Audited, non-custodial smart contracts on Cardano. V1 has been live since 2025, with V2 launching next.

The Surf protocol

Markets, portfolio, leverage, staking and analytics in one product built and operated by our team.

The Surf app

Batchers, oracle operations, liquidation and leverage workers, and the monitoring that keeps them honest.

The infrastructure

Community Pools, the public API and documentation give projects a way to create markets on Surf and build tooling on top of the protocol.

Tools for builders

 Flow Labs builds and operates the main product.

 Treasury use, selected fee parameters and listings, over time.

 Liquidation and batching infrastructure (planned).

We think about the product as a whole rather than in parts, and put user experience and product excellence first. What matters is whether people use what we build.

Product first

We weigh every design decision from the perspectives of lenders, borrowers and stakers, and balance the benefits across all three. A market only works when every side of it is treated fairly.

Users at the center

Surf has completed two independent audits, accepts private vulnerability reports and publishes the V1 smart-contract source for anyone to verify. The V2 audit, known-issues register and public bug bounty will follow. 

Security at the forefront

Surf DAO governance will take on more responsibility for treasury use, protocol parameters and listings over time. We also plan to open liquidation and batching infrastructure to community operators.

Progressive decentralization

When we started in 2025, lending on Cardano came in two flavours. Pooled markets supported only a short list of assets and imposed hard borrowing caps. In peer-to-peer order books, borrowers posted their own APR, loan term and collateral, then waited for a lender to fill the request. Alternatively, they had to accept the terms of an existing lender offer. Neither model offered the experience, or met the needs, of a huge portion of Cardano-native token holders.

Lending came in two flavours

Isolated pooled lending markets with perpetual loans and rates that follow utilization. Each market isolates its risk from the others, and there is no fixed repayment date; you repay when it suits you. We also introduced 

, the first features of their kind on Cardano, and tools people didn't know they wanted until they had them.

So we built Surf V1

Demand showed up quickly. At its peak, more than 

, worth around 13M ADA, was locked in Surf loans. That was several times the cap available elsewhere at the time. For many token communities, Surf was the first place holders could borrow without selling.

Today Surf is one of Cardano's most active lending protocols; total value locked recently peaked at 

 combines dynamic rates, time-based lender interest, multi-collateral pools and Community Pools. Together, these features take Surf to the next level: fairer, more flexible and more competitive for stablecoin liquidity.

One of Cardano's most active lending protocols

Builders, passionate about Cardano.

We're engineers, designers, and DeFi power users

 who have been on Cardano since the early days. We build here because we believe in what this chain stands for. Its community deserves tools as good as its ideals.

Everything we ship is judged by two things:

 does it push what's possible on Cardano forward, and does it feel great to use. Innovation and user experience aren't separate goals for us; they're the same job.

Filters

Manage protocol operations and settings

Administration

Open a borrow, add more collateral, then fully repay using a managed QA wallet.

Open a borrow, increase principal via adjust borrow, add collateral, then fully repay.

Open a borrow, increase principal via adjust borrow, remove collateral, then fully repay.

Borrow, adjust with borrow, adjust with repay, then full repay using a managed QA wallet.

Open a borrow, remove collateral, then fully repay using a managed QA wallet.

Open a borrow, partially repay via adjust repay, add collateral, then fully repay.

Open a borrow, partially repay via adjust repay, remove collateral, then fully repay.

Deposit once, then partially withdraw to validate the remaining position.

Deposit once, then fully withdraw using a managed QA wallet.

Deposit, deposit again into the same position, then fully withdraw using a managed QA wallet.

Deposit, partial withdraw, second deposit, then full withdraw using a managed QA wallet.

Distribute accumulated pool rewards back into the liquidity pool.

Add Pool Rewards to Liquidity

View current fee accumulations across all active pools.

Check Pool Fees

Control batcher operations and protocol rewards

Protocol Services

Withdraw accumulated staking rewards from the protocol stake account.

Withdraw Staking Rewards

Administrative controls and system settings for Surf Lending Protocol

Service Controls

Administrative controls for Surf Lending Protocol

Admin Dashboard - Surf Lending Protocol

Admin Dashboard

Add accumulated pool rewards to the pool liquidity. This operation will transfer collected rewards to increase the pool liquidity.

View current pool fees balances across all lending pools. This will open a report showing accumulated fees for each asset pool in the protocol.

Check Pool Fees Balance

Temporarily disable all lending, borrowing, and liquidity operations. This will prevent supply, borrow, repay and withdraw orders from being processed by batchers.

Suspend Services

Withdraw all accumulated ADA staking rewards from the protocol pool addresses. This operation will collect all available rewards and transfer them to the respective pool rewards wallet.

Withdraw Pool Staking Rewards

Live pool data, on-chain activity, and derived protocol metrics. Data refreshes automatically.

