Wholemark

Credit infrastructure · system 01

Reading deployments000%

Wholemark research · underwriting notes

Understand the book
before entering it.

Research for suppliers, borrowers, liquidators, and integrators. No price targets. No hidden score. Only the mechanics that determine where risk moves.

01Market structure6 min read 02Supplier economics5 min read 03Borrower risk7 min read

// Method

Start with failure, then price return.

Wholemark research separates contract guarantees from operating assumptions. An immutable formula is not the same thing as a reliable oracle; a withdrawal that cannot be paused is not the same thing as available liquidity.

01Trace the dependency

Identify every contract, token, feed, operator, and external venue a position depends on.

02Model the boundary

Calculate utilization, liquidation price, available liquidity, and loss path before yield.

03Verify the evidence

Treat source, tests, audits, addresses, and live balances as separate claims requiring separate proof.

Market structure6 min read

What isolation contains—and what it does not.

A separate market ID prevents one book’s bad debt from debiting another. It does not remove common dependencies such as a token issuer, bridge, oracle provider, or chain.

Assets, shares, debt, utilization, cap, fee, and bad-debt realization are stored per market ID.

Loan token, collateral, oracle, IRM, and LLTV are immutable identity inputs.

Shared collateral issuers and shared oracle infrastructure remain correlated external risks.

Market ABad debt

Market BUnaffected

Market CUnaffected

Open risk center ↗Technical reference ↗

Supplier economics5 min read

Yield is borrower demand, not a number on a card.

Supply yield comes from interest paid by borrowers. It changes with utilization, the IRM curve, and the market fee; incentives are a separate cash flow.

Borrow APR rises from 0% to 4% by the 90% utilization kink, then to 79% at full utilization.

Supplier APR is approximately borrow APR × utilization × (1 − fee).

Season MARK rewards are escrowed separately and should not be confused with organic USDG interest.

0%base

90%4% kink

100%79% APR

Open risk center ↗Technical reference ↗

Borrower risk7 min read

The liquidation price is a boundary, not a forecast.

Health measures recognized collateral capacity divided by debt. Interest can move the boundary even when the collateral price does not.

Maximum debt equals collateral value × LLTV; health below one permits liquidation.

Borrow debt rounds up and collateral capacity rounds down to protect solvency.

A liquidator chooses the seizure size. The core has no close factor or discretionary rescue process.

Safehealth > 1

Boundary1.00

Liquidatablehealth < 1

Open risk center ↗Technical reference ↗

A better interface should make risk harder to ignore.

Every market page exposes the rate, cap, oracle, LLTV, liquidity, and position health. The risk center explains what those values cannot guarantee.

Inspect the market books ↗

Reconciling onchain state

Wholemark research · underwriting notes

Understand the book
before entering it.

Research for suppliers, borrowers, liquidators, and integrators. No price targets. No hidden score. Only the mechanics that determine where risk moves.

01Market structure6 min read 02Supplier economics5 min read 03Borrower risk7 min read

// Method

Start with failure, then price return.

01Trace the dependency

Identify every contract, token, feed, operator, and external venue a position depends on.

02Model the boundary

Calculate utilization, liquidation price, available liquidity, and loss path before yield.

03Verify the evidence

Treat source, tests, audits, addresses, and live balances as separate claims requiring separate proof.

Market structure6 min read

What isolation contains—and what it does not.

A separate market ID prevents one book’s bad debt from debiting another. It does not remove common dependencies such as a token issuer, bridge, oracle provider, or chain.

Assets, shares, debt, utilization, cap, fee, and bad-debt realization are stored per market ID.

Loan token, collateral, oracle, IRM, and LLTV are immutable identity inputs.

Shared collateral issuers and shared oracle infrastructure remain correlated external risks.

Market ABad debt

Market BUnaffected

Market CUnaffected

Open risk center ↗Technical reference ↗

Supplier economics5 min read

Yield is borrower demand, not a number on a card.

Supply yield comes from interest paid by borrowers. It changes with utilization, the IRM curve, and the market fee; incentives are a separate cash flow.

Borrow APR rises from 0% to 4% by the 90% utilization kink, then to 79% at full utilization.

Supplier APR is approximately borrow APR × utilization × (1 − fee).

Season MARK rewards are escrowed separately and should not be confused with organic USDG interest.

0%base

90%4% kink

100%79% APR

Open risk center ↗Technical reference ↗

Borrower risk7 min read

The liquidation price is a boundary, not a forecast.

Health measures recognized collateral capacity divided by debt. Interest can move the boundary even when the collateral price does not.

Maximum debt equals collateral value × LLTV; health below one permits liquidation.

Borrow debt rounds up and collateral capacity rounds down to protect solvency.

A liquidator chooses the seizure size. The core has no close factor or discretionary rescue process.

Safehealth > 1

Boundary1.00

Liquidatablehealth < 1

Open risk center ↗Technical reference ↗

A better interface should make risk harder to ignore.

Every market page exposes the rate, cap, oracle, LLTV, liquidity, and position health. The risk center explains what those values cannot guarantee.

Inspect the market books ↗

Understand the bookbefore entering it.

Start with failure, then price return.

What isolation contains—and what it does not.

Yield is borrower demand, not a number on a card.

The liquidation price is a boundary, not a forecast.

A better interface should make risk harder to ignore.

Understand the bookbefore entering it.

Start with failure, then price return.

What isolation contains—and what it does not.

Yield is borrower demand, not a number on a card.

The liquidation price is a boundary, not a forecast.

A better interface should make risk harder to ignore.

Understand the book
before entering it.

Understand the book
before entering it.