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Request quotes

Tenor lets borrowers post requests offchain to inform lenders they are looking to borrow against a specific collateral asset. Lenders (curators, asset managers) can then respond with onchain buy (lend) offers, letting borrowers compare them and assess if they want to take one onchain.

The request itself is non-binding: no collateral is deposited and nothing settles onchain when the request is sent. Settlement happens only when the borrower takes one of the resulting onchain offers.

Benefits of the request system​

A borrower may not want to choose the oracle, LLTV, and other advanced parameters up front. Using Tenor's request feature, borrowers can specify only a subset of the parameters needed to create an onchain offer on Morpho Midnight:

  • Loan token and amount
  • Collateral asset

Counterparties propose the remaining terms (LLTV, oracle, term, rate) in their onchain offers, and the borrower compares quotes from multiple lenders before accepting one.

When to use a request

Requests suit borrowers who do not want to set the oracle, LLTV, term, and rate themselves. The borrower specifies only the loan and collateral, and specialist lenders compete to propose the rest.

How a request works​

  1. Borrower request (non-binding): The borrower specifies the loan token, amount, and collateral asset and broadcasts the request, either to all counterparties or to a chosen set. No collateral is deposited; the request is non-binding.
  2. Lender receives request: Lenders see the request in their inbox on the Tenor interface, and can opt in to notifications for incoming requests.
  3. Lender creates offer (onchain): Interested lenders respond by publishing onchain buy (lend) offers, each setting LLTV, oracle, term, and rate.
  4. Borrower accepts offer (onchain): The borrower compares the returned offers and takes the one that matches their needs. Taking the offer settles the position onchain through Morpho.

In the example below, a borrower sends a request to three counterparties. Two return onchain offers, and the borrower takes the one from Counterparty 3.

Request offers flow: a borrower broadcasts an offchain request to three counterparties, two counterparties publish onchain offers, the borrower takes one, and the position is settled onchain through Morpho.

Tenor Prime users (e.g. curators, lending firms, asset managers) can receive requests from borrowers and send onchain offers.