Fixed-rate loans between people, secured by tokenized stocks, settled on Robinhood Chain.

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Farlight is a lending market with no pool in the middle. A borrower locks Robinhood Stock Tokens as collateral and draws USDG from one lender or many, at a rate the two sides agreed on. The term is fixed. The rate is fixed. Every state change lands on Robinhood Chain, where anyone can read it.

Private banks have run this product for decades and call it a Lombard loan. We moved it on-chain, swapped the relationship manager for a public order book, and replaced the legal process with a Dutch auction.

1. Request. A borrower posts collateral, the USDG they want, the highest APR they will pay, a term from 7 to 90 days, and a deadline for fills.
2. Offer. Lenders sign EIP-712 offers off-chain. No gas, cancellable at any time, aimed at one request or left standing on the book like a limit order.
3. Originate. One transaction checks every signature and eligibility, escrows the collateral, pulls USDG from each lender and mints a slice token per lender.
4. Accrue. Interest is simple and fixed, counted per second. After the minimum interest period, the borrower can repay whenever they like.
5. Roll over. Before maturity the borrower can open a rising-rate auction. New lenders step in, old lenders are paid out, and there is no cliff at the end of the term.
6. Liquidate. If the health factor drops below 1.0, anyone can start a 45 minute Dutch auction. Lenders are paid first. What remains goes back to the borrower.

One request can be filled by three lenders or thirty. Each slice is isolated, so the lender who priced the risk is the one holding it.

• Collateral sits in an immutable escrow contract and is always worth more than the debt.
• Nothing moves until a loan originates. A signed offer is only a message.
• Losses are never shared across loans. Bad debt hits the lender who priced it, nobody else.
• Repayment, and withdrawing collateral after repayment, cannot be paused by anyone.
• Every change of state emits an event. The book, the loan registry, oracle status and the governance log are open.

Contracts, relayer, indexer and keeper bots are open source with reproducible builds. Contract addresses are published on the documentation site and the website only, never in a README, an issue or a post.

# contracts
git clone https://github.com/usefarlight/farlight-smart-contracts
cd farlight-smart-contracts
forge soldeer install
forge test -vv

# website and platform
git clone https://github.com/usefarlight/farlight-web
cd farlight-web
npm install
npm run dev

The architecture section of the docs explains how to deploy the full stack against a local Anvil node and point the platform at it.

New here? Start with What Farlight is and the eight design rules. If you want the mechanics, read the loan lifecycle and the offers and matching pages next.

Issues and pull requests are welcome across all of the repositories above. For anything that touches the contracts, open an issue first so we can talk the change through before you spend time on it.

Please do not open a public issue for a vulnerability. Send findings to security@usefarlight.com. Responsible disclosures get an acknowledgement within one business day and are eligible for the bounty described in the documentation.

General questions go to hello@usefarlight.com. We also read replies and messages on X.