SELF-REPAYING LOANS ON BASE
Your debt only goes down
Borrow USDC against . Every week, your bonds' yield is harvested and applied straight to your balance - no repayment schedule, no interest piling up, no manual payments. Ever.
Skip to contentThree steps.
Built for the
The other side
Everything we know,
Pre-launch - contracts in development; the lender pool's audit is done and the public pool is not open. Nothing here moves real funds yet.
RECOUP.
A $5,456 LOAN · NOBODY MAKES A PAYMENT
$5,456$0
BORROWED
TODAYTHE BALANCE, SAMPLED WEEKLY · IT FALLS EVERY SECONDPAID OFF
12 OF 44 WEEKS REALISED, THE REST PROJECTED AT THAT AVERAGE · HISTORY, NOT A PROMISE
BOND NAV
Reading NAV from Base Sepolia
reading Recoup's oracle on Base Sepolia
REALISED YIELD
$0.23/bond/wk
trailing 12-week average, not a promise
25%
liquidation only at 50%
YOUR REPAYMENTS
zero
yield does the work, weekly
demo figures, except BOND NAV - it says at the tile where it came from
Debt only goes down. Zero manual repayments. Realised yield, never projected. Lender pool audited by 33Labs. Verify everything on-chain.
EVERY MONTH, OR NEVER
The same loan, twice
THE SAME $5,456.10, OVER THE SAME 11 MONTHS
The difference is not the rate. It is who makes the payments.
AN ORDINARY LOAN
even at 0% interest
MONTH 1MONTH 11
$496.01
out of your pocket, every month
11 transfers you have to remember, from money you earned somewhere else. Any interest rate above zero makes that number larger, never smaller.
THE SAME LOAN ON RECOUP
no interest, by design
MONTH 1MONTH 11
$0.00
out of your pocket, ever
Your collateral's own yield makes the payments instead. Nothing to remember, nothing to transfer, and no way to miss one.
Both columns are the same loan over the same span: 11 months is how long the trailing realised yield takes to pay this balance down, rounded up to a whole month. The left column divides the balance into that many equal payments; the right column is what the borrower transfers, which is nothing. History, not a promise - realised yield varies week to week, and a slower run of weeks makes the right column take longer rather than cost more.
WHERE THE MONEY COMES FROM
Somebody has to be paying
Your collateral is not sitting idle. It is DexFi Treasury Bonds, and they distribute USDC to holders every week. Recoup collects that distribution and puts most of it straight against your balance.
The split starts the moment your bonds are in the vault, borrowing or not: deposited bonds are staked and harvested either way, and with no debt your 55% arrives as claimable USDC instead of paying a balance down.
01
$0.23
per bond, per week
What the bonds actually distributed over the last 12 weeks, reconstructed from on-chain reward events rather than quoted from a brochure.
02
55%
goes onto your balance
Applied continuously as it arrives, not credited in a lump. Your balance falls a little every day and never rises.
03
25 / 10 / 10%
lenders · insurance · protocol
The remainder pays the people who funded your USDC, builds the buffer that absorbs bad debt, and runs the protocol.
ONE WEEK OF HARVEST ON 1,000 BONDS
$225.68
collected from the farm
$124.13
Your debt
55% · the largest share, by design
$56.42
Lenders
25% · they funded your USDC
$22.57
Insurance
10% · absorbs bad debt first
$22.57
Protocol
10% · split 80% Recoup / 20% DexFi
A week of harvest at the trailing 12-week realised yield, on 1,000 bonds. The proportions are fixed by the protocol; the total moves with whatever the bonds actually pay.
THE UNCOMFORTABLE PART
This yield is not steady
Most lending sites show a single rate and let you assume it holds. Here is the real weekly distribution for the last twelve weeks. It moved by a factor of 8.
A slow week makes your loan take longer. It never makes it larger.
See the full methodology ↗12-wk avg $0.23
HIGH $0.57 · 10 SepLOW $0.08 · 6 Aug
RUN YOUR OWN NUMBER
What would it look like for you?
TRY IT
NAV Reading NAV from Base SepoliaYOU DEPOSIT
BONDS
1,000 bonds you already hold · Reading NAV from Base Sepolia collateral
25.0% LTV · max 25%
YOU RECEIVE TODAY
Reading NAV from Base Sepolia
Your debt starts atReading NAV from Base Sepolia
Liquidation deposit, refundableReading NAV from Base Sepolia
Pays itself off inReading NAV from Base Sepolia
today$0 debt
From the trailing 12-week realised yield ($0.23/bond/wk, 55% to your debt). A projection from history, not a promise - never a projected APR.
HOW IT WORKS
Three steps.
