OpenAsset Market

Permissionless, non-custodial lending infrastructure for tokenized assets.

Create an isolated lending market around an asset, fund it with stablecoins, and choose how that market prices collateral, checks eligibility, represents positions, and resolves defaults. OpenAsset supplies the lending engine and the rules that keep each market separate. Market creators choose the asset, adapters, and risk parameters.

Before you start: OpenAsset v2 uses a pluggable adapter architecture. Version 1 is scoped to EVM chains and stablecoin lending assets. Permissionless market creation does not mean that every asset, adapter, or market is safe, verified, or suitable for every borrower.

Choose your path

OpenAsset is one protocol with several ways to use it. Start with the outcome you need, then read the protocol details behind that workflow.

The short version

OpenAsset separates a stable lending engine from the asset-specific logic that changes from market to market. The engine does not need to know whether collateral is an ERC20, NFT, tokenized equity, or another supported asset type. It calls adapters for five jobs:

The Factory validates the selected combination, then deploys a new LendingMarket. Each market has its own liquidity, collateral, risk parameters, and adapter stack. There is no shared lending pool between markets.

From asset to active market

The market creator’s path is deliberately short:

Choose collateral
      ↓
Select adapters
      ↓
Set risk terms
      ↓
Factory validates configuration
      ↓
Deploy isolated LendingMarket
      ↓
Seed stablecoin liquidity
      ↓
Borrowers can originate loans

The Factory rejects incompatible combinations before a market goes live. For example, the selected oracle must cover the selected asset type, a permissioned asset must have a compliance adapter, and the lending asset must be on the stablecoin allowlist. See the validation matrix for the complete rule set.

What happens inside a loan

A borrower first chooses a market by reviewing its collateral asset, LTV, APR, duration, oracle, liquidation path, position type, and adapter trust status. If the market has a Compliance Adapter, the application checks eligibility before asking for wallet approval.

The borrower then escrows collateral through the Asset Adapter. The engine reads a trusted oracle, computes the maximum loan from the configured LTV, verifies the collateral balance change, creates the position, and transfers stablecoin proceeds.

A loan can be repaid while active or during its grace period. If the loan defaults, the configured Liquidation Adapter resolves it. Synchronous markets settle in one transaction. Issuer-redemption markets use a reversible LIQUIDATION_CURE window before entering irreversible LIQUIDATION_SETTLING.

Market is active
      ↓
Borrower deposits collateral
      ↓
Oracle and eligibility checks
      ↓
Stablecoins transferred
      ↓
Repay on time? ── yes ──→ Collateral released
      │
      no
      ↓
Grace period or liquidation path
      ↓
Synchronous or asynchronous?
      ├─ synchronous ─→ Liquidation settles
      └─ asynchronous → Cure window → Issuer settlement

Debt and penalty are recovered; surplus is returned to the current position holder.

The fairness rule is the same across liquidation types: take the amount owed plus the configured penalty, then return the surplus to the current position holder. For a transferable position, the current holder is the economic actor for repayment, surplus, and alerts. That might not be the original borrower.

What stays in the core

The lending engine owns the parts of the system that should not vary by asset class:

The adapter layer is open. The safety boundary around the adapter layer is not.

Understand the adapter choices

The adapter you choose determines the behavior of the market. Prefer the Verified reference adapters when they fit the asset and workflow. A Verified badge records an audit or review decision; it does not make the adapter trusted at the contract level. The engine still checks every adapter’s output.

Read the adapter system before creating or integrating a market. If you are selecting a third-party adapter, read its audit reference and understand its trust status first.

Know the boundaries before you deposit or deploy

OpenAsset’s design makes several boundaries explicit. They belong in the decision a reader is making, not in a footnote at the end of the docs.

Read the docs in the order you need them

If you are creating a market

Start with Create a market, then read the adapter system, validation matrix, and trust model. If the collateral is an RWA or tokenized equity, read Launch an RWA market and the RWA risk boundaries before choosing an oracle or liquidation path.

If you are borrowing

Start with Borrow against collateral. Before depositing collateral, review the market’s LTV, APR, duration, grace period, oracle, liquidation path, position type, and adapter trust status. Then read Loan lifecycle so you know what changes when a loan enters grace or liquidation.

If you are building an adapter or integration

Start with Use adapters, then read the interface definitions in the adapter system, the adapter trust model, and the adapter registry. The core engine will verify your outputs regardless of whether OpenAsset has marked your adapter Verified.

If you are reviewing security

Start with the security model, then work through the trust model, validation matrix, circuit breaker, and security checklist. For RWA markets, include issuer insolvency and redemption failure in the review. They are operational and legal risks, not problems that contract checks can remove.

Documentation for agents

Use /llms.txt when an agent needs the complete canonical documentation in plain text. The file is generated from the same MDX pages as this site, so the machine-readable version and the human-readable version stay aligned. The /docs/llms page explains how to use it.

Document status

Where this site and older drafts disagree, this documentation is correct.

Last updated August 27, 2026.

Agent-readable documentation