Reference
Parameters
Every value below renders live from the protocol's single parameter source, the same file the contracts are configured from, so this page cannot drift from what is deployed.
Rates
| Parameter | Value | Bounds on change |
|---|
| Fed funds rate | 3.50% | at most 100 bps per change, 7 days apart |
| Desk spread | 9.00% | at most 50 bps per change, 7 days apart |
| Base margin rate | 12.50% | the sum of the two above; staking tiers accrue at this less their discount |
| Protocol skim | 20.00% of gross interest | movable only within 10.00% to 20.00%, and it stands at the ceiling |
| Depositor share of gross interest | 80.00% | whatever the skim is not |
Margin requirements
| Asset class | Initial | Maintenance |
|---|
| USDG (cash) | 0.00% | 0.00% |
| Treasury tokens | 10.00% | 5.00% |
| ETH | 35.00% | 25.00% |
| Crypto majors | 40.00% | 27.50% |
| ETF tokens | 40.00% | 25.00% |
| Stock tokens, tier A | 50.00% | 30.00% |
| Stock tokens, tier B | 60.00% | 40.00% |
One initial rate and one maintenance rate per asset, applying at every hour of every day. Listings enforce a 2.00% maintenance floor and initial strictly above maintenance.
The daily charge
| Parameter | Value |
|---|
| Charge time | 00:00 UTC, every day |
| Permissionless window | 30 min after the charge time, anyone may run it |
| Batch slippage limit, treasury tokens | 10 bps |
| Batch slippage limit, crypto | 30 bps |
| Batch slippage limit, stock and ETF | 150 bps |
The charge runs every day, weekends and holidays included, and is idempotent per UTC day. There is no trading calendar anywhere in the protocol, so no parameter here selects a day.
Calls and forced sales
| Parameter | Value |
|---|
| Grace, equity at or above 85.00% of maintenance | 4 h |
| Grace, below 85.00% of maintenance | 1 h |
| Hard floor | 75.00% of maintenance: no grace at all |
| Forced sale budget vs the mark | 150 bps |
| Desk exposure cap, per asset | 6 forced sale clips of the asset, movable between 1,000 and 10,000,000 USDG |
| Penalty, stock and ETF | 1000 bps |
| Penalty, crypto | 1000 bps |
| Penalty, treasury tokens | 50 bps |
| Penalty ceiling on any listing | 1000 bps |
Vault and trading
| Parameter | Value |
|---|
| Withdrawal delay | 2 days |
| Utilisation ceiling on new draws | 90.00% |
| Deposit cap multiplier | 1.6x the book, ratchets up only |
| Insurance line target | 4.00% of vault value |
| Skim routing | the whole skim to the insurance line while it is under target, the whole skim to the foundation treasury while it is at or above, judged at every settlement |
| User trade budget ceiling | 200 bps |
| Desk fee on a trade | 0.20% of the notional on a buy, a sell or a swap, once each; none on a forced sale or the daily charge |
| Desk fee ceiling | 50 bps, written into the contract |
Oracle windows
| Parameter | Value | Rails |
|---|
| Equity staleness | 25 h | 5 min to 48 h |
| Crypto staleness | 5 min | same rails |
| Equity deviation guard | 500 bps | 100 bps to 2000 bps |
| Crypto deviation guard | 800 bps | same rails |
One staleness window covers equity feeds at every hour. A feed older than its window is not substituted with a stale closing price: the hub falls back to the on-chain TWAP if one is set, and otherwise the asset is unusable until the feed recovers.
How changes happen
Every one of these values moves only through governance, and the bounds in the right-hand columns live inside the contracts themselves: a fast-path setter can never exceed them, no matter who signs.