Dracen Launch app
Overcollateralised · RWA backed

Lock what already
holds value.

Mint what moves.

Tokenised T-bills, tokenised deposits, network coin and wrapped BTC go in. Deben comes out — a stable unit that exists because reserves exist, not because a bridge is open.

Vault 0x…a41f 2 signatories
Collateral locked
$0
Deben minted
0
Ratio
0%
Visibility 2 of 2 parties
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01 — Privacy

A thicket has
no map.

Collateral, debt and liquidation price are fields on one agreement with two signatories. No other node receives it. There is no shared book for a bot to index, no queue to watch, no list of who is close to the edge.

Your balance sheet stops being public infrastructure.

Counterparties see their own agreement. Nothing else.
No public liquidation set means no front-running surface.
Auditors and regulators are granted sight, not the market.
Ledger view · third party Move to part the thicket
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Visible to you: 0 of 7
02 — Collateral

Four ways in.
One way out.

Every asset is underwritten on its own terms — its own haircut, its own threshold, its own oracle. The debt they produce is identical.

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03 — The vault

Three numbers, one contract.

Move the dials. Collateral, debt and the price at which the position settles are the only variables that matter.

Position builder
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Collateral value
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Deben minted
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04 — Liquidation

One exercise.
At oracle price.

The borrower pre-authorises the outcome when the position opens. When the mark crosses the threshold, the keeper exercises a choice that already exists. No auction to win, no block to buy, no discount to bid away.

Open market liquidation contested
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Value leaks at every step
Dracen liquidation deterministic
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0
Auctions
0
Gas races
1
Exercise
05 — The strategic asset

The lending product is the means. Deben is the point.

A settlement layer that has to import a foreign stablecoin to have a unit of account has outsourced its monetary base. Every trade, every quote, every loan sits on someone else's balance sheet and someone else's bridge.

Deben is issued locally against reserves that already live here — sovereign paper, bank deposits, bearer collateral. It exists because the collateral exists.

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How a position lives

Select a stage
06 — Questions

The way through

What underwriters ask before they commit collateral.

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Access is by referral.

Underwriting is a relationship before it is a contract. Bring the code you were given and the thicket opens.

Launch app →