Transparency
Three numbers, published whether they flatter us or not.
The contracts are not deployed yet. Every figure on this screen is generated locally to show the interface. Nothing here is a real position, a real balance or a real yield.
Health metrics
The three that matter.
Chosen before launch, so they cannot be chosen after the fact.
- 7.6%
- Average chosen rate
- 43.6%
- DEX liquidity ÷ fyUSD supply
- 1.00×
- Revenue ÷ incentives
▲ Above the floor
Debt-weighted average of the rates borrowers set for themselves. Below 3% sustained, the product has no market and we will say so.
Sustained below 3%, the product has no market, and we will say so here.
▲ Above the floor
Target 40%. Minting is capped when this falls under 30%.
Target 40%. Below 30%, minting is capped by the contract, not by a decision.
▲ Above the floor
Always at least 1, by construction. Fyber never spends more than it earns.
At least 1 by construction. Fyber cannot spend more than it earns.
Where the interest goes
Ninety percent to the people who took the risk.
Interest paid by borrowers is split by the contract, not by a treasury committee. In phase 1 the treasury share is zero. It becomes 15.0% only once debt passes $25.00M, and the contract caps it at 20.0% for ever.
30-day realized yield
realized yield = pool share × average borrower rate × total debt ÷ pool size9.1% = 0.9 × 7.6% × $24.50M ÷ $18.42MDepositors are paid the interest borrowers actually paid, nothing else. In phase 1, 90% of interest goes to the Stability Pool, 10% to fyUSD liquidity, 0% to a treasury.
This figure is history over the last 30 days. It moves with the average rate borrowers choose and with the size of the pool, and nobody promises it.
| Destination | Phase 1 | Phase 2 |
|---|---|---|
| Stability Pool depositors | 90.0% | 75.0% |
| fyUSD liquidity incentives | 10.0% | 10.0% |
| Treasury | 0.0% | 15.0% |
Phase 1, until fyUSD debt passes $25M. Phase 2, from $25M of debt. The switch is a debt threshold read by the contract; nobody flips it.
Guarded launch
Deliberately small, on purpose, in the contract.
Phase 1 caps are not a soft launch policy. They are constants compiled into immutable contracts, so the protocol stays small enough that a mistake is survivable.
- Total debt ceiling
- $2.00M
- Debt per address
- $50.0K
- Stability Pool ceiling
- $3.00M
- Deposit per address
- $100.0K
across every branch
no exceptions, no allowlist
deposits are refused above it
the same for everyone
Stability Pool coverage
Target 50.0% of supply. Below 30.0% the protocol is thin on liquidation capacity and new tier 2 branches stay shut. Currently 61.2%.
Peg reserve
$6.82M of USDG backs the peg module, capped at 30.0% of supply. Swapping in costs 0.05%, swapping out 0.20%, and the module refuses to sell fyUSD above $1.00.
Liquidations
Every one of them, with the price that triggered it.
Including the market state at the moment it happened, which is the part that decides whether the price was an official print or an on-chain estimate.
| Branch | Market state | Price used | Debt repaid | Bonus |
|---|---|---|---|---|
| QQQ | LIVE | $361.08 | $2.2K | 5.0% |
| SPY | DRIFT | $611.42 | $1.9K | 2.0% |
Current book: $24.50M of debt against $54.18M of collateral, 212 borrowers, $25.40M of unused capacity.
Commitments
What you will never see on this site.
- A forecast yield. Every yield figure here is what the pool actually paid over a trailing window, shown with the arithmetic that produced it.
- Total value locked as a headline. It measures nothing about whether the protocol works. The three metrics above do.
- A number without its formula. If we show it, you can reproduce it.
Reading these numbers
Until the contracts are deployed, every figure on this page is generated locally so the interface can be reviewed. Nothing here is a real position, a real balance or a real yield, and the banner at the top of the page says so for as long as that remains true.
When the protocol is live, these same components read the chain directly and the banner disappears. The formulas do not change.