Lodz

LODZ is a BTC yield layer on Solana. A rate is separated into the three things that can fund it: trading fees and borrow interest, token emissions, and counterparty loss. Each vault chamber publishes a ceiling on how much of its return may come from an emission schedule, two of the three accept no counterparty funded return at all, and moving any of those numbers takes a program upgrade. Principal returns one for one through a redemption queue that stamps the wait onto the ticket when the ticket is issued. $LODZ denominates seam admission and operator bond.