How it works.

You own tokenized stocks. You want dollars without selling them. Lightbringer lets you lock those tokens as collateral and borrow a stablecoin against them — then repay and get the tokens back, untouched.

The money comes from other people. Anyone can open a pool: they deposit stablecoins, set their own interest rate and loan length, and choose which assets they are willing to accept. You browse the pools and borrow from whichever terms suit you. There is no committee setting rates and no algorithm floating them.

It runs on Solana and Robinhood Chain, with the same rules on both. The two are entirely separate: separate contracts, separate pools, separate collateral, separate settlement currency. Nothing on one chain can reach anything on the other, and a loan on Solana is settled in USDC while one on Robinhood Chain is settled in USDG.

The protocol decides which assets are eligible and how much you may borrow against each. Lenders choose from that list; they cannot add to it or raise a limit.

Assets are chosen by how much can actually be traded, not by how well known the company is. If a loan goes bad, the lender ends up holding the collateral — so an asset nobody can sell is worthless as security no matter whose logo is on it. That is why Apple sits near the bottom of the Solana list and Circle near the top: it ranks what could be sold, not what the company is worth.

Two numbers govern every asset. The borrow limit is the most you may draw against it. The liquidation threshold is the point at which your debt may be closed by someone else. The gap between them is your room to move, and it is wider on thinner assets on purpose — the harder a token is to sell, the more warning everyone needs.

These tokens track a stock's price. They are not shares and carry no voting rights. On Robinhood Chain they are debt securities issued by a Jersey company, so the collateral is a claim on that issuer rather than title to a share.

Robinhood Chain

Borrow limits shown are for regular market hours — see section 03. Liquidation thresholds never move. Switch chains at the top of the page to see the other list; the addresses for both are in section 13.

A stock is a different risk at 2pm on a Tuesday than at 3am on a Sunday. When the market is shut, the next real price could be two days away, and it could arrive a long way from the last one.

Most lending protocols answer this with one permanently cautious number — a limit low enough to survive a bad weekend, charged to everyone all week. We do it the other way round: the limit is generous when the market is open and tightens as it closes.

Only the borrowing limit moves. The liquidation threshold never does. If you borrowed 70% on Friday afternoon, you are not liquidated on Saturday for having done so. You simply cannot borrow more until the market reopens.

And when a session opens, liquidations do not fire the instant the first price lands. There is a short grace window to add collateral first. Nobody should lose a position over something that happened while the market was shut and they were asleep.

Every price the protocol acts on is published on chain, by a publisher the contract knows, and is visible to anyone who wants to check it. Nothing is read from a website at the moment you press a button.

The sources

On Solana, prices come from the market in the xStocks tokens themselves — which is the right basis, because the token is what the protocol would have to sell. A tokenized share and the share it tracks can differ by a percent or two, and the number that matters to a lender is the one they could realise.

On Robinhood Chain, prices come from Chainlink aggregators published natively on that chain, with our own feed alongside them keeping the heartbeat. Those aggregators update on movement rather than on a clock, so a quiet asset can carry the same answer for hours and still be current.

Three questions, three prices

A single “price” would be the wrong answer to at least one of the questions the protocol has to ask, so it keeps both a live price and a 60-minute average and uses whichever is conservative for the question at hand.

The last row is the subtle one. A seizure hands over debt ÷ price worth of tokens, so a low price hands over more of them. Using a lagging average there would quietly take more collateral than the debt was worth every time the price had just risen.

The guards

• No single publish may move a price by more than 10%. A genuine larger move is walked across in steps rather than jumped, so a bad number cannot be injected in one go.
• A feed that goes quiet past its heartbeat is marked stale, and borrowing, withdrawal against debt and liquidation all stop. Repayment does not — see section 12.
• A price that arrives without a recognised trading session is refused outright rather than assumed to be regular hours.
• Dividends and splits on Solana are applied by the issuer as a multiplier on the token rather than by moving balances. The protocol mirrors that multiplier, so a split changes the number of tokens you hold without changing what your collateral is worth.

Fixed, simple, and set by the lender when they open the pool. The rate is stamped onto your loan when you borrow and never changes — not if the pool gets busy, not if the lender wishes it were higher.

interest = principal × rate × days ÷ 365

Borrow $1,000 at 12% and repay after 7 days, you owe about $1,002.30. You could have worked that out yourself, which is the point. Nothing compounds, no index drifts underneath you.

Repay early and you pay only for the days you used, subject to a small minimum the lender sets so a 30-second loan is not free. Partial repayments are fine — they reduce the principal and interest carries on against the rest.

