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Concepts

Residual and settlement

After netting, only the residual moves in USDT. Debtors pay inside the payment window, creditors claim to NEAR or NEAR Intents, defaults are covered from stake.

After clearing, each member has a residual: what it still owes the circle (debtor) or is owed (creditor). Only residuals are paid, in USDT.

Paying

A debtor pays during payment_window with an ft_transfer_call of USDT to the circle, msg action settle. A debtor can also pay from a NEAR Intents balance: mt_on_transfer accepts the transfer.

A member may opt in to set_auto_settle(true). Then finalize_epoch settles that member's residual from its own stake (contract 0.0.15 and later).

Claiming

A creditor calls claim(epoch, destination). The destination is one of:

  • near: USDT goes to the creditor's NEAR account.
  • intents: the amount credits an Intents balance, from where it can be withdrawn to another chain. On testnet the Intents side is a mock, and a cross-chain withdrawal has run only as a dry 1Click quote (see below). withdraw_intents_balance is permissionless.

claim attaches a deposit, so it needs a full-access NEAR key, not the voucher key. The same goes for join and settle.

ft_transfer_call USDT, actionsettleNEAR Intents balance:mt_on_transferset_auto_settle true:finalize_epoch uses stakeclaim epoch, destinationnearintentsResidual after clearingDebtorCreditorCircle contractUSDT to creditor NEARaccountIntents balance,withdraw_intents_balance

Default

A debtor that has not paid when the window ends is in default.

  1. The debtor's stake pays first.
  2. A reserve fund comes next, if the circle has one.
  3. Any remainder is a haircut on direct creditors, with no cascade.

Under limit <= stake the stake covers the whole debt, so steps 2 and 3 do not trigger. The defaulter is suspended with limit 0.

payment_window ends,debtor unpaid1. Debtor stake pays first2. Reserve fund, if the circlehas one3. Remainder: haircut ondirect creditors, no cascadeDefaulter suspended, limit 0

In epoch 8 of x207-v013.testnet, 5 debtors paid, 1 defaulted (0.55 covered from its stake), and 3 of 8 creditors had claimed when the run was recorded.

NEAR Intents

x207 uses NEAR Intents only for the residual and the creditor withdrawal. It does not clear inside Intents.

What has run:

  • The residual of 3 debtors was paid in one execute_intents call against the real intents.near wasm, in a local near-sandbox.
  • A 1Click dry quote ran on 2026-11-04: 5 credit to USDC on Base returned 4.989148 USDC. No funds moved.

What has not run: nothing against intents.near on testnet or mainnet. intents.testnet has no code.

Source

Edit on GitHub

Epochs and clearing

Each epoch the circle contract nets all positions, a solver proposes cycle clearing, and the contract verifies it on chain in O(n).

Stake and credit limits

A member's credit limit is bounded by its stake. The formula, defaults, and what x207 does not promise.

On this page

PayingClaimingDefaultNEAR IntentsSource