> For the complete documentation index, see [llms.txt](https://docs.aeralend.app/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.aeralend.app/readme.md).

# What Aera is

Aera is a lending market with two assets and one job.

* **Lend COOK.** You earn the interest borrowers pay, and you can withdraw whenever there is liquidity in the pool.
* **Borrow COOK.** Lock bCOOK as collateral and borrow against it, up to 55% of what your collateral is counted at.

That is the whole product. No vaults, no strategies, no leverage loops, no governance token.

<figure><img src="/files/Dd9zbCpZaeUiknMg2Vbg" alt="The Aera application, with a position and the Core market"><figcaption><p>Everything lives on one screen. A test wallet on a test market — the balances are illustrative, the parameters are real.</p></figcaption></figure>

## Why anyone uses it

**bCOOK keeps earning while it is locked.** bCOOK is staked COOK from [BakeYourStake](https://stake.cookiescan.io). When you post it as collateral, Aera holds the token — it does not unstake it and it does not touch the rewards. Your staking position continues exactly as it was, and you have borrowed COOK on top of it.

That is the only structural reason to prefer this over selling. Aera itself pays you nothing for locking collateral.

## What it costs

|                                           |                                                                            |
| ----------------------------------------- | -------------------------------------------------------------------------- |
| Lending                                   | Free. You receive the borrow interest, less a 15% reserve factor.          |
| Borrowing                                 | A one-off **0.15%** origination fee, plus interest while the loan is open. |
| Repaying, locking, unlocking, withdrawing | Free.                                                                      |

Cookie Chain transaction fees apply to all of them and are paid in COOK.

## What you are exposed to

* If the bCOOK rate falls far enough, **your collateral can be seized**.
* Withdrawing what you lent needs **free liquidity in the pool**. If borrowers hold most of it, you wait.
* **Aera has not been audited.**

{% content-ref url="/pages/t7LXQCcQWJrLM6ymIahu" %}
[Risks](/security/risks.md)
{% endcontent-ref %}

## Where to start

{% content-ref url="/pages/S8a70qhMCy3DX9EO1kLX" %}
[Connect a wallet](/getting-started/connect-a-wallet.md)
{% endcontent-ref %}

{% content-ref url="/pages/dRqYMvrYoCIdu0uMkoLN" %}
[Borrow COOK](/getting-started/borrow-cook.md)
{% endcontent-ref %}

## Addresses

|         |                                                |
| ------- | ---------------------------------------------- |
| Program | `AerafpFHsY4N16i4KufPJQyURryxKtYgCr6oZMwbp76q` |
| COOK    | `So11111111111111111111111111111111111111112`  |
| bCOOK   | `EkPafx58mgwkEnGwo62jXhXDAdJ37Z8G8MFBRPsr9uhz` |

{% hint style="warning" %}
**Check the address, not the symbol.** A token symbol is a label anyone can reuse; the mint address is the token.
{% endhint %}

***

Screenshots show the real application. The **balances** in them are from a test wallet; the **parameters** — 55% max LTV, 65% liquidation threshold, 0.15% origination — are the deployed ones.


---

# Agent Instructions
This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com.

## 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, and the optional `goal` query parameter:

```
GET https://docs.aeralend.app/readme.md?ask=<question>&goal=<endgoal>
```

`ask` is the immediate question: it should be specific, self-contained, and written in natural language.
`goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal.

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.