Docs

Everything the desk does, what it costs, where it can break, and what is not guaranteed.

What this is

Vadium is a credit desk for Robinhood Stock Tokens. Lenders put the token in for a fixed term at a fixed rate. Borrowers post USDG and take the token, which is how a short becomes possible on a chain where nothing else lends the token itself. A loop path reuses the same pool to build long exposure against one deposit.

The pool per asset is shared. There is no curator, no keeper key and no off chain step in a loan, a repayment or a liquidation.

Notes and loans

• A note is one lender position: an asset, an amount, a rate and a maturity. Only the lender can redeem it, and only after maturity.
• A loan is filled from the oldest open notes of the borrowed asset, so supply is used first in, first out.
• Interest accrues per second, on the borrowed part only, at the rate of the note it consumed. Unfilled supply earns nothing.
• The borrower can repay at any time. Repaying early costs less because interest stops at the repayment block.

Parameters

Pricing

Every value comes from the Chainlink feed of the asset, never from a pool. A pool can drift away from the feed, so the desk prices the feed and lets the borrower sell wherever they like.

The feed carries a maximum age. While the feed is stale, opening a loan reverts. Stock feeds stop when the session closes, which is why terms are short, why grace is one day, and why the liquidation threshold sits ten points under the open limit.

Dividends and the multiplier

Stock Tokens grow shares per token through the ERC-8056 multiplier on a dividend, and the feed folds the multiplier into the price. A short therefore pays the dividend through the price, and a lender keeps it, because principal is returned in tokens rather than in dollars.

Liquidation

Anyone can close a loan when its collateral value falls under 65 percent of the debt, or when the term plus the grace has passed. The closer supplies the borrowed asset back into the pool and receives the collateral plus five percent. Whatever collateral is left returns to the borrower.

Interest unpaid at liquidation is written to the notes. A note redeems principal in full and interest up to the USDG actually held, so a badly undercollateralised loan can leave the lender short on interest, never on the number of tokens that the pool still holds.

Ownership

The owner adds markets, sets limits inside hard bounds, sets the treasury and turns the holder perk on after a token exists. No owner function moves a user position.

Risks

• Unaudited code.
• Testnet desk. Supply is thin and the first prices are test fixtures until the desk moves to mainnet feeds.
• The borrowed token can be worth more than the collateral on a gap move, so the pool can carry bad debt into a note.
• A lender is out of the token for the whole term. There is no early recall, only the maturity.
• Stock Tokens are tokenized debt securities of Robinhood Assets (Jersey) Limited. They are not shares, give no rights against the issuer of the underlying stock, are not offered to US persons, and are restricted in Canada, the United Kingdom and Switzerland.

Contracts

Robinhood Chain testnet, chain id 46630.

This page is documentation, not advice. Nothing here promises a return.