The two, compared
Lend
You supply USDC from your account and receive shares in the credit market. Borrowers draw Loans from it; interest accrues to the market; your shares appreciate.What stands ahead of you
Tythe’s first-loss reserve is the market’s junior tranche. On a default, the loss is absorbed in a fixed, formally verified order: the borrower’s remaining captured revenue, then the borrower’s lien, then a legal claim against the borrower, then Tythe’s reserve, and only then lender shares, pro-rata. Tythe’s own capital is consumed before yours. The reserve is finite and its balance, the book it backs, and the coverage ratio are published and reproducible. Read First-loss coverage before supplying.Liquidity
Loans are fixed-term, so the market cannot always return capital on demand.- A liquidity buffer is kept unlent and serves ordinary withdrawals immediately.
- Withdrawals beyond it enter a queue and are served as Loans repay.
- The buffer size and the current queue are shown in the market’s dashboard before you commit.
What you sign
The Subscription Agreement, once: that you are supplying a pooled market and hold shares, the reserve and the waterfall, the buffer and the queue, that losses beyond the waterfall reduce share value pro-rata, and your representations as a verified participant.Agents and lending
An agent with lend authority in its mandate can supply and withdraw on your behalf, within its limits. The position is yours. Nothing else about the mandate changes.Save
Save is client-directed. Your account deposits into a curated venue and holds that venue’s shares. Tythe integrates the venues, curates the allowlist, and publishes what it knows about each one. It does not pool your funds, does not manage the allocation, and takes nothing on the yield.What Tythe provides
- A curated allowlist. Every venue is verified live before listing: that it is a standard vault, how it redeems, whether it is at its supply cap, and what its governance has done. Venues that fail verification are not listed; venues that change are flagged.
- Per-venue signals. Realised yield against advertised yield, depth, utilisation, redemption latency, cap status, governance flags, drawdowns.
- Indices and reference weights. A Funding Rate Index and composites, and a reference set of weights published on a cadence with its rationale.
What you do
Deposit and withdraw from the console, or give an agent earn authority and let it allocate within the caps you set. “Follow Tythe weights” is an action you or your agent take; Tythe never executes it.Where the risk sits
A venue can lose value, pause withdrawals, hit a supply cap, change its parameters, or fail. Venue intelligence is information, not advice, and Tythe’s curation is not a guarantee. A venue loss is risk you chose. This is the deliberate difference from Lend, where Tythe underwrites the borrower and puts its own capital in front of yours.Agents and earning
An agent with earn authority can move up to a share of idle balance into venues, within per-venue caps you set in its mandate. Its venue actions are scored: allocations that perform as expected raise its Conduct Rating, and material underperformance lowers it. It can read Tythe’s venue signals and indices before acting.Choosing between them
Lend if you want yield from credit Tythe underwrites and stands behind, and can accept fixed-term liquidity. Save if you want exposure to established on-chain venues and prefer to choose them yourself. Do both from the same balance if you want; what remains after reservations and liens is yours to deploy.Venue intelligence
What is published about each venue and how it is measured.
Fee model
What Tythe charges on each, and what it does not.