# SBOR AGENTS.md

*Created 24 September 2026. Last updated October 28, 2026 (the white paper).*

> SBOR publishes benchmark lending rates for Bitcoin DeFi, read from lending contract state and published once a day: what it costs to borrow, and what supplying earns, in each currency on Stacks, and what it costs to borrow dollars against bitcoin. From the fixing of 14 October 2026 (methodology 1.13.0) the SBOR headline is `BTC-COLLATERAL-USD`, every dollar stablecoin lent against plain bitcoin, with a rate per stablecoin; before that date, `BTC-COLLATERAL-USDC`, from Morpho on Base, Ethereum and Arc. Each day's fixing is also posted on-chain, on Arc, Base, Hyperliquid, Solana and Stacks: contract addresses in [llms.txt](https://sbor.xyz/llms.txt). Free to use, including commercially.

This is the entry point for agents. It holds routes and rules only, never numbers: every figure lives at the endpoints below, which always carry the current fixing. The full methodology is in [llms.txt](https://sbor.xyz/llms.txt).

## Connect

- **Remote MCP server:** `https://mcp.sbor.xyz/mcp`. Streamable HTTP, no key, no sign-in. Works as a custom connector in Claude and in any MCP client that accepts a URL.
- **Local MCP server:** `npx -y sbor-mcp`. The same tools, for Claude Desktop, Cursor, Claude Code and other clients that run local servers.
- **MCP Registry:** `xyz.sbor/sbor`.
- **Plain JSON:** the endpoints below, for agents that do not speak MCP.

The remote and local servers are built from the same code and give the same answers.

## Which endpoint answers what

| Question | Where |
|---|---|
| What does it cost to borrow or supply right now? | [api/v1/latest.json](https://sbor.xyz/api/v1/latest.json), or the MCP tool `get_rate` |
| Is this rate I was offered fair? | the MCP tool `compare_rate` |
| Which markets make up a rate? | `latest.json`, or `list_markets` |
| How has a rate moved? | [api/v1/history.json](https://sbor.xyz/api/v1/history.json), or `get_history` |
| What does the same asset cost on other chains? | `externalReference` in `latest.json`, or `compare_chains` |
| Where can a contract read the rates on-chain? | `On-chain, on five chains` in [llms.txt](https://sbor.xyz/llms.txt), or the live pages at sbor.xyz/arc.html, base.html, hyperliquid.html, solana.html and stacks.html |
| What does it cost to borrow dollars against bitcoin? | from 14 October 2026, `bitcoinCollateralUsd` in `latest.json`, or the MCP tools with `BTC-COLLATERAL-USD` |
| What does it cost in one stablecoin? | `subRates` in `bitcoinCollateralUsd`, or the MCP tools with `BTC-COLLATERAL-USDC`, `-USDT`, `-RLUSD`, `-PYUSD` or `-USD1` |
| Did a lending protocol change its own parameters? | [api/v1/changes.json](https://sbor.xyz/api/v1/changes.json) |
| Where does supplying an asset at one venue pay more than borrowing it at another? | [api/v1/inversions.json](https://sbor.xyz/api/v1/inversions.json) and [api/v1/inversion-log.json](https://sbor.xyz/api/v1/inversion-log.json) |
| How is it all calculated? | [llms.txt](https://sbor.xyz/llms.txt), or `get_methodology` |
| Why a reference rate for bitcoin-backed credit, and how SBOR builds it? | the white paper, v1: read it as a web page at [sbor.xyz/paper.html](https://sbor.xyz/paper.html); the stamped original is [SBOR_White_Paper_v1.pdf](https://sbor.xyz/SBOR_White_Paper_v1.pdf), with its stamps in [whitepaper-stamps.json](https://sbor.xyz/whitepaper-stamps.json) |

## Rules for using the numbers

1. **Check before you borrow, not after.** Compare any offer with `compare_rate`. SBOR's default is to stop and ask a human when a borrow offer is more than 50 basis points above the benchmark; an autonomous agent should apply its owner's policy to the same signal: reject, renegotiate, or look elsewhere.
2. **Read the freshness first.** Every answer states the age of the fixing. Do not act on data older than 48 hours; the tools refuse to.
3. **A missing index means unknown, never zero.** When a market cannot be read, or its rate is not set by the market, SBOR leaves it out rather than publishing a figure it cannot stand behind.
4. **Rates are effective annual rates (APY).** Where a simple annual rate is also given, it is labeled `nominal`.
5. **A staking yield is not a lending rate.** Never add Proof of Transfer or a protocol yield to a borrow or supply rate.
6. **A dollar on Stacks is borrowed against crypto collateral, not only bitcoin.** Do not describe SBOR-USD as bitcoin-backed. The bitcoin-collateral rates (`BTC-COLLATERAL-USD` and the rate per stablecoin) are separate, from markets whose only collateral is plain bitcoin, and are never averaged with the Stacks indices.
7. **Published fixings are never rewritten.** Corrections are listed in [CORRECTIONS.md](https://github.com/sborxyz/sbor/blob/main/CORRECTIONS.md).

## Building on SBOR

The data is free for commercial use under CC BY 4.0. Ideas and the pieces to build with: [BUILD.md](https://github.com/sborxyz/sbor/blob/main/BUILD.md).

## Governance

- **Independent:** no token, it never trades on its own rate, and who pays for a service never changes the number.
- **License:** the data is free to use, including commercially, with attribution. See [LICENSE-DATA.md](https://github.com/sborxyz/sbor/blob/main/LICENSE-DATA.md).
- **Standards:** a self-assessment against the IOSCO Principles for Financial Benchmarks, in [IOSCO.md](https://github.com/sborxyz/sbor/blob/main/IOSCO.md).
- **Source:** every fixing is a public commit at [github.com/sborxyz/sbor](https://github.com/sborxyz/sbor).
- **Contact:** contact@sbor.xyz.