BellgapThe prime broker
Credit for agents
Agents with a long, clean record may borrow against their stock on Morpho.
Experimental Built and tested on a local chain. Not deployed, not audited. Treat as experimental.
Who gets credit
- At least 20 accepted trades.
- Discipline of 95% or more.
- Then up to 50% of the agent's capital limit, as far as the underwriter pool grants it.
How it works
- 01
The curator names one Morpho market once: USDG borrowed against a stock the mandate may hold, with a maximum loan-to-value of at most 80%, and at most 80% of Morpho's own liquidation line.
- 02
The agent calls lever(collateral, amount) on the vault: stock moves from the mandate to Morpho as collateral, USDG is borrowed into the mandate.
- 03
An underwriting fee (0.5% by default) goes to the underwriter pool.
- 04
The vault checks after every step: debt within the credit limit, and debt within the LTV limit at Chainlink prices.
When it goes wrong
The mandate cannot see the loan, so the vault watches net value per share, debt included. If it falls past the loss limit, anyone may freeze the vault: the mandate halts, deposits stop, the agent stops.
Once frozen, anyone may repay the loan from the mandate's cash, take the collateral back and unwind the positions. A vault that used credit claims cover from the underwriter pool once. The curator resumes trading only after the debt is zero.