Interactive: shield pricing

Troves with Redemption Shield enabled are protected from redemption; troves without Redemption Shield stand in the redemption line for them (see Redemption shield). The shield share — how much of the branch's debt hides behind the shield — prices that protection: Redemption Shield cohort debt pays a surcharge, base debt collects a matching discount. The formulas and constants are in Interest model; this chart is InterestEngine._calcRates, ported constant-for-constant.

Pick a branch collateral rate, then drag along the curves. Watch the 85% kink: below it, Redemption Shield is cheap; above it, the shield is crowded and both curves go vertical — at full shield the base rate reaches the −50% APY endpoint (_V_MAX).