# Denar Markets

> Denar is the money market for tokenized stocks on Robinhood Chain: lend USDG for yield or borrow against NVDA, AAPL, SPY and other stock tokens without selling them.

- [What is Denar](https://docs.denar.markets/index.md): 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.
- [How Denar works](https://docs.denar.markets/how-denar-works.md): The architecture in five minutes: isolated markets, the USDG vault, equity-aware oracles, and how a loan flows through the system.
- [Frequently asked questions](https://docs.denar.markets/faq.md): Common questions about lending, borrowing, weekends, corporate actions, and safety on Denar.
- [Earn with the vault](https://docs.denar.markets/use/earn.md): Deposit USDG into the Denar vault (dnUSDG) and earn the interest borrowers pay across every stock market — one deposit, capped exposure, withdrawable anytime.
- [Borrow against your stocks](https://docs.denar.markets/use/borrow.md): Deposit stock tokens as collateral and borrow USDG — health factor, liquidation price, interest, and the habits that keep positions safe.
- [Lend to a single market](https://docs.denar.markets/use/lend-direct.md): Skip the vault and supply USDG straight to one market of your choosing — full control over your exposure, no vault caps, your own risk management.
- [Liquidations](https://docs.denar.markets/use/liquidations.md): How liquidations keep lenders whole: permissionless execution, per-market bonuses, the bad-debt path, and why liquidations pause with the oracle.
- [dUSD — the Denar dollar](https://docs.denar.markets/dusd/overview.md): dUSD is Denar's reserve-backed dollar: minted 1:1 against USDG, always redeemable, with the whole reserve's earnings paid to staked sdUSD.
- [Mint and redeem](https://docs.denar.markets/dusd/mint-and-redeem.md): How dUSD enters and leaves circulation: 1:1 against USDG at the treasury, with a redemption path that pulls from the liquid buffer first and unwinds the lending position automatically when it must.
- [The reserve](https://docs.denar.markets/dusd/reserve.md): What backs dUSD: a liquid USDG buffer, a position in the Denar USDG vault, and SGOV tokenized T-bills — valued pessimistically, harvested only above a retained safety cushion, and checked against the whole system's supply.
- [Staking: sdUSD](https://docs.denar.markets/dusd/staking.md): Stake dUSD into sdUSD, a standard ERC-4626 vault share whose price only rises in dUSD terms. Rewards vest linearly over seven days, so there is never a distribution to snipe.
- [$DENAR — the value engine](https://docs.denar.markets/token/denar.md): Denar's native token sits at the end of every revenue line the protocol runs — market fees, liquidations, and the dUSD treasury all feed one programmatic buyback, and everything bought is burned.
- [Revenue & the burn](https://docs.denar.markets/token/revenue.md): Six revenue lines converge on one programmatic buyback — two are live today, three switch on with dUSD, one is in negotiation. Everything bought is burned.
- [Governance, within rails](https://docs.denar.markets/token/governance.md): $DENAR holders steer everything the contracts expose as a bounded parameter — and nothing else. The lending core is immutable, and no vote can remove a guardrail.
- [The BACKED partnership](https://docs.denar.markets/ecosystem/backed.md): Denar and BACKED — the stock-backed floor asset of Robinhood Chain — are structurally aligned: BACKED joins the collateral list, and 10% of all Denar protocol fees buy and burn BACKED.
- [Oracles & market hours](https://docs.denar.markets/protocol/oracles.md): How Denar prices tokenized stocks: Chainlink feeds, the 24/5 reality, staleness guards, sequencer checks, and the freeze-don't-guess philosophy.
- [Corporate actions](https://docs.denar.markets/protocol/corporate-actions.md): How splits and dividends flow through tokenized stocks, why the market pauses during processing, and the live dividend Denar has already handled.
- [On-chain-native markets](https://docs.denar.markets/protocol/onchain-markets.md): Blue-chip Robinhood Chain tokens as collateral: why they need a different oracle, a different settlement layer and a separate vault from the equity markets.
- [Interest & fees](https://docs.denar.markets/protocol/fees.md): How Denar's adaptive interest rates work, where the yield flows, and every fee in the protocol — including the hard caps nobody can exceed.
- [Risk framework](https://docs.denar.markets/protocol/risk.md): The risks Denar is built around — weekend gaps, oracle failures, bad debt — and the specific mechanism that bounds each one.
- [Governance & admin powers](https://docs.denar.markets/protocol/governance.md): Exactly what the Denar admin can do, what it can never do, the timelock protecting depositors, and the protocol's trust assumptions — the actual power map.
- [Contracts](https://docs.denar.markets/reference/contracts.md): Every Denar contract on Robinhood Chain — core protocol, market oracles, and asset addresses, all verified on Blockscout.
- [Glossary](https://docs.denar.markets/reference/glossary.md): The terms used throughout the Denar documentation, defined once and used consistently.
- [Changelog](https://docs.denar.markets/changelog.md): Every notable change to the Denar protocol, in the open.