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Mechanics

Umbrella is a single-contract CDP vault. Each listed stock token is an isolated market: you deposit that token as collateral and borrow USDG against it at a fixed rate. Prices come from per-asset Chainlink feeds. There are no funding curves, no rebasing, no pooled depositor funds — lending liquidity is supplied by the vault owner.

• Borrowing. Draw USDG up to 40% of your collateral's value. Interest accrues linearly at 5% APR on what you've drawn.
• Repaying. Anyone can repay any position at any time — even when markets are closed or the contract is paused. Overpayment clamps to the debt.
• Withdrawing. Free with zero debt, LTV-checked otherwise. With no debt you can always exit, even mid-weekend.
• Liquidation. If debt exceeds 60% of collateral value at a fresh price, a liquidator repays the whole debt and receives collateral worth 110% of it, capped at the position. Full liquidations only — no auctions, no partial fills.
• The circuit breaker. If a market's feed is older than its staleness window (market closed) or the L2 sequencer is down, borrows and liquidations pause for that market. Deposits and repayments never pause.

Future pool funding. When the Umbrella token is released, it will be used to help fund the lending pool, expanding USDG liquidity so more users can borrow.

Risk, plainly

• Unaudited code. The vault is open-source and tested, but has not had a professional audit.
• Issuer dependency. Stock tokens are issued by Robinhood; their link to real equities lives at the issuer layer, not in this protocol.
• Thin early liquidity. Both the lending pool and the on-chain swap pools are young and small.
• Volatility. A 34%+ drop in your collateral's price can cost you it in liquidation. Borrow conservatively.