Pledge tokenized stocks and name the most you will pay. Lenders each fund a slice at their own rate, and one Solana transaction settles the loan.
Rate and term fixed at origination.
Signatures, escrow, payout and slice tokens, settled together.
Every slice stands alone. No shared losses.
Recovery by code, not by court.
Every Bidwell loan is a small syndicate. A borrower asks for 20,000 USDC against tokenized NVDA, and three lenders or thirty fund it, each at a rate they picked. Slices never share a loss, so the lender who set the price is the one exposed to it.
Pledge tokenized stocks and set the USDC you want, the top APR you will accept, a term of 7 to 90 days, and a launch window for the request to fill.
Lenders sign offers off-chain. Signing is free and an offer can be withdrawn at any time. It can target one request, or stand on the book for a whole tier like a limit order.
One transaction verifies every signature and eligibility, locks the collateral in escrow, draws USDC from each lender to the borrower, and mints a slice token per lender.
Interest is simple, fixed and counted per second. Repay whenever you like. The only floor is a three-day minimum interest period.
Before maturity the borrower can open a rollover auction. The rate starts at the blended APR and climbs toward a cap. Lenders who accept fund the new term and the old syndicate is repaid on-chain. No cliff.
If health drops below 1.0, anyone can open a 45-minute Dutch auction on the collateral. Proceeds pay the keeper first, then the lenders. Whatever is left goes back to the borrower.
There is no utilisation curve. The borrower names the most they will pay, each lender names the least they will take, and the program settles where the two overlap.
The clearing rate. Offers fill cheapest first until the request is covered. Anything above the borrower's max APR never touches the loan.
Connect Phantom, Solflare or any Solana wallet, pick the stock tokens to pledge, and see what each LTV tier lets you borrow next to an indicative rate from the live book.
Sort open requests by APR, term, LTV and collateral. One click signs an offer with no network fee. Standing offers can cover a whole tier.
The Explorer lists every loan with collateral, origination oracle price, rate, syndicate, repayment status and liquidation history, each linked to Solscan.
Kamino, Aave Horizon and other pooled markets do the right job for curated, deep collateral. Single-name stocks, thin DEX pools, closed-market weekends and private-company tokens need a price set per loan and a fixed term.
Bidwell runs beside the pooled markets on Solana rather than replacing them. Unmatched capital earns in a yield vault, and Solana DEX liquidity backstops any auction that needs a buyer.
Tokenized equities as plain SPL tokens, Chainlink feeds for each of them, permissionless deployment and deep on-chain liquidity, all in one place. A lending market needs all four at once.
AAPL, NVDA, SPY and more arrive as ordinary SPL tokens from regulated issuers, each backed by a share in custody. They sit in your wallet and move like any token.
Data Feeds drive health checks, Data Streams price auctions, a market-status flag marks closed sessions, and a halt check turns outages into planned pauses.
Circle issues USDC natively on Solana. It is the deepest stablecoin on the network and every major venue settles in it.
A fill or a liquidation is final long before the price can move away from it, for a fraction of a cent in SOL.
Approve and borrow in a single step. Lenders sign offers off-chain at no cost. SOL is the only token a wallet needs for fees.
Jupiter, Raydium and Orca are live here, so when an auction opens there are arbitrageurs ready to bid.
When a loan goes wrong the program runs an auction. No court, no collections agent. Only liquid, on-chain, live-priced collateral is admitted, and tiers follow liquidity and feed quality rather than how famous the ticker is.
Health is collateral value times the liquidation LTV, divided by debt. Under 1.10 the borrower is warned. Under 1.00 anyone may open the auction.
Live parameters. Nothing moves without passing the timelock, and every change is published with its reason.
Price opens at oracle plus 3% and slides to a floor over about 45 minutes. Arbitrageurs, authorised participants and the loan's own lenders can bid.
With the market closed or the feed stale, every LTV ceiling drops by the tier's haircut and the auction floor cannot fall below 85% of the last oracle print.
For one hour after the network resumes nobody can liquidate. Repayment goes straight to the program, so no operator can block it.
Zero or negative prices are refused, each session has a staleness bound, a single jump beyond 25% pauses the market, and corporate actions pause the token.
Bidwell values exactly the token it holds, never a wrapper or a derived exchange rate. That rule is what a July 2026 wrapper exploit ignored.
Caps per token and syndicates that share nothing keep one failed loan from locking anyone else's funds.
A market earns trust through what a stranger can confirm without asking. The public loan book shows every open loan, and every state change links to its Solscan transaction.
Fills, repayments, rollovers, auctions and parameter updates all land on-chain and link to Solscan.
Collateral, LTV, rate, term, syndicate size, health and the origination oracle price for every open loan.
LTV distribution, concentration per token, the bad-debt ledger, and each liquidation's realised price next to the oracle.
Current Chainlink price, session state and staleness per token, plus proof of reserve where the issuer publishes it.
Each timelock proposal and execution appears with its rationale before anything takes effect.
Programs, relayer, indexer and keepers ship under a permissive licence, with reproducible builds verified on-chain.
The off-chain book exports in full. Run your own relayer and see the same offers as everyone else.
Funds move only at settlement, against an approval you granted. Repayment and withdrawal cannot be paused.
Bidwell opened with cautious LTVs, a visible cap on every token and a public risk page. Each milestone unlocks only once the figures from the last one support it.
Index, mega-cap and large-cap stock tokens, borrowed against in USDC for 7 to 90 days. Standing and targeted offers, rollover auctions, the yield vault and the Explorer are all running. Exposure capped per token.
Session-aware haircuts, Dutch auctions with bounded floors while markets are closed, liquidation in kind, post-halt grace, and oracle pricing on the exact token pledged.
Tier C tokens with a live Chainlink feed, opened one market at a time as DEX depth and auction history justify it. Then negotiated tier D for professionals.
Optional tranching inside one syndicate. Lenders chasing yield take first loss; senior slices are paid out ahead of them.
Treasury and fund-share tokens priced by NAV oracles, a secondary market for slice tokens, and retail lending wherever it is permitted.
Parameter control moves from the foundation multisig to on-chain governance. The timelock, the public rationale and unpausable repayment all stay.
The protocol token. Holders vote on the parameters the market runs on, and a portion of protocol fees buys the token back. One billion exist and the mint authority is revoked, so nobody can make more.
Draw USDC against tokenized stocks in one transaction, or sign a lend offer and let the matching come to you. Every fill lands on Solana where anyone can watch it.