Then it runs itself.
01
Deposit
Bring DexFi Treasury Bonds you already hold (ETH, minted into bonds at DexFi's price, once DexFi's signature is wired). They sit in Recoup's vault and are staked in DexFi's farm as your collateral.
02
Borrow
Take up to 25% of your collateral's value in USDC, in the same block. Liquidation doesn't start until 50% - a wide safety margin by design.
03
Watch it shrink
Every week the protocol harvests your bonds' yield and pays your balance down with 55% of it. Debt never grows. It can only go one way.
TWELVE WEEKS OF YIELD, EATING A $5,456 LOAN
Each bite is one real week. None of them are the same size.
$1,489.51
gone, without a payment being made
$3,966.59 still to go · about 32 more weeks at this pace
2 Jul17 Sep
what actually happened · bright weeks beat the 12-week average
PROJECTED AT THE SAME TRAILING AVERAGE
gets longer if yield falls · never gets larger
2 Jul
$55
9 Jul
$77
16 Jul
$93
23 Jul
$162
30 Jul
$78
6 Aug
$42
13 Aug
$97
20 Aug
$88
27 Aug
$156
3 Sep
$191
10 Sep
$313
17 Sep
$138
1,000 bonds at today's demo NAV of $21.8244 is $21,824.40 of collateral, and 25% of that borrows $5,456.10, which clears in ~10.1 months. The projection uses the trailing 12-week realised yield - we never quote a projected APR. History, not a promise.
THE APP
Built for the
whole position
Open a loan in one screen, watch it pay itself down in another, and audit every number the protocol uses in a third. Simple mode by default; every figure a step deeper when you want it.
Borrow
Deposit, choose an amount, see the payoff before you commit.
Positions
Health, LTV and how much has already repaid itself.
Verify
NAV method, realised yield history, Basescan links.
One direction
Debt, stepping down to nothing. The whole product in one image.
live app, embedded at phone width - open it full size ↗
FOR LENDERS
The other side
of the trade
Supply USDC to the ERC-4626 lender pool. Your share price rises with the lender share of every weekly harvest. Not fixed, not guaranteed.
ILLUSTRATIVE APY
11.8%
not a realised figure - no epoch has paid a lender
POOL SIZE
$84,310
15% held idle
SHARE PRICE
1.0432
USDC per share
We'd rather you understand the risk before you understand the yield. So here it is, unvarnished:
KNOW THE RISKS - READ BEFORE DEPOSITING
- DexFi custody risk sits with you, the lender. Loans are collateralised by DexFi Treasury Bond NFTs - a custodial product controlled by the DexFi team. In the tail scenario where DexFi fails or refuses redemption, it is lenders who lose: borrowers already hold the borrowed cash and can simply walk away.
- Losses are socialised. If a liquidation auction and the insurance fund don't cover a bad position, the shortfall is written down against the whole pool via the share price. Every lender bears a slice.
- A larger withdrawal needs a request. Only the idle portion of the pool is instantly withdrawable. The testnet pool deployed today still runs the old first-in, first-out withdrawal queue; the rest of this is its replacement, written but not yet deployed. Each wallet can hold one request for more, with a receiver fixed at creation, and each request is quoted a cash floor when it is filed. Earlier requests are served first, ahead of later ones and of instant withdrawals, and there is no promised service time. The wallet or an operator it approves chooses when and how much to service, and the receiver then claims the USDC. A floor is not a guarantee: if USDC leaves the pool other than through its own payments, the floors can add up to more than the cash left, and that cash can stay locked for every queued lender until a borrower repays or a request is cancelled.
- A liquidation marks the pool down straight away. When a position goes to auction or into a workout, the pool immediately reserves what it expects that position to lose, and the price you exit at carries that mark-down. You can still leave - you just cannot leave ahead of the loss. New deposits price on the un-marked figure, so nobody can buy the discount. If the recovery beats the estimate, the difference goes back to whoever is still in the pool.
- Yield arrives gradually, not in a lump. Each epoch's lender share is released into the share price over time. After money reaches the pool, a new deposit pays for its share of the active tail instead of diluting current holders. Before delivery there is no holder snapshot: join before it arrives and you can participate; leave before it finishes and you give up the unreleased part. A recovered loss is not reserved for the lenders who originally bore it.
- Yield is not fixed. No lender yield has been realised yet - the rate quoted above is an illustration, not an offer, a promise or a record. Once the pool is live the figure becomes trailing realised yield, and that can fall to zero.
DON'T TRUST - VERIFY
Everything we know,
you can check
On-chain NAV
Bond NAV is read from the DexFi treasury on Basescan ↗, posted daily, and reconciled against DexFi's displayed price monthly. Deviations over 10% need a second key.
