Borrow against ELSA

What twenty percent costs over thirty days

An APR is an annual figure and this loan runs for a month, so the interest is the rate scaled to the term. Twenty percent over thirty days is about 1.64% of the amount borrowed, or roughly $16 on a $1,000 loan.

The marketplace fee set by the pool applies on top of that, and it is charged on the principal rather than annualised. Add the two together to get what the loan costs you, then compare that against holding the position through the month.

The same ceiling as its neighbours, at a lower rate

This pool lends up to 20% at 20% APR. Several Base rows carry that same ceiling and charge around five points more for it, so the ceiling is not what separates this row from them.

When two rows sit at the same ceiling, the rate is the whole decision. Pick the cheaper one if you hold both assets and are indifferent about which to commit, and remember the rate locks when the loan opens rather than tracking the pool afterwards.

Exactly one billion, with nothing burned

The contract at 0x29cc30f9d113b356ce408667aa6433589cecbdca names itself Elsa, uses eighteen decimals, and answers 1,000,000,000 for its supply with no fractional remainder. It exposes no owner function, so calling owner() reverts.

A supply that has stayed exactly at its mint is a small piece of evidence that nothing has been burned or minted since deployment. It is worth a single call to check, because the answer changes the moment either happens.

The loan

Deposit ELSA, receive USDC, repay or roll on the due date. Every loan is fixed-term with no margin-call, so a price fall during the loan cannot liquidate your collateral. Miss the due date and the collateral is forfeit. Base gas is cents across the approval and the borrow.

RNBW is the other Base row at this rate with a wider ceiling, and the Base list carries the rest.