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What is Tenor?

Tenor is a non-custodial fixed-rate borrowing and lending platform built on top of Morpho V2. It offers a powerful interface and smart contracts designed to abstract away the complexity of fixed-rate, fixed-term borrowing. Tenor also provides advanced features such as OTC borrowing and lending, and conditional execution.

Overview​

The Tenor platform allows users to borrow and lend onchain at fixed interest rates for defined terms, using the Morpho protocol.

By using Tenor, users benefit from:

  • Predictable rates: Borrow or lend at fixed rates for set terms to avoid managing and unwinding positions.
  • Efficient matching: Match peer-to-peer for optimal capital efficiency. All trades are settled on the Morpho protocol.
  • Advanced tooling and execution: Auto-renew positions before maturity to avoid liquidation, set limit orders, reach OTC agreements with bespoke terms, and select custom liquidation methods.
  • Security: Built on the robust, audited infrastructure of the Morpho protocol. Users retain full control of their assets by interacting directly with Tenor and Morpho smart contracts.

Features​

Tenor users benefit from the following features:

  • Auto-renewal at maturity: Automatically renew 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. The Tenor smart contracts eliminate the need for user intervention before maturity and minimizes the risk of liquidation at maturity.
  • Conditional Execution: Create limit orders that execute only when specific conditions are met, such as:
    • Lending at the variable rate on Morpho V1 until the lend limit order gets filled at a fixed rate on Morpho V2, mitigating the opportunity cost while the limit is pending.
    • Borrowing using limit orders across multiple markets simultaneously. Once executed, a callback automaticallydeposits the required collateral.
  • OTC: Create OTC offers or request a quote to borrow against long-tail assets with bespoke terms. These offers are filled by lenders (e.g. curators, lending desks, or other counterparties).
  • Alerting: Receive email, Telegram, or SMS notifications for key events, including nearing your liquidation threshold, upcoming renewals, executions, 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.
  • Powerful Interface: An intuitive UI for fixed-rate borrowing and lending on Morpho V2. Users can track their positions, P&L, renew their positions, and manage their collateral.