The Gavel Protocol

gavel_arbitrum · auction

8 of 8 criteria researched.

Price

What does credit cost here, and how is the price formed?

Rate formation	auction_discovered source Gavel loan protocol 0xFCDd6Ef75638D8D19ad634004C234Ad18751fEf2 — the rate is the outcome of a competitive bid auction rather than a curve or a committee: auction_discovered per v1 §8.2.
Term structure	fixed_term source Gavel loan protocol 0xFCDd6Ef75638D8D19ad634004C234Ad18751fEf2 — loan_duration_mins is set at auction creation and is not extendable or callable.
Rate certainty	fixed_at_origination source Gavel 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	none source Gavel 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	none source Gavel 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_custodial source Gavel 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_recourse source Gavel 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.

Composition

Who and what makes up this market?

Collateral accepted	WBTC (direct_wrapped) source Gavel loan protocol — collateral_token on every mainnet auction to date is WBTC; the collateral_pair on all 13 auctions is WBTC/USDC.
Observability	price: partial — Mainnet has 10 auctions and 9 settled as at 2026-07-24, first on 2026-07-16. That is far below any curve-maturity bar (the P6 discovery contract proposes 30 settled auctions across 3 tenors), so this row carries prints, not a term structure. The gap closes with time, not with engineering. quantity: full composition: full

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