Exactly Protocol

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Exactly Protocol is a decentralized, non-custodial, and open-source lending protocol for crypto assets, offering both variable and fixed interest rate markets. Its core mechanism involves a Variable Rate Pool (VRP) and multiple Fixed Rate Pools (FRPs) with distinct maturities for each asset. Interest rates are dynamically determined by each pool's utilization rate through a continuous and differentiable function, and the protocol adheres to the ERC-4626 standard. Users can deposit assets to earn interest-bearing vouchers (exaVouchers), or collateralize assets to borrow at variable or fixed rates. Fixed rate pools support early repayment or early withdrawal, subject to applicable fees. The protocol ensures solvency through health factors and liquidation mechanisms, with all operations executed automatically via smart contracts, eliminating the need for trusted intermediaries.