> ## Documentation Index
> Fetch the complete documentation index at: https://docs.denar.markets/llms.txt
> Use this file to discover all available pages before exploring further.

# What is Denar

> Denar is the money market for tokenized stocks on Robinhood Chain: lend USDG for yield, or borrow dollars against your stock tokens without selling them.

<Frame>
  <img src="https://mintcdn.com/denar-markets/r1YfjCE9xXDXLpBL/images/intro.png?fit=max&auto=format&n=r1YfjCE9xXDXLpBL&q=85&s=aed172db8c2c4c07bb1e15b80d62482a" alt="Denar — the money market for tokenized stocks. Engraved scene with the Denar arch coin, an exchange temple and a balance." width="2172" height="724" data-path="images/intro.png" />
</Frame>

Denar lets you do two things with tokenized stocks that a brokerage never could:

* **Borrow against them.** Deposit stock tokens like NVDA, AAPL or SPY as collateral and borrow the USDG stablecoin — liquidity without selling your position, without leaving the chain, without asking anyone's permission.
* **Earn on dollars.** Lend USDG and earn the interest those borrowers pay. Real yield from real borrowing demand — not emissions, not points.

## Built from proven parts

Denar deliberately writes as little new code as possible. The lending engine is **Morpho Blue** — an immutable, formally verified core of roughly 650 lines that has secured billions of dollars across DeFi. The lender vault is **MetaMorpho**, the standard vault layer built for it.

What Denar adds is the layer that makes *equities* work as collateral on-chain:

<Columns cols={2}>
  <Card title="Equity-aware oracles" icon="radio-tower" href="/protocol/oracles">
    Chainlink price feeds wrapped with market-hours awareness, staleness guards, and corporate-action pauses.
  </Card>

  <Card title="Isolated markets" icon="container" href="/how-denar-works">
    One market per stock. A halt, a split, or a bad day in one name never touches the others.
  </Card>

  <Card title="Equity risk parameters" icon="shield-check" href="/protocol/risk">
    Conservative loan-to-value ratios sized for weekend gaps and 24/5 price feeds.
  </Card>

  <Card title="Open liquidations" icon="gavel" href="/use/liquidations">
    Fully permissionless liquidations with on-chain exit liquidity via Rialto and Uniswap.
  </Card>
</Columns>

## Beyond equities

Denar also lists **blue-chip tokens native to Robinhood Chain**, starting with PONS. They have no Chainlink feed and no closing bell, so they run on a different mechanism — a time-weighted AMM price, a separate vault, and a supply cap as the primary risk control. [How they differ](/protocol/onchain-markets).

## Key facts

|                                     |                                                                  |
| ----------------------------------- | ---------------------------------------------------------------- |
| **Network**                         | Robinhood Chain (chain id 4663)                                  |
| **Borrowable asset**                | USDG — Global Dollar                                             |
| **Collateral**                      | NVDA, AAPL, MSFT, TSLA (stocks) · SPY, QQQ (ETFs)                |
| **Max borrow vs collateral (LLTV)** | 62.5% single stocks · 77% ETFs                                   |
| **Interest model**                  | Adaptive rate steering utilization toward \~90%                  |
| **Protocol fee**                    | 10% of interest paid (hard-capped at 25% by the core)            |
| **Vault exposure caps**             | 10,000 USDG per equity market; 20,000 USDG for the PONS market   |
| **Price oracles**                   | Chainlink, one feed per asset, plus an independent USDG/USD feed |
| **Liquidations**                    | Permissionless — anyone can liquidate                            |

<Note>
  Denar is an independent protocol built on Robinhood Chain. It is not affiliated with, endorsed by, or operated by Robinhood. Stock tokens and their price feeds are issued and operated by their respective providers.
</Note>

## Start here

<Columns cols={3}>
  <Card title="Earn on USDG" icon="piggy-bank" href="/use/earn" horizontal>
    Deposit once, earn across the markets in a vault.
  </Card>

  <Card title="Borrow dollars" icon="banknote" href="/use/borrow" horizontal>
    Post stock tokens, borrow USDG.
  </Card>

  <Card title="How it works" icon="cpu" href="/how-denar-works" horizontal>
    The architecture in five minutes.
  </Card>
</Columns>