> For the complete documentation index, see [llms.txt](https://docs.ibis.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ibis.app/platform/products.md). # Products ## Overview Ibis facilities combine a rate mode with a structure: fixed-rate Continuous, fixed-rate Epochs or variable-yield Epochs. The rate mode, structure and participation setting are fixed at creation. Fixed-rate Epochs facilities can have protected withdrawals; Continuous facilities can have a liquidity sleeve. A tranched product groups separate facilities by term in the apps under one agreement covering all terms. Each term has its own repayments. Participation is set per facility and shown on its facility page. The figures shown in the apps and described here are informational. The Master Lending Agreement governs amounts, dates, defaults and remedies. ## Deposits, yield and withdrawals by structure | Rate mode | Structure | Available | How yield reaches the share price | | -------------- | ---------- | --------- | ---------------------------------------------------------------------------------------------- | | Fixed rate | Continuous | Yes | Accrues within each compounding period and is capitalized at its end | | Fixed rate | Epochs | Yes | Accrues within each epoch; settlement starts the next epoch from the settled price | | Variable yield | Epochs | Yes | No accrual within an epoch; the declared yield is applied at settlement over its locked length | | Variable yield | Continuous | No | Not available | ### When a deposit starts earning An accepted Continuous deposit converts immediately into shares at the current share price and earns from that moment. An Epochs deposit earns nothing while pending. It converts at the pinned continuing-holder price at the next settlement and starts earning then. The [deposit rules](/platform/deposits-and-withheld-principal.md) describe activation and principal delivery. ### How yield reaches the share price Fixed-rate Continuous yield compounds once per compounding period. Fixed-rate Epochs yield accrues at the fixed rate within the epoch and compounds through settlement. Variable-rate Epochs yield must stay within the range locked at opening and applies over the locked epoch length, whenever settlement occurs. [How yield accrues](/platform/yield-accrual.md) gives the laws, timing and exceptions. ### How a withdrawal is priced The Curator or Redemption operator executes a Continuous request in full or in part at the price in force at execution, making the executed value claimable. An Epochs settlement prices a request once at the pinned withdrawal price. That owed value is never repriced and becomes claimable as it is funded. [Withdrawals and claims](/platform/withdrawals-owed-value-and-claims.md) explains pricing, funding and payout. A withdrawal is funded only when the facility holds cash to fund it, normally from borrower repayment. ## Protected withdrawals Protected withdrawals apply only to fixed-rate Epochs facilities. A settlement is protected when the next epoch's rate is lower than the current epoch's opening rate by at least the threshold. The next rate is the staged rate, or the current rate if none is staged. A cut exactly equal to the threshold qualifies, and each epoch locks the terms in force when it opens. | Term | Effect | | ------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------ | | Reaction buffer, $$b$$ | Adds time after the epoch's locked length before settlement may begin, extending the period to request a withdrawal | | Rate-cut threshold, $$\theta$$ | The smallest cut from the opening rate to the next epoch's rate that qualifies | | Funding window, $$T\_f$$ | Sets the recorded deadline to fund withdrawals priced at a protected settlement; their priority lasts until fully funded or default, even after the deadline | The protected withdrawal price includes accrual only up to the epoch's locked length; reaction-buffer time and late settlement do not raise it. Owed value from that settlement has funding priority over other withdrawals, and the next settlement must wait until it is funded in full. Principal converted at the same settlement stays withheld in the facility and is used first to fund that owed value. [Epochs and settlement](/platform/epochs-and-settlement.md) gives classification and pricing; [terms and limits](/platform/facility-terms.md) gives the bounds. ## Liquidity sleeve The liquidity sleeve is intended to fund instant redemptions while earning yield in short-term products such as treasury bills. A Continuous facility can split each future principal delivery in basis points between a configured sleeve receiver and the borrower receiving wallet. The default split is 0 bps (configured value), sending everything to the borrower wallet. The Admin configures the split and receiver. Both parts are delivered or neither is; the receiver is set per facility and holds no facility role. The [delivery split formula](/platform/deposits-and-withheld-principal.md) defines the amounts. ## Tranched products and separate terms A tranched product groups facilities under one product in the apps, one facility per term. Each term shows that facility's period length. Grouping creates no onchain link, waterfall, seniority or payment order between facilities and pools no cash. Each term facility has its own shares and share price, epochs, settlements, payment-due times, deposit cap, minimums and other terms. It also has its own cash, pending deposits, owed value and claimable balances. One Master Lending Agreement covers all term facilities in the tranched product. The platform rules apply to each facility separately. Deposits, withdrawal requests and claims affect only the term facility they belong to. The borrower repays each facility separately; a payment is credited only to its recipient facility and does not discharge another facility's obligation.