Coming soon. The Shared Collateral Network is in design, not yet live. These pages describe the planned system so depositors, issuers, desks, and solvers can evaluate it early - parameters and contract addresses publish at launch.
The Most Expensive Line in Settlement Is Idle Capital
Every institutional flow carries its own buffer today. A PSP prefunds every venue it might trade on. An issuer parks reserves against redemption promises. A desk holds credit lines against T+1 cycles. A solver warehouses inventory on every chain it fills. Each buffer is sized for its own worst day, fungible with nothing, earning nothing while it waits - dead capital on a working balance sheet. The Shared Collateral Network replaces all of it with a new financial primitive: programmable collateral. Capital is committed once, into permissioned programmable vaults with identifiable counterparties, and becomes the balance sheet the whole network settles against - every use case reaches it through an adapter, never through another buffer. Its founding product is programmable credit: financing the gap between when value is promised and when it settles, with the assumption of liquidity - and most of the over-collateral - replaced by enforceable commitments. Capital moves only against a verified obligation, and the proof of how it comes back is checked in the very transaction that draws it: credit made capital-efficient by constraining what the money may do, not by over-securing its size. Restaking proved that collateral can be programmatically committed to back obligations - a validator bond and a credit guarantee are the same instrument. The Shared Collateral Network generalises that primitive from consensus to finance, and points it at the settlement gaps institutions pay for every day.The Capital-Efficiency Case
- One unit of collateral, many uses at once. What restaking proved for security, applied to settlement and credit: the same committed dollar is cross-collateralised across redemptions, settlement fronting, venue credit, and cross-chain fills - encumbered only while a draw is live, and only to that one obligation. A buffer is one client, one use; shared collateral is as many uses as the network has products.
- Fund the net, not the gross. Buffers are sized per product, each for its own worst day. One shared pool is sized for real, offsetting demand across all of them - the portfolio’s worst day is strictly smaller than the sum of everyone’s.
- Deeper at every point of demand. A silo caps its response at the silo’s slice; pooled collateral puts the whole network’s balance behind any single surge - a redemption spike, a corridor peak, a cross-chain fill.
- Fungible where buffers are frozen. A buffer is locked to its venue and its use. Pooled collateral flows to wherever demand prices it best, and positions in it are transferable - gated and compliance-checked, never bearer - so capital enters and exits without dismantling anything.
- Nothing idles, and yield stacks. Between draws the capital stays deployed and earning; during a draw it earns the commitment spread, priced by duration and secured by the settlement object it funds. Two income lines on one balance, where a buffer earns zero.
- No impermanent loss. Draws are priced exchanges, not AMM curve exposure: capital goes out as cash and comes back as cash plus spread, with no curve rebalancing against the market in between.
- Depth compounds. Every product added brings new demand to the same pool and gives the same capital one more reason to stay. Stickiness is opportunity density, not lock-up.
The Four Products
Instant Redemption
Issuers run fully invested - no redemption buffer, no incentive spend - while the network’s standing bid gives holders T+0 exits.
Instant Settlement
Paid today on a T+N leg - receivables fronted from shared capital instead of broker and LP credit lines.
Venue Prefunding
Execute across every CEX and OTC venue from one credit layer - capital scales with flow, not with venue count.
Solver Credit
Fill on any chain with inventory on none - working capital drawn into the fill itself, repaid by its own settlement.
Infrastructure to Build On
The four products are TetraFi’s own - and they are the wedge, not the boundary. The Shared Collateral Network is built as open infrastructure: anyone with a programmable credit use case can build on the same capital base.- Applications join as adapters. A guarantee product, a credit facility, an insurance line - each ships as one adapter over the standing pool: no new pool to bootstrap, no liquidity to rent, and depositors who have already underwritten the framework.
- Tokenized strategies plug in on both sides. A tokenized strategy - delta-neutral basis, market-neutral yield - can take allocation from the network’s standing capital as a curated venue, and its own tokens re-enter as assets the network can hold, price, and redeem.
- Curators bring their own risk books. Independent curators deploy vaults, choose products and parameters, and compete on underwriting - one primitive, many envelopes, opening beyond TetraFi after launch.
Why This Doesn’t Exist Yet
On-chain money markets made lending modular - but the collateral inside them is single-use: locked to one position, over-secured, and idle until something goes wrong. Restaking made collateral reusable - but for securing infrastructure, not for financing settlement. Traditional finance has sold the concept for decades as prime-brokerage cross-margining - one collateral pool across offsetting positions - bilateral, opaque, and reserved for the largest counterparties. The Shared Collateral Network is the general form: shared, programmable collateral, reusable across settlement and credit, compliance-native, and cross-chain - capital efficiency as public infrastructure rather than a prime-broker privilege.Built to Be Underwritten
Capital this efficient only holds if allocators can trust it, so the network is built to be scored:- Underwrite once, reuse everywhere. A homemade pool has to be analysed from scratch every time. Here the vault is analysed once, every product added inherits that analysis, and deviation - not everything - is what stands out.
- Compliance is native. KYB’d counterparties, jurisdiction filters, and machine-checkable policy on every draw - the same enforcement that gates trading on TetraFi, not a bolt-on.
- TetraFi is infrastructure. Every vault names its own regulated operator facing depositors and drawers. TetraFi runs the rails, originates the first obligations, and is the network’s first customer.
Go Deeper
Programmable Vaults
The shared primitive: curators, depositors, and the compliance gate on every draw.
Register Interest
Depositing, issuing, curating, or drawing? Get on the early list.