RECOUP.
LAUNCH APP
SELF-REPAYING LOANS ON BASE

Your debt only goes down

Borrow USDC against . Their weekly yield pays your balance down: no interest and no repayment schedule. The loan is paid for in yield instead.

LAUNCH APPWHERE THE MONEY COMES FROM
TRY IT
NAV Reading NAV from Base
YOU DEPOSIT
BONDS
500 bonds in Recoup's vault · Reading NAV from Base collateral
25.0% LTV · max 25%
YOU RECEIVE TODAY
Reading NAV from Base
Your debt starts atReading NAV from Base
Liquidation deposit, refundableReading NAV from Base
Pays itself off inReading NAV from Base
today$0 debt
HISTORY, NOT A PROMISEFrom 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.
A $2,605.00 DEBT · NOBODY MAKES A PAYMENT
PAID OFF$0
PAID OFF IN ~9.3 MONTHS · 41 WEEKLY STEPS · THE FIRST 12 REPLAY THE LAST 12 WEEKS' YIELD (BRIGHT), THE REST USE THAT AVERAGE (DIM) · EACH STEP DRAWN HERE IS 6 WEEKS · HISTORY, NOT A PROMISE
BOND NAV
Reading NAV from Base
reading Recoup's oracle on Base
REALISED YIELD
$0.23/bond/wk
HISTORY, NOT A PROMISEtrailing 12-week average, not a promise
25%
liquidation only above 50%
YOUR REPAYMENTS
zero
yield does the work, weekly
BOND NAV is read live from the oracle; REALISED YIELD is 12 weeks of history, rebuilt from on-chain reward events
LIVE FROM BASELast NAV postReading the oracle on BaseBonds in custodyReading the vault on Base
EVERY MONTH, OR NEVER

The same loan, twice

THE SAME $2,605.00, OVER THE SAME 10 MONTHS
The difference is not the rate. It is who makes the payments.
AN ORDINARY LOAN
even at 0% interest
MONTH 1MONTH 10
$260.50
out of your pocket, every month

10 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; paid for in yield
MONTH 1MONTH 10
$0.00
out of your pocket, ever

Your collateral's own yield makes the payments instead, and 45% of it goes to lenders, insurance and the protocol fee: that is what the loan costs. Nothing to remember, nothing to transfer, and no way to miss one.

HISTORY, NOT A PROMISE10 months is how long the trailing realised yield takes to pay this balance down, rounded up: history, not a promise. The left column splits it into that many equal payments. A slower run of weeks makes the right column take longer, not cost more.

HOW IT RUNS

  1. Pay ETH
  2. Bonds in the vault
  3. 25%USDC to you
  4. 55%Weekly yield pays it down
  5. Debt to zero
The three steps, in words
  1. 01Deposit

    Pay ETH and DexFi mints new Treasury Bonds straight into Recoup's vault, at DexFi's price, from the app's loan panel, where DexFi signs each mint. The bonds are staked in DexFi's farm as your collateral.

  2. 02Borrow

    Take up to 25% of your collateral's value in USDC, in the same block. Liquidation only starts above 50%, a wide margin by design.

  3. 03Watch it shrink

    Each harvest, 55% of your bonds' yield pays your balance down.

Every projection Recoup shows starts from the trailing 12-week realised yield: history, not a promise. Recoup promises no rate; the lender calculator on the Lend page works out a rough one from today's pool, a projection and not a forecast.

The arithmetic behind these figures

500 bonds at the NAV of $20.84003567 (the oracle's post of 2026-11-09; the BOND NAV tile, the calculator and the staircase it draws, and the stress test read NAV live) is $10,420.02 of collateral. 25% of that borrows $2,605.00, which clears in ~9.3 months, the loan the comparison above draws.

WHERE THE MONEY COMES FROM

Somebody has to be paying

Your bonds pay USDC to holders most weeks. Recoup collects it and puts the largest share straight against your balance, continuously as it arrives.

The split runs from the moment your bonds are in the vault, borrowing or not. With no debt, your 55% arrives as claimable USDC instead.

ONE WEEK OF HARVEST ON 500 BONDS
$116.60
collected from the farm
$64.13
Your debt
55% · the largest share, by design
$29.15
Lender pool
25% · the pool that lent your USDC
$11.66
Insurance
10% · absorbs bad debt first
$11.66
Protocol
10% · split 80% Recoup / 20% DexFi

A week of harvest at the trailing 12-week realised yield, on 500 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

Here is what the bonds actually paid, week by week, for the last twelve weeks. It moved by a factor of 6.

A slow week, or one that pays nothing, makes your loan take longer. It never makes it larger.

See the full methodology ↗
12-wk avg $0.23

The newest week is provisional: its span is assumed to be seven days until DexFi's next top-up lands, and it can move when it does.

HIGH $0.57 · 10 SepLOW $0.09 · 29 Oct
WHAT WOULD HAVE TO GO WRONG

Break it yourself

A Reading NAV from Base LOAN AGAINST 500 BONDS
Drag the bond price down and see what it takes.
Reading NAV from Basedown 80%
liquidation line, 50% down
COLLATERAL
Reading NAV from Base
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 keeps repaying itself, and the bond price would have to fall 50% from here before anyone could touch it.

