> ## Documentation Index > Fetch the complete documentation index at: https://tetrafi.mintlify.site/llms.txt > Use this file to discover all available pages before exploring further. # Shared Collateral Network > Programmable collateral - the credit primitive underwriting instant redemption, instant settlement, venue prefunding, and solver credit from one enforceable capital base. Coming soon. **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](/collateral/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 Issuers run fully invested - no redemption buffer, no incentive spend - while the network's standing bid gives holders T+0 exits. Paid today on a T+N leg - receivables fronted from shared capital instead of broker and LP credit lines. Execute across every CEX and OTC venue from one credit layer - capital scales with flow, not with venue count. Fill on any chain with inventory on none - working capital drawn into the fill itself, repaid by its own settlement. Four products, one capital base, one integration shape - a credit framework, not a product line. Every new use case joins as an adapter over the same vaults, bringing its demand to the standing pool - which is also how [Multilateral Netting](/netting) plugs in: vault liquidity backstops residuals and prices early exits from a netting position. ## 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](/collateral/vaults) deploy vaults, choose products and parameters, and compete on underwriting - one primitive, many envelopes, opening beyond TetraFi after launch. Programmable credit is a category without dedicated rails today: settlement credit, redemption liquidity, receivables, guarantees, and cover all run on private balance sheets, bilateral facilities, and one-off builds no allocator can score. This network is built to be those rails: one standard framework that makes every new use case cheap to launch and cheap to underwrite. ## 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 The shared primitive: curators, depositors, and the compliance gate on every draw. Depositing, issuing, curating, or drawing? Get on the early list.