The Gavel Protocol (Arbitrum)
Takes as collateral: bitcoin
Disclosure for this venue. Aletheia Analytics SASU operates the website interface at thegavel.io, and runs automated agents for its own account on this venue; a material share of the prints on this row are its own. The Gavel Protocol itself is autonomous code that Aletheia does not operate.
Dollar loans only: other currencies are separate books, never added in
Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.
10 of 10 criteria researched. What the criteria are →
Markets — as served, not a venue rate
One row per market, as the venue publishes them. These are market rates: combining them into a single venue rate is a weighting across this venue's markets, and choosing one here would be a methodology decision taken in a web page.
No BTC market rows are served for this venue. An auction venue has no pool markets: it lends loan by loan, at a rate and term fixed when each auction clears. Its book is in the figures above.
Price
What does credit cost here, and how is the price formed?
| Rate formation | auction_discoveredsourceGavel loan protocol 0xFCDd6Ef75638D8D19ad634004C234Ad18751fEf2 — the rate is the outcome of a competitive bid auction rather than a curve or a committee: auction_discovered. |
|---|---|
| Term structure | fixed_termsourceGavel loan protocol 0xFCDd6Ef75638D8D19ad634004C234Ad18751fEf2 — loan_duration_mins is set at auction creation and is not extendable or callable. |
| Rate certainty | fixed_at_originationsourceGavel loan protocol 0xFCDd6Ef75638D8D19ad634004C234Ad18751fEf2 — max_repayment is fixed at auction creation and the cleared repayment is set when the auction settles. Neither moves for the life of the loan. |
Quality
What stands behind a position, and what can change under the reader?
| Oracle dependency | nonesourceGavel loan protocol 0xFCDd6Ef75638D8D19ad634004C234Ad18751fEf2 — no price feed is read on the auction, loan or settlement path. Nothing about the loan's life depends on an external price, so there is no oracle to depend on. |
|---|---|
| Default & liquidation | nonesourceGavel loan protocol 0xFCDd6Ef75638D8D19ad634004C234Ad18751fEf2 — no liquidation function exists. A loan either repays by its maturity or the lender claims the escrowed collateral; observed loan outcomes are REPAID and DEFAULTED, with no liquidation state. |
| Custody & backing | protocol_custodialsourceGavel collateral vault / position NFT 0xAD6Edb72409605a51dc6C990A09829616178A8f4 — collateral is escrowed by the protocol for the loan term. Non-custodial with respect to the operator, who cannot move it; not self-custodial, since the borrower cannot either. |
| Recourse | non_recoursesourceGavel loan protocol 0xFCDd6Ef75638D8D19ad634004C234Ad18751fEf2 — on default the lender's only remedy is the escrowed collateral. There is no claim on the borrower beyond it and no borrower identity against which to make one. |
| Track record | 1 month observedsourceDerived from credit_venues.first_date (2026-07-16), the first observation this dataset holds for the venue. This is a LOWER BOUND on the venue's age, not the age itself: a venue trading long before we began reading it reads short here. Not typed, and not a claim about the venue's longevity. |
Composition
Who and what makes up this market?
| Collateral accepted | WBTC (direct_wrapped)sourceGavel loan protocol — collateral_token on every mainnet auction to date is WBTC; the collateral_pair on all 13 auctions is WBTC/USDC. |
|---|---|
| Book depth & concentration | unknown (no per-venue counterparty count exists in this registry or in the comparison payload, so depth and concentration cannot be established. This is a gap in THIS DATASET, not in the venue, and is a different value from `undisclosed`, which would mean the venue does not publish it.) |
| Observability | price: partial — Mainnet auctions began on 2026-07-16, and the settled count is still below the bar a curve needs (30 settled auctions), so this row carries prints, not a term structure. The count observed now is stated with this venue's rate in the rate comparison (/v1/venues/compare). The gap closes with time, not with engineering. quantity: full composition: full |
What the loans are denominated in
| Borrowed in | Assets | Size (USD equivalent) | In the loan asset | Read by |
|---|---|---|---|---|
| US dollars | USDC | $17k | 16,950 USDC | contract read, 2026-10-13 |
Each currency is a separate book; the dollar equivalents compare sizes and are never added together.
Backing chain
Each link from what this venue takes as collateral down to the bitcoin it rests on, in order, with how each link was established.
How a chain is read, and what it does not claim
backing_chain: the ordered claims standing between a creditor and the coins, each link derived from a sourced fact already held and carrying it in `derived_from` — the custody cell, the venue's borrow card, or wrapper_registry.yaml for who holds the bitcoin behind a token. A `representation` link has one branch per token the venue takes; branches are alternatives, not a sequence. A link nobody has established is shown with status `incomplete` and names what is missing — it is never dropped, because a missing link omitted makes a long chain look short. `undisclosed` means the party does not publish it; `incomplete` means this dataset has not established it. NEVER SCORED AND NEVER COUNTED: no length, link count or ranking is published, and none should be derived — chain length and link transparency are orthogonal (ETP-backed margin is the longest chain here and every link of it is regulated). `recourse` is what the creditor holds beyond the chain. ⚠ Tokens are identified BY SYMBOL: the wrapper registry is not keyed by chain or address, so every `representation` link carries a `deployment` step that is incomplete — whether a token is native to the chain of the venue or a bridge receipt (one more link) is not established — and a symbol the registry knows to name a different token on a venue is shown unresolved, not given that wrapper's holders.
