# Curated Credit Vault (NetNet Credit) > **Status: the desk is operating on mainnet.** NetNet Credit opened on > 9 September 2026 as a Morpho Vault V2 on Robinhood Chain, and the first > loan on the desk was drawn on 10 September 2026. Contract addresses are > published on [Official Channels](/official-channels) and repeated in the > Addresses section of this page. The caps and the rate ceiling quoted here > are the parameters as they stand on chain at the time of writing; the > curator can change them through a timelock, and nothing on this page is > a promise of yield. NetNet Credit is the fund's lending desk. Depositors supply **USDG** to a vault and receive **nnUSDG**, a share of the vault. The vault lends that USDG into seven isolated credit markets on Morpho Blue: the wsNET/USDG market that the [Lombard Credit Facility](/lending) runs on, and six markets where a Stock Token is the collateral, one each for NVDA, SPCX, AAPL, GOOGL, MSFT and COIN. Borrowers post collateral in one of those markets and draw USDG against it at a floating rate. Depositors earn what the borrowers pay, less a performance fee. The vault runs on **Morpho**, the same immutable credit network that powers Robinhood Earn and the Lombard Credit Facility. The fund wrote no lending engine of its own. Its contributions are the vault's configuration, one price oracle per Stock Token market, and a router that moves the vault's USDG to where a borrower needs it. The Loopback market is the same market described on the Lombard Credit Facility page; the vault is a new lender in it, not a replacement for it. The consumer application speaks plain English by design. The Credit tab of Shareholder Services links here. This page is the controlling description of the mechanics. ## What it is A Morpho Vault V2 is a curated pool of one asset. A curator decides which markets the vault may lend into and how much may go to each; an allocator moves the vault's balance between those markets within the curator's caps; depositors hold shares that track the vault's total assets. NetNet Credit is such a vault, with USDG as its asset and the seven markets above as its only permitted destinations. Deposits land in the Loopback market first, because that market is the vault's liquidity adapter, and they earn from the first block. The allocator places USDG into the Stock Token markets as borrowers arrive there. A market with no borrower holds none of the vault's USDG, and a market with a borrower holds only what the allocator has moved into it, never more than that market's cap. The curator's own book, the **NetNet RWA Sleeve**, is the principal borrower against Stock Tokens, and it borrows under a 40% loan to value cap on its own positions, well inside the markets' liquidation thresholds. The first borrow on the desk was the Sleeve's: 100 NVDA posted against 8,046.65 USDG on 10 September 2026. Shareholders should read the vault with that fact in view. The Manager's book funds itself here, on the same terms and at the same rate as any other borrower, and the depositors are its lenders. ## How to supply Open the **Credit** tab of Shareholder Services at `app.netnet.capital/#/credit` and choose **Supply**. Enter an amount of USDG. The vault mints nnUSDG at the current share price, and the USDG is lent from that block onward. Withdraw at any time from the same tab, subject to market liquidity. A withdrawal is paid from USDG the vault holds unlent in the Loopback market. When that market is fully utilised, the withdrawal waits until borrowers repay or the allocator brings USDG back from another market. The application shows the USDG available to withdraw before any signature. Two facts about the supply side, stated plainly: * **nnUSDG is not USDG.** It is a claim on a portfolio of loans. Its value in USDG rises as interest accrues and falls if a market takes a loss that liquidation does not cover. * **The vault carries a rate ceiling.** It was set at 20% per year at deployment. Depositors never accrue more than the ceiling; if the markets earn more than that, the excess does not reach depositors until the allocator raises it. ## How to borrow Choose **Borrow** on the same tab. Post **wsNET** or one of the six Stock Tokens as collateral and draw USDG against it. Each collateral is its own market with its own position, its own debt and its own health. The application never blends them into one number that no contract enforces. For every position the application shows: * **Health**, the ratio of collateral value at the market's liquidation threshold to the debt. Below 1, the position can be liquidated. * **Liquidation price**, the collateral price at which health reaches 1, computed as debt divided by collateral times the liquidation threshold. * The live borrow rate, which floats with the market's utilisation under Morpho's Adaptive Curve interest model. A borrow against wsNET is a direct position in the Loopback market, priced by the Loopback oracle at that market's terms. A wallet that has looped on the Loopback tab