Credit · Fixed Income
Term Finance runs sealed-bid, weekly, fixed-rate auctions that clear lenders and borrowers at a single rate for a defined term, issuing Term Repo Tokens that behave like zero-coupon instruments. This is the closest on-chain analogue to a repo market. Documented at docs.term.finance.
Sealed-bid on-chain repo auctions with a real term structure.
Protocol TVL
Latest data
Coins under Term Finance
Member products
On-chain + off-chain aggregates across member coins
Protocol TVLDeFi Llama
$13.7M
Protocol TVL · 30ddefillama
Consistent cross-network snapshot · synced 5h ago
Price
Token market (secondary)
TVL by chain
Term Finance runs sealed-bid, weekly, fixed-rate auctions that clear lenders and borrowers at a single rate for a defined term, issuing Term Repo Tokens that behave like zero-coupon instruments. This is the closest on-chain analogue to a repo market. Documented at docs.term.finance. Rate discovery happens through a periodic sealed-bid auction rather than a continuous curve, which produces a genuine term structure rather than a spot rate with a maturity wrapper. Combined TVL $13.67m as of 26 July 2026: Vaults $11.74m (DefiLlama API) and Lend $1.93m with $1,663,888 borrowed (DefiLlama API). Active markets and maturities: `n.a.` Implied fixed APY range: `n.a.` Notional outstanding: $1,663,888 on the Lend product.
