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.

Contract	Robinhood Chain (mainnet, USDG)
AnoraFactory	0x9a01C5E22602E565d39067454dD70c38D063D328
AnoraFacility (implementation)	0x8695a1C6AD462DFc7a6cb7980dB99D9Eb1c26F6f
USDG	0x5fc5360D0400a0Fd4f2af552ADD042D716F1d168

Contract	Arbitrum Sepolia
AnoraFactory	0xDD4977E7D6249d0c5035Ed55DB1c710Fec4E9707
AnoraFacility (implementation)	0x58D4b3A476Bf7033661277432b0B96716011a02f
TestUSDC	0x38513243bA873d05b8b1E6622fE12e7685E4eAc6

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