bowlineA loan with a date,
not a health factor
Everything below is enforced by the contracts, not by us. The one rule that matters: liquidation is triggered by time, never by price.
Pledge
Your tokens move into a loan-scoped vault. Only this loan’s collateral is ever at stake. The rest of your wallet is untouchable.
Receive
The contract values your bag from a 30-minute TWAP (memecoins) or a Chainlink equity feed (stock tokens), applies your tier’s LTV, and sends USDG. The quote you sign is the minimum you receive.
Manage
Top up collateral (free), repay part of the principal (free), or extend the deadline by one term for one tier fee, up to a 90-day lifetime.
Repay or settle
Repay principal + fee and everything comes back atomically. Miss the deadline and you get a 48-hour grace window to still repay, for a small late fee that grows about 1% a day and goes straight to lenders. Only after that can a keeper settle, and even then the surplus above your debt returns to you.
Pick your leverage, pick your runway
| Tier | LTV | Term | Fee |
|---|---|---|---|
| Express | 30% | 2 days | 3.0% |
| Quick | 25% | 3 days | 2.0% |
| Standard | 20% | 7 days | 1.5% |
Example: $10,000 of a graduate at Express → 3,000 USDG now, repay 3,090 USDG within 2 days.
| Tier | LTV | Term | Fee |
|---|---|---|---|
| Express | 50% | 7 days | 2.5% |
| Quick | 60% | 15 days | 3.5% |
| Standard | 70% | 30 days | 5.0% |
Higher LTV and a longer runway, because equities move slower than memecoins.
LTV sets how much you can borrow. It is not a liquidation line. There is no liquidation line.
The waterfall, in order
A past-due loan is settled permissionlessly. The swap runs behind an oracle-anchored floor, so a keeper cannot route value away, and proceeds flow strictly top-down:
5% of the collateral, in kind, to the wallet that executes settlement.
Lenders are made whole first. Shortfalls (rare at these LTVs) are realized openly in the pool share price; the fee-funded reserve exists to make them rare.
The loan fee you already owed, split like every fee: 40% to $BOWLINE stakers, 40% to lenders, 10% to the referrer, 10% to the reserve. For the first 7 days lenders take 55% and stakers 25% to seed the pool.
5% of what you owed funds the bad-debt backstop.
Everything remaining returns to you, in USDG, same transaction.
Manipulation gates
Borrows revert when spot trades more than 15% above the 30-minute TWAP, so pump-then-borrow doesn’t clear. Stale oracles block new borrows, never repayments.
Issuer-pause grace
If Robinhood or Paxos pauses a token, anyone can poke the contract to roll deadlines forward (24h per poke, up to 30 days), and settlement reverts while the token is paused.
Blast-radius caps
Per-token exposure caps, a 1%-of-pool per-loan cap, and an 80% utilization ceiling keep any single bag from becoming the pool’s problem.