Principal tokens as collateral. On Morpho.

A Stockimus principal token is a claim on a stock at maturity, trading at a small discount until then. The first market built for one as collateral is pSPY / USDG on Morpho Blue, Robinhood Chain. The rate model and liquidations are Morpho's. The oracle that prices the collateral is ours. Everything on this page is read from chain.

01The market

Reading the market…

Lent and borrowed are the market's totals as of its last interest accrual. Rates come from Morpho's Adaptive Curve model and move with utilisation. Lend rate = borrow rate × utilisation, less Morpho's fee if one is set.

02The price

Chainlink already prices the stock here with the multiplier inside, so the feed is used as it is. The principal leg is what one pToken redeems for, worked out from the accountant's dividend index and discounted for the time left to maturity. It never reads a pool, so nobody can push it for a few seconds. While the token's accountant holds an unclassified change the size of a stock split, the oracle reverts and Morpho refuses new borrows, collateral withdrawals and liquidations until it clears. Repaying and lending still work.

03Who is in it

04Your position

LEND USDG

Connect a wallet to see what you have lent.

BORROW USDG AGAINST pSPY

Connect a wallet to see your collateral and debt.

ONE CLICK FROM ETH

ETH in. It buys SPY, splits it, and posts the share half as collateral here. The dividend half stays in your wallet. Three wallet steps, each simulated before you sign.

CONNECT

Lending and borrowing are open to every wallet. Connect a wallet to lend USDG, post pSPY as collateral, borrow, or see your position.

Every button is the full sequence: approve, then the Morpho call, straight from your wallet, each simulated first so a revert shows its reason before you sign. Leave a box empty to skip that leg. Repay with the borrow box empty clears the whole loan. Withdraw collateral lights up once nothing is owed and returns everything unless you type an amount.

05How it works

Lend

Put USDG in, get shares of the pool. Borrowers' interest grows the pool, so the shares are worth more when you take them out. Withdrawing needs unborrowed USDG in the pool at that moment.

Borrow

Post pSPY, take USDG out up to the loan line: 62.5% of what the oracle says the pSPY is worth. Interest accrues every second. Repay to get the pSPY back.

Liquidate

If debt reaches the line, anyone can repay it and take the pSPY at a discount. A gap so fast the collateral no longer covers the debt is bad debt, and it comes out of lenders. That is the risk lenders are paid for.

06Read it yourself

// Morpho's IOracle: loan-token value of one collateral unit, scaled by 1e36.
// Reverts while a split-sized move waits in the SPY accountant; treat a revert as "halted".
IOracle(market.oracle).price();

// Market totals and your position, straight from Morpho Blue.
IMorpho(morphoBlue).market(marketId);
IMorpho(morphoBlue).position(marketId, you);

// Every address and the market id: /contracts.json and /api/market

A JSON mirror of this page is at /api/market. Public, no key, cached for about 30 seconds.