Covenant

A bonded obligation over a lending position. Not an alert.

Journal
HCS topic 0.0.10510015 hedera testnet consensus service
Service
probing service /v1/catalog

The instrument

What is sold, and what backs it.

You are buying a promise, not a notification

An evaluation lands at least every interval seconds until expiry. That is the obligation. A bond is staked against it.

Break the promise and the bond moves to you

Miss an evaluation, or leave a breach unanswered, and the staked HBAR transfers to the beneficiary the borrower named. Adjudicated from the journal, not from a support ticket.

Metered in both directions

It buys evidence from The Graph over x402 on Base, and sells watches over x402 on Hedera. Price tracks work done, not request count.

There is no database

Every paid request writes a receipt to Hedera Consensus Service carrying its settlement transaction id. Covenant state is the journal. Anyone can recompute the bill from a free mirror node.

LIVE GET /v1/catalog
reading the catalog

The quote

Priced before any work is done.

Ask for an evaluation and the service answers 402 Payment Required with a signed price before it does any work. Narrow the protocol set and the meter moves.

Quick pick

What it refuses to score

A wrong number delivered confidently is worse than no number. When the standardized schema does not carry the parameter that actually governs a position, Covenant returns a refusal with the reason attached, and it says out loud what a naive monitor would have alerted on.

RECORDED SAMPLE

Evaluation is payment-gated, so what follows is the result of a paid /v1/evaluate run, held in this page. It is not fetched now. Use the quote panel above for a live one.

Aave V3 GLOBAL scope
One position, read from the standardized subgraph schema.
Health factor
not scored
Collateral
$57,020,928
Debt
$52,082,909
Drop to liquidation
not scored
What every liquidation monitor reports 0.821 “liquidatable”

That number is wrong. It is carried here so the refusal can be audited against it, never to be acted on.

What Covenant reports REFUSED no health factor is returned for this position

reason sUSDe has a base maximumLTV of 0: the asset can only be collateral inside e-mode, whose higher liquidation threshold the standardized schema does not carry. Scoring it from base parameters would report a healthy position as liquidatable.

Aave V3 GLOBAL scope
SCORED
Health factor
1.490
Collateral
$27,480,163
Debt
$14,942,139
Drop to liquidation
32.9%

Collateral can fall 32.9% before this position is liquidatable. That is the sentence a borrower acts on. A health factor is not.

The bond

What the seller stakes against its own promise.

Opening a watch stakes the seller's own HBAR against its own promise. The premium is what the borrower pays. The bond is what the seller loses, and it is deliberately the larger number.

Standing terms service defaults
Premium
0.2500 HBAR
Bond at stake
1.0000 HBAR
Interval
300 s
Grace
15 s
Trigger health factor
1.15
Expiry
opened + duration
Beneficiary
named by the borrower
Two terminal outcomes
FORFEITED 1.0000 HBAR → beneficiary
  • no evaluation was ever recorded during the window, or
  • a gap exceeded interval + grace, or
  • the health factor crossed the trigger and never recovered.
DISCHARGED bond released
  • every promised evaluation landed, and
  • no breach went unanswered.

Adjudicated by folding the journal. The seller does not get a vote.

The journal

The bill, recomputable by anyone.

Every settled request writes a receipt to HCS topic 0.0.10510015 carrying the settlement transaction id, the tinybar charged, and the deployments quoted against the deployments actually delivered. The whole bill is recomputable by anyone, from a free public mirror node, without asking this service for anything.

Open topic on HashScan mirrornode /topics/0.0.10510015/messages
LIVE GET testnet.mirrornode.hedera.com · limit=6 · order=desc
reading consensus messages