Introduction

Documentation Index

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What is Fleets?

Fleets is a structured credit protocol that connects DeFi capital to real-world transportation infrastructure across Africa. The protocol enables fleet operators to access financing for vehicle acquisition, with the underlying fleets serving as collateral and generating income through their use in public and private transportation networks. Capital is deployed through onchain credit instruments, giving depositors transparent exposure to income-producing mobility assets. Loans are structured on an amortized basis, allowing operators to meet repayment obligations through a combination of fleet-generated cashflows and external income when necessary. This creates a resilient system where borrowers can reliably scale their operations, while depositors earn yield derived from the real economic activity of transportation. Because these returns are driven by consistent mobility demand rather than market speculation, they remain structurally independent of crypto market cycles.

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How the Protocol Works?

Fleet operators access the protocol by applying for financing facilities secured by their bus fleets and the cashflows those assets generate. Each application is evaluated at the asset level, with eligibility criteria and loan-to-value parameters defined by the protocol. Once approved, capital is deployed to fund vehicle acquisition, enabling operators to scale their fleets while maintaining predictable repayment structures through amortized loans. On the other side, depositors supply stablecoins into the protocol to mint one of two tranche tokens, each representing a different risk-return profile. FYC is the senior tranche, providing exposure to yield generated from asset-backed fleet loans and treasury-backed yield-bearing tokens. FFC, the junior tranche, absorbs first-loss risk in the event of defaults and, in return, offers a higher yield. Together, these tranches form a structured system that aligns risk distribution while giving depositors transparent access to real-world, income-generating assets.

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