Tokenised shares · Ethereum
Switzerlend AG C1 Shares SHA LENDS
A tokenised ownership interest in a company. Company performance, shareholder rights and the availability of buyers affect its value.
Sample protocol snapshot. These figures are not the current protocol state.
Assessment overview
The assessment could not be loaded. Available protocol data is shown below.
Risk data & lending terms
Lending terms
Effective annual interest
2.17%
Current rate, adjusted for retained reserve
Retained reserve
40.0%
Current share of gross minted debt
Global minting limit
1.0M ZCHF
Across all originals · 2.5% used
Effective interest = (base rate + contract premium) ÷ (1 − retained reserve).
Positions & price exposure
Price exposure
0 ZCHF (0.00% of this asset's debt) is within 10% of its configured liquidation price at the last observed market price.
The last price observation is 1580 hours old; this asset's monitoring window is 72 hours. Price-based figures describe that earlier observation.
Collateral value / debt
340%
reference-priced collateral ÷ debt across the considered positions
Nearest price cushion
reference-price distance to the highest configured liquidation price · median 70.6%
Positions considered
2
active, with debt, at 68.0 CHF / LENDS
Debt by price cushion
- ≤ 0%–
- 0 – 5 %–
- 5 – 10 %–
- 10 – 20 %–
- 20 – 40 %–
- > 40 %24.9k
Positions nearest their liquidation price
| Position | Price cushion | Debt ZCHF | LENDS | Liq. price | State |
|---|---|---|---|---|---|
| 0x2abCf3…ADcf3Av2 · clone | 70.6% | 14.9k | 745.00 | 20.00 | open |
| 0x224Bc8…41e0D5v2 · original | 70.6% | 10.0k | 500.00 | 20.00 | open |
Cushion = reference-price distance to the configured liquidation price. Reference price: 68.03 CHF.
What if the price falls?
Explore debt at or beyond its configured liquidation price. Positions and parameters stay unchanged. This estimates threshold exposure, not liquidation proceeds or losses; comparisons assume 1 ZCHF = 1 CHF.
Starting price: 68.03 CHF / LENDS, observed 07 Sept 2026, 14:22 UTC. This scenario uses an unverified or outdated reference price.
0 ZCHF (0.00%) across 0 positions at or beyond their configured liquidation price.
Scenario price: 61.23 CHF
Compare price scenarios
| Price drop | Reference CHF price | Debt beyond threshold | Share of asset debt | Positions |
|---|---|---|---|---|
| 0% | 68.03 | 0 ZCHF | 0.00% | 0 |
| 10% | 61.23 | 0 ZCHF | 0.00% | 0 |
| 20% | 54.42 | 0 ZCHF | 0.00% | 0 |
| 40% | 40.82 | 0 ZCHF | 0.00% | 0 |
Positions
| Position | Owner | LENDS | Minted ZCHF | Coll. ratio | Liq. price | Effective interest | Reserve | Auction | Expires |
|---|---|---|---|---|---|---|---|---|---|
| 0x2abCf3…ADcf3Av2 · clone | 0x6bB1…8031 | 745.00 | 14.9k | 340% | 20.00 | 2.17% | 40% | 4 d | 06 Feb 2027 |
| 0x224Bc8…41e0D5v2 · original | 0x01DD…d9BB | 500.00 | 10.0k | 340% | 20.00 | 2.17% | 40% | 4 d | 06 Feb 2027 |
Effective interest includes the reserve adjustment. Collateral ratio = collateral value at the current price ÷ minted. Open a position on app.frankencoin.com ↗.
Changes & sources
Governance reference: not linked. A discussion link and a published assessment do not by themselves verify an adopted parameter set.
All protocol parameters
Reference market price
68.03 CHF
$84.02
Minted ZCHF
24.9k
debt against this collateral
Remaining aggregate limit
975.1k
of 1.0M ZCHF total limit
Estimated collateral value
84.7k CHF
1'245.00 LENDS locked
Open positions
2
2 total · 1 original / 1 clones
Debt / collateral value
29.4%
debt ÷ reference-priced collateral
Contract risk premium (V2)
0.30%
risk premium above the lead rate
Annual fee rate on gross debt
1.30%
= base rate + contract premium, before reserve adjustment
Challenges
0
active · 0 total
Source: protocol aggregate (api.frankencoin.com/ecosystem/collateral/stats) · price via thegraph (07 Sept 2026, 14:22 UTC)
Community discussion
#80 · Acceptable Collaterals · opened 30 Sept 2025 by florian-oss · 5 comments · ▲ 2 · matched by title
Original post (show)
This proposal suggests adding LENDS tokens (tokenized shares of Switzerlend AG) as collateral for minting ZCHF. Switzerlend AG (operating as LEND.ch
) is Switzerland’s leading peer-to-peer lending platform, active since 2015, with consistent growth and yearly revenues of around CHF 5 million.