Realised yield only
Every projection in the app derives from the trailing 12 weeks of yield actually claimed from the farm. You will never see a projected APR here.
Insurance first
10% of every harvest funds an insurance buffer that absorbs auction shortfalls before any loss touches the lender pool.
Lender pool audited
33Labs reviewed the lender pool's source in September 2026, and every finding and its status is published. The rest of the protocol and the testnet deployment were outside that review, and the public pool is still closed. Contracts ship in phases behind conservative caps ($5,000 per account, $25,000 global).
Read the audit ↗WHAT WOULD HAVE TO GO WRONG
Break it yourself
Nobody wants to be told the margin is wide. Drag the bond price down until something happens, and see how far it has to fall first.
A $5,456.10 LOAN AGAINST 1,000 BONDS
Drag the bond price down and see what it takes.
$21.82 todaydown 80%
$10.91 · liquidation line, 50% down
COLLATERAL
$21,824.40
LOAN TO VALUE
25.0%
HEALTH
2.00
WHAT HAPPENS TO YOU
SAFE
LTV 25.0%liquidation at 50%
At this price nothing happens. The loan carries on repaying itself, and the bond price would have to fall 50% from today before anyone could touch it.
A borrower can open at most 25% loan to value and is liquidatable at 50%, which is the gap you are dragging through. Bond price is the one thing moving here - the debt itself only ever goes down.
FAQ
Fair questions
How can a loan repay itself?
Your collateral - DexFi Treasury Bonds - produces USDC yield every week. Recoup harvests that yield and applies 55% of it directly to your balance. There's no interest accruing against you, so the balance can only move in one direction: down.
What are DexFi Treasury Bonds, and what is NAV?
They're yield-bearing tokens issued by DexFi, backed by its on-chain treasury. NAV (net asset value) is what one bond is actually worth: the treasury's total on-chain value, minus undistributed profit, divided by bonds outstanding. Recoup reads it on-chain, posts it daily, and reconciles it against DexFi's own price monthly. Getting out through DexFi is not a mirror of getting in: they redeem bonds manually, at 90% of NAV, 48 hours or more after you ask.
Can my debt ever go up?
No. There is no interest rate and no fees accrue to your balance. If yield slows, your debt shrinks more slowly - but it never grows.
What if bond yield drops - or stops?
Your payoff just takes longer. Every projection we show is built from the trailing 12 weeks of yield actually claimed - never a projected APR - so the estimate moves with reality. Yield can fall to zero; your debt still won't grow.
When would I get liquidated?
Only if your loan reaches 50% of your collateral's value - and you can only borrow up to 25% at launch, so NAV would have to fall a long way. If it happens your whole position is sold as one lot, not just enough of it to clear the debt: the price starts at 100% of NAV and decays to a floor of 68% over 6 hours, a 5% penalty on the debt comes off the top, and the surplus comes back to you. A lot that fills near the floor therefore costs you far more than the penalty on its own. And if nobody bids at all the lot goes to a workout queue: repaying in full there closes the loan, but your bonds come back only when the operator releases the lot, and no deadline binds that.
What do lenders earn - and what are they risking?
Lenders supply the USDC borrowers receive and earn 25% of every weekly harvest through a rising share price. The 11.8% shown above is an illustration, not a record - the pool has never held anything, so no lender yield has been realised yet. The honest part: lenders carry the tail risk - DexFi custody failure, socialised shortfalls, withdrawal requests with no promised service time, and an immediate mark-down on the exit price while a borrower is being liquidated. The full risk box is above, and in the app, unvarnished.
Is my collateral safe while it's deposited?
Your bonds sit in Recoup's vault and are staked in DexFi's farm through an adapter the protocol owner controls. That owner holds an emergency unstake that can move every deposited bond to any address in one transaction, with no timelock. It exists as a rescue and has a documented repair, but it is real custody risk and it sits on borrowers as much as on lenders. DexFi's whitelist is the other half: if the adapter is dropped from it your withdrawal stops working even after you have repaid, while a whitelisted bidder can still be handed your bonds by a liquidation. The risk box above says what lenders carry on top of that.
When does Recoup launch?
The app is live on Base Sepolia testnet, where you can open a position with test bonds today. Mainnet ships in phases behind conservative caps ($5,000 per account, $25,000 global). The lender pool's external audit is complete (33Labs, September 2026; the report and its scope are at app.recoup.fi/security), and the public lender pool is still closed until the remaining launch gates are met. Nothing on this site is financial advice or an offer of financial services.
Recoup it all back
The app is live on Base Sepolia. Open a position with test bonds and watch a loan pay itself down.