Orrin Lending
Fixed-rate lending through zero-coupon bonds.
Borrowers sell zero-coupon bond tokens maturing at fixed dates; lenders buy them at a discount for a fixed yield. An AMM per maturity prices bonds and positions are liquidated if collateral falls below the requirement.
- Ecosystem
- Avalanche
- Category
- Lending
- Languages
- Solidity
- Launched
- Sept 2025
Grade BBB · Moderate risk
Adequate posture with notable weaknesses in one or more areas.
+0.9 since Nov 2025 · ±0.0 since Jul 2026
Quantix Protocol Research · as of 24 Oct 2026 · About this data
Risk Index
How the score is built
| Component | Weight | Value | Points | Gap |
|---|---|---|---|---|
| Code Security | 30% | 78 | 23.4 | −6.6 |
| Operational Security | 20% | 74 | 14.8 | −5.2 |
| Governance Risk | 15% | 74 | 11.1 | −3.9 |
| Economic Security | 15% | 72 | 10.8 | −4.2 |
| Infrastructure Resilience | 10% | 76 | 7.6 | −2.4 |
| Transparency | 10% | 78 | 7.8 | −2.2 |
| Quantix Risk Index | 100% | 75.5 | −24.5 |
| Component | Orrin Lending |
|---|---|
| Code | 78 |
| Operational | 74 |
| Governance | 74 |
| Economic | 72 |
| Infrastructure | 76 |
| Transparency | 78 |
Grade scale
- AAA90–100
- AA85–89.9
- A80–84.9
- BBB75–79.9
- BB70–74.9
- B65–69.9
- CCC60–64.9
- CC55–59.9
- C50–54.9
- D0–49.9
Score history
12 monthly snapshots
| Period | Quantix Risk Index |
|---|---|
| Nov ’25 | 74.6 |
| Dec ’25 | 74.6 |
| Jan ’26 | 74.6 |
| Feb ’26 | 74.6 |
| Mar ’26 | 74.6 |
| Apr ’26 | 75.5 |
| May ’26 | 75.5 |
| Jun ’26 | 75.5 |
| Jul ’26 | 75.5 |
| Aug ’26 | 75.5 |
| Sep ’26 | 75.5 |
| Oct ’26 | 75.5 |
14 Apr 2026
Upgrade
Oracle staleness check
Borrowing blocked on stale feeds.
- Code Security+3
Risk factors
MediumEconomic SecurityProfile analysis
Bond pricing near maturity
AMM curves become steep close to maturity, so liquidations can incur large discounts.
LowGovernance RiskProfile analysis
Short admin delay
A 24-hour delay leaves little time to react to parameter changes.
Recommendations
Economic Security: 72 → 80
Maturity-aware liquidity caps
Cap borrowing against maturities with insufficient AMM depth.
+1.2
→ 76.7
Governance Risk: 74 → 80
48-hour admin delay
Extend the delay on parameter changes.
+0.9
→ 76.4
Analysis
Contract, governance and operations
Contract analysis
- Source
- Verified
- Upgradeability
- Transparent proxy
- Administrative control
- Orrin multisig (3-of-5) with a 24-hour delay
- Enforced delay
- 24 hours
- External dependencies
- Collateral price feeds; Bond AMMs per maturity
- PassSource verified. Factory, AMM and collateral manager verified.
- PassOracle staleness. Stale prices block borrowing since April 2026.
- CautionMaturity liquidity. Bond AMM liquidity thins as maturity approaches.
Governance exposure
Moderate
Maturity creation and parameters through a multisig with a 24-hour delay.
Operational resilience
Adequate
Liquidations rely on bond AMM liquidity and keeper participation.
Monitoring
Monitoring history
- 12 Oct 2026MediumCollateral factor for sAVAX lowered from 70% to 65%Configuration Change · CollateralManagerResolved
- 15 Dec 2025LowBond purchase of 0.6% of outstanding supplyWhale Activity · BondAMMResolved
Research assessment
No Quantix assessment of Orrin Lending has been published. Its security findings are represented by the contract-analysis signals above: 0 failed and 1 cautionary.
Research
Relevant research
- DeFi SecurityUnderstanding oracle manipulation: designs and their failure modes7 min read · 7 Jul 2026
- DeFi SecurityWhat it costs to move a price: reasoning about oracle manipulation7 min read · 11 Aug 2026
- Smart Contract VulnerabilitiesRead-only reentrancy: when a view function tells the truth too early8 min read · 6 Oct 2026
Architecture
System components
- BondFactory
- Creates maturities and bond tokens
- BondAMM
- Prices bonds per maturity
- CollateralManager
- Collateral and liquidations
Turn risk factors into a remediation plan.
A research assessment traces each weakness to code, configuration or process, and verifies the fix before the score moves.