> For the complete documentation index, see [llms.txt](https://docs.hoard.world/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.hoard.world/the-world/the-lenders-desk.md).
# The Lender's Desk
The Clerk
The Clerk takes USDG into the single lender pool that funds every loan at the Bank. The Lender hut on the map is a second door into the same room.
## One pool, one cap
* Deposits go into an ERC4626 vault built on OpenZeppelin's audited base. Shares represent principal.
* The deposit cap is automatic: **20% of USDG depth** (the canonical pool's active liquidity plus the wall), never above a **100,000 USDG ceiling**. The cap grows exactly as fast as the liquidity a liquidation can execute into. Raising the ceiling waits six hours; lowering it is immediate.
* Withdrawals need idle USDG in the vault. Principal that is lent out returns as borrowers repay.
## What lenders earn
Two streams, claimed together:
* **40% of interest actually paid** by borrowers. Nothing is promised in advance; the rate floats with utilization, and interest accrued but never paid is not income.
* **The 2% pledge deposit fee**, paid to lender shares directly in HOARD and never sold into the pool.
Both streams drip to shares over **seven days**, so capital earns for the time it stays and a deposit made just before a repayment captures only what it stays for.
## Launch drip
For the first week after launch, 7% of the supply (155.5 HOARD) streams to lender shares through the vault's own drip. A time-boxed incentive in HOARD, separate from interest.
## Losses
If a liquidation sale comes up short, the shortfall is written down pro-rata across all pool shares, on a full close only. The cap is the risk control that keeps the loan book sized to real depth.
## In the app
The Lend page shows the pool's total, its cap, how much is lent out, what is idle, your deposit, and your claimable interest and HOARD.
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