Keep your arrows. Draw the value..

1. Overview

Quiver Money is a single-chain, overcollateralized CDP protocol deployed natively on Robinhood Chain, the Arbitrum Orbit L2 purpose-built for tokenized real-world assets. The mechanism is deliberately simple: users deposit approved collateral into a vault and mint qUSD, a USD-denominated stablecoin backed at all times by more value than it represents.

What sets Quiver apart is not the machinery but the collateral it accepts. Alongside a crypto major and a stablecoin, Quiver is a CDP protocol built to accept tokenized public equities and ETFs as collateral, settled natively on the chain where those shares already live. A holder of tokenized shares can unlock liquidity from a position without selling the underlying shares, without bridging to another network, and without giving up a single basis point of upside.

The solvency model is equally direct. Every vault is independently collateralized, independently priced, and independently liquidated. There is no shared risk pool to socialize losses by default and no reliance on external subsidies. Solvency rests entirely on real, overcollateralized positions, which means the system stands on its own economics from day one and scales cleanly as demand grows.

Quiver is assembled from the mechanics that have proven themselves across a decade of on-chain lending: collateralized borrowing, tiered risk parameters, a Stability Pool that makes liquidations orderly, and vote-escrow governance. Nothing is included for novelty. Every component earns its place by making borrowing safer, cheaper, or more capital-efficient. You can model every mechanism described here, live, in the borrow terminal.

2. Vaults and Collateral

A vault is a single-owner position holding one collateral asset against one debt balance. This one-asset, one-debt discipline keeps every position legible: there is never ambiguity about what backs a given unit of debt. Positions are tracked as clean ERC-20 debt accounting, making them transparent, gas-efficient, and composable with the rest of the on-chain ecosystem.

2.1 Supported collateral

The current deployment runs 24 live markets across three classes: a crypto major, a stablecoin, and tokenized equities and ETFs. Each market has its own vault, oracle, and risk parameters. The LTV and liquidation threshold below are the live, on-chain values.

Tier 1 (55% LTV): AAPL, MSFT, NVDA, GOOGL, AMZN, META, TSLA, SPY, QQQ, SGOV, SLV. Tier 2 (40% LTV): AMD, INTC, MU, PLTR, COIN, ORCL, BABA, CRCL, CRWV, SNDK, SPCX. Parameters are set, and may only be adjusted, by governance as described in Section 6.

2.2 Minting qUSD

A vault owner may mint qUSD up to the LTV limit of their collateral. Debt accrues continuously against the stability fee described in Section 5, and repaying debt plus accrued fees releases a proportional share of collateral.

Debt is minted and burned strictly 1:1 against vault debt. Repayment is always available: return the qUSD plus accrued fees and the collateral is yours again, in whole or in part.

2.3 Risk tiering

Collateral parameters are not chosen arbitrarily. They are derived from a published risk-classification methodology, applied consistently across every asset the protocol accepts.

Crypto and stablecoin collateral is scored on on-chain liquidity depth, historical volatility, and oracle quality. Tokenized equity collateral is scored on 20-day realized volatility, average daily notional volume on Robinhood Chain's equity venue, free float, and index membership.

The principle is conservative by construction: lower-liquidity, higher-volatility assets receive a lower LTV and a wider gap between LTV and liquidation threshold, giving liquidators more room to act before a position becomes undercollateralized. This is why Tier 2 equities and newly onboarded assets always begin life with the most conservative parameters available. Parameters are loosened only by governance vote, and only after a live track record justifies it.

3. qUSD and the Peg

qUSD is the protocol's single debt token, minted and burned only by Vault Managers. Every qUSD in circulation is backed by more than a dollar of collateral: the peg rests on overcollateralization. Each vault must stay above its liquidation threshold, and the Stability Pool liquidates any that do not, so the collateral behind qUSD always exceeds the qUSD supply.

A market redemption path, burning qUSD for collateral at par, is a planned addition that would give the peg a direct arbitrage floor. It is not live yet. Until then the peg is held by the solvency invariant below and by liquidations clearing undercollateralized debt.

