How Cluby works.

Cluby is a curation layer, not a lending protocol. Markets, interest, collateral and liquidations are Morpho Blue — immutable, audited many times over, and holding every deposit. What we add is the choice of markets, the oracle behind each, the caps a vault lends under, and the machinery that keeps bad positions from becoming bad debt.

Two contracts of our own touch money and neither can hold it: a liquidator that works on a flash loan, and a router that opens a leveraged position in a single transaction. Between transactions their balance is zero by construction.

Five steps, and the third is the only one that costs anything to get wrong.

1. Connect a wallet on Robinhood Chain, id 4663. Nothing on this site can move a token without a signature from you, and the connect step reads balances only.
2. Post collateral. On a market page, set the LTV slider to zero and the button becomes Post collateral. This works even when the market has no liquidity at all.
3. Borrow. The slider shows the health factor and the liquidation price BEFORE you sign, and it refuses to go past the safe cap by default. That cap sits 5 percentage points inside the LLTV on a stock market, 8 on a long-tail one.
4. Watch the health factor. Below 1.0 the position can be liquidated by anyone.
5. Repay and withdraw. Repayment goes by SHARES, not by an amount, on purpose: debt accrues every second.

Everything above is a direct call to Morpho Blue. There is no Cluby contract between you and your money at any point in that list.

A market is four immutable choices — collateral, loan asset, oracle, LLTV — plus a cap the vault sets and can change. Getting the first four wrong cannot be fixed; the market has to be abandoned and a new one opened.

The token address is proved, never looked up. A genuine tokenized stock answers uiMultiplier() — selector 0xa60bf13d — and the impostors revert on it.

The LLTV is a tier, not a judgement call. Treasuries 86.0%, ETH 77.0%, ordinary stocks 62.5%, long-tail 38.5%. The cap is sized off measured exit depth, not off ambition.

The rate is set by Morpho's adaptive-curve model, not by us and not by a vote. It moves with utilisation — the share of supplied assets currently borrowed — and it moves in two ways at once.

Along the curve, instantly. Borrow more and the rate rises immediately; repay and it falls. And the curve itself drifts. If utilisation sits above target the whole curve adapts upward over hours and days.

The lender's rate is the borrower's rate times utilisation, less the performance fee. A market at 50% utilisation pays its lenders roughly half what its borrowers pay, because half the pool is idle.

A vault is an ERC-4626 that spreads one asset across several markets under caps. You deposit USDG, you get shares, the shares appreciate. You are not picking markets; the curator is, and the caps are the whole of that decision.

A cap can only be raised slowly. Raising one is submitted, then waits out the vault's timelock — 24 hours — before it can be accepted. Lowering a cap is immediate.

The performance fee is 10% of interest earned, currently waived — 0% for the first 90 days. It is charged on yield, never on principal.

A deposit can be withdrawn as long as it is not lent out. When a market is fully used the rate climbs, which pulls in supply and pushes borrowers to repay — but until that works, part of your deposit is genuinely unavailable.

That is why every vault card shows withdrawable now next to total assets. It is the number to trust; the other one is what you own, not what you can take out this minute.

Each market carries a liquidation LTV fixed at creation: 86% for T-bills, 77% for ETH, 62.5% for megacaps and index ETFs, and 38.5% for anything long-tail or priced by TWAP.

The dangerous moment for a stock market is Monday's open, not the weekend itself. Nothing trades while the feed is still, so the LTV has to survive the gap when it moves again. Caps do the rest of the work: total exposure starts at $147.3K and only rises against measured exit depth.

Stocks and ETFs are priced by Chainlink through Morpho's own oracle factory, so there is no oracle code of ours in the path. Those feeds run 24/5: they hold their last print from Friday close to Monday open, roughly 65 hours, which is normal and not a fault to alarm on.

Long-tail tickers with no feed are priced by a Uniswap v3 TWAP over a 30–60 minute window. Where both exist, the collateral takes the lower of the two.

A short market inverts the usual pair: you post USDG as collateral and borrow the stock itself, then sell it. If the stock falls you buy it back cheaper and keep the difference. The debt is denominated in shares, so it grows when the stock rises.

Shorts run at 62.5% rather than the 66.7% the risk model asked for, because 66.7% is not one of the values Morpho permits. The practical limit on a short is not the LLTV but the borrow side: you can only short what somebody has supplied.

Above the liquidation LTV, anyone may repay part of a debt and seize collateral at a bonus set by Morpho's formula — around 12.7% at the 62.5% tier. Our keeper does this on a flash loan and sells the collateral through the deepest route it can simulate.

A borrower can authorise pre-liquidation: a partial unwind between 57.5% and 62.5% at a 2–4% penalty instead of the full incentive. It is opt-in per position and it does not replace liquidation.

Leverage in one transaction: flash-loan the loan asset, swap it into collateral, supply, borrow, repay the flash loan. The health factor and the liquidation price are computed before you sign, and the swap reverts if the pool has moved far enough from the oracle that the position would open at a bad price.

An app that routes volume here appends its address as twenty bytes at the end of the call. Solidity ignores bytes past the arguments it expects, so it costs only calldata gas and changes nothing about how the transaction runs.

Morpho lends any asset it holds for the length of one transaction at zero fee. Call flashLoan(token, assets, data) on 0x9D53d5E3bd5E8d4Cbfa6DB1ca238AEA02E651010 and repay inside onMorphoFlashLoan. There is nothing to ask us for and no allowance to grant.

The site has no private data path. Every number on it comes from three public read endpoints:

• GET /api/markets — every market in the catalogue, listed or not, with its live state.
• GET /api/vaults — the curated vaults, their caps, and what can be withdrawn this second.
• GET /api/stats — the protocol in one object, plus the addresses behind it.

Responses are revalidated every 30 seconds. There is no key, no rate limit and no CORS restriction. Fields will be ADDED without warning. Nothing currently there will be removed or change meaning without a versioned path appearing first.

What holds the money is not ours. Deposits, collateral, debt and liquidation all live in Morpho Blue, which is immutable and has been audited many times over. Our contracts are periphery: they hold nothing between transactions.

What nobody can do: change a market's LLTV, oracle or interest model; pause withdrawals; reach into a position. There is no upgrade path to these contracts because there is no proxy.

Everything below is on Robinhood Chain, id 4663.

Who holds my collateral? Morpho Blue. Cluby cannot move it.

What does Cluby earn? A 10% performance fee on interest, waived for the first 90 days of a vault. Borrowers get 10% of the interest they paid back through a weekly epoch.

Can a market be changed? No. LLTV, oracle and assets are fixed at creation. A better parameter means a new market, not an edit.

What is not built yet? Whatever the market pages mark as awaiting creation, plus staking and rebate contracts, which deploy after the first fee cycle.