SBOR · Standard Bitcoin Offered Rate

The SBOR white paper is out. What a reference rate for loans against bitcoin must be, how SBOR computes it, and what changes when lenders and borrowers use the same rate. Stamped on Bitcoin, Arc, Base, Hyperliquid, Solana and Stacks. sbor.xyz/whitepaper

Your agent is borrowing blind. Thursday, November 5, 6 PM ET: a 45 minute @BFFARMY_ session. Connect an agent to SBOR and it checks any loan offer against the market rate before it borrows. Free. No key, no signup, no wallet. nitter.cf/BFFARMY_/status/211551…

A benchmark that always has an answer is sometimes guessing. When SBOR can't read enough of a rate's markets, it withholds the rate and says why. A missing number means unknown, never zero. The rules behind every fixing: sbor.xyz/paper.html

60 days of SBOR. A fixing every morning since September 1, none missed, weekends included. Every one read from the lending contracts, every market shown, never rewritten. A benchmark is earned one fixing at a time. sbor.xyz/?v=3

Borrowing dollars against bitcoin cost 5.45% in this morning's fixing, down from 6.00% a day earlier. The largest market, USDC against cbBTC on Morpho on Base, went from 6.26% to 5.71%. Every market behind it at sbor.xyz/?v=3

5% and 5% are not always the same rate. Protocols quote on different bases, and a nominal 5% compounded continuously costs 5.13% over a year. SBOR converts each market's rate to one effective annual basis before it averages them. sbor.xyz

Borrowing dollars against bitcoin cost 6.00% in this morning's fixing, up from 5.10% a day earlier. The largest market, USDC against cbBTC on Morpho on Base, went from 5.30% to 6.26%. Every market behind it at SBOR.

Check it yourself. The PDF's SHA-256 is eb87f320b33ff590a6bab498167ee2d192525f7c3edc28604a2af13a66cfe638, posted on all six chains on 25 October. The page checks the file in your browser and links every transaction.

Every lending pool has two prices: what borrowers pay and what lenders earn. Lenders earn less, because only part of the pool is lent out and the protocol keeps a share. That is why SBOR publishes two rates, a borrow rate and a supply rate, every day. sbor.xyz

What a dollar costs, 21 Oct. Rate, then utilization. Stacks, SBOR-USD, against crypto collateral: 2.83%, 56.92% Against plain bitcoin, BTC-COLLATERAL-USD, 19 markets on 5 chains: 5.08%, 89.71% Against US Treasuries, SOFR (19 Oct): 3.87%

An app shows you a rate. The lending contract is what charges it. SBOR reads its rates from the contracts' own state every morning, and lists every market behind each number on the site, so anyone can check the source. sbor.xyz

SBOR-BTC, 20 Oct fixing: borrow 1.50%, supply 1.34%. 19 Oct: 1.30% and 0.81%. Its one market, sBTC on Zest, went from 70.62% to 99.97% utilization over the same two fixings.

First stablecoin sub-rate: borrowing RLUSD against bitcoin costs 3.70% today (BTC-COLLATERAL-RLUSD), beside 5.06% for USDC. One rate per stablecoin once $25M of it is weighted in.

PoX cycle 144 paid 7.859 BTC to STX stakers, up 58.9% on cycle 143, with 448.3M STX locked, up 1.5%. Every cycle, read from the chain, formula shown: sbor.xyz

Is 6% a good rate to borrow dollars against bitcoin? Alone, a rate tells you nothing. Credit markets judge offers against a published market rate, like SOFR for dollars borrowed against Treasuries. SBOR publishes one for dollars borrowed against bitcoin. sbor.xyz

New today: SBOR’s headline now covers every dollar stablecoin lent against plain bitcoin. First fixing: 5.09% to borrow, across 20 markets on 6 chains and $3.1B supplied. New markets phase in over 30 days, so the rate glides, never jumps. sbor.xyz

SBOR methodology 1.13.0 takes effect 14 October. The bitcoin rate widens from USDC to every dollar stablecoin lent against plain bitcoin: 19 markets, 6 chains, $3.07B. A rate per stablecoin beside it. Stacks indices unchanged. Notice and daily preview: sbor.xyz/llms.txt