Ladder · FX treasury

Deposit → Buffer → Lock → Maturity

Idle pre-positioned USDC has to sit until a dated payout. Ladder pools it so it can earn — then pays each entity back its own share.

Product lifecycle

Each stage is a design choice: pool idle FX float, earn while matching, lock a date, then pay each entity back its share.

TIME → 1 Deposit & pool Entities send USDC → SeriesVault shares Rate not fixed yet FE: Aggregate capital Many entities → one pool 2 Variable buffer vault.deposit() → Morpho Vault V2 Floating supply APY FE: Earn while waiting Don't lock rate early Tenor match 3 Fixed-rate lock V2 → Midnight credit units Rate locked at match FE: Structure payoff Lump sum at maturity 4 Hold to maturity Borrower holds debt units Economics frozen FE: Remove rate drift Not a floating NAV vault 5 Settle Borrower repays Lump sum → vault redeem() FE: Waterfall payout Pro-rata by share ratio WHERE THE MONEY SITS SeriesVault (idle USDC) → Vault V2 shares → Midnight credit units → Frozen term → USDC SeriesVault = lender of record Entities hold series shares above Midnight sees one on-chain address
Pooling Variable yield Fixed lock Hold Settlement FE = financial engineering choice

Two layers · who sees what

Midnight handles the fixed payoff. SeriesVault handles many entities on top — one pool, a share ledger per book.

Layer 1 · Morpho Midnight One lender address: SeriesVault One zero-coupon credit position Payoff = principal + locked return at maturity abstracts Layer 2 · SeriesVault (Ladder) Many entities · series share balances Pro-rata claims on the Midnight position payout = (shares ÷ total) × settled USDC per entity

What each FE choice solves

Each design decision maps to a concrete problem in fixed-term on-chain lending.

Pool first Idle float from several legal entities combines into one lendable size. Each book keeps its share.
Buffer in V2 Capital earns variable yield instead of sitting idle pre-match.
Lock at match Rate and term set only when a real borrower fills the offer.
Zero-coupon Full return at maturity; no daily NAV drift after lock.
Share waterfall One on-chain lender, many pro-rata entity claims on top.

Rate state · when is yield fixed?

Financial engineering separates when you deposit from when economics lock.

VARIABLE Subscription + Vault V2 buffer APY floats with utilization FIXED After Tenor match · zero-coupon term Lump sum at maturity MATCH deposit rate locks maturity · redeem
Early exit (if offered) is a separate path: sell credit units on Midnight's secondary market at market price — not the hold-to-maturity zero-coupon return.