Aera Lend

Aera is an overcollateralized lending market on Cookie Chain with two assets. Lenders deposit COOK and receive aCOOK, a Token-2022 receipt that pays nothing out and instead redeems for more COOK as interest accrues; the market names it with what one aCOOK redeems for today. Borrowers lock bCOOK, BakeYourStake's liquid staking token, and borrow COOK against it, so their stake keeps earning while they have liquidity, instead of selling bCOOK on a DEX or paying the pool's withdrawal fee to unstake. Rates follow utilization on a kinked curve (2% at empty, 10% at the 60% kink, 160% when fully lent), lenders receive borrow interest less a 15% reserve factor, and borrows carry a 0.15% origination fee. Borrowing is capped at 55% loan-to-value and liquidation starts at 65%. The loop runs the whole trade as one flow: stake, lock, borrow and stake again, planned client-side and signed once, refusing to borrow past a health of 1.50 and refusing outright once 70% of the pool is lent out, with a one-press unwind. bCOOK is never priced from a DEX. The program reads total_lamports and pool_token_supply from the BakeYourStake stake pool account, deducts the pool's withdrawal fee and applies a 5% haircut, and refresh_oracle takes no arguments so no keeper can supply a price. Supply is capped at 5M COOK and borrowing at 3M. Deployed on Cookie Chain mainnet: program AerafpFHsY4N16i4KufPJQyURryxKtYgCr6oZMwbp76q, market 2GWpsJ5SVioi8TgWrhxDujro5f3YaR9Tyj1tHYr3Z8xZ, built from the published Anchor source. The interface is a static site with no backend: it reads from rpc.cookiescan.io, previews the health a position would be left at, and simulates every transaction before asking for a signature.