Tessera

The Safest Place to Borrow Against Tokenized Stocks

Tessera is a non-custodial lending protocol for tokenized equities, with an autonomous AI agent that watches every loan around the clock and steps in to prevent liquidations — built for a world where stocks trade 24/7 but the market behind them doesn't.

The Problem

Tokenized stocks (tAAPL, tTSLA, tSPY) trade nights and weekends, but the real stock market is closed.

Price gaps build up overnight while no one can react, and leveraged positions cross the liquidation line in their sleep. Today's lending protocols were built for always-on crypto, not for assets that go dark on a schedule.

The result: borrowers get liquidated through no fault of their own — suffering both a forced loss and a liquidation penalty.

The Solution

Tessera combines a conservative, market-aware lending vault with The Watcher — an autonomous AI risk agent that monitors every position approximately every 10 seconds.

When a position drifts toward danger, The Watcher automatically repays part of the debt using USDC the user has pre-approved, helping prevent liquidation before it happens.

Protection automatically becomes more conservative during the highest-risk periods:

• After-hours trading

• Weekends

• Earnings events

Deposit → Earn → AI Protects

How It Works

1. Market-Aware Oracle (PriceGuard)

Prices flow through an oracle-policy contract enforcing:

• Staleness checks

• Dual-feed deviation guards

• Off-hours LTV haircuts

Borrowing power automatically tightens when overnight gap risk is highest.

2. The Watcher (Autonomous Agent)

The Watcher continuously monitors health factors.

Its financial decisions are 100% deterministic:

• A rules engine decides whether intervention is required.

• The language model only generates human-readable explanations.

• The LLM never controls funds.

3. Executor, Not Custodian

The agent can only:

• Reduce a user's own debt

• Use allowances explicitly granted by that user

Users can revoke permissions at any time.

On-chain safety caps enforce:

• ≤ $10,000 per transaction

• ≤ $25,000 per day per user

4. Fails Safe

The Watcher publishes an on-chain heartbeat.

A permissionless backstop is built so that, once enabled, anyone can liquidate positions if the agent goes offline.

The protocol never depends on a single service remaining operational.

What We Built (Live on Testnet)

Smart Contracts (Rust + Arbitrum Stylus)

TesseraVault

• ERC-4626 USDC lending pool

• Tokenized-stock collateral support

• Borrow / repay / liquidate functionality

• Health factor calculations

• Two-level agent spending caps

• 15% reserve factor

• Bad-debt waterfall

• Market-closed protections

• Heartbeat system

• Permissionless backstop support

PriceGuard

Oracle policy and risk controls.

Lens

Read-only analytics and protocol views.

The Watcher

A production TypeScript agent providing:

• Continuous position monitoring

• Regime-aware risk protection

• Opt-in auto-repay functionality

• Enforcement of on-chain safety limits

Web Application

Complete user experience including:

• Lending

• Borrowing

• Dashboard

• Risk analytics

• Position management

Live Drill

A public demonstration allowing anyone to watch the AI rescue a real on-chain position in roughly one minute.

Risk API + MCP Server

The same risk engine is exposed as infrastructure that can be consumed by other AI agents and applications.

Documentation Layer

• Litepaper

• Documentation

• FAQ

• Blog

• Roadmap

• Security page

• Transparency page

Why Tessera Is Different

Purpose-Built for Tokenized Stocks

Designed specifically for the mismatch between:

• 24/7 token trading

• Traditional market hours

This is the exact failure mode generic lending markets ignore.

Deterministic AI

The AI is:

• Auditable

• Rule-based

• Bounded by on-chain limits

The LLM never touches money.

Radical Transparency

We clearly publish:

• What exists today

• What remains gated for mainnet

• Known risks and limitations

Both on-chain and in plain English.

No Token. Ever.

Revenue comes solely from a:

• 15% reserve factor on earned interest

There are:

• No emissions

• No governance token

• No insider exit liquidity

What's Real vs Mainnet-Gated

Live on Testnet Today

✅ Stylus vault contracts

✅ Deposits

✅ Borrowing

✅ Repayments

✅ Liquidations

✅ Autonomous AI protection

✅ Auto-repay functionality

✅ Market-aware oracle system

✅ Risk API

Named Mainnet Gates

Before mainnet launch, the following remain:

• Third-party security audit

• Licensed institutional price feed

• Securities and compliance clearance

• Seeded first-loss reserve

• Permissionless backstop activation

No real funds are at risk today.

This is a testnet product, and we state that openly throughout the platform.

Technology Stack

• Arbitrum Stylus (Rust → WASM)

• Robinhood Chain (Arbitrum Orbit L2, Chain ID 46630)

• Arbitrum Sepolia

• TypeScript

• Next.js

• Tailwind CSS

• viem

• wagmi

• Render

• VercelDocumentation

Roadmap

• EIP-712 signed standing protection instructions

• Collateral-funded protection

• Flash-funded protection (works without idle USDC)

• Durable multi-region agent infrastructure

• Agent failover systems

• Multi-model advisory intelligence

• Completion of all named mainnet gates

Team

Founder

Ritik Pandey
Founder & Full-Stack / Protocol Developer

Long-Term Vision

Build autonomous financial infrastructure for 24/7 tokenized-equity markets.

Tessera aims to become the trusted AI risk layer for tokenized real-world assets, helping users safely access leverage while reducing avoidable liquidations through transparent, deterministic automation.

Built and deployed the complete Tessera stack from concept to working testnet product.

• Developed three Rust / Arbitrum Stylus smart contracts: TesseraVault, PriceGuard, and Lens.
• Built The Watcher, an autonomous TypeScript risk agent that monitors positions and performs deterministic auto-repay within on-chain safety limits.
• Shipped a complete Next.js application with lending, borrowing, portfolio management, risk analytics, and a public Live Drill demonstrating AI-assisted liquidation prevention.
• Created a Risk API and MCP server so external AI agents can consume Tessera's risk engine.
• Wrote and published a litepaper, documentation, FAQ, roadmap, blog, security, and transparency pages.
• Deployed successfully on Robinhood Chain (Arbitrum Orbit L2, Chain ID 46630) and Arbitrum Sepolia.
• Integrated CI/CD across web, agent, and smart contract components.

Not currently raising.

Tessera is founder-built and bootstrapped. The protocol will never launch a token and generates revenue solely through a 15% reserve factor on earned interest. Current focus is completing the required mainnet milestones, including a third-party audit, licensed price feeds, securities and compliance review, a seeded first-loss reserve, and activation of the permissionless backstop.