Term Finance · interactive mechanism simulation

Borrowers and lenders submit sealed bids/offers into a periodic double auction that clears one uniform rate → repo tokens and locked collateral settle the loan. Try misconfiguring the oracle.
Borrowers sealed bids Lenders sealed offers Double auction clearing: 5.00% 0 matched Repo tokens 0 outstanding Collateral locker 0 locked Oracle / liquidation config: nominal
Clearing rate
5.00%
Matched volume
0 USDC
Repo tokens outstanding
0
Collateral locked
0 ETH
Parameters — edit me
4.0%
4.0%
1.5/s
150%
Controls

Illustrative simulation. Defaults mirror the researched Term Finance mechanism (recurring sealed-bid double auctions clearing a uniform rate, ERC-20 repo-token receipts, locked overcollateralization), but order flow and timing are randomized for visualization — not live onchain data. The failure button reenacts the April 2025 incident where a misconfigured collateral oracle triggered wrongful mass liquidations. Part of The Onchain Experiment Atlas.