Collateral
Loan denomination
The Gavel Protocol
Arbitrum One · auction-discovered · on-chain since 2026-07-16
Disclosure. Aletheia Analytics SASU operates automated agents for its own account on this venue. A material share of the prints on this row are its own. Spec §8.4 — the disclosure travels with the row wherever the row is published.
What we can see here. Rates are live, quantity is live, and composition is live. Each section below states its own case. Sections are never dropped when they are empty — an absent section and an absent number are different things.
1Structure
What kind of credit this is. Attributes, not scores — one column per structural property, factual values only, each with the contract, document or filing establishing it. Nothing here is ranked or weighted.
Oracle dependency what price the loan depends on, if any | none Gavel loan protocol 0xFCDd6Ef75638D8D19ad634004C234Ad18751fEf2 — no price feed is read on the auction, loan or settlement path. Nothing about the loan's life depends on an external price, so there is no oracle to depend on. |
Liquidation what happens when collateral falls | none Gavel loan protocol 0xFCDd6Ef75638D8D19ad634004C234Ad18751fEf2 — no liquidation function exists. A loan either repays by its maturity or the lender claims the escrowed collateral; observed loan outcomes are REPAID and DEFAULTED, with no liquidation state. |
Term whether the loan has an end date | fixed term Gavel loan protocol 0xFCDd6Ef75638D8D19ad634004C234Ad18751fEf2 — loan_duration_mins is set at auction creation and is not extendable or callable. |
Rate certainty whether the rate can move after origination | fixed at origination Gavel loan protocol 0xFCDd6Ef75638D8D19ad634004C234Ad18751fEf2 — max_repayment is fixed at auction creation and the cleared repayment is set when the auction settles. Neither moves for the life of the loan. |
Rate mechanism how the rate is set | auction-discovered Gavel loan protocol 0xFCDd6Ef75638D8D19ad634004C234Ad18751fEf2 — the rate is the outcome of a competitive bid auction rather than a curve or a committee: auction_discovered per v1 §8.2. |
Custody who holds the collateral | protocol-custodial Gavel collateral vault / position NFT 0xAD6Edb72409605a51dc6C990A09829616178A8f4 — collateral is escrowed by the protocol for the loan term. Non-custodial with respect to the operator, who cannot move it; not self-custodial, since the borrower cannot either. |
Collateral what secures the borrowing | WBTC (direct_wrapped) Gavel loan protocol — collateral_token on every mainnet auction to date is WBTC; the collateral_pair on all 13 auctions is WBTC/USDC. |
Recourse whether liability stops at the collateral | non-recourse Gavel loan protocol 0xFCDd6Ef75638D8D19ad634004C234Ad18751fEf2 — on default the lender's only remedy is the escrowed collateral. There is no claim on the borrower beyond it and no borrower identity against which to make one. |
2Rates
What it costs to borrow here, and what it pays to lend, both sides never conflated. Rates are normalised to a continuously compounded annual figure so venues quoting four different ways are comparable.
live · partial
Mainnet's first auction was on 2026-07-16 and the book remains far below any curve-maturity bar (the P6 discovery contract proposes 30 settled auctions across 3 tenors), so this row carries prints, not a term structure. The gap closes with time, not with engineering. The auction and settlement counts are deliberately NOT restated in this reason: they are derived live in the venue's auction-statistics panel and in /v1/stats. A count hand-written here is a count that goes stale, and this sentence read "10 auctions and 9 settled as at 2026-07-24" for a week against a book that by then held 13 and 12.
This venue’s rate is published in the cross-venue comparison rather than duplicated here, so the figures on both surfaces cannot drift apart. See it beside every other venue.
3Quantity
Collateral locked and debt outstanding, and the origination, repayment and net flow behind them.
live
The financing panel carries this venue’s contribution to collateral, debt and flow, with the coverage percentage stated on every aggregate.
4Composition
Who owes it and on what terms: LTV distribution, how long positions actually reside, position-size concentration, and liquidation incidence by origination-LTV cohort.
live
Residence and realised cost for this venue are published as the term structure. See the realised curve — note its tenor axis is a realised holding period, not a maturity.
5Markets
The individual markets this venue runs in scope. A venue is usually a family — one row per (collateral representation, debt asset, chain).
No per-market breakdown is published for this venue. Either its markets are not individually resolved yet, or the venue does not partition into markets in a way that would tell a reader anything.
6Auction statistics
Specific to how this venue sets its rate — auction-discovered. Every venue of the same mechanism class gets the same panel.
Fill rate, failure rate, bid depth, settled-versus-active book, and the venue’s forward curve under its data-sufficiency bar.
Contract addresses, reserve lists and market identifiers are resolved from this venue’s own on-chain registry rather than taken from its documentation, and re-checked whenever the registry changes. Where documentation and chain disagreed, the chain won and the disagreement is recorded. Last resolved 2026-07-24. One row among the rest, styled identically in the coverage matrix. Loan-level data is complete because the protocol is ours to index — which is exactly why the own-account disclosure has to be attached to it and not left to a footnote.