What Nectar Labs is

Verified against: F-003 (2026-11-09), F-013 (2026-11-09), F-063 (2026-11-09) · spec docs/PRD.md §1, §4.2 · D-002, D-009 (2026-11-10)

Status: testnet software, mock collateral. P0 contracts deployed on NEAR testnet 2026-11-09 (G2 PASS 2026-11-09T20:55Z, commit 5f27f44); web gate G3 in progress.

Current deployment state: Live on testnet.

Lenders cap loan-to-value on tokenized stocks and other thin-exit collateral because the liquidity they would sell into is revocable: it sits on a DEX on a weekday and is gone on a weekend or in a crash. Nectar Labs makes exit liquidity committed.

The equation

B_c = min( LTV_c · V_c ,  (1 − h_c) · (Q_c + R_c + D_c) )

The borrowing limit B_c for a collateral c is the lower of the curator's LTV ceiling applied to the collateral value and the recoverable value: committed quotes Q_c plus reserve R_c plus verified DEX depth D_c, minus a haircut h_c. Outside market hours D_c is forced to zero and the larger weekend haircut applies. Details: Cramér limits.

The pieces

• Pappus quotes. A buyer (market maker, prop AMM, fund) escrows USDC in the contract and commits to buy up to that amount of one collateral at no more than max_discount_bps below the oracle price. Leaving takes a notice period of at least 7 days. See Pappus quotes.
• Cramér limits. Committed capacity raises the asset's limit, up to the curator's ceiling.
• Limit premium. A borrower who draws above the static limit (base_ltv_bps · V_c) pays limit_premium_bps on the excess. 70 % goes to buyers through an O(1) fee index, 20 % to lenders, 10 % to the treasury. See Limit premium and fee index.
• Pre-liquidation. When a position crosses its pre-liquidation LTV, a keeper asks the contract to settle. The contract repays the debt from the committed buyer's escrow and delivers collateral to the buyer at the quote's discount, instead of dumping on a DEX. See Pre-liquidation.

Three roles, one public feed

Role	Wants	Uses
Buyer	paid, bounded inventory at a known discount	Post a quote, claim fees, exit with notice
Borrower	a higher limit on tokenized stock	Lock collateral and borrow, repay
Curator / owner	safe caps on thin-exit collateral	Collateral parameters, oracle, pause

Agents and risk desks read the public Feed (contract views today; REST and MCP in P1).

What is real and what is not

• Mock collateral. The collateral is a mock NEP-141 token (nvdax-mock), standing in for tokenized equities such as xStocks. No tokenized equity exists on NEAR testnet and 1Click lists no equity route (F-063, D-002).
• Testnet only. NEAR testnet and Solana devnet (F-003). No mainnet, no token, no real funds.
• Phases. P0 (core credit, static settlement at max_discount_bps, owner oracle) comes first. TEE pricing, live oracle and 1Click depth are P1. The Solana settlement leg and copilot are P2. Every fallback is disclosed where it applies. See Roadmap.