Classes
A class is how a rate is FORMED, not how good it is. Rows are in alphabetical order and the order is not a ranking; an administered rate and a utilisation-driven one are different kinds of number and are never compared without their labels.
| Class | Denominations served | How the rate is formed |
|---|---|---|
| algorithmic | btc, chf, eth, eur, sgd, usd | Rates set by a formula reading pool utilisation, adjusting continuously. Pooled venues lend one reserve against every collateral; isolated venues price each market alone. |
| auction | usd | Rates discovered by competitive bidding, fixed at origination for a fixed term. Both the rate and the maturity are settled before the loan exists. |
| corporate | usd | Yields on securities issued by companies holding bitcoin — a declared rate against a market price, not a venue lending against collateral. Some are perpetual preferreds; most are convertible notes and credit facilities with dated maturities. |
| minted | usd | Rates on debt minted against collateral by a protocol rather than lent by a depositor. There is no lender to pay, so the series has a borrow leg only. |
| posted-card | usd | Rates published on a desk’s rate card. Administered: a posted price rather than a cleared one, and it changes when the desk decides. |
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