sees the same position here and can repay or top up from either tab. A borrow against a Stock Token goes through the **CreditRouter**. Morpho isolates markets, so USDG must be supplied to a market before it can be borrowed there, and the vault parks its deposits in the Loopback market. The router closes that gap inside the borrow: it posts the collateral on the wallet's behalf, moves the USDG the borrow needs from the Loopback market into the collateral's market, and draws the loan, in one transaction. Its authority is fixed by immutable bounds. It can move USDG only between the Loopback market and a listed Stock Token market, never out of the vault; never past a market's cap; never below a minimum Loopback buffer, so withdrawals keep clearing; and at most $250,000 per call. It holds no funds and no position of its own. **The CreditRouter is deployed and pending activation.** It acts only once the team Safe grants it the vault's allocator role, and that grant has not been made at the time of writing. Until it is, the Stock Token rows on the Borrow tab are listed with their buttons disabled, and the wsNET row borrows on Morpho directly. This page will be corrected when the router is live. Repayment needs no router and no permission. A borrower can repay debt or add collateral on any market at any time, including while that market's oracle is refusing to price. ## The markets | Collateral | Liquidation threshold (LLTV) | Vault cap | Oracle | |---|---|---|---| | wsNET (Loopback) | 62.5% | $1,000,000 | LoopbackOracle, per the [Lombard Credit Facility](/lending) | | NVDA | 62.5% | $800,000 | StockMorphoOracle (NVDA) | | SPCX | 62.5% | $800,000 | StockMorphoOracle (SPCX) | | AAPL | 62.5% | $600,000 | StockMorphoOracle (AAPL) | | GOOGL | 62.5% | $400,000 | StockMorphoOracle (GOOGL) | | MSFT | 62.5% | $200,000 | StockMorphoOracle (MSFT) | | COIN | 38.5% | $200,000 | StockMorphoOracle (COIN) | The loan asset in every market is USDG and the interest model in every market is Morpho's Adaptive Curve. The cap is the most USDG the vault may lend into that market; it bounds the vault's exposure to any one name and is the safety valve for a thin one. The caps above are the values on chain at the time of writing. The curator has a revision of the caps to measured liquidation depth in preparation; until that revision clears its timelock and lands on chain, the figures above are the caps. **The Stock Token oracles fail closed.** Each StockMorphoOracle prices its collateral from the Chainlink feed for the equity and the Chainlink USDG/USD feed, adjusted by the token's corporate action multiplier. It refuses to price at all when any of the following holds: * the equity feed is older than 97 hours, which tolerates a holiday weekend and nothing longer; * the USDG/USD feed is older than 25 hours; * the token's issuer has paused it; * the token's corporate action multiplier is outside 0.8 to 1.2. While an oracle refuses, its market is frozen: no new borrow, no withdrawal of collateral past the limit, and no liquidation can happen on that market. Repayment and adding collateral always can. The application shows this state as a frozen feed with borrow and withdraw disabled, not as an error. The oracles have no owner and no settings. Chainlink equity feeds do not print outside the market session, so a position's health does not move over a weekend and liquidations happen on session prints. The weekend risk is the gap at the Monday open, and the distance between a borrower's loan to value and the liquidation threshold is the buffer for it. **Liquidation** happens at the market's liquidation threshold, 62.5% for every market except COIN at 38.5%. Anyone may liquidate: the executor repays debt and receives collateral worth more than the debt repaid, at the oracle's marks, under Morpho's liquidation incentive formula. At a 62.5% threshold that incentive is about 12.7%; at 38.5% it is 15%. The fund sets no penalty of its own. ## Roles and safeguards | Role | Held by | What it can do | |---|---|---| | Owner | The NetNet team Safe | Appoint the curator, allocators and sentinels | | Curator | The NetNet team Safe | Add or remove adapters, set caps, set fees, set timelocks; every such change waits out a three day timelock | | Allocator | The keeper | Move USDG between the seven markets within the curator's caps; set the rate ceiling | | Sentinel | The keeper | Revoke a pending curator change, pull USDG back from a market, and lower a cap, without delay | | CreditRouter | Pending the Safe's allocator grant | Move USDG from the Loopback market into a Stock Token market inside a borrow, within its fixed bounds | The three day timelock applies to the changes that alter what depositors are exposed to: a new adapter, a higher cap, a change of fee. Every pending change is visible on chain for the full period before it takes effect, and the sentinel can cancel it in that window. Reductions of exposure, a lower cap or a withdrawal of USDG from a market, take effect at once. The Safe can grant or revoke an allocator instantly. The vault's own protections against its allocator are the caps: no allocator, the keeper or the router, can lend more into a market than the curator has permitted, and neither can move USDG anywhere except the seven listed markets. ## Fees | Fee | Value | |---|---| | Performance fee | 10% of interest earned, paid to the Manager's RWA Sleeve | | Management fee | None | | Deposit and withdrawal fees | None | | Liquidation penalty | None of the fund's own; Morpho's incentive applies as stated above | The performance fee is taken from interest only. Principal is never charged, and a vault that earns nothing pays nothing. ## Risks * **Deposits are not Treasury backed and can lose principal.