Kedar

Markets planned for launch

Each market is a single collateral and loan asset pair. Its risk settings are public before you deposit and stay the same for the life of the market.

Market	Collateral	Loan asset	Liquidation LTV	Liquidation bonus	Status
CBTC / USDCx	CBTC	USDCx	86.0%	4.38%	Planned
cETH / USDCx	cETH	USDCx	86.0%	4.38%	Planned
CC / USDCx	CC	USDCx	62.5%	12.7%	Planned
CBTC / CC	CBTC	CC	77.0%	7.41%	Planned

Proposed settings. Final values, and the oracle provider for each market, will be published with the audit report before the market opens. The liquidation bonus is derived from the liquidation LTV: the riskier the collateral, the bigger the incentive to liquidate it promptly.

Why isolated markets

Most lending protocols put every asset into shared pools. That's simple, but it means every lender carries the risk of every collateral in the pool. Kedar keeps each market separate.

Shared pool

One collateral fails, and the bad debt is spread across everyone who lent into the pool.

Failing collateralLenders exposed

Isolated markets

Each market stands alone. If one collateral fails, only that market's lenders are affected, and they chose that risk.

Failing collateralOnly this market exposed

How Kedar works

Lend directly into a market you choose, or deposit into a vault and let a curator spread your funds across markets within limits you can see.

Lenders deposit
Supply USDCx, CC or other assets, either into a single market or into a vault.
Curators allocate
Vault curators spread deposits across markets, within caps published on-chain.
Borrowers post collateral
Borrowers lock collateral in one market and borrow up to its fixed limit.
Interest flows back
Borrowers pay interest set by the market's rate model, and it accrues to lenders.

How interest rates are set

Rates follow how much of a market is borrowed. Below the 90% target they rise gently. Above it they climb steeply, to pull in lenders and push out borrowers so lenders can always withdraw.

Illustrative rates. If a market stays above or below its target for long, the curve shifts up or down on its own, so rates track demand without anyone adjusting them by hand.

What a liquidation looks like

A worked example in the CBTC / USDCx market, where the liquidation LTV is 86% and the bonus is 4.38%.

You borrow against 1 CBTCCBTC is at $100,000. You borrow 60,600 USDCx, an LTV of 60.6% and a health of 1.42.
CBTC falls 29.5% to $70,465Your LTV reaches 86% and health hits 1.00. The position becomes eligible for liquidation.
A liquidator repays your debtThey repay 60,600 USDCx and receive 0.8977 CBTC: the debt's value plus the 4.38% bonus.
You keep the rest0.1023 CBTC, about $7,208, stays yours, along with the 60,600 USDCx you borrowed.

Repays debt

86.0% repays debt3.8% liquidator bonus10.2% returned to you

Built for curators and institutions

Run a vault with your own risk policy, for your own clients or for anyone on Canton.

Choose your markets. Allocate only to markets that meet your risk criteria.
Set hard caps. Limit exposure to any single market. Kedar enforces the caps on every allocation.
Time-locked changes. Depositors see allocation changes before they take effect, and can withdraw first.
Permissioned vaults. Restrict deposits to verified parties when your mandate requires it, using Canton's party permissions.

USDCx Core

Example vault

Sample allocation

CBTC / USDCx48% of 55% cap
cETH / USDCx32% of 40% cap
CC / USDCx12% of 15% cap
Idle (instant withdrawals)8%

Timelock72h

AccessOpen

Loan assetUSDCx

What we can and can't do

Every lending protocol has someone with some control. Here is exactly what the Kedar team will be able to do, and what the contracts won't let anyone do, including us.

Nobody can

Change a live marketIts liquidation LTV, oracle, rate model and bonus are fixed. A new setting means a new market.
Move your collateralOutside a liquidation under the market's published rules, collateral only moves when you sign.
Stop you closing a positionRepaying, adding collateral and withdrawing available funds keep working, even when a market is paused.
Take vault depositsCurators decide where a vault lends, within public caps. They can't withdraw depositors' funds for themselves.

The Kedar team can

Open new marketsEach with its own collateral, oracle and liquidation LTV. Existing markets aren't affected.
Pause new borrowing in a marketFor emergencies such as a broken price feed. Paused markets still let you repay and withdraw.
Approve liquidatorsPositions are private, so liquidations are run by approved parties. More on this below.
Set a protocol feeA share of interest, with a hard maximum written into the contract.

This is the control model we're building to. The final list, including who holds each permission, will be published with the audit report before mainnet.

If positions are private, who liquidates them?

On public chains, anyone watching can liquidate. On Canton, positions aren't visible, so Kedar works with approved liquidators. A position's details are shared with them only once it crosses its liquidation limit. Kedar also runs a backstop liquidator, so liquidations never depend on one outside party.

What if collateral doesn't cover the debt?

If a price gaps down too fast, a liquidation can leave a shortfall. On Kedar it's recorded straight away as a loss for that market's lenders only. It isn't hidden, and it doesn't spill into other markets or vaults.

Who can see my position?

You, and the Kedar operator that runs the market. Approved liquidators see it only if it becomes eligible for liquidation. It isn't published to the network, so others can't track your collateral or trade against it.

Can the code be upgraded?

Canton lets contract code be upgraded, but an upgrade only applies to your position when you accept it. If we ship a new market version, existing positions keep running on the code they were opened with.

Before mainnet

Independent auditsAt least one external audit of every contract.
Published reportsFull audit reports on this site.
Public codeContract code published for anyone to review.
Bug bountyRewards for anyone who finds a vulnerability.

Questions

Can't find what you need? Email aston@kedar.finance. To report a security issue, see security.txt.

What is liquidation LTV?

The loan-to-value ratio at which a position can be liquidated. If a market's liquidation LTV is 86%, you can be liquidated when your debt reaches 86% of your collateral's value. It's fixed when the market is created. For what happens next, see the worked example.

Who are the curators?

Independent teams that run vaults with their own risk policies. They decide which markets a vault lends to and how much, within caps that depositors can see. They can't take deposits for themselves.

Is Kedar audited?

Not yet. Kedar is in development. Every contract will be independently audited before mainnet, and we'll publish the full reports here.

Who is behind Kedar?

Kedar is built by KR Technologies LLC. The team is pseudonymous. Because of that, we'll publish the contract code and audit reports so you can check the work without needing to know who wrote it. You can reach us at aston@kedar.finance.

When does it launch?

We haven't set a date. We'll open access in stages, starting with the waitlist and with curators, institutions and builders who send us a request.

Get early access

Two ways in, depending on how you plan to use Kedar.

Lend or borrow

Join the waitlist. We'll invite people in waitlist order as markets open.

Join the waitlist

Curators, institutions and builders

Planning to run a vault, lend at size or build on Kedar? Tell us a little about it and we'll get in touch.

Request sent

Thanks. We'll reply from aston@kedar.finance, usually within two working days.