The protocol takes 1% of the interest. Not of your principal, and never from the late penalty. Your rate is exactly what the pool advertises; the fee comes out of the lender's side.

You repay. The normal path. Your collateral unlocks and you withdraw it. Repaying “all of it” is its own instruction that settles to the last unit in the block that executes it, so a figure read a few seconds ago cannot leave a fraction of a cent behind and keep your collateral locked.

You are liquidated. If your collateral falls far enough that your debt crosses the liquidation threshold, anyone may repay your debt and take collateral covering it. The lender can do this without a bonus — they are recovering their own money. A third party takes 5% for the service. One call may clear at most 50% of what you owe, so a position is not wiped out in a single transaction over a brief dip.

The loan matures unpaid. Every loan has a due date, set by the pool. After that date plus a grace period, the lender can settle it: the protocol takes enough collateral to cover the principal, the interest and a late penalty — and returns the rest to you. You do not forfeit the whole position for being late, and no lender may write a penalty above 20% into their terms.

Everything above is what the protocol does. This is where to see it. The borrow screen is arranged so that the numbers you glance at, the ones you watch, and the one thing you are about to do are never in the same place.

Across the top

Six figures, always the same six, in the same order. Each says what it is measured against, because none of them means anything alone.

On the left

The session ladder shows all six trading sessions with the dollar ceiling your collateral supports at each, the one you are in now highlighted, and a countdown to the next boundary with what it takes off your ceiling. It is section 03, made live. The session shown as current comes from the chain, because that is the one the program enforces; the countdown comes from the US equity calendar, which does not model holidays. When the two disagree, the panel says so and tells you the chain wins.

Feeds lists how long ago each price was published and the most the publisher may move it in a single step. An age of several hours is usually unremarkable rather than alarming: the aggregators publish when a price moves, not on a timer, so a quiet name genuinely has nothing new to report. Section 04 covers the bounds that apply regardless.

In the middle

The chart has two views, and neither is a price chart. There is no price history on chain to draw, and a chart fed from somewhere else would show a different number from the one the contract values your loan against.

• Term runs from now to maturity. The stepped line is the most you may owe at each moment — it drops at the close, again overnight, and falls away across the weekend. The straight line rising through it is your debt, growing at a rate that is fixed and therefore exactly knowable. The dashed line above both is the liquidation limit, which does not move.
• Price plots a uniform fall in your collateral against how much of the liquidation limit that would use. Where the curve crosses the dashed line is the point your loan can be closed, labelled and readable off the bottom axis.

Each holding, on its own — for every asset: the price borrowing is measured against, the price liquidation is measured against, and the price at which that one holding, moving alone with everything else unchanged, would make the loan liquidatable. Seeing the first two differ is section 04 in practice. When an asset cannot reach the limit by itself, because the rest of your collateral already covers the debt, it says so rather than printing a number.

If everything falls together — the same question, asked the way it actually happens. A single stock gapping is rare; the whole market falling is ordinary. Each rung is every holding dropping by the same amount at once, and the row where it turns is where the loan ends.

Loans against this pool — everyone borrowing from this lender, read from the chain. A lender’s terms look identical whether they have funded thirty loans or none; this is how you tell those apart.

On the right

Deposit, borrow, repay and withdraw. Enter an amount, drag the slider, or take a preset — and then, before you commit to anything, the panel shows what the action would leave behind: your debt after, the exact interest to maturity, the total to repay and the date it is due, your new share of the liquidation limit, how far your collateral could then fall, and a liquidation price for each holding.

Two of those are only possible because of how this protocol is built. The interest figure is exact rather than an estimate, because your rate and term are fixed for the life of the loan — a floating-rate lender cannot tell you what you will owe. And if the draw would leave you above the next session’s ceiling, it says so before you sign: you would not be liquidated for it, but you could not draw that much again until the market reopened.

The maximum offered is deliberately a hair under the true ceiling. Prices are republished independently of the page, so a figure that was exactly the limit when it was read can be over it by the time the transaction lands.

Before you have pledged anything

The middle shows a different thing entirely: every asset the pool accepts, with its borrow limit right now, its limit at regular hours where those differ, its liquidation threshold, and how much of it you hold. That is the decision in front of you at that moment, and the difference between two ratings is real money — the same $1,000 of stock can support several hundred dollars more or less depending on which token it is. Choosing a row arms the deposit ticket with it.

