1. What Is Surf?

Surf is an AMM-style pooled-lending protocol on Cardano that lets you lock ADA or Cardano-native tokens (CNTs) such as SNEK as collateral to borrow ADA or stablecoins (like USDM), while LPs earn yield on their deposits. Pools are isolated, so the risk of any token is contained inside its own market. Loans are perpetual, so borrowers can repay whenever they like, and lenders can withdraw whenever liquidity is free.