While LENDS tokens represent equity in a stable, revenue-generating business, the absence of a liquid secondary market requires a conservative collateral framework.
Collateral Parameters
Collateral Asset: LENDS tokens (tokenized shares of Switzerlend AG)
Reserve Ratio: 50%
50% of the minted ZCHF is locked directly in the reserve
Provides strong protection against downside and illiquidity risk
Stability Fee (Interest): 1%
Interest is applied to the full collateral, including the reserved portion
Effective rate ≈ 2% on the usable amount (aligns with prevailing CHF interest rates)
Liquidation Considerations:
Given the private-equity nature of LENDS tokens, liquidation costs for minters are intentionally high
This ensures that only long-term aligned holders will choose to collateralize
Rationale
Proven Business Model: LEND.ch has been steadily growing for nearly a decade and operates in a regulated Swiss financial environment.
Revenue Base: CHF 5M annual revenues provide underlying stability to the equity token.
Risk Mitigation: The high reserve ratio offsets the lack of liquidity, while still making the collateral usable.
Rate Alignment: Effective cost of 2% mirrors Swiss CHF credit conditions, keeping the system competitive but prudent.
Comments
florian-oss · 30 Sept 2025 · ▲ 2
lend.ch has been profitable for 2 years and is operating cash flow positive since one year
luziusmeisser · 03 Oct 2025 · ▲ 1
I would welcome LEND as a new asset in the Frankencoin system.
Regarding the parameters, I would suggest to set them as follows (assuming the price is fair):
The price can be adjusted later, but 50 CHF is a good start when assuming a market price of 67 CHF. With a reserve of 40%, this means that the system will incur a loss if the price falls below 30 CHF per share, which implies a valuation of about 20 million for the company given the number of shares in circulation. Is this a fair valuation? Would be good to have the latest projections with regards to revenue and profits for 2025.
Btw: the LEND token is available for sale here: https://shares.lend.ch/
There, you can also find more information about the company.
lclc · 03 Oct 2025 · ▲ 2
Can you apply the same structure as in the other proposals so it's easier for others to understand it? e.g. this one #79 or #13
So it covers points like Liquidation Price, Minting Limit etc.
Or is this to be discussed here with inputs from others?
In my opinion, private / startup equity should be only a very small part of ZCHF collaterals in total (not talking about this one in specifics).
florian-oss · 03 Oct 2025 · ▲ 2
LEND has been profitable for 2 years now and is now even operating cash flow positive and now has a (constantly growing) net cash position of CHF 2.6 million.
For the full year 2025, LEND expects a CHF 4.6 million revenue, that shd generate an EBITDA of roughly CHF 0.8 million.
Approx. 50% of revenues are from recurring fees.Here are a few KPI's:
Revenue
1H 2025
CHF 2.3 millionFY 2024:
CHF 4.01 millionFY 2023:
CHF 3.45 millionNet Profit:
1H 2025
CHF 0.4 millionFY 2024:
CHF 0.11 millionFY 2023:
CHF -0.33 millionluziusmeisser · 03 Oct 2025 · ▲ 1
Great, thanks, according to this chart from finrofca, typical revenue multiples for fintechs in the lending business are 7:
This would give Lend a valuation of 32 million or about 45 CHF per share, so 67 CHF seems somewhat overvalued and 50 CHF within the range of reason.
For the proposal process, all the FPS need to think about regarding the price is: are we confident that the initial price is above 50 CHF * 0.60 = 30 CHF? If a price of 50 CHF is proposed and someone thinks the true value is only 45 CHF per share, they should launch a challenge during the proposal process.
In short: the FPS holders should veto the proposal if they think the fair value per share is below 30 CHF. And the person making the proposal should only do so if they are confident that the fair value is above 50 CHF. It the fair value is below that, the proposer will make a loss as soon as someone challenges their position and no one is willing to pay more than 50 CHF per share.
