opens, the fee distributor goes live, and the interest rate models get retuned against observed utilisation instead of simulated utilisation. Liquidation incentives get their first real audit under load.

1 000 m +

Phase 3 — LADER and governance

The token, staking with revenue share paid in collected assets, and governance over which assets and zones exist. Governance inherits a protocol that already works rather than one that needs a token to function.

Planned