The obvious worry about locking up a share is that you give up what the share does while it is locked. You do not. A split, a dividend or a reverse split reaches your collateral while it sits in the vault, and your borrowing power moves with it.

That works because these tokens do not hand you new tokens when something happens to the company. Your balance never changes. What changes is a multiplier attached to the token itself, and what your holding is worth is the balance times that multiplier. A 2-for-1 split doubles it. A reinvested dividend nudges it up. Because the number of tokens is untouched, nothing has to move in or out of the vault for the adjustment to reach you.

The mechanism has a name on each chain — Token-2022’s ScaledUiAmount on Solana, ERC-8056 on Robinhood Chain — and both publish the next adjustment before it takes effect, with the exact second it lands. So a corporate action is knowable in advance, from the chain, by anyone. The borrow screen reads it directly from the token and shows you what is coming and what it will do to the collateral you have pledged, before it happens.

Where this can go wrong, and what watches it

On Solana the program keeps its own copy of each multiplier rather than reading it from the token on every valuation. A copy can fall behind, and a copy that has fallen behind misprices every position in that asset at once, in silence — after a missed 2-for-1 the protocol would value your collateral at half what it is worth, and after a missed reverse split it would lend against value that is not there.

Two things watch for it. The price publisher compares every stored multiplier against its token on each round and reports any that have drifted; and the borrow screen does the same comparison in your browser and says so in the corporate actions panel, naming the asset and which direction it is wrong in. A figure that cannot be trusted is marked as such rather than quietly shown.

Nothing stops you borrowing from several pools at once, and there are good reasons to: no single lender may hold as much as you want, and the cheapest rate on offer may not be attached to the largest pool. The Position page adds every loan you hold on a chain into one view.

Three figures there are worth more than they look. The blended rate is weighted by how much you have drawn at each rate, not averaged across pools — $9,000 at 5% and $1,000 at 20% is a 6.5% position, and the average of the two rates would tell you 12.5%. The next deadline is the earliest of your loans, because that is the one that can cost you collateral; a position is not “due in 30 days” because its largest leg is. And left to draw adds up what your collateral already supports in each pool, so you can see the size of the line you actually have.

Typing an amount into the draw planner routes it cheapest rate first, across the pools you already hold collateral in, and shows what each leg would cost over that pool’s own term. Filling from the largest pool would mean fewer signatures and a higher rate; that trade is not made for you.

These are still separate loans, on purpose

A pool has exactly one lender. That is what keeps the accounting simple enough to be safe: there are no shares and no share price, so there is no rounding drift for anyone to farm and no first-depositor trick to play. Borrowing across five pools gives you the size of a syndicate without putting five lenders inside one loan. Every leg settles on its own, against its own collateral, with its own counterparty — and a page that adds them up does not change that.

A pool has one lender, and that is deliberate — it is what keeps the accounting simple enough to be safe. But a borrower who wants more than any single lender holds still has to be served, so several lenders can stand behind one pool as a syndicate.

What you hold in a syndicate is not a share. It is a weight: the amount you put in, fixed at the moment you put it in. Everything that comes back — repaid principal, interest, whatever a liquidation recovers — is divided by those weights. There is no share price, so there is nothing for a first depositor to inflate and no rounding drift for anyone to farm. A default needs no special handling either: less comes back, so everyone’s claim is smaller, in proportion.

You cannot withdraw in the middle

Capital can be taken back while the funding window is open and nothing has been lent. After that it comes back when the organizer winds the syndicate down. That is not an oversight: valuing a mid-life exit means putting a price on a loan that has not finished, and that price is exactly the thing this design refuses to have. A syndicate is a participation, not a deposit.

The borrower sees none of this. Their loan has the same rate, the same term and the same rules as any other, and it settles the same way.

The one trust step

A defaulted loan leaves the pool holding stock rather than cash. No contract can sell it — a lending contract has no business routing a trade, and doing it with other people’s money is worse. So the organizer takes the stock, sells it, and returns the proceeds. That is a trust step, stated plainly: everything else about a syndicate is trustless, and this part is not.

Separately from borrowing against it, you can lend a tokenized share to somebody who needs it — usually to settle a short — and charge them a fee. They post 102% of the share’s value in cash, which is re-marked as the price moves.

The risk here runs the opposite way to everything else on this page. Everywhere else, a borrower is in trouble when their collateral falls. Here the borrower is in trouble when the share they owe rises, because they owe a thing rather than an amount, and a thing that has become more expensive needs more cash behind it. If they fall short they have a day to top up; if they do not, the cash is yours — and it is worth more than the share was.

