Why would I verify anything?
Because a DeFi protocol is only as honest as the numbers it shows, and on a blockchain you do not have to take those numbers on trust.
A blockchain is a public ledger: every contract's code and every transaction is visible to anyone. A block explorer such as Basescan is a website that lets you browse that ledger. If Recoup's site said one thing and the chain said another, the chain would be right, and you would be able to see it.
Recoup currently runs on Base Sepolia, a test network, so everything below is checked there. The same checks will apply on Base itself once Recoup launches.
Where are the numbers and addresses?
The Verify screen in the app lists the bond value Recoup is using, where it comes from, the insurance fund, the realised yield history and a command you can run to read the value straight from the chain.
The Stats screen holds the protocol's history: value locked, debt outstanding, every bond value posted, every weekly harvest and every auction. It mixes figures indexed from the contracts' own event logs with figures derived from them and figures from DexFi and DeBank, and each one carries a badge naming its source. The history is served from Recoup's own published data branch, not read live from the chain, so the on-chain figures are ones you can check against it.
How do I check the bond value Recoup is using?
Read it from Recoup's price contract, the NAV oracle, with one command or one page on a block explorer.
- Open the Verify screen and find CHECK IT YOURSELF. It gives a
cast callcommand (cast is a free command-line tool for reading blockchains) that asks the oracle for its current value. - Run it. The answer is the bond value in US dollars with 8 decimal places, so move the decimal point 8 places left.
- Compare it with the figure the Verify screen shows. They should match.
The value is NAV, net asset value: what one DexFi Treasury Bond is worth to Recoup. It counts the part of DexFi's treasury Recoup can price itself, plus the rest at DexFi's own figure less a 20% haircut, divided by the number of bonds. It is posted about once a day. A move larger than the oracle allows for the time since the last post is held back for at least 12 hours and takes effect only once a second key confirms it. The DexFi guide explains what a bond is.
How do I check that the weekly yield is real?
Each weekly harvest is a transaction that leaves a public record of how much USDC came in and where it went.
When bonds pay out, anyone can trigger the harvest. The contract then splits what came in: 55% against borrowers' debts, 25% to lenders, 10% to the insurance fund and 10% as the protocol fee. The Stats screen lists every harvest with its split. The yield history on the Verify screen is the last 12 weeks actually received: history, not a promise.
Has Recoup been audited?
Partly. 33Labs audited the lender pool source in September 2026, and the full report is published, but the borrowing, collateral, oracle, harvest and liquidation contracts were outside its scope.
The audit covered LenderPool, CreditWiring, TreasuryLiquiditySource, ProtocolFeeSplitter, Config and LtvMath. It did not cover CollateralVault, CreditManager, LiquidationAuction, EpochHarvester, NAVOracle, RiskParams and DirectCallAdapter: the contracts that handle borrowing and its limits, hold and stake your bonds, price them, run the weekly harvest and run liquidations.
The security page gives the scope, the 13 findings, which were fixed and which were accepted, and the report itself with its SHA-256 hash. A hash is a fingerprint of a file: if your downloaded copy produces the same hash, it is the exact file that was published. The page shows the command to check it.
An audit lowers risk; it does not remove it. The auditors read a particular version of the code, and the public contracts repository is on GitHub for anyone who wants to read it too.
What can I not verify on-chain?
Anything that depends on DexFi's own reporting, and anything that has not happened yet.
- Part of DexFi's treasury. Some of it sits in positions that cannot be valued from the chain alone, which is exactly why Recoup applies the 20% haircut to that part.
- Future yield. No one can verify what bonds will pay next week. Recoup never shows a projected rate; any estimate on the site is built from the realised history and labelled as such.
- Decisions by key holders. The chain shows what an owner key did, not what it will do. Who holds which controls is set out in the FAQ and the DexFi guide.