Status

State as of 2026-11-13. Paboxo runs on Robinhood Chain mainnet since 12 October 2026.

13 November 2026: QQQ/USDG, GOOGL/USDG and AMD/USDG

Three more Stock Token markets were listed, all borrowing USDG, by one protocol Safe transaction (Safe nonce 17, block 113188124): QQQ/USDG (Invesco QQQ Trust), GOOGL/USDG (Alphabet) and AMD/USDG (AMD). Read from the chain at block 113204091:

• QQQ/USDG: LTV / liquidation threshold / bonus of 65/70/7%, and WETH/USDG's rate curve, 0.5% base and 7% at the 80% kink.
• GOOGL/USDG: NVDA/USDG's settings, 60/65/8%, and its curve, 1% base and 9% at the kink.
• AMD/USDG: SPCX/USDG's settings, 45/50/10%, and its curve, 1.5% base and 14% at the kink.
• On all three: 100% max utilisation and max rate, no borrow cap, an unlimited per-market vault cap, the 10% reserve factor, and the same fees as every market (creator fee off). They sit last in the vault's withdraw queue, after the LP markets; the supply queue is still empty.
• Each was seeded with 1 base unit (0.000001 USDG).
• Prices come from Chainlink's QQQ, GOOGL and AMD feeds through three new adapters, bound to the market calendar with the same 26-hour and 97-hour windows and owned by the protocol Safe. The Safe holds every admin role on the three markets; the pauser key holds only PAUSER_ROLE on their lending pools, as on every market.

9 November 2026: LP collateral

Two LP markets open in the app: NVDA/USDG LP (a Uniswap v3 NVDA/USDG position) and SPY/USDG LP (a Uniswap v4 SPY/USDG position), both borrowing USDG from the Earn vault. Their contracts were deployed on 4 November 2026 (block 105975390). Read from the chain at block 108993261:

• NVDA/USDG's and SPY/USDG's LTV, liquidation threshold, bonus and rate curve, applied to the position's value at a stressed price. See how a position is valued.
• A 0.1% protocol cut of the LP fees a position collects, and a 0.05% fee when a Paboxo executor rebalances a position. No Paboxo executor is set on either market.
• No borrow cap, an unlimited per-market vault cap, and the 10% reserve factor. Both are last in the vault's withdraw queue.
• Up to 3 Uniswap NFTs per position, from the multi-NFT upgrade.

Everything about them is on LP collateral.

27 October 2026: MSFT/USDG and AAPL/USDG

Two more Stock Token markets were listed, both borrowing USDG: MSFT/USDG (Microsoft, block 99090794) and AAPL/USDG (Apple, block 99091161). Read from the chain at block 99393260:

• NVDA/USDG's settings on both: LTV / liquidation threshold / bonus of 60/65/8%, and its rate curve, 1% base and 9% at the 80% kink.
• No borrow cap, an unlimited per-market vault cap, the 10% reserve factor, and the same fees as every market. Both sit last in the vault's withdraw queue; the supply queue is still empty.
• Each was seeded with 100 USDG from the Earn vault's idle USDG. The protocol Safe returned both seeds to the vault the same day (block 99432434), leaving 1 base unit in each, as on the other markets.
• Prices come from Chainlink's MSFT and AAPL feeds through two new adapters, bound to the market calendar with the same 26-hour and 97-hour windows and owned by the protocol Safe. The Safe holds the admin roles on both markets.

26 October 2026: contract upgrade

The protocol Safe executed an upgrade of the Earn vault, the lending pools and the factory at block 98528689:

• A liquidation returns cash to the vault. What a liquidator repays goes back to the vault's idle USDG, less the market's reserves, as a repay already did. Before, it stayed in the market, where only that market could lend it. See Earn vault.
• A market can be listed with no seed. A seed of 0 is accepted, and the market holds nothing until a borrow pulls what it needs. A seed that is given must still meet the protocol's minimum.
• A minimum deposit on the Earn vault, 0.1 USDG per deposit, set by the protocol rather than the curator. Withdrawals are never held to it.

23 October 2026: listing seeds returned to the vault

The 100 USDG each that SPCX/USDG and TSLA/USDG were seeded with came out of the Earn vault's idle USDG, and only the market holding it could lend it. The protocol Safe withdrew both back into the vault (executed at block 96053523), leaving each with 1 base unit, the same as the launch markets, and every market draws on the same idle USDG.

23 October 2026: per-market rate curves

The protocol Safe (transaction nonce 4) gave every market its own interest rate curve and raised max utilisation from 90% to 100% (executed at block 96020636). Read from the chain at block 96027397:

• Base rate / rate at the 80% kink: SPY/USDG 0.5% / 6%, WETH/USDG 0.5% / 7%, NVDA/USDG 1% / 9%, TSLA/USDG 1% / 12%, SPCX/USDG 1.5% / 14%; 100% max rate on all five. Riskier collateral pays more, because the Earn vault's depositors absorb bad debt first. See interest rates.
• Max utilisation 100% on every market: a borrow reverts only when it would lend out the whole vault. No cash is reserved for withdrawals any more; the steep slope above the kink is what keeps liquidity.
• Unchanged: the 10% reserve factor, the borrow caps (150,000 USDG on SPCX/USDG and TSLA/USDG, none on the three launch markets), and the one vault-wide utilisation every market prices at.

