Ajna Protocol · interactive mechanism simulation

No oracle, no governance: lenders express prices by choosing deposit buckets; the Lowest Utilized Price (LUP) tracks solvency. Try crashing the collateral market.
Lenders pick buckets Borrowers draw at LUP LUP / HTP tracker LUP: 30.0 HTP: 28.0 Kicker / Dutch auction no active auctions Reserve auction 0 AJNA burned
Total deposits
0
LUP (lowest utilized price)
30.0
Active loans
0
AJNA burned
0
Parameters — edit me
30.0
45%
1.4/s
4%
Controls

Illustrative simulation. Defaults mirror the researched Ajna mechanism (fixed price buckets, LUP/HTP solvency logic, bonded Dutch-auction liquidations, reserve auctions that burn AJNA — all without oracles or governance), but flows and timing are randomized for visualization — not live onchain data. The failure button shows how a sudden price drop pushes loans below the LUP, triggering kicker-initiated liquidation auctions. Part of The Onchain Experiment Atlas.