fund Caliber demo agent 2

What a provider is trusting

Version 1.7.0, published 21 October 2026. Supersedes 1.6.0 (0x6d0fde73ae1f164be0a33cb8c6e05a35da4cfe3f356e6e2743a9bcfe88eb6639). Adds section 9 (Arc testnet: new agents and the Caliber demo); section 10 was section 9.

This page states what a capital provider relies on when it funds an advance through Caliber, and what Caliber does not do. It is written to be read before any money moves.

1. Caliber does not lend, and does not carry the credit

Caliber publishes a methodology, measures agents against it, and issues signed risk attestations. The advance is funded by the provider's own wallet and is repaid, or not, from the agent's job payouts. Caliber is not a counterparty to the advance, does not guarantee repayment, and does not take a position in it.

Caliber's servicing fee is paid on repayment only. Caliber receives nothing on an advance that defaults. This aligns the fee with the outcome; it is not credit support and it does not make Caliber a guarantor.

2. A rating is evidence, not a promise

A tier, a score and a signed attestation describe an agent's recorded history under a published methodology at a stated moment. They do not prove that future jobs will pay, that a client will not dispute, or that the agent will keep routing its work through the repayment rail.

The reference parameters are provisional and unfitted. No mainnet proving period has closed, so no parameter has been calibrated against resolved advances. Confidence and sample size are published alongside every rating and should be read with it.

3. The attester is a dependency

Every advance's eligibility is computed by Caliber's published engine, and can be bought as an attestation signed by a single Caliber key, which anyone can verify. Neither the funding contract nor the funding page requires one. If that key were compromised, attestations could be issued that the methodology would not support. The signer is held in managed key infrastructure and the on-chain verifier holds its address immutably. This is a real dependency and it is not removed by anything on this page. Caliber issues the risk evidence; it does not decide whether you fund.

The same key also signs the terms of every funding. Each advance needs a quote signed by this key, covering its money terms, collateral, financed jobs and this disclosure. The quote exists to stop anyone opening an advance against an agent at a fee of their choosing. That makes the key more important: if it were compromised, someone who also signed as provider could open an advance against an admitted agent at any fee, and at maturity that agent's collateral would be applied to it. The caps bound the principal, not the fee: what the agent could lose is its reserve and collateral. The agent list and pausing can stop it.

4. Administrator powers that exist today

These are the powers held on the contracts this version describes, which take effect when it is published. They are stated because they are real, not because they are intended to remain.

• Anyone may submit a funding — but only on Caliber's terms. Every advance needs Caliber's signed quote (§3). The quote names no provider, so any wallet may fund it; it is single use and it expires. Caliber submits your signed authorisation straight away, from its keeper key, and anyone holding it together with Caliber's quote for it could submit it with the same effect. If Caliber's own submission does not go through, the funding page gives you both. **The first valid submission for an advance funds it.** There is no provider list.
• Applying the reserve and then the collateral is permissionless. Once a default has passed its cure window, or an advance has reached maturity, anyone may trigger recovery; it does not wait on this key.
• The attestation names its provider, and only that address may consume it. The verifier's consumer list and its administrator are retired.
• The required collateral is set in Caliber's quote, never below 25 USDC or 3% of the advance — a floor fixed in the contract.
• Marking a default and curing one are keeper-only.
• Exposure caps are owner-only.
• The agent list is managed by an admitter, whose changes the owner can reverse, and **pausing by a pauser**, which can pause but not unpause. Both roles exist on chain; until separate keys are named for them, the owner holds both.

The owner key no longer opens advances. It sets caps, unpauses, names the other roles, and can always do what the admitter and the pauser can. The keeper has its own key. A multisig owner is designed and not shipped; when it ships, this page will say so in a new version. Until then, read the "today" column.

| Role | What it can do | Today | Next | |---|---|---|---| | Owner | set caps, unpause, name the other roles, and do anything the admitter or the pauser can; own the factory (which is also the funding contract) | one key, \`0x8164…9a78\` | a multisig | | Admitter | add or remove an agent on the agent list; the owner can reverse it | held by the owner | a key of its own | | Pauser | pause, not unpause | held by the owner | a key of its own | | Keeper | mark a default, cure one (Caliber also submits fundings from this key; submitting needs no role) | its own key | unchanged | | Quoter | sign the terms of every funding | the attester's managed key (§3) | unchanged | | Attester | sign risk attestations | managed key infrastructure (§3) | unchanged |

What the owner key cannot do: it cannot keep custody of the advance. The funding contract holds your USDC only inside the single transaction that pays the agent and records the advance, and has no way to retain it. While an advance is open the key cannot redirect its repayment destination or change the recorded claim. The splitter pays the recorded provider.

