Welcome to Tenor docs

Tenor is non-custodial software for fixed-rate, fixed-term borrowing and lending onchain, built on the Morpho protocol. Explore key concepts and features of Tenor.

What is Tenor

Non-custodial software for fixed-rate, fixed-term borrowing and lending onchain, built on the Morpho protocol. Tenor extends Morpho with modular smart contract features.

Lend

Fixed-rate, fixed-term lending, matched peer-to-peer on Morpho. Covers how a position's rate and term are fixed, the available offer types, and exiting early by reselling a position before maturity.

Borrow

Fixed-rate, fixed-term borrowing against collateral. Covers maturity date, repayment, offer types, and exiting early.

Auto-renewal

Auto-renewal is opt-in. Around maturity, a keeper can roll a borrow position into a new fixed-rate or variable-rate term, within the limits the borrower set. Anyone can run a keeper; it is not a privileged role. A renewal is not guaranteed: if no offer matches those limits, or no keeper acts, the position can still be liquidated at maturity.

Liquidations

How a borrow position is liquidated when its LTV crosses the LLTV or debt goes unpaid at maturity, plus overcollateralization and the price oracles that value the collateral.

OTC

Custom offers that users post outside the standardized markets, with custom collateral, rates, and terms. Covers creating offers, requesting offers, and gated markets.

Organizations

Covers organization accounts with role-based access across wallets, multisigs, and vaults, along with OTC offer requests, gated vaults, monitoring and API access.

Rewards

Passive quoting rewards and migration rewards, each with its own rules. Rewards are distributed through Merkl, and you can claim them in the Tenor app or on Merkl.

Fees

Tenor charges no fees today for initiating or renewing positions or using the interface. Some Tenor contracts contain fee parameters; they are switched off. Morpho protocol fees, vault fees and network fees are separate and may apply.