Florin

DepositFUSDto earn rewards

A FUSD deposit earns a share of the interest every borrower pays. It also settles liquidations: when a position goes under, your FUSD is burned and you are handed the seized SPY at a discount.

SPY Stability PoolTVL — FUSD
APR —covers — of FUSD supply
Deposit FUSDRewards FUSD SPY
Your pool positionDeposited — FUSD
FUSD rewards —SPY rewards —
Amount
FUSD
Connect a wallet to view your balance
What the pool actually does

It clears positions that fall below 110%. The pool burns the trove's debt and receives its collateral, and the difference is your compensation for absorbing it.

FUSD rewards compound in the pool until you claim them. SPY earned from liquidations is held for you until you claim rewards.

What can go wrong

Four things can take your position or your money without you doing anything.

borrowers

Liquidation takes the whole position

If SPY falls far enough that your collateral ratio touches 110%, the stability pool repays your debt and takes all of your collateral, not just the part that covers what you owe. The difference is the pool's compensation for absorbing you.

You keep the FUSD you borrowed. You lose the equity that was still in the position. Watch your liquidation price on the Manage screen, and add collateral or repay before it gets close.

borrowers

Redemption can cash you out early

FUSD is worth a dollar because anyone can always swap 1 FUSD for a dollar of collateral. Those swaps are filled from the cheapest troves first, so the interest rate you choose is also your place in the queue.

Being redeemed against is not a liquidation and it does not lose you money: your debt falls by the same amount your collateral does, so your ratio improves. What you lose is exposure. The protocol sold some of your SPY for you, at today's price, and you did not pick the timing. Raise your rate to move back in the queue.

stability pool

Your FUSD becomes SPY after a crash

Depositing in the pool is not a savings account. When a position is liquidated the pool burns FUSD deposits and hands depositors the seized collateral instead. You receive it at a discount, which is where the return comes from, but you receive it as equity, immediately after the price fell, and you do not choose when.

A high advertised yield is also a warning. It means the pool is small relative to the debt it has to absorb, because the same interest is split among fewer depositors.

everyone

The collateral can be frozen

SPY on Robinhood Chain is issued by Robinhood, and the deployed token can be paused and can block addresses. Florin cannot override that. If transfers are paused, deposits, withdrawals, liquidations, redemptions and pool claims all stop until it is lifted.

Florin freezes with it deliberately: the interest clock stops, so you are not charged for a window you could not act in, and repayment stays open so you can still deleverage. But your collateral is not yours to move while the issuer says so. That is a trust assumption you inherit from the asset, and no amount of protocol design removes it.