Glossary & FAQ
Every term used on the site, the common questions, and what each error message means.
Glossary
- 1Click (NEAR Intents)
- A swap service that takes a token on almost any chain and delivers USDC on NEAR. Customers' crypto payments go through it.
- Anchor (identity anchor)
- Proof that a merchant controls an outside business account (Stripe or Razorpay). Anchored merchants get higher caps (500 → 15,000 USDC).
- Attestation
- Cryptographic proof that code runs inside a secure enclave (TEE). On testnet the agents use mock attestation (local mode).
- Bucket / window
- A slice of time in which a merchant's revenue is added up: 5 minutes on testnet, 30 days on mainnet, aligned to the clock.
- Claimable
- A merchant's payout that couldn't be delivered (usually because the wallet wasn't registered with USDC). It waits safely; press Claim payout.
- Commitment
- A hash of the inputs an offer was based on, stored on-chain. The Capital page re-computes it to check the offer wasn't changed.
- Default
- A loan that missed two periods in a row. Its unpaid principal is written off; the reserve covers it first.
- Delinquent
- A loan that missed one period's minimum. Half its unpaid principal is set aside (provisioned) until it catches up.
- Exit page
- A static web page on IPFS that can settle, claim and withdraw with just a wallet, without any Runway server.
- Fee
- A flat percentage of the loan added once at the start: 4% (A), 7% (B) or 10% (C). Not an annual rate.
- Float
- The INR gateway's USDC, on-chain. It pays out when someone pays in rupees and refills when someone is paid in rupees.
- Grade
- A, B or C, from the underwriter's score (A ≥ 75, B ≥ 55, C ≥ 40). It sets the fee and how much of the median window can be lent.
- INR gateway
- The agent and contract that convert rupees to USDC and back, at the live rate minus 0.5%.
- INR treasury
- Runway's rupee balance at its payment provider (off-chain). The other half of the gateway's exchange counter.
- Keeper
- A background service that calls settle() and check_loan() every 15 seconds. Anyone can make the same calls (for example, from the exit page).
- Limit
- The most a merchant can borrow under an offer: the smallest of a share of the median window, the tier cap, 15,000 and what's repayable in about 3 windows.
- Local mode
- How agents run on testnet: whitelisted accounts with mock attestation instead of a hardware TEE.
- Median window (R)
- The middle value of the merchant's recent completed windows. The base for the limit and the repay share.
- NAV (vault value)
- Cash + loans outstanding − provisions. Owned by lenders through shares.
- NEP-413
- A NEAR standard for signing a message with your wallet. It proves who you are without sending a transaction or paying anything.
- Offer
- A proposed loan: limit, fee, repay share and grade, valid for 1 hour, recorded on-chain by the underwriter and checked by the contract.
- Period (loan period)
- 5 minutes on testnet. Each must repay at least 10% of what is owed.
- Provision
- Money set aside in the vault's books for a late loan. It lowers the share price until the loan catches up.
- Repay share
- The fixed percentage of every payment that goes to the loan while it is open (5–25%). Set so about 3 median windows repay it.
- Reserve (first-loss)
- Protocol money that pays defaults before lenders do. It receives 10% of every fee.
- runUSDC
- The vault's share token. Its price in USDC rises as fees are repaid.
- Session key
- A short-lived encryption key an agent publishes on-chain. Your browser checks it before encrypting anything to the agent.
- Settlement account
- handle.pay.runway-rama.testnet: the keyless account each merchant is paid into. It splits each payment and forwards it.
- Spread
- The 0.5% the INR gateway keeps on each conversion.
- TEE
- Trusted execution environment: a secure enclave whose code can be proven by attestation.
- Underwriter
- The agent that reads a merchant's revenue privately and proposes an offer. Its code is the scoring you can try in the Simulator.
- Utilization
- Loans outstanding ÷ vault value. Capped at 80% so withdrawals can be paid.
- UTR
- Unique transaction reference of an Indian bank transfer. Payouts store a hash of it on-chain as proof.
Questions
Is this real money? ›
No. NEAR testnet, mock USDC, simulated UPI. Contract calls are real and public.
How long until I can borrow? ›
On testnet: three 5-minute windows of revenue, then ask in the next window. About 20 minutes.
Why was my offer declined? ›
The Capital page shows the reason. Most often: fewer than 3 windows, a median below 300 USDC, or uneven windows (score below 40). The Simulator shows why.
Can I repay early? ›
Yes. Any payment to your settlement account repays the loan's share of it; a large one can repay it all at once. Extra comes back to you.
What if I have a slow week? ›
You repay less, because it's a share of sales. But each loan period needs at least 10% of what's owed, or the loan becomes delinquent.
Can lenders lose money? ›
Only if a default is bigger than the reserve. Late loans lower the share price temporarily through provisions.
Why wait 120 seconds to withdraw? ›
So nobody can leave at the old price just before a loss is booked. Your request is priced when you claim.
Do I need crypto to use UPI? ›
No. A merchant in ₹ payout mode receives rupees; a customer pays by UPI. Only the protocol uses USDC in between.
Why does my wallet need test USDC first? ›
A NEAR wallet must be registered with a token to receive it. The faucet button registers it as well as sending USDC.
Who can see my UPI ID? ›
Only the INR gateway enclave (and the payment provider, to pay you). On-chain there is only ciphertext; the site shows a masked label.
Error messages
| Message contains | What to do |
|---|---|
ERR_COOLDOWN | The withdrawal wait isn't over. Wait, then claim. |
ERR_HANDLE_TAKEN | Pick another handle. |
ERR_BOUNDS_LIMIT | Draw between 50 USDC and the offer's limit. |
ERR_OFFER_EXPIRED | Offers last 1 hour. Request a new one. |
ERR_ACTIVE_LOAN | Repay your current loan first. |
ERR_DEFAULTED | A defaulted merchant can't borrow again. |
ERR_LIQUIDITY / ERR_UTILIZATION | Not enough free cash in the vault right now. |
ERR_DAILY_CAP | Today's 2,000 USDC for first-time borrowers is used up. |
ERR_NOTHING_TO_CLAIM | Nothing is waiting to be claimed. |
amount above the per-payment cap | One UPI payment is at most ₹1,00,000. |
this account got test USDC in the last 10 minutes | The faucet gives 1,000 every 10 minutes per account. |
Failed to fetch | The free backend was asleep; wait a minute and retry. |