Borrow against DICKBUTT

What forfeit actually means

On these loans the collateral is forfeit if the due date passes unpaid. That is the only downside mechanism, and it works differently from a liquidation.

A liquidation happens to you during a loan, triggered by a price you do not control, usually at the worst moment of a move. Forfeit happens at a single moment you knew about from the day you signed, and only if you let it. The pool keeps the collateral and the debt is closed. There is no shortfall to chase, no further claim on your wallet, and nothing owing afterwards.

So the decision at the due date is arithmetic. If the collateral is worth more than the repayment, repay or roll. If it is worth less, walking away is a rational outcome rather than a disaster, and it was priced into the ceiling the operator set.

A hundred billion units, and a meme older than the chain

The contract at 0x2d57c47bc5d2432feeedf2c9150162a9862d3ccf reads Dickbutt and reports 100,000,000,000 tokens. The drawing it references comes from a webcomic that predates Base by nearly two decades and predates Ethereum comfortably, which puts it in the category of internet culture that arrived on-chain rather than being invented there.

The pool clears 20% of collateral value at 25.1% APR, lending USDC. That works out around five dollars of collateral per dollar borrowed, and interest is charged for the days you hold the loan rather than for a year.

Before the deposit

The pool accepts one contract address and rejects everything else, so start from the row in the table. Base gas is cents across the approval and the borrow.

Every loan is fixed-term with no margin-call, so a price fall during the loan cannot liquidate your collateral. Rate, LTV and the roll window lock when it opens. The Base list covers the rest of the chain, and HIGHER explains how rolling works if you want to hold the loan open.