spin USDG position
A Legendary tool that keeps a USDG balance at work in lending and liquidity venues, with no lock-up.
Coming soon
The USDG position is built but is not deployed on Robinhood Chain yet. In the app, its tab says "It is not live on this network yet" until then.
The USDG position is a tool for Legendary Spinners. You deposit USDG (Robinhood's dollar token) and choose a risk level. Spin's servers then keep the balance in one venue at a time and move it when another venue that your level allows is projected to pay clearly more.
A Spinner that is not Legendary by rarity can get this tool by holding $SPIN. See hold-to-unlock.
Where the position lives
Each Spinner has its own position contract. The Spinner's wallet owns it. So:
- Only the wallet that holds the Spinner can set it up, deposit, withdraw or change its risk.
- The position moves with the Spinner when it is sold.
- Spin's servers can only put the USDG into a listed venue that your risk level allows, take it out, and collect its income. They cannot withdraw it.
Set it up
Open the USDG position tab
Open your bot's page and go to the USDG position tab.
Choose a risk level
Choose Stable, Balanced or Active. You can also turn on Stable LP.
Enter the USDG to put in
The USDG comes from your wallet.
Press "Set up and deposit"
One request creates the position, saves your risk choice, deposits the USDG and adds the gas float. Your choice lasts one year. You can renew it.
Risk levels
Each level allows a set of venue types. Spin's servers put the whole balance into one venue at a time, from the types that your level allows.
| Level | Venues it allows |
|---|---|
| Stable | Lending vaults only (Morpho, Spark). No exposure to ETH. |
| Balanced | Uniswap ETH/USDG ranges when they are projected to beat lending, else lending. |
| Active | Also UP's reward pools (ETH, tokenized stocks) when they are projected to beat both. |
Stable LP is an option that you can add to any level. It allows UP's aUSD/USDG pool. aUSD is a new stablecoin. If it failed, up to half of what is in that pool could be lost.
A liquidity range holds part of its value in the other token (ETH or a stock token), so its value also moves with that token's price.
The tab shows a "Venues now" card with each venue's projection. These are projections, not promises. They change every hour.
Rebalancing
Spin's servers check the venues every few minutes. They:
- Collect the venue's income (fees or rewards), about once a day.
- Move the balance only when another allowed venue is projected to pay clearly more, after the cost of the move.
- Re-centre a liquidity range when the price leaves it.
- Leave a stablecoin pool if its price moves too far off the peg.
You can change the risk level at any time. If the balance is in a venue that the new level does not allow, it leaves that venue.
Withdrawals
There is no lock-up. Spin's servers can never block a withdrawal.
- Withdraw an amount, or 25%, 50% or all of the position.
- The USDG goes to the Spinner's wallet. From there, withdraw it to your own wallet on the Wallet tab.
- A full withdrawal also returns the gas float.
If a venue's exit cannot run, the position has an escape: you request it, and after 7 days you can make any call from the position yourself.
The fee
The protocol takes 5% of realised gains, never of the balance:
- A gain is realised when income is collected or when the balance comes back from a venue with more than went in.
- A withdrawal also pays 5% on the gain that it realises.
- A loss is carried forward. Later gains first make up that loss, and pay no fee until they do.
The position contract cannot charge more than 10%.
The gas float
The position keeps a small amount of ETH to pay the gas for each step that Spin's servers take. Setup adds 0.002 ETH from your wallet.
- The float is used only while the balance is in a venue.
- When it runs low, the tab warns you. Spin's servers then stop collecting income and keep enough for an exit.
- Top it up from the tab at any time. The float stays the position's and comes back with a full withdrawal.
If the Spinner stops being Legendary
If the Spinner's tier drops below Legendary (for example, you sell some $SPIN):
- At once, Spin's servers take no new risk.
- After 72 hours, they move everything to Stable (lending).
Hold the $SPIN again to keep your choice. Withdrawals stay open the whole time.
When the Spinner is sold
A new holder must choose a risk level again before Spin's servers act on the position. The Spinner must also be active. Until then, the balance stays where it is, and the holder can withdraw it.
Before you sell a Spinner, withdraw the position. See transfers.