Lending

Lending lets you deposit stablecoins into Origination Pools to fund borrowers and earn yield in the form of Consol tokens. There are three ways to participate, with increasing levels of automation.

Lending Pool (Direct Pool Deposit)

The simplest way to lend. You deposit into a specific origination pool for a fixed epoch.

Step by Step

1. Navigate to /lend. The "Lending Pool" tab is selected by default.

2. Browse available pools. The "Join Lending Pool" section shows pool cards, each displaying:

   • Pool name (e.g., "LP - 1")
   • Commission — The upfront fee percentage you earn when your capital is deployed to borrowers
   • Pool capacity — Current fill vs. limit (e.g., "500k / 1M")
   • Countdown — Time remaining before the pool moves to the Deploy phase

3. Click "Deposit" on a pool. A modal opens where you:

   • Enter the amount to deposit
   • Select your stablecoin (USDT0, USDC, USDH, or USDX)

4. Submit. The transaction flow:

   • Connect your wallet (if needed)
   • Approve the Router to spend your stablecoin
   • Deploy Origination Pool (first-time only — if the pool hasn't been initialized yet, this step deploys it on-chain)
   • Deposit — Your stablecoins are converted to USDX, then to Consol, and deposited into the pool. You receive Pool Tokens representing your share.

Pool Lifecycle

Each pool progresses through three phases:

Phase	What happens	Can deposit?	Can withdraw?
Deposit	Pool accumulates lender capital	Yes	No
Deploy	Capital is lent out to borrowers	No	No
Redemption	Loans mature, capital returns	No	Yes

5. Withdraw when the pool reaches Redemption. In the "Exit Lending Pool" section, your positions are listed. Once a pool enters Redemption phase, the "Withdraw" button becomes active. Clicking it burns your pool tokens and returns your proportional share of:
   • USDX — Your original capital plus returns
   • Consol — Yield earned from borrower interest and commissions

Rollover Vault (Automated Re-investment)

Instead of manually depositing into each new pool epoch, the Rollover Vault automates this for you. You stake once, and the vault continuously rolls your capital into the next available origination pool when the current one matures.

Step by Step

1. Select the "Rollover" tab on the /lend page. (This tab only appears if you have Rollover Vault access.)

2. Stake. Enter the amount and select your stablecoin. The transaction:

   • Approve the Router
   • Stake — Calls router.rolloverVaultDeposit(). Your stablecoins are deposited and you receive RLV tokens (Rollover Vault shares).

3. Monitor. The UI shows:

   • Your share of the Rollover Vault (as a percentage)
   • The vault's current holdings: USDX balance, Consol balance, and all origination pool tokens it holds

4. Unstake anytime. Enter the amount of RLV to redeem. The vault burns your RLV and returns your proportional share of all assets the vault holds (USDX, Consol, and any pool tokens).

The vault is managed by an automated Roller keeper service that handles the actual pool-to-pool transitions each epoch.

Fulfillment Vault (Order Fulfillment Liquidity)

The Fulfillment Vault provides liquidity specifically for the protocol to fill borrower purchase orders. It earns yield from order fulfillment fees.

Step by Step

1. Select the "Fulfillment" tab on the /lend page. (This tab only appears if you have Fulfillment Vault access.)

2. Stake. Same flow as Rollover — enter amount, select stablecoin, approve, and stake. You receive FLV tokens (Fulfillment Vault shares).

3. Monitor. The UI shows your vault share percentage and the vault's USDX and Consol balances.

4. Unstake anytime. Redeem FLV for your proportional share of USDX and Consol.

The Fulfillment Vault is simpler than the Rollover Vault — it holds only USDX and Consol (no pool tokens), and its capital is used by the automated trading bots to fill purchase orders on Hyperliquid.