Swap

Deposit an underlying asset and the treasury mints the synthetic at a fixed rate, or burn the synthetic to take the underlying back. There is no order book and no slippage.

Minting has no fee. Redeeming burns a fee on top of the synthetic you convert, shown before you confirm.

The reserves deposited for a synthetic. You can redeem only up to that amount.

From borrowers whose rate cap sits below the market rate. Your synthetic repays part of their debt, lowest cap first, and you take collateral worth the repayment, adjusted by the market's redemption share. Your own positions are never used.

Hold it, stake it to earn the savings rate, or repay a borrow with it.