# Introduction ## **A transparent and scalable, non-custodial fixed-rate liquidity protocol specifically designed for digital assets** TomorrowLend enables noncustodial fixed-rate collateralized lending on-chain, modeled on tri-party repo arrangements common in TradFi. Borrowers and lenders are matched through a unique recurring auction process, where borrowers submit sealed bids and lenders submit sealed offers that are used to determine an interest rate that clears the market for participants of that auction. Participants who bid more than the clearing rate receive loans and participants willing to lend below the clearing rate make loans, in each case at the market-clearing rate. All other participants’ bids and offers are said to be “left on the table.” At the conclusion of an auction, borrowers receive loan proceeds and lenders receive ERC-20 tokens (TMT), which are receipts that lenders will burn to redeem for principal plus interest at maturity. Protocol smart contracts service these transactions by ledgering repayments and monitoring collateral health and liquidations. Please join the Term Finance [Telegram](https://t.me/+Q8nMs4zuM5tmMjAx) for updates. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://tomorrowlend.gitbook.io/tommorrowlend/introduction.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.