01 / FIND

Browse upcoming auctions to find a term that fits your needs

Auctions can be filtered by the token being borrowed or lent (purchase token) and/or collateral token as well as by maturity and term of loan.

An illustration showing Term auctions that bring together borrowers and lenders
An illustration of the tender form that allows borrowers and lenders to participate in auctions


Submit bids and offers to borrow or lend tokens

Borrowers submit bids and lenders submit asking rates.

03 / CLEAR

Term auction contract algorithm selects some fixed rate that clears the market

All lenders who asked less than the clearing rate lend and all borrowers who bid more than the clearing rate borrow at the clearing rate.

An illustration of a magnifying glass to demonstrate the smart contracts selecting the fixed-rate that clears the market
An illustration of a borrower's portfolio


Borrowers can monitor and manage their collateral position and lenders can verify loan health in real-time

Term integrates with subgraph to provide real-time monitoring of loan health and collateral coverage.


At maturity, borrowers repay and lenders can redeem for principal and interest

Borrowers will have 12-24 hours upon maturity to repay principal and interest to unlock their collateral. Lenders will be able to burn their Term Tokens once the repayment window closes.

An illustration of the repay modal (for borrowers) and the redeem modal (for lenders)


Find answers to popular questions below, or visit the documentation for a more detailed overview

What is Term Finance?

Term is a decentralised non-custodial lending protocol where users can borrow or lend on a fixed rate basis by participating in weekly (Term) auctions.

How do the auctions work?

Potential borrowers submit their bids and potential lenders submit their ask prices to Term, and then the Term auction contract determines some interest rate that clears the market (the clearing rate): all the lenders who asked less than the clearing rate lend and all borrowers who bid more than the clearing rate borrower at the clearing rate.

Why auctions?

Term’s unique auction model originates loans at scale without slippage, bid-offer spread or other hidden transaction costs seen in other variable and fixed rate lending protocols.

Is there any risk?

No platform can be considered entirely risk free. The risks related to the Term platform are the smart contract risk (risk of a bug within the protocol code) and liquidation risk (risk on the collateral liquidation process). Every possible step has been taken to minimize the risk as much as possible. The protocol code is public and open source and has been audited by Sigma Prime. If you would like to learn about the security measures in place, please contact our team.

Product Walkthrough

Learn how you can use our application to access on-chain auctions to obtain fixed-rate loans