MeridxBSC testnet
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Risks

Read these before you lock a token.

An unpaid loan burns

Repay before someone settles, or lose the collateral.

BORROWDUE+1 DAY1 TO 30 DAYSREPAY ANY TIME UNTIL SETTLEDTHEN ANYONE MAY SETTLE99% TO 0x…dEaD1% SETTLER
  • The vault never sells. It burns.
  • Due after 1 to 30 days, plus 1 day of grace.
  • Repaying stays open until the settle lands.

The Flap Guardian can move everything

They exist because Flap requires them (rule 009 and SYS-REQ-RESCUE-MECHANISM). They are stated in the vault's schema description.

Flap Guardian0x76Fa…6950
  • Replace the vault implementation through the beacon
  • Move the vault's whole BNB balance to an address it names
  • Move the vault's whole balance of any ERC-20 to an address it names, including USDT and the borrowers' locked collateral
  • Redirect incoming native tax

After a rescue

  • The ledgers are written down in the same transaction
  • Loans stay booked
  • If collateral was moved, repay() and settle() revert on the token transfer until the Guardian restores it or upgrades the vault

A rising token is valued below market

The reference climbs at most 5% per daily close.

1 close1.05x
7 closes1.41x
30 closes4.32x
60 closes18.68x
  • It starts no higher than the listing price.
  • A fall reaches the lending price at the next hourly close.
  • Try the price clock

Capacity is first come, first served

Borrowing stops at 50% of the pool or at the pair cap.

Manipulation, measured

A token aged 40 days, a 2,000 BNB pool so that only the price and pair limits bind, an attacker who locks just enough collateral, and nobody else trading.

attacker losesattacker gainsP&L in BNB
  1. 10 BNB 1 day testedprice 2.41x, ref 1.04x−7.60 BNB
  2. 40 BNB 1 day testedprice 10.4x, ref 1.04x−10.01 BNB
  3. 160 BNB 1 day testedprice 97.6x, ref 1.04x−10.94 BNB
  4. 40 BNB 7 days testedprice 10.4x, ref 1.40x−7.96 BNB
  5. 160 BNB 7 days testedprice 97.6x, ref 1.40x−8.78 BNB
  6. 40 BNB 30 days testedprice 10.4x, ref 4.32x−2.55 BNB
  7. 160 BNB 30 days testedprice 97.6x, ref 4.32x−3.15 BNB
  8. 40 BNB 60 days reportedprice 10.4x, ref 10.38x−0.99 BNB
  9. 160 BNB 60 days reportedprice 97.6x, ref 18.67x+3.02 BNB
  1. 40 BNB 1 dayearlier design+0.89 BNB
  2. 160 BNB 1 dayearlier design+13.6 BNB

The last row is the one case that pays. It needs a ~100× pump that nobody sells into for two months, while the attacker's 160 BNB sits in the pair. The pool's loss is bounded by the pair cap, 7.8 BNB there.

A pump held across the first daily close

Pump, borrow, default, sell143.7
Just sell157.0

Loans taken: 2.49 BNB. The earlier design paid the attacker +12.93 BNB.