# FAQ

## Q: What are the Blue Sheets?

The Blue Sheets are designed for users who want access to fixed rates but don't have time to monitor Term auctions. Through the Blue Sheets, users can filter, search, and supply funds to earn fixed rates from past auctions with just a single click. There are no minimums, no slippage, and no hidden fees. <br>

## Q: Where does the yield come from?

Yields come from Term auctions, where borrowers compete to take out fixed-rate loans by bidding interest rates they're willing to pay. These borrower-paid interest rates become the fixed yields that lenders can earn through the Blue Sheets. All loans are over-collateralized, with borrowers' collateral tokens held in non-custodial smart contracts as security.&#x20;

## Q: Are there any fees?

No hidden fees - the rate you see is the rate you'll receive. Published rates are transparent and final (set at 0.25% below auction rates), with users responsible only for network gas fees.

## Q: What are the risks?

Like all DeFi activities, lending through the Blue Sheets carries risks including smart contract vulnerabilities, oracle failures, network issues, and liquidation risks. During market volatility, there may not be enough liquidity to fully cover repayment through liquidations. Please review our detailed [Risk Disclosures](/protocol/risk-disclosures.md) before participating.


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