Capital Markets
Credit Tier Oracle
Continuous, ZK-attested credit signals for every counterparty on Caviar. Five proprietary tiers derived from on-chain behavior — payment performance, anchor counterparty quality, geospatial footprint, document depth, KYB credential, and lien registry history. Updated on every event, not annually. Bankable counterparties incumbent ratings infrastructure cannot see.
Caviar tiers are proprietary platform credit grades, not formal credit ratings. They are not issued under NRSRO (US), ESMA-registered CRA (EU), or MAS-licensed rating agency authorization. For securitization tranches that require formal ratings, Caviar provides structured pool data feeds to KBRA, DBRS Morningstar, or S&P, who issue ratings under their own methodologies.
Key figures
How it works
From on-chain behavior to bankable credit signal.
Six dimensions composited inside a TEE
A Zambian smelter with three years of on-time payments to Glencore, clean lien registry, and satellite-confirmed warehouse activity generates a richer credit signal than audited financials from a weak-accounting jurisdiction. The Credit Assessment Enclave runs the composite model on event-driven inputs.
Payment events from the Settlement Rails, document attestations, geospatial oracle updates, KYB credential events, and lien registry registrations stream into the Compliance Enclave on every transaction.
Payment performance is weighted highest, then anchor counterparty quality, document depth, geospatial footprint, KYB quality, and lien history. Model weights remain inside the enclave; only the tier output is published.
Event-driven, ZK-attested, asymmetric
Tier downgrades publish immediately on threshold breach — payment defaults can't hide. Tier upgrades require a 30-day stability window, preventing gaming through temporary score manipulation.
Each tier change is accompanied by an SP1 proof that the tier was correctly computed from attested inputs, without revealing component scores or model weights. Verifiable on-chain in a single proof check.
Advance rates, pool eligibility, repo haircuts, and margin requirements update automatically on tier-change events. Pricing and risk decisions are programmatic, not committee-driven.
Capabilities
Behavioral signals incumbents cannot replicate.
Payment performance dimension
On-time settlement history across all STCF facilities — the highest-weighted dimension. Days-past-due distribution, cure timing on delinquencies, default events. A single default is a strong negative; sustained prompt repayment drives Tier I status.
Anchor counterparty pass-through
A DRC cobalt aggregator transacting exclusively with Tier I anchors (Glencore, CATL) carries a structural credit benefit. Anchor quality is a discrete dimension, scored against the Caviar tier of each anchor or external reference data for non-platform participants.
Geospatial operational footprint
Verified warehouse history, vessel activity patterns, port throughput, satellite-corroborated production. Sudden location shifts or activity inconsistent with stated operations are negative signals.
Document history depth
Volume, frequency, and diversity of ZK-attested invoices, bills of lading, inspection reports, certificates of origin. Three years of monthly attested documents demonstrates sustained operational capacity.
Asymmetric tier dynamics
Downgrades publish within one minute of threshold breach — defaults are immediately visible to all referencing contracts. Upgrades require 30 consecutive days above the upgrade threshold to prevent gaming.
Structured CRA data feed
For securitization tranches requiring formal ratings, Caviar provides authenticated pool-level analytics to KBRA, DBRS Morningstar, and S&P — pool composition by tier, weighted average tier, migration matrices, payment performance metrics — under each agency's own methodology.
Comparison
Traditional vs. Caviar
| Traditional | Caviar | |
|---|---|---|
| Primary signal | Audited financials filed annually | Behavioral on-chain data, real-time |
| Refresh cadence | Annual / on material event | Sub-minute, event-driven |
| Universe coverage | Investment-grade Western corporates | EM commodity supply chain participants |
| Methodology | Committee judgment, opaque | Deterministic, ZK-proven, auditable |
Use cases
Real-world applications
DRC cobalt PXF underwriting
A Zambian smelter without audited financials but three years of on-time payments to Glencore, clean lien registry, and geospatially confirmed activity scores Tier II — bankable for a $25M PXF facility no Western bank could approve.
Vietnamese SME APF inclusion
Garment manufacturer supplying Samsung Vietnam: 18 months of on-time invoices through APF, three reattested KYB renewals, no double-financing flags. Tier III at admission, upgraded to Tier II after stability window closes.
Securitization pool tier composition
CTFF Senior Tranche pool requires weighted-average Tier ≤2.0 for AAA-equivalent treatment. Pool-level Tier Composition ZK proof attests the aggregate tier without revealing individual borrower tiers.
Credit signals where audited financials don't exist.
Behavioral, geospatial, ZK-attested. The credit reference for the supply chains incumbents cannot underwrite.