Fixed Rate Infrastructure for the Onchain Economy
Tenor is a non-custodial self-executing protocol enabling lenders and borrowers to get matched at fixed rates.
Built On
Onchain Lending AMMs for Maximum Efficiency
Tenor offers flexible and efficient Interest Rate AMMs to developers.
Learn MoreFeatures
The Tenor Protocol is Built for Scale
Layered on Top of Money Markets
Tenor fixed interest rate AMMs can be deployed on top of any money market creating an efficient fixed rate borrowing and lending layer for users, DAOs, and curators.
Efficient
Tenor's interest rate AMMs enable the efficient matching of lenders and borrowers at fixed rates eliminating the structural spread of money markets. Moreover, unmatched limit orders and liquidity earn the money market rate until matched.
Flexible
Users can set lend and borrow orders at their preferred rates in any maturity or execute their trades instantly. At maturity, if positions are not extended, users can convert back to the money market.
No Governance
Tenor markets inherit their risk parameters from the money market on top of which they are deployed. Tenor’s interest rate AMMs are unopinionated, and listed with a set of immutable parameters requiring no governance updates.
Transparent
Tenor smart contracts are public and have been audited by industry leading security firms. The Tenor protocol smart contracts are non-custodial, self-executing and are powered by a set of decentralized validators.
Vision
An Efficient Onchain Lending Layer
Tenor acts as an unopinonated and flexible fixed rate lending layer 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 fixed interest rate AMMs.
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 layered on top of money markets?
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 pool. Tenor markets inherit their parameters (oracle, max LTV, liquidation discount) from the money markets on which they are built upon.
What happens at maturity?
When loans mature they start earning the underlying variable rate. This is because Fixed Rate Tokens automatically convert to money market 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).
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. Users can specify their preferred lend or borrow rates using these different ticks. When users specify an interest rate at which they want to borrow or lend they can either set an order or execute a trade instantly against the liquidity in the AMM.
Is the project live?
Tenor is currently on testnet and is expected to launch later in 2025.
