About this explorer

Every Polaris position on Sepolia, with its history. A position is a loan: pETH locked as collateral, a stablecoin borrowed against it. All numbers are test numbers, not money. Reserve loans and Stability Pool deposits are not shown yet.

How it works

• Two markets: USDp tracks the dollar, GOLDp tracks gold. You lock pETH in one and mint that market's stablecoin against it.
• pETH is Polaris's own collateral token. You buy it with ETH from a bonding curve, and its price rises as more ETH goes in.
• Nobody chooses an interest rate. The primary rate moves with the PSM's mints and redemptions. A secondary rate rises as the market's debt-to-reserve ratio climbs.
• The PSM is the peg module: anyone can mint USDp or GOLDp directly against pETH, or redeem them for pETH. Nobody picks a position, so every open position takes a share.
• A position is an NFT, so it can change hands without being closed.
• A position also moves without its holder doing anything: interest is added to the debt, stability gains are credited against it, reward pETH is added to the collateral, and PSM activity applies its share.

Listing

• One row per position: pETH collateral, debt, and current holder.
• Search by wallet or ENS name to see the positions that address holds on Sepolia. Names resolve on Ethereum mainnet, since Sepolia has no name registry this site reads.

Position page

• Opening a position shows every touch the market's contracts recorded. Each shows what the holder moved, plus everything the protocol applied at the same moment: interest, stability gains, reward pETH and the PSM share.
• Live figures come straight from the contracts at the latest block: collateral ratio against the minimum, current rate, and what has built up since the last touch. The collateral's dollar value comes from the protocol's own price feed.

Markets page

• Puts the two markets side by side. Open the markets view.

Testnet note

• Tokens are test tokens, and ETH and gold prices come from the protocol's own testnet medianisers.

Not shown yet

• Reserve loans lend ETH against fpETH, the floor part of pETH. Its price in ETH is guaranteed only to rise, so a loan against it can't be liquidated. The index records these loans, but no page shows them.
• Stability-pool deposits are positions of their own kind, and they aren't shown either.