Overview
Veyro Finance is an interface for borrowing USDG against tokenized stocks on Robinhood Chain. It deploys no lending contract of its own. Every loan is a position in Morpho Blue, an immutable lending protocol, held under your own address. Veyro reads the chain, shows you the numbers, and prepares the transactions your wallet signs.
On top of that sits Payback: the VEYRO token trades on pons, and the creator share of its trading fees is used to repay the loans of VEYRO holders, on-chain and in public.
How a loan works
Pledge. You deposit a stock token, for example AAPL, into a Morpho market that lends USDG against it. It stays yours: it keeps its price exposure and any dividend adjustment the token applies.
Borrow. You draw USDG up to a share of the collateral's value. Each market fixes that share as its liquidation loan-to-value (LLTV), 62.5% for most stocks. Veyro stops you at 95% of the limit and suggests staying under 80%.
Health factor = collateral value times LLTV, divided by debt. Above 1 the loan is safe; at 1 it can be liquidated. Interest makes the debt grow every second, so the health factor drifts down even when the price holds.
Liquidation. Once the health factor reaches 1, anyone can repay part of the debt and take collateral worth more than they paid. On Morpho that bonus is set by the LLTV: about 12.7% at 62.5%, 15% at 38.5%, 7.4% at 77%.
Repay and close. Repay any amount whenever you like, then withdraw your stock. There is no term and no repayment schedule; interest runs only on what is still borrowed.
Markets and oracles
Morpho markets are permissionless, so anyone can create one with a bad oracle. Veyro lists a market only when it passes checks run against the chain itself (see scripts/sync-markets.mjs):
- It lives on the Morpho Blue deployment on Robinhood Chain and lends USDG.
- Its rate model is Morpho's AdaptiveCurveIrm.
- The collateral is a Robinhood stock token, WETH or PONS.
- Its oracle price is within 3% of an independent reference: the Chainlink feed for the stock (adjusted for the token's dividend multiplier where the oracle does so), Chainlink ETH / USD for WETH, the pons pool for PONS.
- Morpho has not flagged it for realised bad debt.
Today that is 82 markets across 34 collateral assets, 32 of them stocks and ETFs. The checks already turned one market away: a CRWV market whose oracle reads CRCL's price.
Payback
pons v2 charges a 1% fee on every VEYRO trade. The protocol takes 30% and the creator keeps 70%, so 0.7% of trading volume reaches the creator. Those figures are read from the pons factory's fee policy on Robinhood Chain. VEYRO is meant to launch paired with USDG, so that share arrives in USDG, the same dollar your loan is in.
The creator share is paid to the Payback wallet. In rounds, that wallet repays the loans of eligible borrowers: wallets that hold at least 100,000 VEYRO and have an open loan in a Veyro-listed market. Each round is split pro rata by open debt, with no wallet taking more than 10% of a round or more than it owes.
Every payment is a normal Morpho repay sent on your behalf, so it shows up on the explorer as a Repay event from the Payback wallet. The Payback page lists them. The wallet's key never touches a server: rounds are signed in a browser.
Payback is a discretionary program, not a yield or a promise. It pays only what fees bring in, quiet weeks pay little, and it can change or stop.
Earn
The other side of each market: you supply USDG, borrowers pay interest on it, and you earn that interest in proportion to how much of the market is borrowed, less Morpho's fee where one is set. The rate moves every block. Supplying into a stock market is also what makes that stock borrowable.
Your USDG can only be withdrawn while it is not lent out. If a liquidation ever recovers less than a loan, the loss falls on that market's lenders, and only that market's.
Risks
- Liquidation. A falling stock, or interest left to accrue, can push a loan to its limit. Keep a wide buffer.
- Gaps. Stock tokens trade around the clock but the feeds follow market hours. A price can jump at the open with no chance to react.
- Oracles. Liquidations use the market's oracle. Some oracles can be paused by their operator, which also stops borrowing and liquidations until they resume.
- Issuer controls. Stock tokens are issued with powers to restrict transfers, and they are not offered to US persons.
- Smart contracts. Morpho Blue, the oracles, USDG and pons are third-party contracts. A failure in any of them is a failure here.
- Payback. It depends on VEYRO volume and on the Payback wallet sending rounds. It is not a reason to borrow more than you can repay yourself.
- Thin markets. Many stock markets hold little USDG. What you can borrow depends on what lenders supplied.
Nothing on this site is investment advice.
Contracts
Robinhood Chain, chain id 4663. Each address links to the explorer.
VEYRO has not launched. Its address will be added here first; treat any other address as not Veyro.
Network
Add Robinhood Chain to your wallet with chain id 4663, currency ETH, RPC https://rpc.mainnet.chain.robinhood.com and explorer https://robinhoodchain.blockscout.com. Veyro offers to add it for you when you connect.
Some internet providers block the official RPC address. If your wallet cannot reach the network, set its RPC to https://robinhood.drpc.org. The Veyro site itself reads the chain through its own relay, so it keeps working either way.