Launch BIL — a new yield asset and isolated money market

What is BIL?

BIL (Brazilian Invoice Loans) is a yield-bearing token built on Decentral, a fixed-rate lending protocol that finances Brazilian invoice receivables — short-term, real-world trade credit. Lenders fund fixed-term Decentral positions (currently a fixed 18% APY over 60-day terms, held as NFTs); the BIL vault pools these positions into a single liquid token that appreciates against HOLLAR as yield accrues, automatically reinvesting matured positions to compound returns. Deposits are supplied into a new, dedicated BIL money market in the same transaction, so the token users hold in their wallet is simply BIL. Exits work two ways: an asynchronous redemption queue paid out as the underlying positions mature, or instantly by swapping through the new BIL/HOLLAR stableswap pool.

What this referendum does

All contracts are already deployed on mainnet — this single batch wires them together, registers the assets, and seeds liquidity:

1. Creates the BIL money market — a separate, isolated Aave-v3 instance (registered in the shared market registry, id 22222255):
   • BIL listed as supply-only collateral: LTV 50%, liquidation threshold 85%, liquidation bonus 7%, reserve factor 20%, supply cap 3,000,000 BIL, flash loans disabled
   • HOLLAR listed as the only borrowable asset via a GHO-style facilitator (bucket capacity 1,000,000 HOLLAR, fixed 10% APY borrow rate). Borrowing is disabled at launch — see the rollout plan below
2. Registers the assets on-chain:
   • 550 uBIL — the raw vault share (held only transiently while the deposit zap auto-supplies it)
   • 55 BIL — the supplied position users actually hold; accepted for transaction fees
   • 10055 2-Pool-BIL — the stableswap LP share; accepted for transaction fees
3. Creates the BIL/HOLLAR stableswap pool (2-Pool-BIL: amplification 50, fee 0.10%) with a drifting peg that tracks the vault exchange rate via its on-chain oracle
4. Seeds initial liquidity from the Treasury — no borrowed funds:
   • the HOLLAR borrow fees accrued to date in the main money market (~48K HOLLAR) are distributed to the Treasury
   • one block after enactment, the Treasury deposits 300,000 HOLLAR into BIL and pairs the resulting ~299,100 BIL with 300,000 HOLLAR in the new pool
   • the Treasury currently holds ~616K HOLLAR, so the seed is fully covered by its own balance
5. Inserts router trade routes so BIL and 2-Pool-BIL are reachable from HDX, WETH, and the rest of the router graph

Gradual rollout

The market opens deliberately conservative and will be widened by follow-up referenda as usage and integrations prove out:

Parameter	This referendum	Later stages
HOLLAR borrowing against BIL	disabled	enabled with staged limits: 200K → 500K → 750K → 1M HOLLAR
BIL LTV	50%	raised toward 80%

The liquidation threshold (85%) is set at its final value from day one, so later LTV increases will not move the liquidation point of existing positions. At launch, BIL is a pure supply product: deposit HOLLAR, hold BIL, earn the Decentral yield.

Key parameters & addresses

BIL Vault (uBIL, asset 550)	0x6a21891db0940491603f3cca0a9f4dba4c6e810c
BIL (asset 55)	0x8184e2f7c477d165772c21f7a2dbbb61a76e7fc4
BIL market Pool	0x69310fda58c819ad82df7d2cb61841c853337a53
PoolAddressesProvider	0x653DFc382b74E7399dae06DC4d07202E28b5990B
Price oracle (reads vault exchange rate)	0xB9947CaCebD0F23de3b59c369cD710137739Cd83
HOLLAR facilitator (GhoAToken)	0xEf313C2baf19cE58eEB6Df9c82aE41C7387AFE3E
Deposit zap	0x646FD203bbCf19B35D79F58413bB07450FDBb1db
Vault TVL cap	2,000,000 HOLLAR

The market and vault are administered by on-chain governance via the aave-manager dispatch, with the technical committee holding emergency pause powers. The deployed state can be verified on-chain today: the vault is live at an exchange rate of exactly 1.0, the oracle answers $1.00, and the borrow rate strategy reads exactly 10% APY.