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Deposit USDG, GLD, NVDA or HIMS in a partner vault. Each vault lends only by its published rules.
How partner vaults work · who runs them, what you can lose, withdrawals
Each vault is run by its manager, the partner wallet that created it. The manager chooses the tokens it lends against, the lowest Loan grade it accepts and the largest loan; the performance fee and the longest loan are fixed at creation. Nobody can move your USDG but you.
Loan grade compares a loan's fixed cost with the suggested cost: A at least 100%, B at least 90%, C at least 75%, D at least 50%.
When a borrower lists tokens, the protocol funds the listing from the vaults whose rules fit it. Every loan has a fixed cost and an end date, and nothing can touch the borrower's collateral before that date.
A borrower can walk away at the end date. The vault then keeps the collateral instead of USDG, and the depositors of that moment receive it. You may end up holding the collateral instead of USDG.
A vault's default rate: of the loans it held when they ended, the share whose borrower walked away.
The manager's performance fee is a share of each loan's profit, and the protocol receives a tenth of that fee. A priority fee, capped by the manager, goes to the protocol on each loan the vault funds.
Withdraw up to the cash in the vault. Deposits and withdrawals briefly pause after a new loan purchase. USDG out on loans comes back as they are repaid; there is no queue.
A vault that lends a stock token counts in it: a split or another corporate action changes the figures, not your part of the vault. A stock token can be paused, and with no grace a pause at a loan's end can leave it unpaid.