Lending Markets on Uniswap V4
Tenor enables lenders and borrowers to get matched Peer-to-Peer via fully onchain interest rate order books.
Built On
Onchain Lending Order Books for Maximum Efficiency
Tenor can offer tighter spreads and more flexibility
Learn MoreFeatures
Tenor Lending Markets are Built for Scale
No Governance
Tenor markets inherit their risk parameters from the Morpho money market on top of which they are deployed. Tenor’s interest rate AMM is unopinionated making it flexible for users.
Built on Top of Money Markets
Tenor P2P lending order books can be deployed on top of any existing Morpho money market. This expands the utility of Morpho lending markets for users and curators.
Efficient
Tenor's interest rate AMM offers users more efficient matching. Moreover, pending limit orders and liquidity earn the money market rate until matched.
Flexible
Users can set limit orders at their preferred rates in any maturity or trade spot. At maturity, if not extended loans simply convert to the variable rate.
Leveraging Uniswap V4
Tenor’s interest rate AMM is built as a Uniswap V4 hook and can leverage infrastructure like Uniswap X to facilitate cross maturity market making at scale.
Vision
An Efficient Onchain Lending Layer
Tenor acts as an unopinonated and flexible order book lending layer built on top of money markets. Tenor is optimized for capital efficiency and simplicity.
Learn MoreFAQ
Frequently Asked Questions
How does Tenor work?
The Tenor Protocol is a set of smart contracts designed to facilitate the lending and borrowing of ERC20 tokens at fixed interest rates using a set of fully onchain interest rate order books.
How is Tenor integrating with Uniswap V4?
The Tenor Interest Rate AMM is implemented as a Uniswap V4 NoOp hook allowing users to lend (ex: Swap USDC for Fixed Rate USDC) directly using the Uniswap V4 Pool Manager. Tenor's hook effectively replaces the Uniswap V3 swapping logic for a custom AMM designed specifically to swap interest rates.
How is Tenor integrating with Morpho?
To enhance the protocol's capital efficiency and leverage DeFi's composable nature, Tenor supports the deployment of fixed interest rate markets on top of pre-existing money markets such as Morpho allowing users to opt in to a fixed rate experience. At any time before maturity users can roll their lending or borrowing positions forward to a new fixed rate maturity. The Tenor market inherits all of Morpho's risk parameters (oracle, max LTV, liquidation discount) and the Tenor market's TVL effectively flows down to the underlying Morpho market.
What happens when loans mature?
When loans mature they start earning the underlying variable rate. This is because Fixed Rate Tokens automatically convert to Morpho yield bearing tokens at maturity. Users who want to continue earning a fixed rate without having to re-enter a new position at every maturity can simply set a renewal policy to automatically extend their loan out according to certain conditions (ex: minimum interest rate, maximum duration of the loan).
How are interest rates determined?
Tenor's Interest Rate AMM is unopinionated and consists of a set of interest rates that increment according to a fixed interest rate spacing. For example, if the interest rate spacing is 0.25% then users can specify their preferred lend or borrow rates as a specific interest fitting 0.25% spacing. When users specify a specific interest rate they are effectively setting a limit order. Alternatively, users can lend or borrow spot against the liquidity in the AMM at the given market rate. They can even borrow or lend partially spot and set the rest of the order as a limit order transaction.
Is the project live?
Tenor is currently deployed on the Sepolia testnet.
