11# Asset Leasing
22
3- ** On-chain securities lending.** Long holders rent out fungible token
3+ ** Onchain securities lending.** Long holders rent out fungible token
44inventory to short sellers. Borrowers post collateral, pay a
55second-by-second lending fee, and return equivalent tokens before
66expiry. If the borrowed asset rallies past the maintenance margin,
@@ -9,15 +9,15 @@ returns equivalent tokens cheaply.
99
1010This is the same primitive that underpins traditional securities
1111lending: long inventory holders (exchange-traded funds and pension
12- funds in traditional finance; passive holders on-chain ) earn yield on
12+ funds in traditional finance; passive holders onchain ) earn yield on
1313assets they would hold anyway, and short sellers and arbitrageurs get
1414the borrow they need. The program is written in Anchor; a parallel
15- [ Quasar port] ( #7-quasar-port ) implements the same on-chain behaviour.
15+ [ Quasar port] ( #7-quasar-port ) implements the same onchain behaviour.
1616
1717The code uses ` lessor ` / ` lessee ` identifiers throughout — those names
1818predate the framing change and stay as-is so the source is grep-able.
1919The README freely uses ** lender** for the lessor and ** borrower** (or
20- ** short seller** ) for the lessee; they refer to the same on-chain
20+ ** short seller** ) for the lessee; they refer to the same onchain
2121roles.
2222
2323Every instruction handler is walked through with the exact token
@@ -155,14 +155,14 @@ sells them on Jupiter for ~18 000 USDC at the spot price.
155155 accrued lease fee. The remaining ~ 22 000 USDC (minus fees paid)
156156 refunds to Bob.
157157- Bob's profit ≈ ` $18 000 − $16 000 − fees − trading costs ≈ $2 000 `
158- minus carry. This is a 30-day short on NVIDIA, expressed on-chain .
158+ minus carry. This is a 30-day short on NVIDIA, expressed onchain .
159159
160160The asymmetry: liquidation only ever fires when the * borrowed* asset
161161rallies against the collateral. A drop in the borrowed asset price is
162162purely beneficial to the borrower. The streaming lending fee is the
163163position's only ongoing cost in either direction.
164164
165- §4 walks the on-chain token flows for each path with abstract numbers
165+ §4 walks the onchain token flows for each path with abstract numbers
166166that match the LiteSVM tests; the example above is the same machinery
167167applied to a real asset pair.
168168
@@ -1100,7 +1100,7 @@ size, or simply want fewer layers between your code and the runtime.
11001100
11011101The port implements the same seven instruction handlers, the same
11021102` Lease ` state account, the same program-derived address seed conventions, and produces the
1103- same on-chain behaviour for every happy-path and adversarial test in
1103+ same onchain behaviour for every happy-path and adversarial test in
11041104this README.
11051105
11061106### Building and testing
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