> 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/introduction/protocol-at-a-glance.md).

# Protocol at a Glance

## What Secured Finance is

Secured Finance operates two complementary DeFi protocols with a third product line built on top:

| Product                | What it does                                                                       | Networks                     |
| ---------------------- | ---------------------------------------------------------------------------------- | ---------------------------- |
| **Fixed-Rate Lending** | Fully on-chain order book for fixed-rate, fixed-term lending via Zero-Coupon bonds | Ethereum, Arbitrum, Filecoin |
| **SF Yield Vault**     | Curated yield strategies, including a JPYC lending strategy                        | Ethereum                     |
| **USDFC Stablecoin**   | The first decentralized stablecoin fully collateralized by FIL                     | Filecoin (FVM)               |

## Traction

* **$50M+ cumulative volume** on the Fixed-Rate Lending apps (as of July 2026) — verified on [DefiLlama](https://defillama.com/protocol/dexs/secured-finance)
* Quarterly market launches (Itayose auctions + Auto-Roll) running continuously since mainnet, with [public reports every quarter](https://medium.com/secured-finance)
* **RWA collateral live**: the tokenized money-market fund uMINT is accepted as on-chain collateral on Ethereum (partnership with DigiFT, February 2026 — [announcement](https://medium.com/secured-finance/umint-as-eligible-on-chain-collateral-bringing-tokenized-money-markets-into-defi-financing-edfb46bf8346))
* **JPYC markets**: the first fixed-rate JPY-stablecoin lending markets, live on Ethereum (November 2025), plus a Yearn V3 JPYC strategy vault (2026 Q1)
* **x402-ready USDFC**: community-contributed EIP-3009 support merged and audited (2025 Q3), enabling x402 / HTTP 402 payment flows — gateway launch TBD

See the [Roadmap](/introduction/roadmap.md) for the full delivery history.

## Why fixed rates matter

Most DeFi lending is variable-rate: yields change block by block, which makes planning impossible for treasuries, funds, and storage providers. Secured Finance brings the market structure of traditional fixed income on-chain — order-book price discovery, standardized quarterly maturities, and tradable Zero-Coupon bonds — so both sides of a loan know their exact rate for the entire term, and a genuine crypto yield curve emerges.

## Technical differentiation

* **Full on-chain order book** — made economical with Red-Black Trees, lazy evaluation, and Genesis Value accounting. [Deep dive](/fixed-rate-lending/advanced-topics/orderbook-deep-dive.md)
* **Composability** — lending positions can be tokenized as ERC-20 [ZC Tokens](/fixed-rate-lending/core-concepts/tokenization.md) and used across DeFi
* **Exchange-grade market safety** — [Itayose opening auctions](/fixed-rate-lending/advanced-topics/itayose.md), [circuit breakers](/fixed-rate-lending/advanced-topics/circuit-breaker.md), and [mark-to-market valuation](/fixed-rate-lending/core-concepts/liquidation/mark-to-market.md)

## Security

* **Audits**: Quantstamp (Fixed-Rate Lending, 2023 & 2024), Hexens and Decurity (USDFC, 2025) — reports in [Contracts & Security](/fixed-rate-lending/contracts-and-security.md)
* Active [Bug Bounty](/developer-portal/bug-bounty.md) program
* [Emergency Global Settlement](/fixed-rate-lending/advanced-topics/emergency-global-settlement.md) as a last-resort safeguard for user funds

## Where next

| You are…                  | Start here                                                                                                     |
| ------------------------- | -------------------------------------------------------------------------------------------------------------- |
| New to the protocol       | [Quick Start: Lend](/fixed-rate-lending/getting-started/quick-start-lend.md)                                   |
| A borrower                | [Quick Start: Borrow](/fixed-rate-lending/getting-started/quick-start-borrow.md)                               |
| Looking for passive yield | [SF Yield Vault: Getting Started](/sf-yield-vault/getting-started.md)                                          |
| A developer               | [Developer Portal](/developer-portal/introduction.md)                                                          |
| A researcher or investor  | [Research & Papers](/fixed-rate-lending/overview/research-and-papers.md) · [Roadmap](/introduction/roadmap.md) |
| Running a liquidation bot | [Liquidator's Guide](/fixed-rate-lending/core-concepts/liquidation/liquidators-guide.md)                       |