RevvFi Protocol

A fixed-rate, peer-to-peer lending protocol with isolated per-borrower markets, Chainlink-priced collateral, Dutch-auction liquidations, and an on-chain reputation system.

Overview

RevvFi lets any registered borrower deploy their own independent lending market. Lenders submit offers into that market’s order book at whatever APR they’re willing to accept; when the borrower draws down, the protocol fills the request from the best available offers. Each resulting position accrues interest independently, at the exact rate its lender quoted — there is no shared pool and no blended rate diluting what any individual lender actually earns.

Protocol Highlights

• Isolated Markets: Each borrower’s market is its own contract instance (EIP-1167 clone), with its own collateral, offer book, and positions. Risk in one market never touches another.
• Per-Position Interest Accrual: Every lender position tracks its own principal, its own quoted APR, and its own last-accrual timestamp — not a shared, weighted-average index.
• Chainlink-Priced Collateral: Collateral value is read from a real AggregatorV3Interface Chainlink feed, with a per-market configurable staleness threshold (default 24 hours).
• Dutch/English Hybrid Liquidation: Undercollateralized positions are liquidated via a declining-price auction that bidders can still outbid each other on, with anti-sniping time extension.
• On-Chain Reputation: A borrower’s reputation score (0–1000) is derived from their actual success rate across every loan they’ve taken, not a simple incrementing counter.
• Position NFTs: Every lender position is an ERC-721 token, transferable like any other NFT.
• Epoch-Based Withdrawal Queue: Lenders exiting via the liquidity queue are processed in epochs rather than instantly, to prevent bank-run-style liquidity shocks.
• Senior/Junior Seniority: Lenders can flag an offer as senior or junior; borrowers can optionally restrict a draw to senior-only liquidity.

How a Loan Actually Happens

1. Market creation — A whitelisted borrower calls RevvFiFactory.deployMarket(), specifying the borrow asset, collateral asset, Chainlink oracle, decimals, and risk parameters. This clones a dedicated RevvFiMarket, RevvFiCollateralEscrow, RevvFiOfferBook, and RevvFiLiquidityQueue for that borrower.
2. Offers — Lenders call submitOffer(amount, apr, seniority, duration) on the market’s offer book. Funds sit in the offer book, unmatched, until a borrower draws against them.
3. Borrowing — The borrower deposits collateral, then calls borrow(amount, useSeniorOnly, maxApr). The offer book fills the request starting from the lowest-APR active offers (optionally senior-only), minting one RevvFiPositionNFT per lender filled.
4. Accrual — From that moment, each position’s owed amount grows at that position’s own APR — independently of every other position in the market.
5. Repayment — The borrower calls repay() (partial) or repayFull(). Repayments are split across active positions proportional to each position’s own share of total debt, crediting each lender’s claimable balance.
6. Claiming — Lenders call claimFunds(positionId) themselves to pull their claimable balance out. Nothing is pushed automatically — this is a pull-based claim model.
7. Liquidation (if needed) — If a position’s health factor drops below its market’s threshold, anyone can trigger RevvFiLiquidator to run a declining-price auction on the collateral, with proceeds routed back to lenders and any shortfall recorded as bad debt.

Explore the Documentation

• Architecture — Contract layout, the EIP-1167 clone pattern, and the reasoning behind the per-position interest model.
• Mechanics — How offer matching, liquidation auctions, and reputation scoring actually work, function by function.
• Reference — Full event log, deployment addresses, glossary, and gas estimates.
• Contributing — How to submit code, report bugs, and where each repository lives.

License

This documentation is licensed under the MIT License.