Prices, ten-minute averages and the dividend already inside each token are live off Robinhood Chain right now. The three shelf columns belong to the desk and stay blank until its contracts are deployed.
see the deskA market with
one side.
You can buy Apple on Robinhood Chain. You cannot borrow it. So you cannot sell one you do not own — and anything you work out about a company that is not buy it has nowhere to go. Meanwhile everyone already holding a share is lending it to nobody, for nothing.
Locate is the shelf that was missing. Lenders put shares on it and are paid by the second for every one that leaves. Borrowers post dollars, take the shares away, and do what they like with them.
A locate is not a trade. It lends you the shares; where you sell them is your business, and this desk will not pretend to route it for you.
Short selling is not a sentiment. It is the only way a price finds out it is wrong from somebody who is not already long. Every venue on this chain has been running without that side of the book since the day it opened.
The rate is not a model. It is the shelf, priced.
A stock loan desk does not quote off a risk model. It quotes off inventory. Names with plenty go out at general collateral — a quarter of a point, the same for everybody, because the loan is a formality. Names where the shelf is nearly bare are hard to borrow, and the rate stops being polite.
Nothing about the borrower changed. Same name, same collateral, same desk. The only thing that moved is how many shares are left, and that is the entire quote.
Every basis point the borrower pays goes to the lenders of that name, diluted only by the shares still sitting on the shelf. There is no reserve factor, because there is no reserve and nobody to pay it to.
Scroll it and the loan happens.
A thousand shares, doing nothing.
Someone holding NVDA puts it on the shelf. It has not left their ownership, it has left their wallet — and from this second it is earning, because somebody else is about to want it.
On a desk that runs on people this is a lending agreement, a collateral schedule and a phone call — and the shares are only available to whoever the broker already likes.
One hundred and fifty, one hundred and thirty, plus eight.
One account, many locates, cross-margined in USDG the way a prime brokerage account is. Post 150% of what you borrowed to open it. Fall below 130% and anyone may buy you in: deliver your shares themselves, take your collateral, and keep 8% for the trouble. That is the real remedy on a real desk and it is the real name for it.
A single buy-in may close half a name, not all of it, so a borrower one tick under the line is not wiped for being one tick under the line. And every one of these numbers is a constant in the contract with no setter and no owner — a desk that can reprice its own book after you have borrowed is not a desk, it is a counterparty.
A margin desk needs one number nobody can hand it.
Every buy-in on this board turns on a price, so the price is a ten-minute time-weighted average out of a Uniswap V3 pool against USDG, and never the spot. Spot is one swap away from anything. An average costs an attacker the whole window, in a pool they do not own both sides of, and a buy-in still requires them to deliver real shares.
V4 is a singleton and keeps no observations. With no oracle hook deployed on this chain, V4 has no price history at all. V3 here sits at a non-canonical factory and carries about as much swap volume.
A pool that has never had its cardinality raised remembers exactly one price — spot, wearing a hat. Listing a name pays to lengthen that ring, and the desk refuses to open the market until the pool actually remembers two minutes.
Several pools on this chain quote a ticker at a price that is not the ticker's price, and a deep pool priced wrong is worse than a thin one because it looks fine. Nothing on chain can detect that, so the sheet for every name shows the average and the last swap side by side.
Every name the desk knows, and its sheet.
Each one opens onto what the pool says it is worth, how far the last swap has run from the average, and how much dividend is already sitting inside the token where no other venue on this chain can see it.
The rate card, the margin schedule, the buy-in, the write-off and everything that can go wrong are written out in full in the book.
read the book