# Repo
Repo 是 Steakhouse Financial 的 Prime 和 High Yield Instant 金库产品线中使用的核心借贷策略。repo 市场将现金储蓄者与风险偏好者进行匹配：风险偏好者提供价值高于贷款金额的抵押品，以便向储蓄者借入现金。如果某个仓位接近其清算价值，抵押品将被没收并拍卖，以清偿贷款并保护储蓄者。
金库的目的是汇聚风险偏好。用户可以直接向市场出借，也可以依赖由所谓的 curator 运营的金库。curator 的职责是重新分配流动性并选择允许的抵押品。
虽然传统的 repo 市场通常是隔夜的，但如今链上的绝大多数 repo 活动实际上是即时的，贷款和存款可以在每个区块内进行和提取（Ethereum 上为 12 秒，在其他链上更快）。利率会自动计算，以激励更多或更少的借款活动。
As a reminder, Morpho markets target 90% utilization, meaning that generally 10% of deposited assets are available to meet immediate withdrawals requests. The standard interest rate model seeks to trigger borrower repayments when utilization is >90% by increasing the interest rate charged; the inverse is true when utilization is <90%.
简而言之：
* 当出借人多于借款人时，利率往往会下降，以吸引新的借款人加入
* 当借款人多于出借人时，利率往往会上升——当超过 90% 的流动性已被借出时，利率会非常快速地上升，以激励新的出借人加入
* 如果借款仓位变得可清算，抵押品将从借款人处被没收，并拍卖给出价最快的竞标者；该竞标者将以溢价获得该仓位，作为其代借款人偿还贷款的激励
这组简单规则的结合创造了一个动态系统，其中每个参与者都通过市场力量获得激励。
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