Astronime: Collateral-Backed Lending on Robinhood Chain
This document describes the design of Astronime's initial lending market. It is a working draft: parameters, integrations and mechanisms described here are unfinished specifications subject to change before launch.
1. Overview
Astronime is a decentralized, collateral-backed lending application designed for Robinhood Chain. It lets holders of supported on-chain assets unlock liquidity by borrowing ETH-denominated assets against their holdings without selling them. The initial release focuses on a single, isolated market: AST collateral against WETH borrowing.
2. The Astronime ($AST) collateral market
Astronime ($AST), the protocol's native token, is the only supported collateral in the initial version. Users deposit AST into an isolated market and retain full price exposure to their AST while gaining access to borrowed liquidity. The market is isolated: risk in the AST market cannot spill over into other markets, and only AST collateral backs WETH debt.
3. Borrowing model
Loans are overcollateralized. Each position's borrowing capacity is bounded by the market's maximum loan-to-value (LTV) ratio, and positions become eligible for liquidation when their health factor, collateral value multiplied by the liquidation threshold, divided by debt, falls below 1.0. Borrowers pay a variable interest rate driven by market utilization.
4. WETH lender liquidity
Borrowed WETH is provided by liquidity providers who supply WETH to the market's lending pool. Lenders earn a variable share of the interest paid by borrowers, proportional to utilization. Supplied liquidity is made available to borrowers, so lender withdrawals depend on liquidity that is not currently lent out. Yield is variable and never guaranteed.
5. LTV and health factor
LTV expresses current debt relative to collateral value. The maximum LTV caps new borrowing; the liquidation threshold, set above the maximum LTV, defines when a position becomes liquidatable. The health factor normalizes this: above 1.0 a position is safe from liquidation, below 1.0 it may be liquidated.
6. Liquidation
When a position's health factor falls below 1.0, liquidators may repay part or all of its debt in exchange for collateral plus a liquidation penalty. The penalty compensates liquidators and protects lenders from bad debt. Because AST is volatile, borrowers should maintain a substantial buffer above the liquidation threshold.
7. Interest rates
Interest rates are determined algorithmically from market utilization: as more of the supplied WETH is borrowed, borrow rates rise, incentivizing repayment and fresh supply. Lender APR is the borrow rate scaled by utilization, minus any protocol fee.
8. Risk management
Astronime's initial market is intentionally conservative: an isolated market, a single volatile collateral with conservative LTV parameters, and oracle-guarded operations. Price data is monitored for staleness; borrowing and collateral withdrawal are disabled when price data cannot be trusted. Smart-contract, oracle and market risks remain, nothing in this document should be read as a guarantee.
9. Integration architecture
Astronime does not reinvent core lending infrastructure. The application is built on a modular adapter layer designed to integrate an established, audited lending engine (such as Morpho) on Robinhood Chain, with the option of purpose-built markets in the future.
10. Roadmap
Planned iterations include: launch of the AST/WETH isolated market, indexed transaction history and analytics, additional collateral assets (tokenized stocks, RWAs and other supported on-chain assets), and progressive decentralization of protocol parameters.
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