Interest-rate benchmarks

Interest-rate protection settles on official benchmarks, such as the US SOFR and EFFR, the euro short-term rate, and African policy and interbank rates. It uses a separate oracle with stricter rules, because these rates are published once a day by a named administrator.

Step	Rule
Source	The administrator's official publication (for example the Federal Reserve Bank of New York for SOFR)
Waiting for corrections	A value is submitted only after the administrator's revision window has passed, so a fixing never forms on a number that could still be corrected
Submission	Each operator submits the benchmark, the observation day and the value
Agreement	A fixing forms only when the quorum submits exactly the same value for the same benchmark and day. Two operators can never agree on numbers for different days

Interest-rate protection runs on testnet only, while licences for each benchmark are confirmed.