You keep what the share does. Dividends and splits arrive as a multiplier on the token, and what the borrower owes you back is a number of tokens rather than a value — so a split that lands while the share is out comes back with it. The traditional market cannot do this: a lent share pays its dividend to whoever holds it, and the borrower has to manufacture a payment to stand in for it.

Only stock you have deposited for the purpose can be lent. Collateral backing a loan is never touched, because lending it would mean a liquidation could find less in the vault than the loan says is there. Doing that safely is a separate piece of work and has not been done.

A third way to get cash for a share you hold, and the only one with no liquidation in it. You sell the share at a discount to what it is worth — say 95% — and commit to buy it back at a price agreed at the moment you sell. Pay that price within the window and the same share comes back. Do not, and the buyer keeps it.

That is the whole of it. There is no health factor, no margin call and no price that triggers anything, because the discount is what protects the buyer: somebody who paid 95 cents for a dollar of stock is whole through any fall smaller than 5%, and past that they own stock they bought cheaply. Nothing needs watching while a trade runs — only the date matters.

Both numbers are fixed when you sell. What you receive and what it costs to buy back are written down once and never recomputed. After that the contract reads no price, no asset configuration and no feed. Delisting the stock, pausing the protocol or losing the price publisher has no effect whatsoever on a trade that is already open — which is the property the product rests on, and the reason the settlement path deliberately contains nothing an administrator can reach.

Missing the deadline is not a default. You can still buy back after the window closes, and after the following day of grace too — right up until the buyer actually claims the shares. Somebody who is late but pays in full gets their stock, and the buyer is made whole either way.

Splits and dividends ride home with the shares. What is owed back is a number of tokens rather than a value, so a split during the term returns the same count, worth whatever it has become — to you if you buy back, to the buyer if you do not.

The protocol takes 1% of the interest and never a unit of the principal — the same cut, and the same rule, as a pool loan.

Two actions never depend on a price feed and can never be switched off, by anyone, in any state — including a permanently broken oracle or an emergency stop:

• Repaying your debt
• Adding more collateral

Your funds cannot be trapped. If the protocol can do nothing else at all, it can still take your repayment and give your collateral back.

Everything else behaves like this:

Everything below is live on mainnet. Each address links to that chain's explorer — check them there rather than trusting this page, which is the point of publishing them.

