Sponsor

Governs a permissioned market: defines which assets participate, which topology applies, the risk parameters that bound producers and suppliers, and who is allowed to join.

Anyone can use the permissionless side of the protocol; a sponsor curates a market — a named boundary inside which pools and their lending share a policy.

A sponsor creates the market in the registry, then governs it:

• Asset curation — which assets participate in the market's pools.
• Topology — whether the market's liquidity is arranged as delta or star pools, and with which pool parameters (concentration, liquidity-ratio domain).
• Risk parameters — per-asset LLTV for the market's lending (setMarketLltv), the interest-rate model (setMarketIrm), and the market fee (setMarketFee).
• Access — where applicable, who may join, enabling venues with distinct risk profiles and participant sets (e.g. institutional or RWA segments).

Within a permissioned market, lending markets are shared across the market's pools: the market, not the individual pool, is the risk boundary. Debt isolation still applies at the market boundary — a sponsor's market can fail without touching any other.

The sponsor role is deliberately narrow: a sponsor curates and parameterizes, but never touches pricing (the swap price model is the pool's), never holds custody, and cannot reach outside their market.