4. Liquidations and the Stability Pool

When a vault's health factor drops below 1, its debt and collateral become eligible for liquidation. Quiver uses one unified liquidation path for every collateral type. There are no special cases and no bespoke machinery per asset, which keeps the system simple, predictable, and straightforward to audit.

4.1 The Stability Pool

The Stability Pool is the protocol's first line of defense and its liquidation engine. Users deposit qUSD into the pool. When a vault is liquidated, the pool burns the equivalent qUSD debt and receives the vault's collateral at a discount to its oracle price. Depositors are exposed to whatever collateral gets liquidated, in proportion to their share of the pool, and the liquidation discount is their compensation for standing ready to absorb that risk.

A liquidation flows through the system in four steps:

If the Stability Pool is ever too thin to cover a liquidation, that position cannot be liquidated until the pool is funded, which is why the pool is kept capitalized and per-market debt ceilings are sized to what it can absorb. A Liquity-style redistribution fallback and a treasury-funded liquidation path are planned to harden this further.

4.2 Equity market-hours handling

Tokenized equity collateral introduces a constraint that pure-crypto protocols never face: the underlying market closes. Equity collateral only trades, and only prices freshly, during the hours the underlying exchange is open. Outside those hours the oracle reports the last confirmed close.

The intended design treats this as a first-class code path, not an edge case: widen the effective liquidation buffer for equity-collateralized vaults heading into a market close, and halt new equity-collateral borrowing during the pre-close window, so no position is minted against a price about to go stale over a weekend. This market-hours handling is a planned mechanism, not yet active.

5. Fees and Treasury

Quiver earns from two real, on-chain fees: the stability fee and a one-time origination fee. Both are paid in qUSD rather than emissions, giving the protocol a durable income base that grows in direct proportion to usage.

The liquidation discount (Section 4) is not a treasury fee: it accrues to Stability Pool depositors as their compensation for backstopping liquidations.

5.1 The Surplus Buffer

The Surplus Buffer is a governance-controlled reserve funded entirely by realized protocol revenue. Its first duty is protective: it absorbs bad debt from any shortfall event before that loss ever touches Stability Pool depositors.

Any excess above the target reserve size may be allocated by QUIV vote, including, if governance so chooses, direct distribution of real protocol revenue to QUIV holders. The reserve target itself is a governance parameter, reviewed as the protocol's debt footprint grows.

6. Governance ($QUIV)

QUIV is the protocol's fixed-supply governance token. Voting power comes from locking QUIV into veQUIV (vote-escrow): the longer the lock, the more voting weight, which aligns control with long-term holders. Until governance launches, the team manages the protocol parameters.

Once live, veQUIV holders govern four domains:

QUIV's total supply is fixed at genesis, so no holder is diluted over time. Voting weight is earned by locking into veQUIV, which ties governance power to long-term alignment rather than short-term holdings.

7. Architecture

Quiver Money is deployed exclusively on Robinhood Chain and makes no assumptions about, or provisions for, other chains. The system is composed of these core components, each with a single responsibility:

8. Risks

No lending protocol is risk-free, and Quiver's documentation does not pretend otherwise. The material risks, and the direction of mitigation for each, are as follows:

9. Bridge to Robinhood Chain

Quiver runs on Robinhood Chain, so you need a little ETH there to pay gas before you can borrow. Bridging ETH from Ethereum mainnet takes about a minute through Relay: the Bridge button in the top nav opens it pre-configured (Ethereum ETH to Robinhood Chain ETH).

The block explorer for Robinhood Chain is robinhoodchain.blockscout.com, the easiest way to track your bridge transaction and balances. Its Add network button (top right) is the fastest way to add Robinhood Chain to your wallet.

10. Using the App

Everything in this document is live in the borrow terminal. The terminal models a vault in real time: supply collateral, mint qUSD, and watch your health factor, LTV, liquidation price, and stability fee move with every input.