Business Model

Fee Category	Total	Loan Provider	Platform Owners
Loan interest	Variable 10-25% prior to relending		2.00%
Loan initiation fee	0.50%		0.25%
Liquidation penalty	3.0%		1.00%
(Optional) Trading fee

Split between Loan Provider and Platform Owners TBD

Phase 1 Target Metrics

• Trading volume - $50M per day

• Loan initiations - $50M per day

• Loans - $500M x Y relending (average 12%)

• Trading Fee

Fees available to platform owners (monthly)

• Loan initiations = $50M *0.25% *30 days= $3.75M

• Loans = $500M * 1.5% / 12 = $0.83M

• Liquidations (10% of positions) = $50M * 10% * 1% = $1.50M