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What is Tenor?

Tenor is a non-custodial fixed-rate borrowing platform built on top of Morpho V2. It provides advanced features and a powerful interface that abstract away the complexity of fixed-rate, fixed-term borrowing. The platform also includes advanced functionalities for sophisticated users.

Overview​

The Tenor platform allows users to borrow and lend onchain at fixed interest rates for defined terms, using the Morpho protocol.

By using Tenor, users benefit from:

  • Predictable rates: Borrow or lend at fixed rates for set terms to avoid managing and unwinding positions frequently.
  • Efficient matching: Match peer-to-peer for optimal capital efficiency. All trades are settled on the Morpho protocol.
  • Advanced tooling and execution: Auto-renew positions before maturity to avoid liquidation, set limit orders, create OTC offers, select custom liquidation methods.
  • Security: Leverages the robust, audited infrastructure of the Morpho Protocol. Enables users to retain full control of their assets by interacting directly with Tenor and Morpho smart contracts.

Features​

Tenor is a platform built on top of the Morpho protocol offering its users the following features:

  • Auto-renewal at maturity: Automatically renew a borrow position before maturity into longer-dated fixed-term position on Morpho v2 or into an open term position on Morpho v1. The Tenor smart contracts eliminate the need for user intervention before maturity and minimizes the risk of liquidation at maturity.
  • Conditional Execution: Allows users to create limit orders that execute only when specific conditions are met, such as:
    • Lend at the variable rate on Morpho v1 until the lend limit order gets filled at a fixed rate on Morpho v2, mitigating the opportunity cost while the limit is pending.
    • Borrow using limit orders across multiple markets simultaneously. Once executed, a callback deposits the required collateral.
  • OTC Offers: Lets borrowers create OTC offers to borrow against long-tail assets with bespoke terms. These offers can be filled by lenders (e.g. curators, lending desks, or other counterparties).
  • Alerting: Receive email, telegram, or SMS notifications when a position's health deteriorates or nears renewal. This enables timely actions like rolling forward or topping up collateral to avoid liquidation. Get notified when receiving OTC or renewal offers.
  • Simple Interface: Provides an intuitive UI for fixed-rate borrowing on Morpho V2. Users can track their positions, P&L, renew their positions, and manage their collateral.