Valnex puts idle dollars to work on Robinhood Chain.
Idle Capital Gets To Work. Global Returns, On-Chain.
Activate capital. Access global returns. Earn on-chain. Valnex is a capital gateway on Robinhood Chain: one fixed contract that takes the USDG sitting in your wallet and lends it through live Morpho markets, where real borrowers pay for it.
- Lender rate, lane mix
- …
- Lent through the lanes
- …
- Free to withdraw
- …
Whole-market figures read from Morpho Blue on Robinhood Chain; they refresh every few seconds.
USDGThe rate moves every block with borrowing demand. It is a reading of the markets now, not a promise.
Dollars in a wallet earn nothing
Crypto holders keep large balances parked between trades, after a sale, or as a safety buffer. It is safe and it is still. Meanwhile, on the same chain, borrowers are paying to use exactly those dollars.
The gap is not a lack of demand. On Robinhood Chain, Morpho lending markets already lend out most of the USDG supplied to them, and borrowers pay a rate for it every block. What stops most holders from joining is effort: choosing a market, judging its collateral, splitting money across more than one, and checking it again next week.
Valnex takes that effort away without taking custody. The choice of markets is made once, in public, and frozen into a contract. You keep a token that represents your share and can be redeemed by you alone. There is no account to open, no manager to trust and no form to fill in.
The result is simple to describe: deposit USDG, hold shares, watch each share buy back a little more USDG over time, and leave whenever the markets have cash.
How a deposit moves through the gateway
Four steps, all on-chain. The sluice never holds idle money for long: what comes in goes straight out to the lanes, and what leaves comes back from them.
- 01
Bring USDG
Hold USDG on Robinhood Chain in any EVM wallet that can add the network. A connection shares only your address.
- 02
Deposit once
The sluice mints shares for you and supplies the USDG in the same transaction, splitting it across the lanes by their fixed target weights.
- 03
Let borrowers pay
Interest accrues every block inside each Morpho market. Your shares stay the same in number while each one becomes worth more USDG.
- 04
Leave when you like
Redeem part or all of your shares. The sluice pulls USDG back from the lane furthest above its target, as long as that market has unlent cash.
Two lending lanes, read live from Morpho
These are the only markets the sluice can use. Every number below comes from the chain this minute: what lenders earn, what borrowers pay, and how much cash is free.
| Lane | Lender rate | Borrow rate | Lent out | Supplied | Free cash | Max LTV |
|---|---|---|---|---|---|---|
 USDG · USDecollateral token | … | … | … | … | … | 91.5% |
 USDG · syrupUSDGcollateral token | … | … | … | … | … | 91.5% |
Borrowers post USDe
USDe is a synthetic dollar backed by crypto collateral and short perpetual futures positions. Borrowers can take up to 91.5% of its value in USDG before the position can be liquidated. Target share of the sluice: 50%.
Borrowers post syrupUSDG
syrupUSDG is a yield-bearing USDG deposit token whose returns come from overcollateralized loans to institutional borrowers. Borrowers can take up to 91.5% of its value in USDG before the position can be liquidated. Target share of the sluice: 50%.
What global returns means on this chain today
A gateway is only as honest as its routes. Here is what exists on Robinhood Chain right now, and what does not.
Credit you can lend into
The syrupUSDG lane connects your dollars to institutional credit: its collateral earns from overcollateralized loans made to trading firms and other institutions off-chain. The USDe lane connects them to derivatives funding, since USDe earns from short perpetual futures positions. Both pay you through the same mechanism: someone borrows your USDG against them.
Real-world assets you can hold
Tokenized funds trade here as stock tokens, such as a short Treasury bill fund (SGOV, now …) and a gold trust (GLD, now …). They are worth holding on their own, but no lending market pays a rate on them yet, so the sluice does not route into them.
ETH and BTC
Ether (now …) and Bitcoin, present only as wrapped cbBTC (now …), have no borrowers to lend to on this chain yet. Rather than swap your ETH or BTC into dollars behind your back, Valnex leaves them alone and says so.
One contract with no one at the controls
The sluice is small on purpose. It does one job, lending USDG across fixed markets, and it gives nobody the power to change how it does it.
- No owner, no admin key and no upgrade path: the code you read is the code that runs.
- Lanes and weights are written into the constructor. Nobody can add a market later.
- No fee of any kind is taken by the sluice.
- Standard ERC-4626 shares, so wallets, explorers and other contracts can read your position.
- Deposits that arrive short (a token skimming on transfer) are refused outright.
- Withdrawals never wait in a queue; they are limited only by free cash in the markets.
Lending earns a rate because it carries risk
No yield is free, and none is promised here. These are the ways a deposit in the sluice can lose value or wait to come back.
Bad debt
If collateral falls faster than liquidators can sell it, a market books a loss that every lender in it shares, the sluice included. Both lanes use dollar tokens as collateral, which narrows this risk without removing it.
Oracle and depeg
Each market prices its collateral through an oracle. The USDe lane's oracle currently values one USDe at exactly one dollar, so a USDe depeg would not trigger liquidations there. A wrong price in either lane can leave lenders holding the loss.
Busy markets
Lenders can only take out what borrowers have not taken. When a market is nearly fully lent, withdrawals wait for repayments, which the rate model encourages by pushing the borrow rate up.
Code
The sluice is new code built on Morpho Blue. Tests and a public verify script reduce mistakes; they cannot rule them out. Deposit only what you can afford to have locked or lost.
Who the gateway is for
Holders between trades
USDG waiting for the next entry can earn the borrowers' rate in the meantime and come back without a lock-up.
Small treasuries
A community wallet can hold one share token instead of tracking several markets, with every rule visible on the explorer.
Builders
The shares follow ERC-4626, so a vault, a payroll tool or a game can park USDG in the sluice with a few standard calls.
$VALNEX holders
The token belongs to the project around the gateway. It is never needed to deposit, and the sluice neither holds nor pays it.
Questions people ask first
What is Valnex?
Valnex is a capital gateway on Robinhood Chain. You deposit USDG into one contract, the sluice, and it lends that USDG across a fixed set of Morpho lending markets. Borrowers in those markets pay interest, and that interest raises the value of your sluice shares.
How does Valnex work?
A deposit mints sluice shares and is supplied straight away to the lending lanes, filling whichever lane is furthest below its target weight. A withdrawal burns shares and pulls USDG back from the lanes, starting with the one furthest above target. Nobody steers the money: the lanes and weights were fixed when the contract was deployed.
Which network is Valnex on?
Robinhood Chain, chain id 4663. Gas is paid in ETH. Your wallet is asked to add the network the first time you connect.
Who pays the interest?
From borrowers. In each lane, people post a dollar token (USDe or syrupUSDG) as collateral and borrow USDG against it, paying a variable rate set by Morpho's rate model. Lenders receive that rate in proportion to how much of the market is lent out. There is no other source and no token reward mixed in.
Which assets can I deposit?
USDG only, the dollar token on Robinhood Chain. ETH, cbBTC and tokenized funds are shown on the Explore page with live prices, but no lending market on the chain pays a borrower rate on them today, so the sluice does not take them.
Is there a lock-up or a withdrawal queue?
No lock-up and no queue. You can withdraw whenever the lanes hold unlent cash. If borrowers have taken almost all of it, a large withdrawal can wait until loans are repaid or rates rise enough to bring new lenders in. The app shows how much can leave right now.
Live now
Put your idle USDG to work.
Connect a wallet, deposit any amount and follow your share value as borrowers pay.