Simple mechanics.
Clear parameters.

From market exposure to liquidity

n100 lets a user deposit supported Stock Tokens and borrow nUSD. Nine markets share one nUSD token, with a separate collateral and debt position for each asset. The app uses sample balances in demo mode. Network and deployment details are listed below.

Stock Tokens provide economic exposure through instruments issued by Robinhood Assets (Jersey) Limited. They do not represent direct ownership of the underlying shares or ETF units. Read the issuer’s terms and eligibility restrictions before any future live use.

Collateral markets

The initial set is SPY, NVDA, SPCX, GLD, META, GOOGL, AAPL, QQQ, and TSLA. This list is fixed for the MVP; it does not automatically follow market-cap rankings.

The aggregate test debt ceiling is 1,000,000 nUSD. Every market has a 5% liquidator bonus. Asset selection and these MVP settings are approved. Canonical token and oracle verification, liquidation execution, and production readiness are separate requirements before real-money use.

Collateral in one market cannot secure debt in another. nUSD is transferable and can repay debt in any market. Separate positions do not isolate nUSD holders from protocol-wide losses: bad debt in any market affects the backing of the shared token.

All markets currently use simulated balances or mock tokens. Canonical QQQ verification is recorded separately; a mainnet address or listing does not enable deposits. Every asset requires its own token, oracle, and sequencer verification before real-money use.

Two-year drawdown review

Window: 20 September 2024–18 September 2026, the last trading session before this review. The figures use underlying stock and ETF prices, not Robinhood token or oracle history. Daily closing declines and earlier-session highs to subsequent-session lows are measured separately; the larger decline is used for the stress screen. Daily bars cannot establish same-day high/low ordering.

The 110% allows for debt, the 5% liquidator bonus, and a 5% execution cushion assumed for this model. That cushion is neither a fee nor a measured execution cost. Only reductions supported by a full two-year history have been applied. GLD, TSLA, and SPCX are approved for the MVP at their listed settings despite falling below this full-drawdown stress requirement. Approval does not change the measured drawdowns or mean the model passes. SPCX has a shorter public trading history.

This tests a decline from a position opened at its minimum, with no top-ups or liquidations during the decline. It does not estimate price gaps after liquidation becomes eligible, guarantee a sale, or validate production limits. Liquidation thresholds remain unchanged. Borrowing and liquidation with real assets remain disabled.

Borrowing & repayment

Each asset has its own test minimum, shown above. Users can deposit more collateral or borrow less to maintain a larger buffer. Collateral value divided by debt determines the ratio. At a 150% minimum, $15,000 of collateral supports up to 10,000 nUSD of debt. This leaves limited room for market declines.

Available borrowing power is the smallest of your remaining position capacity, the market debt headroom, and the protocol’s remaining debt ceiling. The example assumes nUSD is valued at $1 for debt accounting; it is not a guarantee of market price or dollar redemption.

Repaying burns nUSD and reduces your debt by the same amount. A withdrawal must leave the remaining position at or above the minimum ratio. Fully repaid positions can withdraw without a price quote, unless withdrawals are paused.

The MVP charges no borrowing interest or protocol origination fee. Wallet transactions still require network gas. A future borrowing rate has not been selected or implemented. See the fee policy below.

When a position can be liquidated

A position becomes eligible at or below its market’s liquidation ratio (120% or 150% in the test configuration). A liquidator repays some or all of its debt with nUSD and receives that market’s collateral, including a 5% bonus on the debt actually repaid. The entire bonus goes to the liquidator; n100 charges no liquidation fee and takes no share of that bonus.

For 30 collateral tokens, 7,500 nUSD debt, and a 120% liquidation threshold, the trigger is $300 per token. At that price, repaying 1,000 nUSD transfers 3.5 collateral tokens to the liquidator: $1,050 of collateral at the oracle price.

Repayment is capped by the debt and collateral available, including the bonus. If a sudden price gap leaves insufficient collateral, unpaid debt remains recorded. The MVP does not include a funded loss backstop, automated keeper service, or a guarantee that liquidations execute in time.

Protocol stats

In testnet mode, the stats panel reads totals across every position in the configured markets, without requiring a connected wallet. It refreshes every 10 seconds. These are testnet figures, not real-money deposits.

TVL is the sum of accounted collateral in every market, valued at each market’s valid oracle price. Outstanding nUSD is the token’s current total supply after burns, not cumulative borrowing volume. Protocol collateral ratio divides total collateral value by total outstanding debt; it does not describe the health of each individual position.

