CLIPPING THE COUPON · 1958Everything else on this chain quotes you a rate that moves. Tenore quotes you an amount and a date, then a contract nobody controls pays it. To the wei.
READING CHAIN…
CLIPPING THE COUPON · 1958One buys certainty. The other sells it, and gets paid for carrying what the first one didn't want.
A rate fixed at deposit and paid first at maturity. You know the exact number before you sign.
You fund the coupon when the vault underperforms and keep the spread when it doesn't. Every dollar unlocks two of senior capacity.
A descending auction, run on-chain, with one clearing price for everyone who fills.
THE DATE IS SET IN ADVANCETheir capital decides how much senior the term can take — two dollars of senior for every one of junior.
The offered rate climbs from 1.00% toward 2.00% as the window runs. Seniors fill when it reaches a number worth taking.
Everyone gets the rate at the moment it filled, not the one they clicked at. This term cleared at 1.39%.
Senior principal and coupon first. Junior takes the remainder — and takes any shortfall down to zero before a senior is touched.
Deposits sit in the Steakhouse USDG vault on Morpho — the same vault behind Robinhood Earn. Its share price has returned a realised 2.31% annualised since it launched in May.
EVERY TERM, ITS OWN CONTRACTEach maturity is its own contract with its own rate. Nothing is pooled, nothing is rehypothecated, nothing rolls without you asking.
| TERM | MATURES | RATE | SENIOR | JUNIOR | STATUS |
|---|---|---|---|---|---|
| Reading the factory… | |||||
Senior and junior notes are plain ERC-20s. Transfer them, sell them, or hold to maturity.
Connect a wallet to see your position.
Connect a wallet to see your position.
EVERY FIGURE, CHECKEDThe promise is only worth what the code behind it is worth. Here is what stands behind this one.
Junior capital absorbs it first, all the way to zero, before a senior holder loses anything. At the current 2× coverage that is a 33% loss in the underlying vault before senior principal is touched at all.
No. The guardian key can pause new deposits and nothing else. There is no admin withdrawal, no upgrade proxy and no pause on redemption. After maturity, redeeming is unconditional.
Because ours is not subsidised. Earn tops up the native vault yield with Merkl rewards that only reach depositors who came through Robinhood. Tenore earns what the vault actually pays, currently a realised 2.31% annualised, and sells a fixed slice of it.
Leverage on the spread. Junior earns the underlying rate plus twice the gap between that rate and the coupon it sold. When the vault outperforms the coupon, junior keeps the difference on the senior capital as well as its own.
No. That is why the deposit cap is small and the contracts have no admin powers worth attacking. Read them on the explorer before you deposit anything you would miss.
1,000,000,000TNR · FIXED SUPPLY · MINTED ONCE
TNR is burned for credits. Credits pay the protocol fee on junior positions and reserve you a seat when a term is oversubscribed. No staking, no emissions, no lockup — you spend it and it's gone.
Every term Tenore settles takes 10% of junior profit. That revenue buys TNR on the open market and funds the junior incentive campaign.
The fee you'd otherwise pay is the thing the token lets you skip — so its utility and the protocol's revenue are the same quantity, seen from two sides.
Send TNR to the credit contract. It burns them and mints credits at the posted rate. The supply only ever goes down.
Credits cover the 10% performance fee on junior profit, and give your deposit priority when junior capacity is tight.
Fees collected in USDG buy TNR back and pay it out to junior depositors through Merkl. Revenue becomes incentive.