> For the complete documentation index, see [llms.txt](https://docs.secured.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.secured.finance/fixed-rate-lending/protocol-parameters.md). # Protocol Parameters This page is the authoritative reference for all Fixed-Rate Lending Protocol parameters. Other pages link here instead of restating values. **Last verified: 2026-07-16** (liquidation configuration, Base Price values, Mark Price minimum volume, and the supported asset list confirmed with the engineering team against production; remaining values match the contracts repository). {% hint style="info" %} Parameters may change through protocol governance. For integrations, always confirm critical values on-chain — addresses in [Contracts & Security](/fixed-rate-lending/contracts-and-security.md). {% endhint %} ## Trading fees | Parameter | Value | Notes | | -------------------------------------------- | ------------------------------------------ | ---------------------------------------------------------------------------------- | | Taker fee (volume that executes immediately) | 1.00% p.a., prorated by duration | 0.25% for 3 months, 0.50% for 6 months, … | | Maker fee (volume that rests on the book) | 0% | A limit order pays the taker fee on any portion that crosses and fills immediately | | Itayose (pre-open) fill | 0% | Waived for orders matched at market opening | | Auto-Roll fee | Same as taker fee (0.25% per 3-month roll) | Charged in Future Value at each quarterly roll | ## Collateral & liquidation | Parameter | Value | Notes | | -------------------------------- | -------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Liquidation threshold | LTV above 80% (`getCoverage()` > 8000) | Position becomes liquidatable | | Liquidation amount | 50% of outstanding debt | While LTV is between the liquidation and full-liquidation thresholds; targets \~70% post-liquidation LTV | | Full liquidation threshold | ≈ LTV 85% (`fullLiquidationThresholdRate` = 11765) | Past this point, **100% of the outstanding debt** is liquidated in a single call. Protocol-wide setting — identical across networks and currencies (production value confirmed 2026-07-16; on-chain getter: `TokenVault.getLiquidationConfiguration()`) | | Liquidation fee (total) | 7% of liquidated value | Slashed from borrower's collateral | | — Liquidator share | 5% | Paid to the liquidator | | — Protocol reserve share | 2% | Sent to the Reserve Fund | | ZC bond haircut (same currency) | 20% | ZC bonds count for up to 80% of PV | | ZC bond haircut (cross currency) | 100% | Cross-currency ZC collateral not accepted | ## Circuit breaker (per block) | Parameter | Value | | -------------------------- | -------------------------------------------- | | Max downward move | 5% below MA of last 5 reliable block prices | | Max upward move | 10% above MA of last 3 reliable block prices | | Minimum downward allowance | 2.00 (absolute price) | | Minimum upward allowance | 7.00 (absolute price) | ## Market structure | Parameter | Value | | ------------------------- | --------------------------------------------------------------------------------------- | | Order books per currency | 8 active + 1 inactive (pre-open) — standard full set; some markets run fewer maturities | | Maturity cycle | Quarterly — last Friday of Mar / Jun / Sep / Dec | | Longest tenor | 2 years | | Itayose pre-open period | 7 days; order book frozen 1 hour before opening | | Bond par value | 100 | | Maximum order price | 100.00 (no negative yields) | | Price precision | 2 decimal places | | Mark Price minimum volume | 100 USD equivalent per block | ## Minimum collateral base price (by yield category) Interpolated linearly by time to maturity — see [Base Price Adjustment](/fixed-rate-lending/advanced-topics/base-price-adjustment.md). | Category | Yield range | BP at maturity | BP at 1y duration | | :------: | :---------: | :------------: | :---------------: | | A | 0–3% | 96.00 | 93.00 | | B | 3–5% | 96.00 | 91.00 | | C | 5–7.5% | 96.00 | 89.00 | | D | 7.5–10% | 96.00 | 87.00 | | E | 10–15% | 96.00 | 84.00 | | F | 15%+ | 96.00 | 81.00 | **Current category assignment** (reviewed quarterly; production values confirmed 2026-07-16): BTC — A · ETH — B · JPYC — B · USDC — C · USDFC — C · FIL / axlFIL — F ## Supported assets by network | Network | Lend / Borrow | Accepted as collateral | | -------------- | ----------------------------- | ---------------------------- | | Ethereum | WBTC, ETH, USDC, axlFIL, JPYC | WBTC, ETH, USDC, JPYC, uMINT | | Arbitrum | WBTC, ETH, USDC | WBTC, ETH, USDC | | Filecoin (FVM) | FIL, USDFC | FIL, iFIL, wpFIL, USDFC | {% hint style="info" %} Asset availability last confirmed with the team on 2026-07-16 (JPYC lending markets: Ethereum only; wpFIL collateral: Filecoin only; uMINT/RWA collateral: Ethereum only). The live list can be read per network from `CurrencyController.getCurrencies()`. {% endhint %} {% hint style="warning" %} Avalanche support is **deprecated**. Polygon zkEVM has been **sunset and is no longer operational**. Legacy deployment addresses are retained for historical reference only: [Contracts & Security](/fixed-rate-lending/contracts-and-security.md). {% endhint %} ## Verifying on-chain * Liquidation configuration: `TokenVault.getLiquidationConfiguration()` * Order fee rate: `LendingMarket.getOrderFeeRate()` * Circuit breaker range: `LendingMarket.getCircuitBreakerLimitRange()` * Coverage of any account: `TokenVault.getCoverage(address)`