Each refresh reads a single block. An invalid oracle for a market with collateral hides aggregate USD values and collateral ratios; an RPC failure or an expired refresh hides the totals and removes the live indicator. Unsolicited token transfers are excluded from accounted collateral.

Demo figures include all demo positions; only QQQ starts with an example balance. The dashboard’s demo actions and price slider update them immediately; the homepage starts with the initial example. Staking TVL, streamed rewards, and yield remain unavailable until the staking interface is connected and a public reward stream is funded.

Fees & protocol revenue

Costs should be clear before you act. The current borrowing MVP has no protocol interest or origination charge. Planned staking terms are shown separately because Stake & Earn is not yet available.

For a full liquidation of 10,000 nUSD debt with $12,000 of collateral, the liquidator receives $10,500 of collateral at the oracle price. The remaining $1,500 of collateral belongs to the borrower. n100 receives nothing. This example assumes nUSD is valued at $1, sufficient collateral, and execution at that price; it is not a guarantee of execution proceeds.

The agreed trading-fee split is 60% to staking rewards, 30% to purchase n100 for the treasury, and 10% to the treasury in USDG. Purchased n100 remains transferable; it is not locked or burned. This split is implemented in test contracts. A live trading-fee source is not connected, and borrowing interest remains unimplemented.

Collateral appreciation and any dividend value incorporated in the token’s price remain part of the depositor’s collateral value. The current vault does not divert that value to the treasury.

Stake & Earn COMING SOON

Stake USDG to share funded USDG rewards. Adding n100 increases your reward weight from 0.10× to a maximum of 3.60×, reached at $3 of staked n100 per $1 of staked USDG. These multipliers determine your share of the reward pool; they are not a return or interest rate. Staking n100 alone earns no rewards.

The staking pool receives 60% of collected trading fees. All rewards credited to that pool belong to participating users, with no additional staking, unstaking, claim or performance fee. Network gas still applies. Funded rewards stream over seven days; an active stream keeps its end date when topped up.

Contracts are implemented for testing, but this tab is still disabled. The website has no staking deposit facility or active reward stream. There is no promised APR or APY, and mock assets do not generate real earnings. Deposits and boost refreshes use valid prices; exits and claims can use recorded balances without a fresh price, unless the protocol is paused.

USDG lending & administration

The next contract stack lends funded USDG against tokenized collateral and adds n100 staking boosts. The app currently uses the separate nUSD prototype; it has not been connected to these USDG contracts.

The configured deployer, administrator, guardian and treasury wallet is 0x79Ac176C3Fa54dB2D8c99EA05cC97748e6354816. It can upgrade the n100 token, USDG lending pool, staking and fee router immediately, with no governance delay. An upgrade can change rules or access to funds. These controls require trust in the administrator and do not provide an advance exit window.

The USDG stack’s emergency pause stops collateral deposits and withdrawals, borrowing, treasury transfers, staking deposits and exits, claims, and fee routing. Repayments and valid liquidations remain available. The administrator can resume immediately. Reward accrual continues while paused, but claims wait until operations resume.

Prices, freshness & market hours

The adapter validates the price, round, timestamp, feed decimals, and the token’s corporate-action pause flag. It uses the oracle’s price per raw token, which already incorporates Robinhood’s corporate-action multiplier. It does not apply that multiplier a second time.

Borrowing, withdrawals against outstanding debt, and liquidations require a valid fresh price. They stop when the price expires or the oracle is paused. Deposits and repayments continue. Market closures may therefore leave those price-dependent actions unavailable until a fresh price arrives.

The mock setup uses a one-hour maximum price age. A real deployment needs a reviewed freshness policy based on the canonical feed heartbeat and market sessions. An L2 sequencer uptime check and recovery grace period are supported; a sequencer feed is required by the adapter outside the approved development networks.

Development status

This is an unaudited MVP. Wallet transactions are restricted to Robinhood Chain Testnet (46630) and local development (31337). Real-money functionality is disabled. Production deployment requires independently verified canonical tokens and price-feed addresses, security review, and operational readiness.

A two-step ownership process supports multisig administration. The administrator can pause risk-sensitive operations, adjust bounded risk parameters, change the validated oracle adapter, and manage the debt ceiling. The nUSD contract has no administrator mint function; only its immutable vault can mint against debt.