A PARE principal token is a claim on a stock at maturity, trading at a small discount until then. This is the first market where one is collateral: pSPY / USDG on Morpho Blue, Robinhood Chain. The rate model and liquidations are Morpho's. The price feed is ours. Everything on this page is read from chain.
Lent and borrowed are the market's totals as of its last interest accrual. Rates come from Morpho's Adaptive Curve model and move with utilisation. Lend rate = borrow rate × utilisation, less Morpho's fee if one is set.
Chainlink already prices the stock here with the multiplier inside, so the feed is used as-is. The p-token leg is a time-weighted price from the PT/stock pool, capped at parity: merging PT and YT back into stock is free, so a PT can never be worth more than the stock. While the token's accountant has an unclassified multiplier change, the oracle reverts and Morpho refuses new borrows, collateral withdrawals and liquidations until it is cleared. Repaying and lending still work.
Put USDG in, get shares of the pool. Borrowers' interest grows the pool, so the shares are worth more when you take them out. Withdrawing needs unborrowed USDG in the pool at that moment.
Post pSPY, take USDG out up to the loan line: 62.5% of what the oracle says the pSPY is worth. Interest accrues every second. Repay to get the pSPY back.
If debt reaches the line, anyone can repay it and take the pSPY at a discount. A gap so fast the collateral no longer covers the debt is bad debt, and it comes out of lenders. That is the risk lenders are paid for.
// Morpho's IOracle: loan-token value of one collateral unit, scaled by 1e36. // Reverts while the SPY accountant is out of sync; treat a revert as "halted". IOracle(0xA5d188944e489FaF68012C618f6882bf0514031a).price(); // Market totals and your position, straight from Morpho Blue. IMorpho(0x9D53d5E3bd5E8d4Cbfa6DB1ca238AEA02E651010).market(0xb3c8…8523); IMorpho(…).position(0xb3c8…8523, you);
A JSON mirror of this page is at /api/market. Public, no key, cached for 30 seconds.