Solana · mainnet-beta

Lightbringer programmainnet-beta

7rLGz8SSbeYA2Mq9TeoZbHhcLhJsQGpLGHUUTrktqJVC

USDCsettlement, 6 decimals

EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v

PUMPPump · Token-2022 · 8 decimals

pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn

RAYRaydium · Token-2022 · 8 decimals

4k3Dyjzvzp8eMZWUXbBCjEvwSkkk59S5iCNLY3QrkX6R

USELESSUseless Coin · Token-2022 · 8 decimals

Dz9mQ9NzkBcCsuGPFJ3r1bS4wgqKMHBPiVuniW8Mbonk

STONKStonks · Token-2022 · 8 decimals

6GmAFSYs4gk3FDao5FzzySQpPZaWsa4rUJHacpMpUNgx

CRCLxCircle Internet Group · Token-2022 · 8 decimals

XsueG8BtpquVJX9LVLLEGuViXUungE6WmK5YZ3p3bd1

JUPJupiter · Token-2022 · 8 decimals

JUPyiwrYJFskUPiHa7hkeR8VUtAeFoSYbKedZNsDvCN

SPYxS&P 500 ETF · Token-2022 · 8 decimals

XsoCS1TfEyfFhfvj8EtZ528L3CaKBDBRqRapnBbDF2W

TSLAxTesla Inc. · Token-2022 · 8 decimals

XsDoVfqeBukxuZHWhdvWHBhgEHjGNst4MLodqsJHzoB

QQQxNasdaq 100 ETF · Token-2022 · 8 decimals

Xs8S1uUs1zvS2p7iwtsG3b6fkhpvmwz4GYU3gWAmWHZ

NVDAxNVIDIA Corp. · Token-2022 · 8 decimals

Xsc9qvGR1efVDFGLrVsmkzv3qi45LTBjeUKSPmx9qEh

COINxCoinbase Global · Token-2022 · 8 decimals

Xs7ZdzSHLU9ftNJsii5fCeJhoRWSC32SQGzGQtePxNu

MSTRxStrategy Inc. · Token-2022 · 8 decimals

XsP7xzNPvEHS1m6qfanPUGjNmdnmsLKEoNAnHjdxxyZ

GLDxSPDR Gold Shares · Token-2022 · 8 decimals

Xsv9hRk1z5ystj9MhnA7Lq4vjSsLwzL2nxrwmwtD3re

AMZNxAmazon.com Inc. · Token-2022 · 8 decimals

Xs3eBt7uRfJX8QUs4suhyU8p2M6DoUDrJyWBa8LLZsg

GOOGLxAlphabet Inc. · Token-2022 · 8 decimals

XsCPL9dNWBMvFtTmwcCA5v3xWPSMEBCszbQdiLLq6aN

MSFTxMicrosoft Corp. · Token-2022 · 8 decimals

XspzcW1PRtgf6Wj92HCiZdjzKCyFekVD8P5Ueh3dRMX

HOODxRobinhood Markets · Token-2022 · 8 decimals

XsvNBAYkrDRNhA7wPHQfX3ZUXZyZLdnCQDfHZ56bzpg

AAPLxApple Inc. · Token-2022 · 8 decimals

XsbEhLAtcf6HdfpFZ5xEMdqW8nfAvcsP5bdudRLJzJp

Robinhood Chain · chain 4663

Lightbringer protocolchain 4663

0x09C33893885aa6A2A003DB7e5abD109eD9cC0Bf7

Syndicationmany lenders, one pool

0x41c3F0F40592D89faE1f0d90c3EDf560cC610B92

Securities lendinglending the share itself

0x6cD2120F41ADab96e6C26c200b4AD7848beb2902

USDGsettlement, 6 decimals

0x5fc5360D0400a0Fd4f2af552ADD042D716F1d168

SPYS&P 500 ETF · 18 decimals

0x117cc2133c37b721f49de2a7a74833232b3b4c0c

NVDANVIDIA · 18 decimals

0xd0601ce157db5bdc3162bbac2a2c8af5320d9eec

MSTRStrategy Inc. · 18 decimals

0xec262a75e413fafd0df80480274532c79d42da09

USOUS Oil Fund · 18 decimals

0xa30fa36db767ad9ed3f7a60fc79526fb4d56d344

TSLATesla · 18 decimals

0x322f0929c4625ed5bad873c95208d54e1c003b2d

QQQNasdaq 100 ETF · 18 decimals

0xd5f3879160bc7c32ebb4dc785f8a4f505888de68

TSMTSMC · 18 decimals

0x58ffe4a942d3885baa22d7520691f611ef09e7aa

GOOGLAlphabet Class A · 18 decimals

0x2e0847e8910a9732eb3fb1bb4b70a580adad4fe3

SNDKSanDisk · 18 decimals

0xb90a19ff0af67f7779aff50a882a9cff42446400

MSFTMicrosoft · 18 decimals

0xe93237c50d904957cf27e7b1133b510c669c2e74

PLTRPalantir · 18 decimals

0x894e1ec2d74ffe5aef8dc8a9e84686accb964f2a

COINCoinbase · 18 decimals

0x6330d8c3178a418788df01a47479c0ce7ccf450b

SLVSilver (iShares) · 18 decimals

0x411efb0e7f985935daec3d4c3ebaea0d0ad7d89f

METAMeta Platforms · 18 decimals

0xc0d6457c16cc70d6790dd43521c899c87ce02f35

AMZNAmazon · 18 decimals

0x12f190a9f9d7d37a250758b26824b97ce941bf54

INTCIntel · 18 decimals

0xc72b96e0e48ecd4dc75e1e45396e26300bc39681

AAPLApple · 18 decimals

0xaf3d76f1834a1d425780943c99ea8a608f8a93f9

GLDGold (SPDR) · 18 decimals

0xc9a981fee1f9dec688bb123ccdecc63d0debfc4e

PONSPons · 18 decimals

0x39dBED3a2bd333467115dE45665cC57F813C4571

CASHCATCash Cat · 18 decimals

0x020bfC650A365f8BB26819deAAbF3E21291018b4

AIAI · 18 decimals

0x2E8c31162b855A2ffa90F6F8634643Ad6F111e18

Collateral tokens are issued by Backed (Solana) and by Robinhood (Robinhood Chain). Lightbringer does not issue any of them and cannot mint, freeze or move them; it holds them in a vault of its own while a loan is open and returns them when it closes.

Set at deployment, identical on both chains, and readable from the contracts themselves.

Interest rate, loan length, grace period, late penalty and accepted assets are not on this list because they are not ours to set — each lender chooses them for their own pool, within the ceilings above, and they are fixed for the life of every loan drawn from it.