> For the complete documentation index, see [llms.txt](https://quantixfinance.gitbook.io/quantixfinance-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://quantixfinance.gitbook.io/quantixfinance-docs/protocol-economics-and-fees/protocol-sustainability.md).

# Protocol Sustainability

Two different things have to sustain themselves here, and they should be judged separately: the credit business and the protocol's own operations.

**The credit business** sustains itself on the spread between what borrowers pay and what lenders are owed, less losses. It is durable to the extent that underwriting is sound, collateral coverage holds, first-loss capital is adequate, and liquidity is managed so that withdrawals can be met as loans repay. None of that depends on token price. A conservatively underwritten, well-collateralized book can continue paying lenders through a market downturn, because its revenue is borrower interest, not asset appreciation.

**The protocol's operations** — the cost of building and running Quantix — are funded by the protocol's share of fees on credit activity and by the resources the protocol holds in reserve.