** nnUSDG is not a fund liability, is not counted in NAV, and is not reachable by any Treasury reserve. It is a claim on loans to leveraged holders of volatile collateral. * **A lender's exposure is to the collateral, the oracle and the liquidation depth of each market.** A loss occurs when collateral falls faster than liquidators can sell it, when the oracle marks a price the market will not pay, or when the on chain depth for a name is too thin to absorb a liquidation at the cap. The caps are sized against that depth and are the only lever the fund holds over it. * **The wsNET market carries NET risk.** It is priced by the Loopback oracle, whose credited value and stale price guard are described on the [Lombard Credit Facility](/lending) page, and its collateral is the fund's own share. Everything in [Risk Factors](/risks) about NET applies to that market's collateral. * **The principal borrower is the curator's own book.** The Sleeve borrows under a 40% loan to value cap, and its collateral is Stock Tokens whose liquidation is subject to the same oracle and depth limits as any other borrower's. * **The rate ceiling bounds what depositors earn.** Interest above it does not reach depositors until the allocator raises the ceiling. * **Withdrawals depend on market liquidity.** USDG lent out is not available until it is repaid or moved back. * **Smart contract risk.** The vault, the markets and the interest model are Morpho code; the oracles and the router are the fund's. Any of them can have a defect. * **Curator risk, bounded by the timelock.** The team Safe can change caps, adapters and fees after three days. Depositors have that window to leave. ## Addresses All on Robinhood Chain (chain id 4663). Every link goes to the chain's canonical explorer. | Contract | Address | |---|---| | NetNet Credit vault (nnUSDG) | [`0x99347d5F70D3838763f6Bddcf80304C8aa953B57`](https://robinhoodchain.blockscout.com/address/0x99347d5F70D3838763f6Bddcf80304C8aa953B57) | | Market adapter (the vault's one adapter, Loopback plus six markets) | [`0xf0eeF247585b184836915e80f984246d981c55C4`](https://robinhoodchain.blockscout.com/address/0xf0eeF247585b184836915e80f984246d981c55C4) | | CreditRouter (pending activation) | [`0xaff662814Aa7cC80AC1577E03E123358CAcc6a97`](https://robinhoodchain.blockscout.com/address/0xaff662814Aa7cC80AC1577E03E123358CAcc6a97) | | StockMorphoOracle (NVDA) | [`0xED29D310cfa91778A5850538DA28ed42234Cb78c`](https://robinhoodchain.blockscout.com/address/0xED29D310cfa91778A5850538DA28ed42234Cb78c) | | StockMorphoOracle (SPCX) | [`0x872F9D8955B34e841227a92dE755cd63042Ab7A5`](https://robinhoodchain.blockscout.com/address/0x872F9D8955B34e841227a92dE755cd63042Ab7A5) | | StockMorphoOracle (AAPL) | [`0xD625d488D552775D2867194C618B945E5dDfE097`](https://robinhoodchain.blockscout.com/address/0xD625d488D552775D2867194C618B945E5dDfE097) | | StockMorphoOracle (GOOGL) | [`0x12Ec3474D1e321e0aAB065278B97FBC7eDa5F424`](https://robinhoodchain.blockscout.com/address/0x12Ec3474D1e321e0aAB065278B97FBC7eDa5F424) | | StockMorphoOracle (MSFT) | [`0xcb9a035fe0e8f321e36286405fEBC70dE42DB34e`](https://robinhoodchain.blockscout.com/address/0xcb9a035fe0e8f321e36286405fEBC70dE42DB34e) | | StockMorphoOracle (COIN) | [`0x3ebD3088b69A5eeC3bDF03B82CcF19c3Bc1fa894`](https://robinhoodchain.blockscout.com/address/0x3ebD3088b69A5eeC3bDF03B82CcF19c3Bc1fa894) | | Team multisig (Safe), owner and curator | [`0x3Bb7A23316f82C0e984fA2E784846d8928a35f42`](https://robinhoodchain.blockscout.com/address/0x3Bb7A23316f82C0e984fA2E784846d8928a35f42) | The Morpho Blue market ids, which identify each Stock Token market on the singleton: | Market | Market id | |---|---| | NVDA / USDG | `0x8b16891f032a93b771347c9cb470a780e6699dd701553d3402aa3cdba6189c3e` | | SPCX / USDG | `0x9b4b47cdf7e295341c6c6cdfd3efb9805c4a5b3d580dba0c0c39d3a4232b297b` | | AAPL / USDG | `0xdeb4782d012d5fd3b24962538c2f6559049d70bda4dabd2e4212dacb96c28d45` | | GOOGL / USDG | `0x7fa81b10e5d21b2e4c571f862442bc11aff2ed14f02335868d0ff933fd40d0ba` | | MSFT / USDG | `0x2e1859aa8f143b7220088f80562c6dfe0bf8e52b87d9cedf8da8805f231994ce` | | COIN / USDG | `0x3ebd43d91c3960a9fac32bedd5c60428e0e414de5bdd67fda770207afb0eb615` | The wsNET/USDG market and its oracle are listed under the Lombard Credit Facility on [Official Channels](/official-channels).