About this explorer

Polaris is a Liquity-lineage CDP protocol running on the Sepolia testnet. A borrower posts pETH — the protocol’s bonding-curve wrapper of ETH — into a CDP in one of two markets and mints that market’s stablecoin against it: USDp tracks the dollar, GOLDp tracks gold. The CDP is an NFT, so a position can change hands without being closed. Rates are algorithmic: the market sets a primary rate and adds a utilisation-driven secondary one, and no holder ever chooses a rate.

Each row of the listing is one CDP: its pETH collateral, its debt in the market’s stablecoin, and its current holder. Opening one shows every touch the market’s own contracts recorded for it — what the holder moved, and every leg the protocol applied at the same moment: interest written into the debt, stability-pool gains credited against it, reward pETH added to the collateral, and the CDP’s pro-rata share of the PSM’s mints and redemptions. The live figures — the collateral ratio against the minimum in force, the rate, and what is pending since the last touch — come from the contracts at the latest block, and the collateral’s dollar value from the protocol’s own price feed. The markets view puts the two markets side by side.

Every number on this explorer is a Sepolia testnet number: the tokens are test tokens and the ETH and gold prices come from the protocol’s own testnet medianisers, so none of it is money. 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.