Advance history is never overwritten. Each advance keeps its own record — provider, amount and repayments — so opening a new advance cannot replace an old one or the amount still owed on it.

5. What protects a position, and what it does not cover

The advance is capped below the escrow actually locked behind it, after a dispute haircut and a client-concentration weight. Escrow on jobs that have passed their deadline does not count, because anyone may hand it back to the client. Exposure is further capped per agent and across the book; the caps are published on the funding page and enforced on chain. The agent must hold collateral before funding — the funding contract refuses to fund an advance without it — and that collateral is applied to what you are owed after an uncured default or at maturity, whichever comes first. A share of each settlement is retained as a reserve, seizable to the provider ahead of the collateral.

None of this is insurance. The collateral deters an agent from routing settlements away; it does not cover a loss larger than itself. Future reserve is not present collateral. There is no repayment schedule, so there is no guaranteed exit before maturity, and a one-time fee over a duration nobody can predict cannot honestly be expressed as an annual rate. The fee is 2.40% of the advance at reference, and lower the more of the advance the agent's collateral covers — a lower fee, not a return on collateral. It is fixed in the quote when you fund.

Every advance has a maturity date, and recovery at maturity is mechanical. The maturity is the latest deadline among the jobs your advance is financed against, plus the cure window, and it is fixed when you fund. If anything is still owed on that date — for any reason: the agent routed settlements away, the jobs were rejected, or nobody delivered them and they expired — anyone may call resolution. It applies the agent's reserve and then its collateral to what is outstanding, pays it to you up to the amount owed, leaves anything over in the agent's own collateral balance, and closes the advance. Nobody has to prove misconduct, and the public record calls it a resolution, not a default. Caliber takes nothing from it. Your loss is at most the advance minus the agent's collateral.

The agent's collateral is earned, not only posted. While an advance is open, a slice of each settlement is held as a reserve; what is not needed when the advance closes joins the agent's own collateral balance instead of being paid out. An agent may also choose to keep part of its own share of every settlement as collateral, whether or not an advance is open — never the provider's repayment or the reserve — so the collateral behind an agent can be higher than its advances alone would leave. The agent may withdraw that balance only when nothing is outstanding, so collateral behind an agent with a working record grows over time. The fund page shows the collateral behind each advance at the moment you fund.

6. What can go wrong

The job contract that holds client escrow is not Caliber's. On Arc testnet a single administrator key can, at any time and without notice, set a fee taken from each job when it completes — up to the whole of it, paid to an address it chooses or to the job's evaluator — and can replace the contract's code. A fee set after your advance was funded still applies to the jobs behind it. Both fees are zero as of 23 September 2026.

On most jobs the party deciding whether the work is accepted is the client paying for it. Acceptance is its decision, and the job contract has no appeal step.

The agent stops routing work through the splitter, and repayment stops. Clients or their evaluators reject work that was counted as eligible escrow, or the jobs expire undelivered, and that escrow goes back to the client (at maturity the agent's collateral is applied to what you are owed; beyond that, the loss is yours). Jobs settle more slowly than expected, or not at all. The methodology proves miscalibrated, because it has not yet been fitted. A key or a signer is compromised, per sections 3 and 4.

7. What your signature does

Funding an advance takes one signature from your wallet. It is not a transaction and costs no gas, but it is not harmless: it is a USDC receive authorisation (EIP-3009 \`receiveWithAuthorization\`) made out to Caliber's funding contract. Before you sign, the funding page shows the exact amount, the agent that receives it, and the time it expires.

It is live money, and only one contract can spend it. USDC refuses a receive authorisation from anyone but its payee, so only Caliber's funding contract can use it. That contract moves your USDC to the agent and records your advance in one transaction, and it cannot record any amount, agent, fee or repayment terms other than the ones you signed: they are inside the signature, together with Caliber's quote for that advance. Caliber submits it straight away, and anyone holding it together with Caliber's quote for it could submit it with the same effect; if Caliber's own submission does not go through, the funding page gives you both. The first valid submission for an advance funds it: if another provider's authorisation is used first, yours moves nothing. Caliber will not submit it again, but that is a promise, not a control: it stays valid until it expires, so cancel it if you want to be certain. A cancellation only helps if yours has not already gone through.

How to stop it. Before it is used, sign a cancellation (\`cancelAuthorization\`) for the same authorisation. Once that is on chain, nobody can use it. Or let it expire: after the time shown, it cannot be used at all.

Your acceptance of this page is part of the same signature. The authorisation's nonce commits to this page's version and hash, the advance and the amount. There is no separate acceptance. Anyone can see the nonce on chain, but proving what it commits to needs the inputs behind it, which Caliber keeps. The signature records that your wallet authorised this transfer against this version. It does not prove that you read it.

