Lombard credit · chain 4663
Borrow against it.It never leaves the water.
zkLombard lends dollars against a Uniswap position. The liquidity stays in the pool, keeps earning its fee, and the fee pays the interest. Nothing is sold to raise the money.
Positions alive on this chain
858,740
every one an ERC-721 that can be pledged
Walked in the last book
36
15 of them could be pledged today
Credit those alone would carry
$54,387
at 55% of their measured floor
Checks against real bytecode
32 / 32
the v3 factory and the position manager, not mocks
Value a position
Any position on this chain. Read now, valued three ways.
The floor
A price is what the screen says. A floor is what is left when the range ends.
A concentrated position is not a bag of two tokens.
It is a bet that the price stays between two ticks. Cross the upper one and the position is entirely the volatile leg. Cross the lower one and it is entirely the other. The composition changes underneath the lender, and no price feed reports it.
So it is valued three times, not once.
At the price now, at the bottom of its range and at the top. The worse of the two ends is the floor. Credit is written against that number, which is often half of what the position is marked at today.
And the exit is measured, not assumed.
Burning the position hands back two tokens; one of them still has to be sold. What that sale really costs is read off the book on this chain at the size that would actually be sold, and taken out of the valuation before any credit is offered.
How it works
Four steps, and the market sees none of them.
- 01
Pledge
The position NFT moves into the vault. The liquidity does not move at all — it stays in its pool, in its range, earning the fee it was already earning.
- 02
Borrow
Up to 55% of the floor, in USDG, from lenders who deposited it. No sale, no unwind, no signal to the market that anything happened.
- 03
Let it pay
The fees the position accrues are collected and applied to the interest. A position busy enough services its own loan and the debt falls on its own.
- 04
Redeem
Repay and the NFT goes back, fees and all. The pool never knew.
Nothing is sold. The boat comes in and goes back out.
Joaquín Sorolla, La vuelta de la pesca, 1894
Liquidation
The collateral takes itself apart.
Lending against a thin token means that, on the day it goes wrong, someone has to sell a thin token into a market that has already left. That is how long-tail lending dies.
A liquidity position does not have that problem. Burn it and it becomes its two components at once: the money leg is already money, and only the other one has to be sold — in pieces the size the book can take, which was measured before the loan was written.
Burn the position
One call. The vault holds two token balances instead of an NFT.
Keep the money leg
USDG needs no buyer. On most pairs this alone covers the debt.
Sell the rest in pieces
Each piece sized to what the deepest book absorbs, not to what the clock says.
Return the remainder
Whatever is left over after debt and penalty goes back to the borrower.
What a trade cannot do
The floor never reads the price.
Almost every lending market on any chain is one shoved oracle away from a bad afternoon: push the price, borrow against the lie, leave. The floor here has nothing to push. It is measured at the two ends of a range that were fixed when the position was minted, and it reads the pool only to convert one leg into the other at those same two ticks.
The test suite makes the point rather than asserting it: a real swap through the real pool code moves the tick, moves the position's spot value — and moves the floor by exactly zero.
32/32 checks · against the runtime bytecode of the v3 factory
and the position manager, pulled off chain 4663
Everything the floor depends on
The position’s liquidity
Fixed while it is pledged. It is sitting in this vault.
Its two ticks
Chosen when it was minted. Nothing can move them.
The cost of leaving
Bounded at 1,500 bps, written by a keeper, refused above the ceiling and refused when stale.
So a loan goes bad slowly.
Not because the market moved — because the debt climbed into the floor, or because leaving got dearer. Both are visible days ahead.
The private line
A public liquidation point is an invitation.
What everyone else publishes
Open a loan on any lending market and the size, the collateral and the exact price at which you are liquidated are all readable by anyone. On a chain this thin, that is a map to a trade: push the pool to the number, take the penalty, walk away.
What this one publishes
A commitment. The vault holds a hash of the position and the debt behind it; the borrower proves in zero knowledge that the loan is still healthy. Liquidators learn that a loan has crossed the line, and only then — never where the line was.
Make one
The circuit is 1,048 constraints. Run it in this tab.
Position #1293173 · floor $41,632 · liquidated at 110%
that is covered — this will prove
The proving key is 537 KB and loads on demand. Nothing is sent anywhere.
What is done: the circuit, its ceremony, a Solidity verifier, and 34 checks — two of which put a real proof through that verifier inside an EVM. What is not: the vault still keeps a debt in the open. Moving it behind the commitment is the next thing, and this line will say so until it is.
What this does not do
A floor is a floor, not a promise.
It cannot save a token that dies.
If the volatile leg goes to nothing, the floor goes with it. The floor bounds the composition risk, not the asset.
It will not take every pair.
One leg has to be money on this chain, and the other has to have a book deep enough to leave through. Most pairs fail that, and are refused by name.
It does not trust one price.
Both legs are derived from the pool’s own arithmetic against a single anchor, so a pushed pool moves the whole valuation consistently rather than only the half that flatters it.
It is not a bank.
The dollars come from lenders who chose to deposit them. The protocol keeps a share of the interest and carries no book of its own.
It cannot see a hook.
Positions on forks with custom hooks are read but not valued, because what a hook does on exit is not knowable from storage.
It is unaudited and undeployed.
Everything on this page reads the chain. Nothing on this page has taken a deposit.
The token
There is one. It is not doing anything yet.
The protocol keeps 15% of the interest paid and passes the rest to lenders. That share is the only revenue there is, and it does not exist until somebody borrows.
No supply schedule is published here, nothing is promised to holders, and no page on this site will tell you what the token is worth. When the split is decided it will be written in a contract before it is written on a website.