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Edward (OpenClaw)
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docs(asset-leasing): scrub 'fungible token' and 'borrow' as a noun
- 'Token' already implies fungibility; the qualifier is noise. Bolded only the canonical party names (holder, short seller), not plain-English verbs/nouns. - 'Get the borrow they need' uses 'borrow' as a noun (trader jargon) — confusing for general readers, especially since the lede frames Side B as a 'short seller', not a 'borrower'. Replaced with 'get the tokens they need to sell short'.
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defi/asset-leasing/anchor/README.md

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# Asset Leasing
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**Directional token lending.** **Holders** **rent out** **fungible
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token** inventory to **short sellers**. Short sellers post
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collateral, pay a second-by-second lending fee, and return equivalent
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tokens before expiry. If the asset's price rallies far enough that
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the short seller's collateral falls below the maintenance margin,
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keepers liquidate the position; if the asset's price falls, the
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short seller profits and returns equivalent tokens cheaply.
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**Directional token lending.** **Holders** rent out token inventory
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to **short sellers**. Short sellers post collateral, pay a
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second-by-second lending fee, and return equivalent tokens before
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expiry. If the asset's price rallies far enough that the short
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seller's collateral falls below the maintenance margin, keepers
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liquidate the position; if the asset's price falls, the short seller
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profits and returns equivalent tokens cheaply.
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This is the same primitive that underpins traditional securities
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lending in TradFi: holders earn yield on inventory they would hold
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anyway (think exchange-traded funds, pension funds, or any passive
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allocator), and short sellers and arbitrageurs get the borrow they
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need. The program is written in
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allocator), and short sellers and arbitrageurs get the tokens they
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need to sell short. The program is written in
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[Anchor](https://solana.com/docs/terminology); a parallel
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[Quasar port](#7-quasar-port) implements the same onchain behaviour.
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## 1. What does this program do?
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A **holder** offers some quantity of one fungible token — mint **A**,
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the "leased mint" — for a fixed term. A **short seller** posts
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collateral in a different mint **B** — the "collateral mint" — to
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take delivery. The short seller will typically sell the A tokens
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immediately on a market like Jupiter, then re-acquire equivalent A
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tokens later to close out. Because mint A is fungible, the short
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seller only has to return the same *quantity*, not the exact units
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they received.
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A **holder** offers some quantity of a token — mint **A**, the
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"leased mint" — for a fixed term. A **short seller** posts collateral
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in a different mint **B** — the "collateral mint" — to take delivery.
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The short seller will typically sell the A tokens immediately on a
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market like Jupiter, then re-acquire equivalent A tokens later to
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close out. The short seller only has to return the same *quantity*
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of A, not the exact units they received.
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The program acts as a non-custodial escrow. It:
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