BidwallLocal execution · test funds

A recorded run you can reproduce.

A recorded local execution using captured Solana mainnet state, Kamino's actual program and test funds. Run it locally to execute a fresh scenario.

Bidwall is not deployed to a public network. Jupiter quotes are read-only.

Run it yourself

Install the toolchain and Surfpool, then:

git clone https://github.com/jaypopat/bidwall.git
cd bidwall
pnpm install --frozen-lockfile --ignore-scripts
npm run dev:demo

Open localhost:3000 and click Run ONyc scenario. The runner starts its own local runtime and checks every payment.

View source ↗
 No run yet
Bidwall · committed exit liquidity

A buyer in place before a loan goes bad.

Credit funds lock cash to buy a loan's collateral. When Kamino liquidates, that cash repays the lender in one transaction.

Watch the settlement Why it matters

Prototype · local execution · test funds

01 · The needA large sale needs a buyer.

ONyc is reinsurance-backed credit. Selling a large amount can return too little to repay a loan.

ONyc sale size · illustration
Sell through Jupiter
Quote versus reference value−43.0%

Sale proceeds do not cover the modeled debt.

Snapshot · 12 Oct 2026 · oracle reference

A committed buyer
If this capacity is fundedDebt covered
Fixed bid price
0.94 USDC / ONyc
Cash needed at this size
$4,947,368
See the actual repayment

Illustrative funding. Actual replay: 4,700 USDC committed, $1,000 of debt repaid.

Quote and model details
Collateral uplift in the replay
+2.5%
Sale proceeds over debt, before costs
−41.6%
Borrower surplus at the bid terms
+1.4%

The model holds the replay's collateral uplift constant: (1 + uplift) × (1 − sale haircut) − 1. The bid uses $0.94 against the replay's $0.95 oracle price. No large liquidation was executed, and no outside provider has committed the scaled funding.

Jupiter is one route. Sales can be split, bonuses can change, and OnRe quotes through Titan. Poor Jupiter depth alone does not establish bad debt across all exits.

OnRe allocates ~15% of its capital to ONyc liquidity. Issuer-funded exits already exist ↗

02 · The proofSee who actually got paid.

Captured ONyc loan. Kamino's actual program. Local test funds.

Settle

Debt repaid. Collateral delivered.

The locked cash repays the lender. The provider receives ONyc, and any surplus returns to the borrower. Every leg settles together.

One transaction · no DEX
ONyc / USDC · KaminoRun to verify
One transaction · Kamino + Bidwall
Escrow pays
— USDC
Debt repaid
— USDC
Borrower surplus
— USDC
Provider receives
— ONyc
Kaminoliquidation · 1 txBid escrow— USDCSeized collateral— ONycLender— USDCBorrower— USDCProvider— ONyc

Run the scenario to fill in measured amounts.

Measured amounts appear after settlement. Large-scale coverage remains illustrative.

Capital from outside the issuer.

The provider
Seeks a purchase discount. Takes credit, price and redemption risk.
The issuer
Could rent exit capacity instead of funding it from its own balance sheet.
The lender
Can inspect locked funds, a fixed price and an expiry. Capacity is finite.

Prototype · no outside provider has committed capital · no public contract deployment

03 · Dig deeperInspect the evidence.

Safety checks View checks
Run to verify

The money is locked

Withdrawing before expiry is refused by the program. The funded capacity stays committed until it is spent or the term ends.

Run to verify

Kamino decides, not us

Liquidating the loan while it was healthy (65.4% LTV) was refused by Kamino's own program.

Run to verify

A stale fill is refused

Repeating the first settlement with its old bid expectation is refused after that bid has been filled.

And when the money runs out, it says no.

1 · Funded exactly—USDC, enough for one liquidation
2 · Spent to zero—USDC left after buying — ONyc
3 · Next liquidation—USDC requested, nothing left to pay itRefused · bid exhausted

Run the scenario to see the exhaustion replay.

Transactions and receipt Full local record
Execution recordNo run yet

Run the scenario to record every transaction.

Receipt
Status
—
Started
—
Source slot
—
Bid
—
Loan
—
Delivered (raw)
—
Fixture
—
Market depth and sources 12 Oct 2026
Cost to sell, by sizeJupiter sell quotes for Kamino collateral · 12 Oct 2026
  • ONyc
  • AUTO · USDe
  • Issuer-funded exits
0%-25%-50%-75%-100%$100k$1M$5MONyc -43%AUTO -98%USDe -80%Issuer-funded ≤ −0.2%FWDIno route at any size$22.7M collateral

Our snapshot measured $446M of stablecoin debt against RWA and yield tokens on Kamino. Quotes are observations, not executed trades or proof that every exit fails.