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Tenor

What is Tenor?​

Tenor is a non-custodial platform for accessing onchain lending markets. It offers a seamless user experience for borrowing and lending at fixed rates and advanced functionalities for sophisticated users. All transactions done through Tenor are settled transparently onchain using the Morpho protocol's smart contracts.

Tenor offers a powerful interface for borrowers and lenders to access onchain fixed-rate, fixed-term markets and get matched peer-to-peer. Tenor also offers additional smart contracts features designed to offer more flexibility when creating bespoke offers and to abstract away the complexity of fixed-rate, fixed-term borrowing.

Products​

  • Fixed-rate borrowing: Enables borrowing at fixed rates for set terms, removing the need for constant position monitoring.
  • Fixed-rate lending: Supports lending at fixed rates for defined terms, allowing users to lock in a rate for a set period of time.
  • OTC: Lets borrowers and lenders structure bespoke agreements outside standardized markets.
  • Tenor Prime: Tooling for curators and large-scale capital allocators to have more control over how they allocate and manage their funds.
  • Tenor Enterprise: Enterprise-grade features for exchanges, fintechs, and institutional integrators.

Features​

With Tenor, users can also opt-in to the following features:

  • Auto-renewal at maturity: Automatically renews a borrow position before maturity, either into a longer-dated fixed-term position on Morpho V2 or into an open term position on Morpho V1. It eliminates the need for user intervention before maturity and minimizes the risk of liquidation at maturity.
  • Conditional Execution: Allows creating limit orders that execute only when specific conditions are met, such as:
    • Lend limits: Earns the variable rate on Morpho V1 until the lend limit order gets filled at a fixed rate on Morpho V2.
    • Borrow limits: Deposits the collateral only pro-rata to the amount borrowed at the time the borrow limit is filled.
  • Bespoke offers: Enables structuring OTC offers or requesting quotes from counterparties to borrow against collateral assets with bespoke terms. Tenor's OTC section also allows users to create:
    • Whitelisted offers only acceptable to a set of counterparties.
    • Delayed liquidations offers with configurable grace periods that allow borrowers to re-collateralize or repay before liquidation. This gives borrowers flexibility while reducing the risk of being liquidated immediately after a collateral price move.
    • Undercollateralized offers requiring the borrower to post no to minimal collateral.
  • Alerting: Receive email, Telegram, or SMS notifications for key events, including a position approaching its liquidation threshold, upcoming renewals, and more. This enables timely actions like rolling forward or topping up collateral to avoid liquidation. Users can also get notified when receiving OTC or renewal offers.
  • Market structure: Supports both variable‑rate and fixed‑rate markets and allows borrowing at fixed rates against variable‑rate positions, creating continuity between markets.
  • Redundant Oracle Feeds: Provides price feeds with validation oracles that halt execution when the difference between the validation oracle and the primary price feed exceeds a set threshold, adding redundancy and protection to collateral pricing.

Security​

Tenor is fully non-custodial. Users interact directly with the Morpho protocol smart contracts using their self-custodial wallet and remain in control of their assets at all times. Morpho and Tenor smart contracts are immutable and have been reviewed by leading security firms. For more details, see Risk and Security.