Borrow USDC against DexFi Treasury Bonds. Every week, your bonds' yield is harvested and applied straight to your balance — no repayment schedule, no interest piling up, no manual payments. Ever.
Bring ETH (converted to DexFi Treasury Bonds at NAV) or bonds you already hold. They sit in a non-custodial vault as your collateral.
Take up to 35% of your collateral's value in USDC, in the same block. Liquidation doesn't start until 58% — a wide safety margin by design.
Every week the protocol harvests your bonds' yield and pays your balance down with 55% of it. Debt never grows. It can only go one way.
Supply USDC to the ERC-4626 lender pool. Your share price rises with the lender share of every weekly harvest. Not fixed, not guaranteed.
We'd rather you understand the risk before you understand the yield. So here it is, unvarnished:
Bond NAV is read from the DexFi treasury on Basescan ↗, posted daily, and reconciled against DexFi's displayed price monthly. Deviations over 10% need a second key.
Every projection in the app derives from the trailing 12 weeks of yield actually claimed from the farm. You will never see a projected APR here.
10% of every harvest funds an insurance buffer that absorbs auction shortfalls before any loss touches the lender pool.
Contracts ship in phases behind conservative caps ($25,000 per account, $250,000 global) and the public lender pool opens only after external audit.
Your collateral — DexFi Treasury Bonds — produces USDC yield every week. Recoup harvests that yield and applies 55% of it directly to your balance. There's no interest accruing against you, so the balance can only move in one direction: down.
They're yield-bearing tokens issued by DexFi, backed by its on-chain treasury. NAV (net asset value) is what one bond is actually worth: the treasury's total on-chain value, minus undistributed profit, divided by bonds outstanding. Recoup reads it on-chain, posts it daily, and reconciles it against DexFi's own price monthly.
No. There is no interest rate and no fees accrue to your balance. If yield slows, your debt shrinks more slowly — but it never grows.
Your payoff just takes longer. Every projection we show is built from the trailing 12 weeks of yield actually claimed — never a projected APR — so the estimate moves with reality. Yield can fall to zero; your debt still won't grow.
Only if your loan reaches 58% of your collateral's value — and you can only borrow up to 35% to begin with, so NAV would have to fall a long way. If it happens, the bonds are Dutch-auctioned, your debt is repaid from the proceeds, and any surplus comes back to you.
Lenders supply the USDC borrowers receive and earn 25% of every weekly harvest through a rising share price (11.8% realised over the trailing 12 weeks). The honest part: lenders carry the tail risk — DexFi custody failure, socialised shortfalls, and queued withdrawals. The full risk box is above, and in the app, unvarnished.
Bonds sit in Recoup's non-custodial vault contract — we can't spend them, only return them when you repay or auction them if you cross 58%. The bonds themselves remain a DexFi product, so DexFi's own custody of its treasury is a risk that sits mostly with lenders (see the risk box).
The demo is live now with mock data. Contracts ship in phases behind conservative caps ($25,000 per account, $250,000 global), and the public lender pool opens only after an external audit. Nothing on this site is financial advice or an offer of financial services.
The demo is live with mock data. Kick the tires now — contracts follow after audit.