+7.02%
Execution cost remains small relative to the remaining life of the instrument.
On-chain fixed income, standardized
The fixed income hub
for on-chain markets.
Compare yield and risk through one standard. Fenorium turns fragmented instruments into evidence-bound decisions at your size.
THE RATE IS NOT THE PRICE
BUILT FOR
- Protocols
- Funds
- Treasuries
The normalization layer
One standard for
on-chain fixed income.
Different venues describe yield, duration, liquidity, structure and risk differently. Fenorium resolves the instrument first, then measures every decision on the same scale.
See how the decision layer works →COMPARABLE DECISIONS
Yield and risk, on the same scale.
RESEARCH SNAPSHOT · 23 AUG 2026
NOT A LIVE QUOTE
| Asset | Net APY | Duration | Liquidity | Structure | Evidence | Verdict |
|---|---|---|---|---|---|---|
| USDCExactly · OP Mainnet | 4.06% | 31.8d | $1.61m | Fixed pool | 90 / A | BID |
| PT-sUSDaiPendle · Arbitrum | 9.95% | 52.8d | $11.93m | Principal token | 70 / C | BID |
| PT-USD3Pendle · Ethereum | 13.63% | 115.8d | $6.58m | Principal token | 61 / C | BID |
| PT-USDaiPendle · Arbitrum | 6.77% | 52.8d | $50.28m | Principal token | 45 / C | NO BID |
| PT-USDatPendle · BSC | 6.19% | 3.8d | $485.8k | Principal token | 13 / C | NO BID |
- 01ComparableAcross venues and chains
- 02Size-awareAt the position you intend to move
- 03Evidence-boundEvery verdict leaves a receipt
[ 02 / 06 ] Measured signal
One headline.
Two opposite decisions.
A headline yield ignores the time left to maturity and the cost of getting in. At the same position size, that omission can reverse the answer.
MEASURED CASE
POSITION / USD 250,000
HEADLINE / ~8%
−24.22%
A 30 bp entry cost annualizes to 28.66% over the remaining 3.8 days.
Same headline. Same position size. Different time geometry. The 30 bp entry cost is a declared assumption; executable depth remains a measurement boundary.
[ 03 / 06 ] Decision layer
Every gate
can say no.
Fenorium converts a fragmented market into a decision at your size. Refusal is not a missing feature; it is the system preserving the boundary of what can be supported.
Identity
A contract, never a ticker. Every instrument resolves to (chainId, address) before it can enter a permanent record.
Size
The requested position is mandatory input. A screen APY for an infinitesimal ticket is not a price for the amount you intend to move.
Access
Transfer gates and credentials are read from the contract. Technical eligibility is computed, never inferred from a token symbol or marketing page.
Execution
Permissionless routes execute self-custodially; permissioned assets get an honest handoff. The user signs. Fenorium never holds keys or funds.
BID
Evidence and executable compensation satisfy the declared mandate, at a size and before quote expiry.
NO BID
A measured defect in credit, liquidity, maturity, oracle behavior, or model risk rejects it.
NO QUOTE
There is not enough evidence to manufacture an answer. The declared gap is part of the product.
[ 04 / 06 ] Evidence
Every decision
leaves a receipt.
A verdict is attached to the observations and model version that produced it. Corrections are marked, not erased.
- 01DecisionVersioned output
- 02PassportBase mainnet
- 03ManifestCIDv1 on IPFS
- 04RecomputeIndependent match
ONCHAIN REGISTRYVERIFIED SOURCE
DecisionPassport
Append-only attestations make a correction visible instead of silently replacing history.
0x9283…e345View on Basescan ↗
EVIDENCE MANIFESTCONTENT ADDRESSED
IPFS, not a promise
Anyone can fetch the exact bytes, recompute the manifest, and compare the result.
bafk…cl7zuOpen manifest ↗
THE BOUNDARYVerification proves integrity and provenance — not truth.
[ 05 / 06 ] Architecture
Public by design.
Paid at execution.
The ledger is public because trust cannot sit behind a paywall. Fenorium earns when a valid decision becomes an execution, with live curve access as the only secondary line.
Open ledger
The curve, methodology, instrument identities, and decision receipts remain inspectable.
- Delayed public curve
- Methodology versions
- Decision provenance
Routing
A published fee applies when the user executes a still-valid BID at the requested size.
- Self-custodial signing
- Public fee schedule
- Observable verdict mix
Curve API
For teams that need the same evidence-aware curve in real time and already own execution.
- Real-time delivery
- Machine-readable output
- Evidence references
AI policy / invariant
The model may stop a decision.
It never creates the number.
The assistant routes and explains deterministic tools. Client policy and holdings stay in the browser; no portfolio needs to reach Fenorium’s server.
[ 06 / 06 ] Build with us
Price the decision.
Not the headline.
Fenorium is an open research build for transparent, size-aware onchain fixed income. Inspect the engine, reproduce the evidence, and challenge the boundary.