Invest · Stellar testnet
Earn from agents' advances.Protected by first-loss capital.
Deposit tEURC into the senior vault and receive eaSR shares. Agents pay 12% APR on what they draw against signed deals; you are paid first, up to an 8% APY target, and explorador's junior tranche takes losses before you do.
How your yield works
Interest flows down.Losses hit explorador first.
Your deposit funds agents' card spending against signed CPCVs. The interest they pay runs down a waterfall; a deal that falls through is absorbed by explorador's first-loss capital before it can reach you.
The waterfall
Every interest payment, in order.
Agents pay interest
12% APR, only on what they have drawn, accrued continuously and repaid at the escritura.
10% protocol fee
Goes to explorador before anything is split between the tranches.
Senior tranche: you
Paid first, up to the 8% APY target, pro rata to your eaSR shares. Your share price rises as it accrues.
Junior tranche: explorador
Keeps whatever is left above the target, as payment for taking losses first. explorador's half of every commission tops it up.
If a buyer walks away
The agent's debt moves to their next deals with a 180-day grace period, still earning interest. If it's unpaid after that, it is written off: junior assets absorb the loss first, and senior only loses money once junior is used up.
Yield illustration
Senior €100,000 · junior €10,000 · one year of interest.
Agents owe €60,000€7,200 interest a year
- Fee
- €720
- Senior
- €6,480 · 6.48%
- Junior
- €0 · 0.0%
Agents owe €90,000€10,800 interest a year
- Fee
- €1,080
- Senior
- €8,000 · 8.00%
- Junior
- €1,720 · 17.2%
Loss illustration
A cancelled deal with €2,000 of carried debt is written off.
Junior (explorador)€10,000 → €8,000
Senior (you)€100,000 → €100,000, untouched