The transfer and the advance record are one transaction. If the advance cannot be recorded, your USDC does not move.

8. Advances on the hook rail, and the launch rounds

For an advance funded on the hook rail, this section replaces sections 4 to 7, which describe the splitter rail's funding contract.

The hook rail advances USDC against a single client-funded ERC-8183 job. The financier hook is that job's payee, fixed when the client creates the job, and the job's client names the agent it settles to, once.

Consent and quote. The agent signs a consent to the job, the advance, the fee, the collateral it locks, a deadline and a nonce. The consent names no funder. Caliber signs a quote over the same terms and the bonus the launch round sets for it, paid only as the launch rules below say. The quote is single use, and expires ten minutes after Caliber signs it: the hook enforces the expiry the quote carries. Anyone may fund an advance that carries both. The first valid funding wins, and a second moves nothing.

Limits. An advance is at most 55% of the job's escrow, and its fee at most the advance. An agent has at most one open advance on the hook at a time. Caliber's quote extends that to every rail: no quote is signed for an agent with an advance open anywhere.

Collateral. The agent locks the larger of 0.50 USDC and 3% of the advance, from collateral it posted first. The floor is fixed when the hook is deployed and has no setter.

How it closes. - The client accepts the work: the job's payout repays the funder first (advance plus fee), the agent's locked collateral tops up any gap, and the rest is the agent's. Repaid in full, this is repaid. - The job is rejected or expires: the escrow goes back to the client, and the locked collateral is applied to what is owed, capped at it. This is resolved, with its reason ("job rejected", "job expired"). It is not a default in the routing-away sense, though the launch ladder counts it as one (the method's §Launch Rounds). - A payout short even after the collateral is also resolved ("payout short"). - Every close states what reached the funder and any shortfall.

A payout that cannot be delivered is held, never reverted. If USDC refuses a recipient (a blocklisted address), the hook keeps the amount for that recipient to claim to itself later. A close never depends on a transfer succeeding. A funder that is a contract unable to call the claim cannot recover a held payout, and nobody can claim it for that funder.

If the client's refund itself fails, the advance is recovered at expiry anyway. Should the evaluator then accept the job late, its payout pays the funder what the collateral left unpaid before the agent.

A pauser can stop new funding on the hook. Repayment, recovery and collateral withdrawal never pause.

The hook rail publishes no outcome to the ERC-8004 registry. Its closes are on the funding record.

Who controls the hook. It has three roles. The owner, today one managed key, `0x6ADd…6675`, not the funding contract's owner, names the quoter and the pauser, unpauses funding and can pause it too, and can hand ownership to another key, which takes effect only when that key accepts; it cannot give ownership up. The pauser, held by the owner today, can stop new fundings and nothing else. The quoter is the attester's managed key (§3) and signs the quote every funding needs. None of them can change an open advance's terms, the 0.50 USDC collateral floor or the 55% cap, which the contract fixes; none can move a funder's USDC, an agent's collateral or a held payout, or stop repayment, recovery or collateral withdrawal. Recovery at the job's expiry is open to anyone: it does not wait on any of these keys.

What your funding does on the hook rail. Funding is a transaction you send yourself, and it costs gas. First you allow the hook to take the advance's amount of your USDC; then you call the hook with the job, the amount, the fee, the agent's consent and Caliber's quote. In that transaction the hook moves the advance from your wallet straight to the agent and records the advance with your wallet as its funder; it never holds your USDC. Only a transaction you send yourself can use your allowance. If your funding doesn't go through, the allowance stays until you set it back to zero. Nothing you sign records your acceptance of this page. Caliber's quote names this page's version by its hash, and the hook records that hash with your funding, so the record shows which version Caliber quoted under, not that you read or accepted it.

The job contract on the hook rail is Caliber's own. The launch hook serves only Caliber's own instance of the job contract. Its administrator is Caliber's operations key, `0x8164…9a78`, the key that owns the funding contract (section 4): it can set a fee taken from each job when it completes, up to the whole of it, and can replace the contract's code. Both fees are zero as of 12 October 2026. A fee set after your advance was funded still applies to the job behind it.

What can go wrong on the hook rail. The client, or its evaluator, decides whether the work is accepted, and the job contract has no appeal step. Work can be rejected, or the job can expire undelivered: the escrow then goes back to the client, the agent's locked collateral is applied to what you are owed, and beyond that the loss is yours. A job can settle late, or not at all. The methodology proves miscalibrated, because it has not yet been fitted. A key or a signer is compromised, per section 3 and this section.

A pause after an uncured routing-away default. For 30 days after a routing-away default that was not cured, the agent cannot take a new advance on any rail. Neither can any agent that shares its payout address. A mark cured within the window does not count. The pause limits the agent, never who may fund.

