> For the complete documentation index, see [llms.txt](https://docs.ethosis.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ethosis.org/guides/lenders.md).

# Lending on Ethosis

Think of lending on Ethosis as running a small credit book rather than parking money in a pool. You decide the collateral, the LTV, the term and the rate. In exchange, each position is isolated: you carry exactly the risk you priced and none of anyone else's.

## Eligibility

Lending is open to professional clients such as crypto credit funds, market makers and family offices. Retail lending is enabled one jurisdiction at a time, where the rules allow it. See [Jurisdictions](/compliance/jurisdictions.md).

## Before you start

* A wallet on Robinhood Chain.
* USDG, either approved to `LoanDesk` (or via Permit2), or held in the whitelisted Morpho vault with `parkIdle` enabled.
* A `LENDER_PROFESSIONAL` attestation.

## Targeted and standing offers

### Targeted offers

Filter the open borrow requests by collateral, tier, LTV, term and APR, then sign an offer against one of them in a single click. There is no gas involved: the signature itself is the offer.

### Standing offers

A standing offer is posted against a single token or an entire tier and specifies a principal range, an APR, a maximum LTV, a term and an expiry. It works like a limit order: many borrowers can fill against it over time until it runs out of capacity or expires. Standing offers are what keeps the book populated, and they are how professional lenders are expected to operate.

## Flags on an offer

| Flag                        | Effect                                                                                      |
| --------------------------- | ------------------------------------------------------------------------------------------- |
| `selfLiquidate`             | On liquidation, receive the collateral itself at the oracle price instead of USDG proceeds. |
| `noClosedMarketLiquidation` | Your slice is not liquidated while the underlying market is closed. The gap risk is yours.  |
| `parkIdle`                  | Unmatched USDG sits in the Morpho vault and is withdrawn just in time at origination.       |

## Tracking positions

Every filled slice becomes a slice token in your wallet. For each one the dashboard displays:

* principal, APR and interest accrued so far,
* the loan's health factor, the collateral's session status and oracle staleness,
* maturity, and whether a rollover auction is open,
* the borrower's other slices and the make-up of the syndicate.

## How you get paid

* Full repayment: you receive principal plus your slice's interest, less the protocol's 10% share of interest, in the same transaction in which the borrower repays.
* Partial repayment: your principal is reduced pro rata.
* Refinance: when the replacement syndicate clears, you are repaid in full (principal plus accrued interest), unless you chose to accept the new rate yourself.
* Liquidation: you receive your pro rata share of proceeds plus your share of the penalty, or the collateral itself if you set `selfLiquidate`.

## Rollover auctions

If a borrower opens a rollover auction on a loan you are part of, the rate climbs from the current blended APR towards a cap. You may accept at any point along the way, or delegate acceptance to a keeper with a rate limit, so that a rollover you would have taken is never missed.

## Withdrawing offers

A single on-chain call flips a nonce bit and cancels either one offer or a whole range. Offers also lapse at their expiry without any action from you.

## What it costs

* 10% of the interest you earn, deducted from your payout.
* 5% of idle-capital vault yield, once that fee has been enabled through the timelock.

## Advice

* Want more buffer than the protocol default? Set `maxLtvBps` under the tier maximum.
* Take on Tier C tokens one at a time and on purpose, after reviewing DEX depth and past auction results on the risk page.
* Give standing offers realistic expiries. A 90-day standing offer at a rate the market has left behind will get filled at the worst moment.
* If you would rather hold the stock, set `selfLiquidate`. If you never want to be liquidated into a weekend book, set `noClosedMarketLiquidation` and charge for the gap risk in your rate.


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