How ANDORA works

Overview

ANDORA is a lending app for stock tokens. You can use it in two ways:

• Borrow: deposit a stock token like NVDA or SPY as collateral and borrow USDG, a US dollar stablecoin. You keep your exposure to the stock.
• Earn: deposit USDG into a vault. The vault lends it to borrowers and you receive the interest they pay.

Each stock has its own isolated market with its own limits. A crash in one stock can't cause losses in another stock's market.

Getting started

1. Get a self-custody wallet that supports custom networks (for example MetaMask, Rabby or any WalletConnect wallet).
2. Add Robinhood Chain. The app offers to switch networks when you connect. Details are in Network details.
3. Get a little ETH on Robinhood Chain to pay transaction fees (gas).
4. Get stock tokens or USDG. Stock tokens are available where Robinhood offers them (see Who can use it).
5. Open the app, pick a market and connect your wallet.

Borrowing

Open a loan

1. Open a market, for example NVDA / USDG.
2. In the Borrow tab, enter how many tokens to deposit as collateral.
3. Enter how much USDG to borrow. Before you confirm, the panel shows your new loan-to-value, health factor and liquidation price before you confirm.
4. Confirm in your wallet. The first time, you also approve the token (a one-time transaction).

Repay and withdraw

Interest is added to your loan continuously. Repay any amount at any time in the Repay tab. There is no fixed term and no early repayment fee. Once your loan is smaller (or fully repaid), the Withdraw tab lets you take collateral back to your wallet, as long as your loan-to-value stays under the market's maximum.

Borrow limits

You can borrow up to the market's max LTV (loan-to-value). For example, with a 50% max LTV and $10,000 of collateral you can borrow up to $5,000. Borrowing is also limited by how much USDG lenders have deposited in that market.

Health factor & liquidation

The health factor shows how safe your loan is:

• 1.50 or more: shown as Safe.
• 1.15 to 1.50: shown as Watch. Consider repaying or adding collateral.
• Below 1.15: shown as At risk.
• Below 1.00: the position can be liquidated.

What liquidation means

When the health factor falls below 1.00, anyone can repay part of your debt and receive part of your collateral at a discount, the liquidation penalty. You keep the rest of your collateral and the USDG you borrowed. Liquidations can happen at any time, including when the US market is closed.

Liquidation price

The app also shows your liquidation price: the token price at which your health factor reaches 1.00. Example in a market with 62.5% liquidation LTV: 10 tokens at $200 ($2,000) with $1,000 borrowed have a health factor of 1.25 and a liquidation price of about $160.00.

How to stay safe

• Borrow well below the max LTV, not right at it.
• Keep extra buffer before weekends and earnings reports, when prices can jump.
• Repay or add collateral when the app shows Watch or At risk.

Markets & limits

Riskier, more volatile stocks get lower borrow limits and a larger liquidation penalty. Current tiers:

Risk parameters are reviewed as markets grow and can change. The app always shows the current values on each market page.

Interest rates

Rates are variable and set by utilization: the share of a market's USDG that is borrowed.

• Borrow APY starts at 1% and rises steadily to 7% at 90% utilization.
• Above 90% it climbs quickly, up to 47% at 100%. This pulls in lenders and encourages repayment, so lenders can withdraw.
• Lender APY = borrow APY × utilization, minus a 10% protocol reserve.

Earning with vaults

A vault takes your USDG and lends it across several stock markets. Interest is added to your deposit continuously. Each vault charges a performance fee on the interest it earns.

• APY is not guaranteed. It moves with borrow demand.
• Withdrawals need free liquidity. If most of a vault is lent out, you may have to wait for repayments.
• Bad debt risk. If a stock falls faster than loans can be liquidated, the shortfall reduces the vault's value.

Prices & oracles

Robinhood Chain uses Chainlink as its price oracle. ANDORA reads the same Chainlink feeds that decide borrow limits and liquidations, so the prices you see match what the contracts use.

• Each feed returns the price of one token: the share price times a multiplier that includes reinvested dividends. So a token can be worth slightly more than one share.
• Feeds update 24/5 when the price moves by 0.5% or more, and hold the last price while the US market is closed. The app shows when each price was last updated.
• Charts on market pages come from TradingView and show the underlying share.

Token and feed addresses

Market hours

Stock tokens trade onchain 24/7, but the underlying shares trade only during US market sessions (Eastern Time, holidays excluded):

When the market reopens, prices can jump past your liquidation price with no trades in between. Keep a larger buffer over weekends and around earnings.

Fees

Risks

You can lose some or all of what you deposit. The main risks:

• Liquidation: sharp price drops or gaps at market open.
• Smart contracts: bugs or exploits in the lending contracts.
• Oracles: stale or wrong prices, or pauses during corporate actions.
• Issuers: problems at the stock token issuer, the custodian of the shares, or the USDG issuer.
• Network: outages or congestion on Robinhood Chain.
• Regulation: rule changes that limit access to stock tokens.

Nothing in these docs is financial advice. Read the Terms before using ANDORA.

Who can use it

Stock tokens are not offered to people in United States, Canada, United Kingdom, Switzerland, UAE, or in sanctioned regions. You must be at least 18 and allowed to use these assets where you live. ANDORA never holds your funds: only your wallet can move your collateral, unless a position is liquidated.

Network details

Glossary