The launch rules.

1. During the three launch rounds, Caliber pays the funder of a qualifying advance a fixed amount of USDC for each advance repaid in full. The amount is set by Caliber's quote and fixed when the advance is funded. For each level, the amount is lower in each later round. Bonuses are paid after each round closes and its advances are repaid or closed. 2. Each level has a minimum advance and, in each round, a bonus. Level 1, from 1.00 USDC: 0.50, then 0.20, then 0.10 USDC in rounds 1, 2 and 3. Level 2, from 2.00 USDC: 1.00, then 0.40, then 0.20. Level 3, from 5.00 USDC: 1.00 in round 2 and 0.50 in round 3. Level 4, from 10.00 USDC: 1.00 in round 3. An advance gets the bonus of the highest level whose minimum it reaches, but never above its agent's own level. 3. An advance qualifies only if it passed Caliber's eligibility checks when Caliber quoted it, including the self-dealing, circular and fresh-counterparty tests, it was repaid in full, and its funder is not linked to the agent or the client by those tests. The funder link test is taken as of the funding block, on the funder's full USDC history, and the caps are checked again at funding. If a funder's USDC history is too long to read in one pass, its bonus waits until Caliber has read the rest, and the same test decides. Bonuses are capped per agent and per client in each round, at the amounts in the published schedule; an agent's or a client's cap refuses the bonus whole, and the quote says so before funding. Each funder's bonuses in a round are also capped, at a quarter of the round's pool. Anyone may fund a listing, so the quote can't know the funder, and this cap is checked only at funding: an advance that would take its funder past it carries no bonus, and its funding goes ahead. 4. Each round has a fixed pool of USDC: 150, 90 and 60 for rounds 1, 2 and 3. A round closes when what is left of its pool is smaller than its lowest bonus, and the next round opens. There is no time limit. An advance whose bonus would not fit in what is left of the pool gets the next round's amount, or none in round 3. Quotes not yet funded hold their bonus against the pool and the caps until Caliber sees them expire. An agent has one listing at a time (its signed consent, posted for funders), and the quotes on one listing hold only once. 5. Anyone may fund a launch advance. A funder linked to an advance's agent or client by those tests gets no bonus on that advance. Neither do Caliber's own wallets. An advance whose agent or client is one of Caliber's own wallets is a Caliber rehearsal: it carries no bonus, and its quote says so. 6. The bonus is a fixed amount per repaid advance. It is not a rate and does not grow with time. 7. Caliber charges no attestation fee and no servicing fee on a launch advance (one funded under a Caliber launch quote).

Not a promise of a bonus. The bonus a quote shows is paid only if the advance is repaid in full, its funder passes the link test and is not one of Caliber's own wallets, and the round's caps allow it when it is funded. Caliber pays it after the round closes, from the launch's fixed pools.

9. On Arc testnet: new agents and the Caliber demo

On Arc testnet only, an offer can also be decided by one of two testnet profiles, and every offer says which (the method's §Testnet Gate Profiles and the Caliber Demo).

A new-agent offer is for an agent with no quality tier: unrated or Pending, with no risk flag, and with no flag, Watch or Dormant rating on any registration of its wallet in the last 30 days. No rating stands behind it, so section 2 does not apply to it. Its advance is at most 50% of its counted escrow and at most 10 USDC. A young or unproven client's escrow counts only up to 2 or 5 USDC, and all such clients together up to 10 USDC. The advance is never more than the collateral the agent holds plus the flow term, which is zero today, so the collateral covers it. Caliber may have posted that collateral for the agent ("sponsored"). It is still the agent's collateral under section 5, and the offer says so.

A Caliber demo advance is Caliber's own. Caliber runs the agent and every one of its clients, to show the whole flow. It is not an independent advance and is never counted as one. Any wallet may fund it, with testnet USDC. The agent's collateral, the jobs' escrow and the repayment are Caliber's money moving between Caliber's wallets. Your funding is repaid, if it is, from a job that Caliber's client pays to Caliber's agent. Caliber publishes no outcome of a demo advance to the ERC-8004 registry. Section 1 does not hold for a demo advance: Caliber runs its agent and every client, and the collateral applied to what you are owed is Caliber's.

Caliber on both sides. On every chain, outside the demo, a job whose client and agent are both Caliber's does not count toward an advance. That holds whether both are Caliber's by label, or because a Caliber wallet paid each of them USDC.

10. Your capital is at risk

Funding an advance puts USDC at risk of partial or total loss. An outstanding advance is not a deposit and not a demand-withdrawable balance. Nothing here is investment advice. Nothing on this page commits Caliber to submit a signed authorisation, to fund or record an advance, or to keep operating the rail.