Analytics

Appearance

View full 12-month forecast

Borrow {ticker}

Borrow Positions

Opens in a dedicated popup

Borrow against Cardano-native collateral without selling it.

Loan preview

Borrow

Provide the project, token and requested-market details, then pay the listing fee in SURF.

Apply and pay the fee

Surf reviews the asset, liquidity and price source, then confirms supported LTV, liquidation and interest-rate settings.

Review and configure

If approved, the isolated market goes live. If the application is rejected, the listing fee is refunded.

Launch or refund

After launch, the pool owner can manage the interest-rate curve within Surf-supported parameters.

Manage the market

Pool owners will be able to earn from activity in markets they help grow. Detailed economics will be shared before the full listing programme opens.

Earn from activity

The pool owner will be able to modify the interest curve within Surf-supported parameters and safety controls.

Manage your pool

Community Pools will let Cardano projects launch dedicated lending markets without a lengthy governance process. Holders can borrow against their token, traders can leverage long, and anyone can supply liquidity.

Your own market

What review checks

Reach out to the Surf team

Launching markets on Surf, streamlined.

Confirm Action

Currency

12-month linear projection for your {ticker} debt

Debt Forecast

REST endpoints for markets, pools, positions, rates and protocol stats. This is the same data that powers the Surf app and the 

Protocol documentation: pool types, interest model, orders and batchers, liquidations, migration, and the full glossary.

Docs

The V1 smart contracts are open source and audited. V2 contracts (written in Aiken) will be open-sourced at a later date, alongside the audit reports on the 

Open source

For wallets, aggregators, dashboards or bots, open a ticket in Discord. We will help with endpoints, test data and direct access to the team.

Building an integration?

Developers

Block Explorer

The docs go deeper on every topic, and the team answers in Discord every day.

Still have a question?

Frequently asked questions

Fully decentralized protocol governed by the community through transparent on-chain governance.

Community Governed

Earn higher interest rates as a lender or get the best borrowing rates in the Cardano ecosystem.

Competitive Rates

Algorithm automatically adjusts interest rates based on market demand to optimize capital efficiency.

Dynamic Rates

Access your funds instantly with no lock-up periods or get loans without lengthy approval processes.

Instant Liquidity

Protocol built with security-first approach and thoroughly audited by leading blockchain security firms.

Secure & Audited

Maintain control of your assets with non-custodial smart contracts powered by Cardano.

Self-Custody

A modern lending protocol offering the best experience for both lenders and borrowers on Cardano.

Why Choose Surf for Lending and Borrowing?

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Global Staking Stats

 Flow Labs currently builds and operates the core product. Additional control should move to the DAO deliberately, with security, user protection, and clear accountability guiding the transition.

SURF holders have already voted on which markets should be listed or removed from Surf.

Market listings and delistings

Treasury allocation decisions can move into community voting as governance expands.

DAO treasury

Community votes can gradually take on fee policy, protocol-revenue allocation, incentives, LTV limits, liquidation settings and interest models.

Protocol economics and risk

Future upgrades and additional responsibilities can move from Flow Labs to the Surf DAO deliberately over time.

Protocol evolution

A voice in the protocol's direction.

Surf is a capital-efficient pooled lending protocol enabling investors to earn interest and borrowers to obtain instant loans on Cardano.

Supply and borrow assets on Cardano with Surf - A capital-efficient pooled lending protocol

Surf Lending Protocol

Decentralized lending and borrowing on Cardano blockchain

Connect your Cardano wallet to the Surf protocol platform with a simple click.

Connect Your Wallet

Deposit your assets into the lending pool to earn interest.

Deposit Assets

Start earning interest on your deposits, or borrow assets against your collateral.

Earn or Borrow

Monitor your position, repay loans, or withdraw your assets at any time.

Manage Your Position

A streamlined experience designed for both novice and experienced users.

How Surf Works

Interest rate model

Surf?

Ready to

Common questions.

Protocol metrics

Earn,

Borrow &

Leverage

on Cardano

Earn

One-click leverage

Stake SURF

Four ways to use Surf.

More exposure from the same starting asset

The borrow loop, replaced with one capital-efficient loan

Two ways to close

Borrow ADA or USDM

Choose collateral and leverage

Add back as collateral

Route through DEX aggregator

Larger long, one loan

How Surf one-click leverage works

Increase exposure with assets you already hold.

Non-custodial, audited, and open to verify.

Liquidity providers

SURF stakers

Where protocol fees go

One-click & instant

Liquid staking

Twice-monthly airdrops

Collateral and LP positions count

Stake SURF to earn protocol revenue.

Dynamic, market-driven rates

Time-based interest

Full position control

Community Pools

Your positions stay live until you choose to migrate.

More control. Fairer rates. Open markets.

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App page for Decentralized lending and borrowing on Cardano blockchain

This calculation doesn't include borrowing costs ({apr}% APR) or potential liquidation risks. Always consider these factors in your strategy.

Markets overview