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XOXNO holds lending assets in one central pool. The pool tracks a separate balance sheet for each market, while spokes define how lending accounts can use those markets.

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Hubs, markets, and spokes

Two spokes using the same market draw from the same available liquidity. Their users share that market’s interest rates, but the spokes can apply different collateral rules and supply or borrow caps. The same token listed under two hubs forms two markets with separate accounting. Cash, debt, interest, and bad-debt losses are tracked separately for each market.

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Available liquidity

Supplying increases a market’s available cash. Borrowing removes cash, and repayment returns it. Withdrawal also removes cash. A supplier’s balance can exceed the cash immediately available to withdraw because some liquidity is borrowed. Each market also sets a utilization ceiling. A borrow or ordinary withdrawal that would exceed it is rejected, even if enough cash remains. See interest and revenue for how utilization affects rates. A borrow must also leave cash equal to at least 2% of the market’s supplied value as a liquidation buffer. Ordinary withdrawals do not use this buffer check, but still need cash and must pass the utilization check. Displayed available capacity is an estimate. Another transaction or interest accrual can change it before your transaction executes. A healthy account does not guarantee that its full supplied balance can be withdrawn immediately.