You can open at most 25% loan to value, and liquidation starts only above 50%: that is the gap you are dragging through. Only the bond price moves here; your debt does not rise with it. How liquidation works ↗

FOR LENDERS

The other side of the trade

Lenders supply USDC to an ERC-4626 pool, and their share price rises with the lenders' cut of each harvest. Not fixed, not guaranteed. The pool takes outside deposits up to a cap, which Recoup's governance timelock sets by hand, each change public for 48 hours before it takes effect.

The pool's deposit cap and the room left under it are read from chain on the Lend page.

Read the risk before the yield. Here it is, unvarnished:

KNOW THE RISKS - READ BEFORE DEPOSITING
  • DexFi custody risk sits with you, the lender. If DexFi fails or refuses redemption, lenders lose: borrowers already hold the borrowed cash and can walk away. Every loan is backed by DexFi Treasury Bonds, a fungible ERC-1155 token in a custodial product the DexFi team controls.
  • 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 pool's idle cash can be withdrawn instantly. For more you file a request, and there is no promised service time. Each wallet holds one request, with a receiver fixed at creation and a cash floor quoted when it is filed. Earlier requests are served first, ahead of later ones and of instant withdrawals. The wallet or an operator it approves chooses when and how much to service, and the receiver then claims the USDC. Yield earned above your floor after you file is paid through the request only once enough cash reaches the pool, from a settled repayment or later yield; cancelling to withdraw directly gets it sooner only when enough idle cash allows. 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 at once reserves what it expects that position to lose, and your exit price carries that mark-down. You can still leave, but not 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 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, so leaving before it finishes gives up the unreleased part. Once money reaches the pool, a new deposit pays for its share of the yield still being released instead of diluting current holders. Before it arrives there is no holder snapshot: join first and you share in it. A recovered loss is not reserved for the lenders who originally bore it.
  • Yield is not fixed. No lender rate is promised. The calculator on the Lend page projects a rough one from today's pool and your numbers; the real yield moves every week and can fall to zero.
DON'T TRUST - VERIFY

Everything we know, you can check

Bond price, read on chain
CHECK ON BASESCAN ↗
How it is computed and checked
Bond NAV is what one bond is worth to the protocol: the part of the DexFi treasury Recoup can price itself, plus the rest at DexFi's own figure less a 20% haircut, divided by bonds outstanding. It is read from the treasury on Basescan ↗, posted about once a day, and will be reconciled against DexFi's displayed price monthly; none has been published yet. A single post can move NAV by at most 10%, and by the full 10% only once 24 hours have passed since the price last changed; the limit grows evenly until then. A larger move is held back for at least 12 hours and counts only if it is confirmed in a separate step before it expires.
10% to insurance, first
SEE THE FUND ↗
What it covers
10% of every harvest funds an insurance buffer that absorbs auction shortfalls before any loss touches the lender pool. Its balance is read from chain on the Verify page.
Lender pool audited by 33Labs
READ THE AUDIT ↗
What was reviewed, and what it means now
33Labs independently reviewed the lender pool's source, where lenders' money sits, in September 2026. 11 of 13 findings are fixed and verified, none was critical, and every finding is published. The mainnet contracts were deployed from the reviewed source, fixes included. The lender pool, which funds every loan, is open to outside deposits up to a deposit cap that counts Recoup's own capital in it, which Recoup's governance timelock sets by hand, each change public for 48 hours before it takes effect. Contracts ship in phases behind conservative caps ($5,000 per account, $25,000 global).
FAQ

Fair questions

How can a loan pay itself off?

Recoup applies 55% of the USDC your bonds earn straight to your balance each week they pay. The rest goes 25% to lenders, 10% to an insurance fund and 10% as a protocol fee. There is no interest, so the balance only rises if you choose to borrow more; how fast it falls depends on what the bonds pay, which is not guaranteed.

How does a Dutch auction liquidation work?

The price starts high and falls until someone buys. On Recoup the whole position is sold as one lot, not just enough to cover the debt, from 100% of NAV down to 68% over 6 hours. The sale repays the debt first, then a 5% penalty, and the rest goes back to the borrower. If nobody bids, the lot can go to a workout: repaying in full there closes the loan, but the protocol owner decides where the bonds go, and they may never come back to you.

Who controls my bonds while they are deposited?

Recoup's vault holds them, staked in DexFi's farm through an adapter the protocol owner controls. That owner holds an emergency unstake that can pull every deposited bond out of DexFi's farm in one transaction, after a public timelock of at least 48 hours. Sending them anywhere except back to Recoup's adapter also needs the consent of a multisig shared with DexFi, which cannot give it without a DexFi signer. It is a rescue with a documented repair, but it is custody risk, and borrowers carry it as much as lenders. DexFi's whitelist is the other half: if DexFi drops the adapter, you cannot withdraw even after repaying, yet a liquidation can still hand your bonds to a whitelisted bidder. The same 48-hour timelock can also replace both keys that post and confirm the bonds' price, without DexFi's consent, and that price decides how much can be borrowed and when a loan can be liquidated.

More answers on the FAQ page ↗

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