About
TRD is an onchain credit protocol — permissionless capital, curated credit, publicly verifiable — that connects debt investors worldwide directly to real-world lending in markets they could never reach before. In Sub-Saharan Africa, productive-asset lenders earn strong, durable yield from financing income-generating assets, yield historically locked behind local banks, closed funds, and layers of intermediaries. TRD opens it to global stablecoin capital, with electric motorbikes financed in Kenya as the first proving ground.
TRD is two products in one. The first is the Open-Ended Adaptive Debt Facility — the instrument capital sits in: an open-ended facility that scales with verified performance instead of a fixed, static loan, with a rate that prices risk in real time between agreed bounds, secured by a revolving pool of loan receivables and enforced through a security agent. The second is the Risk Monitor — the trust layer that turns independent, third-party operating data into a live, investor-readable view of the loan book, so performance is continuously verifiable rather than reported in quarterly PDFs. The facility is how capital flows; the Risk Monitor is what makes it trustworthy enough to flow.
These docs explain both parts. The interactive model on this site is the explainer for the facility — adaptive rates, yield, withdrawals, repayment, and stress scenarios — made legible so the mechanics, economics, and risks are clear before capital is committed. The trade-off it makes explicit is illiquidity: capital funds real assets that cannot be liquidated instantly, so exits run through a weekly payout epoch, a cash buffer, and covenant enforcement rather than instant on-chain redemption. The sections below map the surrounding system — the surfaces, the credit lifecycle, and which actor uses what.
Surfaces
One implementation surface: the model explains and stress-tests the debt-facility mechanics, while the Sui smart contracts execute deposits, drawdowns, repayments, accounting, rate bounds, payout epochs, and control states.
Turns borrower, portfolio, collateral, repayment, and data-quality signals into investor-readable risk evidence.
Define borrower obligations, covenant metrics, thresholds, compliance states, remedies, and escalation actions.
Acts as the legal security holder and enforcement bridge for the Business Registration Service (BRS) floating charge, collection-account controls, notices, workouts, and recoveries.
Decomposition
Function
Identify the borrower, asset pool, use of funds, and initial investability case before capital is committed.
TRD implementation
TRD qualifies prospective borrowers before they appear as investable facilities. For Jiwambe, that means framing productive electric motorcycle assets, rider receivables, repayment flows, available operating data, and whether the opportunity can support a private debt facility.
App and document surface
Borrower Application for aspiring borrowers; Deal Overview and data room for selected facilities; supported by borrower materials, market research, and investor-facing diligence.
Function
Assess repayment capacity, receivable quality, collateral coverage, data reliability, operating risk, FX risk, and the return investors need for that risk.
TRD implementation
TRD uses borrower-specific evidence, receivable performance, collateral quality, and data reliability to qualify the facility and set the initial risk frame. Pricing is then continuous: investors use the Real-Time Risk Monitor to decide whether the current adaptive rate compensates them for borrower, collateral, liquidity, FX, and operating risk. The facility rate range is bounded by borrower-set minimum and maximum borrow rates, but market participation determines whether capital is available inside that range.
App and document surface
Explained by the model; evidenced by the Real-Time Risk Monitor; priced through investor participation; reflected in adaptive-rate parameters and bounds that the Sui smart contracts enforce.
Function
Define the legal, economic, covenant, control, and security architecture that makes the facility enforceable.
TRD implementation
The Master Facility Agreement (MFA) and KPI Covenant Registry (KCR) define parties, obligations, use of funds, covenant tests, cure periods, trigger states, fees, remedies, and Security Agent powers. The Security Agent SPV holds the Business Registration Service (BRS) floating charge and collection-account controls for investors.
App and document surface
Defined by the MFA and KCR; held and enforced by the Security Agent SPV; parameterized for execution by Sui smart contracts where the action is onchain.
Function
Bring investor capital into the facility and release approved borrower capital only within agreed limits and control states.
TRD implementation
Debt investors supply USDC into the facility. The borrower draws against facility limits, available liquidity, rate bounds, covenant status, and any active drawdown controls.
App and document surface
Explained and stress-tested by the model; executed by Sui smart contracts through deposits, approved borrower access, facility-cap tracking, drawdowns, and freeze controls.
Function
Track money, obligations, claims, interest, fees, liquidity, repayments, withdrawal rights, and recoveries.
TRD implementation
The accounting layer separates investor positions, borrower debt, drawn and idle capital, accrued interest, fees, repayment allocation, payout epochs, withdrawal claims, and recovery routing. The model visualizes these mechanics, but the Sui smart contracts are the implementation reference for deterministic accounting behavior.
App and document surface
Executed by Sui smart contracts; explained by the interactive model; constrained by commercial and legal terms in the MFA and KCR.
Function
Observe the live credit after funding and manage early operational deterioration before enforcement is needed.
TRD implementation
TRD monitors fleet activity, receivable performance, repayments, arrears, collateral validity, BRS/security evidence, collection-account signals, FX coverage, data freshness, covenant states, and borrower remediation progress. Servicing covers reporting, follow-up, cure plans, collections coordination, and operational remediation.
App and document surface
Run through the Real-Time Risk Monitor, data pipeline, and active Borrower Portal surfaces; covenant logic comes from the KCR; borrower obligations and servicing escalation paths come from the MFA.
Function
Act when the borrower or collateral pool deteriorates enough that normal monitoring and servicing are insufficient.
TRD implementation
TRD can move through warning, freeze, payout-control, drawdown-control, mandatory repayment, workout, legal enforcement, and recovery allocation. Because the collateral is illiquid real-world receivables and bikes, enforcement is not an instant onchain liquidation; the Security Agent SPV issues notices, coordinates workouts, enforces security rights, and routes recovered value back to investor claims.
App and document surface
Triggered by KCR covenant states and MFA remedies; carried out by the Security Agent SPV and TRD Protocol Administration; reflected in permitted Sui smart-contract controls and recovery accounting.
Actors