Collateral types

The kinds of tokens Based Loans accepts, how each is priced, and what lenders receive at expiry.

Based Loans accepts more than plain tokens. Every listed token works the same way for borrowers: the same 50% loan-to-value, the same fixed terms, the same buyback. What differs is how each type gets its price, and what a lender holds if the borrower does not buy back.

The full list, grouped by type, is on Listed tokens.

Standard tokens

Regular ERC-20 tokens on Base: majors like WETH and cbBTC, DeFi tokens, memecoins, stablecoins and partner projects. Most of the list falls in this group.

  • Price: a time-weighted average from the token's DEX pools on Base, plus a DIA feed where one exists.
  • At expiry: lenders receive the token itself and can hold or sell it straight away.

Tokenized stocks

Tokens issued on Base by Coinbase that each track one share of a US company, such as AAPLc (Apple) and NVDAc (NVIDIA).

  • Price: a time-weighted average from the token's trading pool on Base. The pool follows the share price, but stock markets keep normal trading hours, so the price can move less over weekends and holidays.
  • At expiry: lenders receive the stock tokens.

Tokenized stocks are native tokens built into Base by their issuer, not ordinary smart contracts. The issuer can pause or restrict transfers. If it did, buybacks and collateral claims for that token could not complete until transfers resumed.

Escrowed tokens

Locked reward tokens that convert to a liquid token over time, such as esALB, which converts into ALB on Alien Base.

  • Price: a fixed share of the liquid token's price, set by the protocol to reflect the lock. esALB is priced at 85% of ALB.
  • At expiry: lenders receive the escrowed tokens, not the liquid ones. To turn them into the liquid token, follow the issuing protocol's conversion process, which can take time.

Liquid staking tokens

Receipts for a staked position that grow against the underlying token over time, such as xl-LSTEAK, the staked form of LSTEAK.

  • Price: the live conversion rate between the staked token and the underlying token, read from the staking contract, times the underlying token's price.
  • At expiry: lenders receive the staked position. To get the underlying token back, follow the staking protocol's unstaking rules.

Vault tokens

Tokens backed by a vault of another token, such as xMONSTRO, which is backed by MONSTRO.

  • Price: what one token redeems for from its vault right now, times the price of the token backing it. For xMONSTRO, that is its MONSTRO redemption value after the redeem fee, so the collateral is valued at what it can actually be exchanged for.
  • At expiry: lenders receive the vault tokens and can hold them or redeem them from the vault.

xMONSTRO comes in whole units only, so loans against it use whole tokens.

What every type has in common

  • Every price source is checked when a loan opens, and the loan cannot open if a required source is missing or out of date. Tokens priced from another token inherit that token's full price checks.
  • The price is locked when the loan opens. Nothing is revalued during the loan.
  • Lenders choose which tokens they back. If a type does not suit you, leave it switched off.

See Oracle and pricing for how the price sources work.