Turn mismatched borrowing demand
into deals that close.
A fixed-rate lending protocol you can repay any time.
Know your maximum loan cost before you sign.
Global fixed income is a $160.7T market.
About 2% of it has found its way on-chain.
DeFi lending carries roughly $49.4B in TVL today, almost all of it on variable rates. On Aave's mainnet deposits alone, we count over $895M in debt that would move to a fixed-cost structure if one existed at the scale borrowers need — and that's before counting L2s, Morpho, Spark, Compound, or Fluid.
Estimate based on public on-chain deposits and debt across Aave's mainnet markets as of our latest review; a lower bound that excludes L2s and other lending protocols.
The demand already exists. What's missing is the tool.
In floating-rate lending, the pool absorbs everything — at the cost of your borrowing rate moving under you, so you can never tell whether the trade pencils out.
In fixed-rate lending, you need a counterparty at the same amount, the same term, in the opposite direction. That person barely exists, and enormous amounts of demand have simply never closed because of it.
The industry's answer has been to open more venues to match in. Each new one splits the same order flow into smaller pieces. The requirement itself — that two people want exactly opposite things at exactly the same moment — is still there.
The industry already tried both extremes.
Pooled protocols like Aave and Compound solve the counterparty problem by keeping a shared pool — the cost is a rate that moves under you. A newer wave of fixed-rate protocols like Term, Maple and Blend solves the certainty problem — the cost is usually a lockup, a matching maturity, or a penalty to leave early. Constant doesn't pick a side.
| Variable pools Aave, Compound | Repricing fixed Term, Maple, Blend | Constant Finance | |
|---|---|---|---|
| Fixed cost for the full term | No | Yes | Yes |
| Exit before maturity, no penalty | Yes | No | Yes |
| No matching counterparty required | Yes | No | Yes |
| No pre-deposit lockup to start earning | Yes | No | Yes |
| Liquidation open to anyone, no flash loan | Varies | Varies | Yes |
This is the same list as "Three things at once" below, seen from the other side — what it costs competitors to give up, we didn't have to.
Two things you'd expect to see on a future release list are already in Public Beta.
Tokenized debt, from day one
Every supply position mints a ConstNFT the moment a match settles — a transferable claim on principal and interest, not a locked ledger entry. It can be held, sold, or used elsewhere in DeFi.
Refinance
Rates moved after you signed? Refinance closes the old loan and opens the new one in the same transaction — new suppliers cover the old position in full, your collateral moves straight across, and nothing settles unless all of it does. No unwinding, no repaying out of pocket. Most fixed-rate designs still leave you holding to maturity.
The rate is fixed
Priced at signing. Whatever the market does afterwards has nothing to do with this loan.
Repay whenever you want
A fixed rate usually means being locked in. Not here. What you signed is a ceiling, not a sentence. No prepayment penalty — the price of that right is already set by the market inside the rate.
Nothing is deposited up front
Funds are drawn the moment a match settles, and until then they sit in your own wallet. There is no pool of idle capital waiting for borrowers to show up.
These three rarely coexist. Products with fixed rates usually lock you in. Products you can exit any time are usually floating-rate.
Designs that don't pre-deposit usually can't fill. Doing all three is the point of the protocol.
Your cost is capped the moment you sign.
Rates go up afterwards — not your problem. Rates come down — you refinance into something cheaper.
You pay only for the time you actually use.
Simple interest, accrued per second, and unpaid interest doesn't compound. Borrow for a year, clear it in month three, and you pay three months of interest and take your principal back. That number is computable the day you sign.
Every loan is isolated.
Your collateral, your debt, your rate, your maturity — all recorded in a position that belongs to that loan alone. Someone else's trouble doesn't reach you.
Your money keeps earning while it waits.
Post an aToken order and your capital stays in Aave earning its supply rate right up to the moment a match settles. (The underlying yield comes from an external protocol and inherits its risk. Check live figures in the app.)
Repayments can go straight back to earning.
When a borrower repays, you can have the funds automatically redeposited into Aave and receive aTokens directly. If that deposit fails, you receive the underlying asset instead — nothing gets stuck.
Principal returns to the order book on its own.
After an early repayment, as long as you haven't cancelled your order, the principal goes back into the matching pool and is matched against the borrow bids of the day — no manual re-listing. The rate depends on the market at that moment; it may be better, and it may be worse.
Want out early? The claim is transferable.
Every fill mints a transferable claim. Give up a little yield and sell it — once the discount makes the return attractive enough, someone takes it. Exit has a price, and the discount is what liquidity costs.
Sign an order
Borrowers sign a borrow order, suppliers sign a supply order. Off-chain signatures, no gas.
Get matched
Compatible terms clear. One loan can be funded by several supply orders together.
Settle
Transfers, collateral custody, position creation and claim minting all happen in one transaction, or none of them happen.
Repay
Any time. Payments cover interest first, then principal; the supplier's share moves to escrow and can be claimed whenever.
People running Beta strategies
Arbitrage, LP, staking. The margin is 1–2%, so you need a fixed term and a fixed cost before you'll put capital in at all.
Short-term borrowing needs
The decision collapses to one question: does it pencil out at signing? If yes, sign.
Long-horizon collateralized
Borrowing stablecoins against BTC you don't want to sell, for a year or more. Even when you expect the collateral to appreciate, a capped cost is what lets you borrow now instead of waiting.
Every match on Sepolia earns Points.
Points track usage, not idle deposits — supply, borrow, or post LP collateral and they accrue automatically. They carry ahead of mainnet and any future token, with no separate signup step beyond connecting a wallet.
No lockup to start.
Funds stay in your wallet until a match settles.
Points measure protocol usage on Sepolia. They are not a token, carry no guaranteed value or exchange rate, and the criteria may change as the program evolves.
We'd rather say this up front. This is a lending protocol. The risks are real.
Full risk parameters, the collateral whitelist and liquidation thresholds are all published in the docs ↗
not yet live
Talk to the team directly.
We're building in the open — Public Beta now, audit in progress, mainnet next. If you're looking at a sponsorship, an integration, or a fundraising conversation, reach our BD directly rather than through general support.
hello@constant.finance