attnCredit Engine and attnUSD

This page is the canonical technical model for attnCredit.

attnCredit is a revolving credit system for onchain businesses, with repayment automated from routed cashflows.

Hover highlighted terms for quick glossary definitions.

1. Core objects

Revenue account Controlled destination for eligible fee flows (typically a Squads multisig + vault setup with timelocks and spending-limit allowlists).
Facility Revolving credit agreement with dynamic limits and servicing rules.
Borrowing base Risk-adjusted lendable amount derived from observed collectable revenue.
Credit pool Capital bucket with its own risk policy (Pump lane or Settlement lane).
attnUSD LP share in one or more managed credit pools, marked from underlying facility performance.

2. Control plane

The control plane enforces collection and repayment integrity:

approved routing into controlled revenue accounts,
signer policy and timelocks for sensitive config updates,
spending-limit allowlists that constrain automated sweeps to approved destinations,
restricted payout paths during stress/default modes,
auditability for config changes and operational actions.

3. Credit policy

Each facility computes lendable capacity from cashflow quality and enforceability.

Policy components:

trailing revenue windows,
concentration and volatility haircuts,
enforceability horizon,
reserve requirements (including DSRA thresholds where required),
lane-level and borrower-level caps.

4. Servicing policy

Servicing is continuous and rule-based:

Hard sweeps: routed fees are swept to debt service according to policy.
Mandatory paydown: utilization must periodically drop below policy thresholds.
Dynamic limits: availability updates as revenue and risk signals change.
Step controls: well-performing facilities can step up within cap rules.

5. Shock policy

When risk deteriorates, controls escalate deterministically:

Throttle mode: reduce draw availability and increase sweep intensity.
Protect mode: tighten parameter bands and require faster deleveraging.
Freeze mode: block new draws while repayment routing remains active.

Typical trigger classes:

sudden fee drawdowns,
volatility regime shifts,
routing/control integrity failures,
covenant breaches.

6. Default and acceleration policy

If stress is not cured, facilities enter deterministic default handling:

new borrowing remains frozen,
all eligible routed fees service repayment,
acceleration rules apply where policy requires,
cure and resolution states are logged for audit and reporting.

7. Capital segmentation (two lanes)

7.1 Pump lane (wedge / proving ground)

high-volatility borrower profile,
tighter caps and faster control reactions,
high-yield pricing consistent with tail risk and operating cost,
fully automated policy enforcement.

7.2 Settlement lane (settlement liquidity lane)

conservative settlement liquidity profile,
stricter reporting and governance requirements,
lower-variance underwriting box,
buyer profile: issuer/treasury/capital markets.

7.3 No early commingling

Lanes operate with separate credit pools and risk boxes in early stages.

8. attnUSD model

attnUSD is a portfolio share over managed credit pool exposure:

NAV reflects credit pool composition, facility performance, reserves, and realized losses/recoveries.
There is no implied 1:1 principal guarantee.
Disclosure is credit-pool-explicit (allocation, utilization, performance, incidents).

9. Lender-grade tape

The reporting package includes:

facility-level balances, utilization, and repayment flows,
sweep performance and exceptions,
configuration-change logs and approvals,
incident timeline and drill outcomes,
lane/credit-pool exposure snapshots and concentration metrics.

10. Legacy note (PT/YT)

Earlier versions of these docs described positions with PT/YT vocabulary. That abstraction is now legacy context, not the primary product model. The canonical model is facility underwriting + servicing + control modes as described above.