- contract_escrow established — the protocol contract — the collateral is escrowed and neither the operator nor the borrower can move it
source
attribute · custody_model = protocol_custodialGavel collateral vault / position NFT 0xAD6Edb72409605a51dc6C990A09829616178A8f4 — collateral is escrowed by the protocol for the loan term. Non-custodial with respect to the operator, who cannot move it; not self-custodial, since the borrower cannot either. - representation incomplete
source
wrapper_registry · wrapper_registry.yaml as of 2026-09-02deployment · chain 42161 incompletewhether each token is issued natively on this chain or bridged to it — a further link when bridged — is not in wrapper_registry.yaml, which is keyed by symbol, not by chain or address- WBTC established · direct_wrapped · identified by symbolWBTC established · issuer BitGo · custodial · holders [BitGo]Reserves in 2-of-3 multisig with BitGo holding two keys. Since 2024 BitGo custodies jointly with BiT Global, a Hong Kong custodian part-owned by Justin Sun — a second name on the same bitcoin, recorded but not split because no share is published.
source
issuer_docBitGo, 'Wrapped BTC Launches with BitGo Custody and Full Proof of Assets', blog.bitgo.com; proof-of-reserve at wbtc.network
- WBTC established · direct_wrapped · identified by symbol
source
The generic axis set
Identical for every venue, identically computed. An axis that cannot be computed here renders its reason — never silently omitted, because an omitted axis says it was not considered. A figure that covers only part of what the axis asks is marked, with what it leaves out beneath it. Collateral, debt and the borrow and lend rates are the tiles at the top of this page.
| Utilisation (venue roll-up) | collecting (not read yet) — no dollar reserve of this venue cleared the quantity gate on the latest day |
|---|---|
| Intermediation margin | +0.00 pts · derived borrow minus lend, as above borrow rate minus lend rate, both as above |
| Trailing realised average (7/30/90d) | collecting (not read yet) — no dollar loan at this venue cleared the gates and the $250k floor in the last 90 days |
| Rate volatility (30/90d) | collecting (not read yet) — no dollar loan at this venue cleared the gates and the $250k floor in the last 90 days |
| Spread to the pair aggregate | +0.00 pts vs Auction · derived this venue's borrow rate minus its class's (5.49%), both as served on the spine /v1/market/tree — the venue's and its class's borrow rates |
| Spread to matched Treasuries | +1.36 pts vs the 1-month bill (4.13%) · derived the venue's borrow rate minus the 1-month bill, both continuously compounded. Loans here carry terms of their own, which the bill does not match: it is the same 30-day reference used for every venue, not a matched maturity macro_rates — the 1-month Treasury bill, 2026-10-08 (Federal Reserve H.15) |
| Origination flow | collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only |
| Repayment flow | collecting (not read yet) — loan events are read for Morpho Blue (Ethereum, Base) and the six Aave v3 chains only |
| Aggregate and distributional LTV | 44.9% the aggregate only — no distribution is read here |
| Residence distribution | collecting (not read yet) — how long positions stay open needs each loan's history; it is held for Morpho Blue and the Aave v3 chains and not yet computed |
| Liquidation incidence | collecting (not read yet) — liquidations are read from events for Morpho Blue and the Aave v3 chains, and as positions past threshold where a pool is read account by account |
| Top-10 concentration share | collecting (not read yet) — borrower concentration is read where a pool is read account by account (21 venues) |
There is no score on this page and none will be added. The criteria are published and versioned before any venue is measured against them, and this venue's row is produced by the same pipeline as every other.
Access routes
Listed under the published criteria. Listing is not endorsement, the order is not a ranking, and this dataset integrates with none of them.
| Transport | streamable-http |
|---|---|
| Authentication | none |
| Tools observed | 19 total · 5 prepare · 0 submit |
| Documentation | https://www.thegavel.io/llms.txt |
| Last checked | 2026-10-13 |
Prepares unsigned calldata only. Nothing signs, submits or broadcasts; no tool takes custody of funds or receives a mandate.
This venue's interface is operated by the same entity that publishes this dataset. That is disclosed on this row's `disclosure` field and is not a property of the route.
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/venues/gavel_arbitrum |
|---|---|
| MCP | get_venue({ venue_id: "gavel_arbitrum" }) get_venue({ venue_id: "gavel_arbitrum", include: ["axes", "headline"] }) |
The same figures, the same names and dates. Connect your AI →
How this venue compares depends on what you'd borrow, for how long, against what. That's a question for your AI, with this data behind it.
https://mcp.bitcoincreditstack.com/mcp