How a Held loan works.

WBNB collateral, a BSC-USD principal and a repayment agreed before funding. No floating interest or price-triggered liquidation.

Request and collateral

The borrower chooses collateral, principal, interest, loan term and an offer expiry. The WBNB is transferred into the contract in full. The request is public and can be funded by one lender. The borrower cannot fund their own request. The interface offers terms of 1, 7, 14 and 30 days; the contract supports 60 seconds through 30 days, including shorter terms for public testing.

Funding and time

The lender accepts the exact terms by sending the principal directly to the borrower through the contract. The due time is set from the timestamp of this funding transaction, not the request creation. There is no partial funding. Once funded, neither side can change the term or cancel the active loan.

Repayment and fees

The borrower repays principal plus the agreed interest before the due time. The protocol fee is 10% of interest, rounded down to the smallest payment-token unit. The lender receives the rest. For 100 BSC-USD principal and 2 interest, the borrower pays 102, the lender gets 101.8 and the protocol gets 0.2. The WBNB returns to the borrower in the same transaction. Early repayment does not reduce the fixed interest. No partial repayments or extensions are supported.

Default and collateral value

At the due time, repayment is closed. Only the lender may claim the entire collateral through a transaction. There is no keeper that automatically claims or sells it. Held has no oracle, no minimum collateral ratio and no price-triggered liquidation. Both sides must evaluate the amounts themselves. A lender can receive collateral worth less than the principal; a borrower can lose collateral worth more than the debt. Claims settle the loan through collateral transfer, not a guaranteed cash recovery.

Unfunded cancellation and expiry

The borrower may cancel an unfunded request at any time. After its offer expiry anyone can trigger a return of collateral to the borrower. Funding is blocked at or after offer expiry. These returns require an onchain transaction. A cancellation and funding transaction can compete for inclusion; execution order determines which succeeds.

Contract and assets

Mainnet uses wrapped BNB, WBNB, and the Binance-pegged BSC-USD token at 0x55d398326f99059fF775485246999027B3197955, both with 18 decimals. Native BNB is needed for gas and must be wrapped before being used as collateral. TEST deployments use separate mintable mock assets.

Limits and control

The contract is unaudited. There is no owner, administrator, upgrade, rescue or arbitrary withdrawal function. Asset addresses, fee rate and fee recipient are immutable. Tokens sent directly outside the loan functions cannot be recovered by a rescue method. Only exact-transfer assets are supported; fee-on-transfer and rebasing behaviour is incompatible. Required transfer failures revert the entire operation. Contract defects, token restrictions, depegging and wallet errors can cause loss.