Anora
Bringing trade-backed yield onchain, uncorrelated with crypto markets.
Live demo
Anora is a PayFi (Payment Finance) protocol building onchain rails between
global capital and the real economy. Through isolated, programmable vaults,
Anora connects capital to vetted trade-credit opportunities and provides
transparent access to yield generated by real commercial activity. Each
facility has its own terms, tranche structure, originator first-loss reserve,
and repayment lifecycle — keeping risk contained within that facility.
Traditional Pooled PayFi vs Anora
Some PayFi products aggregate multiple credit opportunities into one managed
portfolio. Anora gives capital providers direct, facility-level choice.
Pooled PayFi model Anora
━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━
Capital providers Capital provider
[Provider] [Provider] [Provider]
│ │ │
└────┬─────┘ │ chooses
│ ┌───────┼────────┐
┌────▼────┐ │ │ │
│ Shared │ ┌───▼───┐ ┌─▼─────┐ ┌▼──────┐
│ PayFi │ │Facility│ │Facility│ │Facility│
│ vault │ │ A │ │ B │ │ C │
│ ($$) │ │ ($$) │ │ ($$) │ │ ($$) │
└────┬────┘ └───┬────┘ └──┬────┘ └──┬────┘
│ │ │ │
┌──────┼──────┐ [Originator] [Originator] [Originator]
│ │ │ │ │ │
[Trade A][Trade B][Trade C] [Trade A] [Trade B] [Trade C]
| Pooled PayFi model | Anora |
|---|
| Capital is allocated across a managed portfolio. | Capital providers choose individual facilities. |
| Facility performance is blended into one portfolio value. | Each facility has its own capital, terms, and outcome. |
| Providers inherit the portfolio's combined exposure. | Providers review facility-specific risk before supplying. |
| Protection depends on the pooled vehicle's structure. | Each facility has Senior and Junior tranches plus an originator first-loss reserve. |
Product features
Built for the Arbitrum Open House Singapore 2026 buildathon. Target chain:
Arbitrum Sepolia.
Monorepo, Bun workspaces.
contracts/ Foundry: AnoraFactory, AnoraFacility, tests, deploy script
apps/ web and api (coming)
packages/ shared code (coming)
bun install
bun run test:contracts
apps/web
Live demo build: https://anora.finance (redeploy with bin/deploy-web.sh).
Vite + React + TypeScript with plain CSS and no UI framework. The latest
routed capital-provider and originator experience is the approved product
demo and currently runs through DemoProvider in apps/web/src/App.tsx.
Wallet configuration, deployment resolution, wagmi/viem hooks, and older live
contract components remain in the repository for integration, but they are
not yet the data source behind the latest screens.
bun run dev:web # http://127.0.0.1:5173
bun run build:web # type-checks then builds apps/web/dist
bun run test:web # vitest: waterfall math, facility figures, route parsing, formatting, deployments map
Factory model
The protocol is one AnoraFactory per chain opening isolated AnoraFacility
clones (Clones.clone), not a single shared pool. Each facility has its own
Senior/Junior capital, first-loss stake, drawdown, and late/default/recovery
waterfall; a default in one facility never touches another. The factory holds
the protocol-level riskAgent() and minFirstLossBps() floor; every facility
reads riskAgent() back from its factory rather than storing its own.
Pages
| Route | Page | What it does |
|---|
#home | Homepage | Explains the product and routes users into capital-provider or originator workflows. |
#markets | Markets | Compares isolated facilities using synchronized demo terms, capacity, protection, and status. |
#opportunity | Facility detail | Reviews a selected facility, its underwriting and documents, then simulates approval and supply. |
#portfolio | Portfolio | Derives supplied positions, allocation, repayment dates, and projections from the same demo facility records. |
#activity | Activity | Presents role-aware lifecycle events generated by demo interactions. |
#facilities | Originator facilities | Lists facilities managed by the approved originator and exposes lifecycle-specific actions. |
#open-facility | Open a facility | Creates editable terms, tranche proportions, provider capacity, and first-loss reserve in demo state. |
#facility | Facility management | Operates drawdown, repayment, default, and recovery against the selected demo facility. |
The production integration must replace DemoProvider behind these screens
with canonical contract reads, transactions, indexing, and approved metadata.
It must not silently fall back to demo data when a live integration fails.
Supported networks
| Network | Chain ID | Asset | Faucet |
|---|
| Arbitrum Sepolia | 421614 | TestUSDC | yes, mint(address,uint256) |
| Robinhood Chain | 4663 | USDG | no |
contracts/deployments.json is the single source of truth for both networks:
factory address, asset address and symbol, whether the asset has a public
faucet, and the block explorer base URL. apps/web/src/config/deployments.ts
imports that file directly (resolveJsonModule) and exposes
deploymentFor(chainId); nothing about a network is hardcoded in the UI
beyond the chain definitions in apps/web/src/config/wagmi.ts. The header's
network selector calls switchChain, and every read/write hook pulls its
factory/asset address from useDeployment()
(apps/web/src/hooks/useDeployment.ts), keyed by the connected chainId so
switching networks never shows stale data. A chain missing from the file
shows a "not supported" card with a chain switcher instead of the app.
ABIs are generated, not hand-written: bun scripts/export-abi.ts reads
contracts/out/{AnoraFactory,AnoraFacility,TestUSDC}.sol/*.json (run
forge build in contracts/ first) and writes apps/web/src/abi/*.ts as
as const arrays. Re-run it whenever a contract's interface changes, and
commit the output. The generated TestUSDCAbi is a plain ERC-20 subset
(balanceOf, allowance, approve, mint) reused for USDG on Robinhood Chain; the
mint button only renders when the active network's faucet flag is true.
Tenor-in-minutes demo convention: AnoraFacility.Terms.tenor and
.grace are seconds onchain, but Arbitrum Sepolia is a live network we
cannot warp time on. The Originate form takes both in minutes and
multiplies by 60 before sending the transaction, so a demo facility can go
from Open to markLate-eligible, then default-eligible, in a couple of minutes
instead of days. apps/web/scripts/smoke-vbrowser.mjs drives this whole
lifecycle end to end (connect, originate, deposit both tranches, drawdown,
mark late, declare default, record recovery, withdraw) against a real VPS
Chrome window with an injected wallet; see its header for the env vars
(SMOKE_CHAIN, SMOKE_UNIT, SMOKE_TENOR_MIN, SMOKE_GRACE_MIN,
SMOKE_RESUME, SMOKE_SHOTS).
Contract quality
- OpenZeppelin 5.7:
Clones for facilities, SafeERC20, ReentrancyGuard, Initializable, Ownable2Step, Pausable.
- 26 Foundry tests including a fuzz test that checks the waterfall never creates or loses capital (
testFuzz_waterfallConservesCapital).
- Slither (
uvx --from slither-analyzer slither . --filter-paths "lib/|test/|script/") reports no high or medium findings. Remaining informational items are intentional: late fees accrue per whole day (divide-before-multiply), and due dates, grace periods and late fees are timestamp based by design (timestamp).
apps/keeper
Permissionless watcher. It subscribes to Drawn events over Alchemy websockets on Robinhood Chain and Arbitrum Sepolia and schedules a markLate() call for the exact due timestamp; a one-minute poll over every facility in contracts/deployments.json is the fallback. Late status itself is derived onchain from timestamps; the keeper only makes sure somebody calls the permissionless function. Anyone can call markLate, so the keeper holds no privilege; it only makes sure nobody has to. Runs on the VPS as the anora-keeper systemd user unit; bun run test:keeper covers the selection rule.
KEEPER_PRIVATE_KEY=0x... bun run keeper
