Skip to content
Reinkey

Reinkey Float

Capital that can't escape needs no collateral.

Funds in a Reins account can only go where its policy allows. Once the account is handed to the pool, even its owner's signature stops working: neither the agent nor whoever created the account can take the credit out. Float is a lending pool built on that property.

Float docsOpen in console
  • Investors deposit USDC and receive shares
  • Agents pay and trade on an uncollateralized line
  • Anyone can liquidate once value falls below the threshold

The pool is a public API

Size, share price, utilization and investor positions are read from the chain. Share price = (idle USDC + outstanding debt + pool XLM × price) / total shares.

bash
curl -s https://reinkey.onrender.com/float

Every line's health is computed on-chain

Value is the account's USDC plus its XLM at a conservative price. Below 90% of debt, anyone can trigger liquidation: the account is frozen, remaining funds return to the pool, and the loss shows up in the share price.

HTTP
GET /float

{
  "pool": {
    "totalAssets": "1004774820",     // 100.48 USDC
    "totalDebt":   "0",
    "sharePrice":  "10047748",       // 1 share = 1.0047748 USDC
    "utilizationBps": 0,
    "config": { "liqThresholdBps": 9000, "profitShareBps": 2000 }
  },
  "positions": [{ "shares": "1000000000", "value": "1004774800" }]
}
HTTP
GET /float/lines/C…ACCOUNT

{
  "open": true,
  "debt":  "200000000",              // 20 USDC drawn
  "value": "213400000",              // USDC + XLM × conservative price
  "healthBps": 10670,                // value / debt = 106.7%
  "liqThresholdBps": 9000,           // below 90% anyone may liquidate
  "liquidatable": false
}

  • 01Capital that can't escape

    Credit is transferred into a Reins account and control of the account passes to the pool (set_controller). The policy only allows payments to approved sellers and swaps on approved pairs; money can't leave the system.

  • 02Conservative pricing

    Valuation uses the lower of the oracle (Reflector) and the DEX pool price. Pumping the DEX price can't make an account look healthy.

  • 03Permissionless liquidation

    Anyone can call liquidate. The condition is checked on-chain; a healthy account cannot be liquidated.

  • 04Profit sharing

    When a line closes, debt returns to the pool, a share of the profit (20% today) goes to the pool and the rest to the beneficiary. Every profitable line raises the share price.

  • 05Shares are a claim

    An investor's shares are a transferable balance worth shares × share price. Withdrawals are limited to the USDC sitting idle in the pool.

  • 06Live visibility

    The console's Float view shows pool size, share-price history, utilization and a health gauge for every line, live.

What exists today, and what doesn't

  • Runs on Stellar testnet; the contract hasn't been audited. Don't deposit real capital.
  • The console and API are read-only today: depositing, opening a line and liquidating are contract calls with no UI. Opening a line is the admin's decision; there is no permissionless borrowing.
  • Unspent deposits in open channels aren't counted in health (an error on the cautious side). With only the DEX price source configured, the price can be moved by a single large trade; mainnet needs the oracle and a TWAP.

Watch the pool live.

Float docsOpen in console