WEBVTT

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Tokenized stocks can
trade around the clock.

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Their underlying markets, and the
liquidity you would need to exit, do not.

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Kerb is the market-time risk layer
for tokenized stocks on X Layer.

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The Board shows that mismatch, live.

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Each asset keeps its own market
clock, its own liquidity regime,

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and its own executable capacity.

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Kerb measures what the real X
Layer pool can absorb right now,

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and posts it on X Layer mainnet.

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To measure an exit, Kerb walks the
Uniswap V3 liquidity tick by tick,

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and finds the largest sale that
clears within 1% price impact.

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That is C(1%).

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It cross-checks the answer
against OKX DEX quotes,

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and keeps the more conservative number.

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The Kerb Terms Standard then
binds that capacity to time.

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Carry is sized to survive the weak
hours until the next deep session,

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with no action from the borrower.

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Session Max lends more now, because
it only has to last until Last Call.

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Either way, the liquidation
line stays fixed.

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Here, a borrower chooses Session Max.

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Before anything is signed, Kerb
shows the loan to value, the health,

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the fixed liquidation line, and
when the next Last Call opens.

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The loan confirms on X Layer testnet.

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Now the clock reaches Last Call.

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On testnet, a compressed demo
clock runs this cycle every hour.

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A Session Max position that borrowed
above its Carry target becomes curable.

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Only the excess is due.

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Any other wallet can repay
it, and earn the cure bonus.

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The cure confirms on X Layer, and the
position is back at its Carry target.

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This is not a liquidation.

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The liquidation line never moved.

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Every Kerb term is
posted on X Layer mainnet

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with the hash of the
inputs that produced it.

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Anyone can fetch those inputs
and recompute the terms.

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The Proof page shows the latest
check matching, field by field,

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and recent posts carry
the Kerb Builder Code.

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Kerb Terms are not tied to Kerb Credit,
which is only the reference consumer.

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Agents can buy a credit check over x402.

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Contracts on X Layer can
read KerbQuote directly.

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Developers can use the
public API, the SDK, or MCP.

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Kerb has already measured
why this matters.

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When the X Liquidity campaign ended, C(1%)
held at the moment incentives stopped.

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A day later, it had fallen 10%
or more for 6 of 10 assets,

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and risen for the other four.

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Kerb measured that change.

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It did not predict it.

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The risk plane is live on X Layer mainnet.

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Kerb Credit is a testnet reference
market with mirror collateral,

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and the contracts are unaudited.

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Most systems ask what an asset is worth.

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Kerb also asks whether the
exit will still be there.

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Never lend more than you can liquidate.