22 October 2026: SPCX/USDG and TSLA/USDG

Two more Stock Token markets were listed, both borrowing USDG: SPCX/USDG (SpaceX) and TSLA/USDG (Tesla). Read from the chain on 22 October 2026 (block 94915008):

• LTV / liquidation threshold / bonus of 45/50/10% on both, the most conservative of the five markets.
• A borrow cap of 150,000 USDG on each, the first markets with one. The rate curve, the 10% reserve factor and the fees are the launch markets' own.
• Each was seeded with 100 USDG from the Earn vault and sits in the vault's withdraw queue after the three launch markets, with an unlimited per-market cap. The supply queue is still empty.
• Prices come from Chainlink's SPCX and TSLA feeds through two new adapters, bound to the market calendar with the same 26-hour and 97-hour windows. Both adapters are owned by the protocol Safe.

12 October 2026: mainnet launch

Mainnet (chainId 4663) was deployed at block 86793701 and the record synced to this site. Three markets and the Earn vault, with the real Stock Tokens, USDG and WETH, priced by Chainlink's feeds directly. Read from the chain on 12 October 2026 (block 86868761):

• Risk and rate parameters: LTV / liquidation threshold / bonus of 60/65/8% (NVDA), 70/75/6% (SPY) and 75/80/5% (WETH); a 0.5% base rate, 8% at 80% utilisation, 100% at the top, borrows refused above 90% utilisation, and the 10% default reserve factor.
• Fees: 0.1% protocol fee on borrows, creator fee off (stored as 1 wei-WAD). The protocol fee goes to the protocol Safe, then 2-of-3 (2-of-4 since 19 October 2026).
• No caps: no borrow caps, no deposit cap, unlimited per-market vault caps. The vault allocates by pull (empty supply queue) and its performance fee is 0.
• Price freshness: 26 hours in session and 97 hours hard on all four adapters, with the market calendar's 21 US holiday closures for 2026 to 2028 and automatic daylight-saving shift.
• Every percentage is stored in WAD ($10^{18}$ = 100%).

Two accrual rules in the mainnet contracts:

• A borrow closes the interest window. accrueInterest() leaves its window open while the interest it would book rounds to zero, so nothing is lost to rounding. A borrow stamps lastAccrued right after accruing, so fresh debt is never charged for time before it existed; only the rounded-away remainder, under one base unit, is dropped.
• Every market accrues before the vault's idle balance moves. All markets price their rate against the vault's shared idle USDG. Pulls and per-market cap changes accrue every market first, and a repay calls the vault's permissionless accrueInterestAll() before returning cash, so each market's open window is charged at the utilisation it ran at.

Deployed and working

Configuration

Pausing. Interest keeps accruing while a market is paused.

Administration. Since 4 November 2026 (block 105757627) the protocol Safe, a 2-of-4 multisig, holds every admin role and every single-owner setting (market calendar, price-feed adapters, the factory's owner(), the Earn vault's vaultAdmin). A pauser key holds PAUSER_ROLE on each lending pool, which can pause a market and nothing else; resuming it takes the Safe. Markets and Positions created from then on start with the Safe's roles, because the factory's owner() is the Safe. See governance & admin.

Caps. The borrow caps of every market but SPCX/USDG and TSLA/USDG, and the Earn vault's deposit cap, are zero, meaning uncapped, and the vault's per-market caps are type(uint256).max. SPCX/USDG and TSLA/USDG cap borrowing at 150,000 USDG each. Otherwise the only limit on a market's size is what the vault holds and its 100% max utilisation: a market can borrow until the vault is fully lent.

Reserve factor is the 10% default. No market has one set, so the stored value is 0 and the interest rate model applies its default of 10% (reserveFactor(router) returns it): the Earn vault receives 90% of the interest borrowers pay, and 10% accrues to each market's reserves. See reserve factor.

Contract safeguards

Behaviours of the mainnet contracts worth knowing when you integrate with them:

• Repay takes only the borrow token. There is no swap path on repay.
• Interest is never discarded. accrueInterest() is permissionless. When an accrual rounds to zero it leaves the window open, so the interval is charged later rather than lost. Each booking rounds down, so "in full" means to within less than one base unit (0.000001 USDG) per booking — see interest accrual.
• Borrow fees are capped. The protocol fee and the creator fee are each capped at MAX_BORROW_FEE, 10%. Live: a 0.1% protocol fee and no creator fee — it is set to 1 wei-WAD, which rounds to zero (a stored 0 would mean the 0.01% default).
• Stray tokens cannot block a pool. Pools size their cash from the protocol's own books, so tokens sent straight to a lending pool do not affect borrows or repayments, and the pool owner can recover them.
• The Earn vault lends only to Paboxo markets. It accepts only markets created by Paboxo's factory and assigned to that vault, so a curator cannot route deposits to an arbitrary contract.
• renounceOwnership() on the factory always reverts, so the factory always has an owner for the markets and Positions it creates.
• Rate-model setters are bounded. Each setter enforces base ≤ kink rate ≤ max rate ≤ 1,000%, a kink strictly between 0% and 100%, a max utilisation above 0% and at most 100%, and a reserve factor of at most 50%, so no single value can make accrual revert. A 0% reserve factor can be set.
• Earn vault previews match execution. preview* count interest not yet booked, so they equal what a deposit or withdrawal actually does.
• The performance fee uses a per-share high-water mark, so earning back to an earlier level after a loss is not charged again. The fee is 0.