How ONIXS works
ONIXS is a stock token lending protocol on Robinhood Chain. It lists tokenized shares that Robinhood issues on the chain, opens Morpho markets for them, and gives every wallet a small contract of its own to run shorts, leveraged longs and pair trades in one transaction. Nothing below needs trust in a team: each piece is a contract you can read, and the Verify tab checks them live.
The pieces
- Leasehold: one per stock. An ERC-4626 vault with no owner and no fee. It takes the stock you lend and supplies all of it to the stock's short market on Morpho. Your shares grow in stock as rent accrues.
- Short market: a Morpho market where the stock is lent and USDG is the collateral. Shorts borrow here; leaseholds supply here.
- Credit market: a Morpho market where USDG is lent and leasehold shares are the collateral. Stock lenders borrow dollars here without selling; USDG lenders supply here.
- Price marks: two small oracles per stock, one per market, that read the stock's Chainlink feed, apply the token's dividend multiplier and price USDG at its own feed, never above one dollar.
- Charter: the registry. It holds each listing (stock, feed, pool, leasehold, both markets and their limits), opens berths, and is the single address every berth reports activity to. Its owner is set once at deployment and can never be transferred or replaced; that owner can only list a stock or pause new positions on a listing.
- Berth: your own account contract, created on your first trade. Only your wallet can operate it. It holds your shorts and leveraged longs on Morpho in its own name, so you never give a shared contract power over your other Morpho positions.
How rent is set and paid
Rent is the interest a short pays on the stock it borrowed. ONIXS does not set it. Each short market uses Morpho's adaptive curve rate model at 0x2BD3d5965B26B51814AC95127B2b80dD6CcC0fa1, which targets 90% of the supply being borrowed: above that the rate climbs steeply, below it the rate eases down over time. Interest is added to what shorts owe every time the market is touched and compounds continuously in between.
A lender's share of the leasehold is a share of the leasehold's supply position on Morpho. When shorts owe more stock, that supply position is worth more stock, and so is every share. Nothing is claimed and nothing is sent at a set hour; the balance simply reads higher each day. That is what the tagline means by rent paid daily.
Morpho's owner can switch on a protocol fee of up to 25% of a market's interest; new markets start at zero and the board reads the fee from Morpho, so a change shows up there. ONIXS takes no fee.
What a short does, step by step
Opening a short is one call to your berth with your USDG margin, the amount of stock to borrow and the least USDG the sale must bring.
- The berth takes your margin and posts it, together with the expected sale proceeds, as collateral in the short market.
- Inside the same transaction it borrows the stock from the market and sells it on the stock's 0.05% Uniswap v3 pool.
- It refuses the fill if the pool sits more than 3% from the Chainlink price, if the feed is older than 26 hours, or if the sale brings less than your minimum.
- It checks the opening use against the listing's limit (65% on SPY and QQQ, 50% on NVDA), well below the liquidation line.
Closing repays the whole debt, takes the USDG back, buys exactly the stock owed on the pool and sends you the rest. It never needs the feed, so it works on weekends. If the stock rose, the buy-back costs more and you get back less.
What a leveraged long does
Your margin plus a USDG loan buys the stock on its pool. The berth lends that stock into the leasehold, posts the shares in the credit market and borrows the loan against them, all inside one Morpho flash loan that is repaid before the transaction ends. The stock you hold is lent the whole time, so it earns rent while the loan costs interest. The most is 1.8 times the margin, on SPY, QQQ and NVDA.
Feeds, weekends and stale prices
Chainlink publishes Robinhood stock prices on a 24/5 schedule: continuously from Sunday 8pm to Friday 8pm New York time, with a 0.5% deviation trigger and a 24 hour heartbeat. Over the weekend the last answer stands. Morpho keeps using it for health checks, so liquidations and borrowing keep working on Friday's price, and whatever happened in the world arrives in one step on Sunday night. That is the main gap risk lenders are paid to carry.
ONIXS adds one rule on top: new shorts, longs and pairs need a feed answer younger than 26 hours. Closing, repaying, lending and withdrawing are never blocked by feed age.
Limits per stock
| Stock | Short liquidation | Short opening | USDG loan limit | Leverage |
|---|---|---|---|---|
| SPY | 77.0% | 65% | 62.5% | up to 1.8x |
| QQQ | 77.0% | 65% | 62.5% | up to 1.8x |
| NVDA | 62.5% | 50% | 62.5% | up to 1.8x |
These are the settings each listing is created with. A listing cannot be edited afterwards; a change would mean a new listing with new markets.
Adding Robinhood Chain to a wallet
- Network name: Robinhood Chain
- Chain id: 4663 (0x1237)
- RPC: https://rpc.mainnet.chain.robinhood.com
- Currency: ETH · Explorer: https://robinhoodchain.blockscout.com
- USDG:
0x5fc5360D0400a0Fd4f2af552ADD042D716F1d168(6 decimals). Uniswap quotes come from0x33e885ed0ec9bf04ecfb19341582aadcb4c8a9e7.
The connect dialog adds the network for you when the wallet does not have it.
Questions
What is ONIXS?
ONIXS is a stock token lending protocol on Robinhood Chain. You lend tokenized shares such as SPY, QQQ or NVDA and earn rent from people who borrow them to short. You can also borrow USDG against lent stock, open a short or a leveraged long in one transaction, or trade one stock against another.
How does ONIXS work?
Each listed stock has two Morpho markets. In the first, the stock is lent and USDG is the collateral: lenders supply through the stock's leasehold contract and shorts borrow from it. In the second, USDG is lent against leasehold shares, so lenders can borrow dollars without selling. Shorts, longs and pairs run through a berth, a small contract each wallet owns, which borrows, swaps on Uniswap and posts collateral in one transaction.
Where does the rent come from?
From shorts. Borrowing a stock token costs interest, set by Morpho's adaptive rate model from how much of the stock is out on loan. That interest accrues every second to the market's lenders, which is why a leasehold share is worth a little more stock each day.
Which network is ONIXS on?
Robinhood Chain mainnet, chain id 4663, with ETH for gas. The connect dialog adds the network to your wallet if it is missing. Phantom cannot add custom networks, so it is shown but disabled.
How do I buy $ONIXS?
$ONIXS launches on the Pons launchpad on Robinhood Chain. The contract address is published on this site and on X at launch; until then the copy buttons read 'At launch'. Always check the address before buying, because look-alike tokens reuse names.
What happens over the weekend?
The stock feeds pause from Friday to Sunday evening, New York time. ONIXS refuses new shorts, longs and pairs when a feed is older than 26 hours, so nothing new is sized on a stale price. Closing, repaying, lending and withdrawing keep working.
Can ONIXS take my tokens?
Lent stock sits in Morpho in the leasehold's name and leaseholds have no owner. Positions sit in your berth, which only your wallet can operate. The ONIXS owner, fixed forever when the Charter was deployed, can list stocks and pause new positions; it cannot move, close or freeze anyone's funds. The stock token's issuer can, which is a risk ONIXS cannot remove.
What does it cost?
ONIXS charges no fee of its own today. You pay gas in ETH, the Uniswap pool fee (0.05%) and price impact on one-step trades, and Morpho interest on whatever you borrow.
How much can I short or leverage?
A new short may borrow stock worth up to 65% of the USDG held against it on SPY and QQQ, and 50% on NVDA, safely below each market's liquidation line (77% and 62.5%). Leveraged longs go up to 1.8 times the margin, on SPY, QQQ and NVDA only. Pool depth also caps size, and the app shows it.
Ready? Open the board or read the rules first.