Timeswap is the first fully decentralized lending & borrowing protocol in DeFi. Timeswap enables the permissionless creation of lending & borrowing markets for any ERC-20 token pair using a 3-variable AMM - (x+y)z=k. Timeswap provides fixed maturity lending & borrowing of ERC-20 tokens at a fixed rate. As Timeswap is oracle-less, it eliminates any oracle manipulation hacks which plague existing money markets. To increase capital efficiency for borrowers, Timeswap provides non-liquidatable loans. Timeswap is a fully self-sufficient AMM that enables Uniswap-like permissionless creation of lending/borrowing markets for any token, thereby enabling additional utility for long-tail assets as well as improving capital efficiency in existing lending & borrowing markets.