What Rails Covers

Polaris runs on the Sepolia testnet, and every figure this explorer shows is a testnet figure: the pETH, USDp and GOLDp here are test tokens, the ETH/USD and gold prices come from the protocol's own testnet medianisers, and none of it is money. What the explorer states about the protocol's shape is real, though. A position is a CDP NFT in one of two markets — USDp tracks the dollar, GOLDp tracks gold — and both mint against a single collateral, pETH, the protocol's bonding-curve wrapper of ETH; a transfer of the NFT moves custody of the position without opening or closing anything, and the card names the current holder from the last such transfer. Interest is algorithmic: the market sets a primary rate on nearly every touch and adds a utilisation-driven secondary rate, so no holder ever chose a rate and no event carries one as a choice — the rate in force at each touch is stated as a fact of the row instead. A CDP's debt also moves without the holder acting: interest is charged into it at each touch, stability-pool rewards are credited against it, and the PSM's mints and redemptions are shared across every CDP as a pro-rata adjustment to both collateral and debt — every such leg is stated on the event that carried it and summed on the position's economics. Two things the protocol has are not shown yet: the reserve loans against POLAR, which the index captures but no page renders, and the stability-pool deposits, which are positions of their own kind. Since 6 September 2026 every CDP touch's own block is also read for the market's own price feed — a Sepolia lane's previewPrice() at the end of that block, the same six-call read the protocol's own mint math uses — so an ordinary row states pETH's price at its own block as a footnote, matching the PSM's own mint logs exactly except on the rare block where another user's bonding-curve write landed after the touch.