what's Flex?

Flex is a decentralized fixed-rate lending protocol where borrowers set their own interest rates on loans. It diverges from traditional DeFi lending markets by managing liquidity through redemptions rather than dynamic interest rate curves, enabling 100% market utilization. Liquidations use Dutch auctions for efficiency, and features like atomic redemptions support seamless looping even without idle liquidity. The protocol is inspired by Liquity V2 mechanics but introduces borrower-chosen fixed rates and super-friendly liquidations. Currently in unaudited beta with live POC markets such as yvWETH-2/USDC and tBTC/crvUSD (deprecated). Built by Yearn.fi contributors with ongoing improvements like dynamic liquidation fees and partial liquidations.

Flex operates unaudited markets as of March 17, 2026; users advised to exit these markets.

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