> For the complete documentation index, see [llms.txt](https://docs.onspatial.org/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.onspatial.org/what-comes-next/flight-plan.md). # Flight plan: what ships next What Spatial runs on Robinhood Chain today, the markets whose first light is still ahead, and the proof each must show before it opens. Spatial's first light was kept narrow on purpose. It opened with the most liquid collateral only, cautious LTVs, a publicly visible dollar cap per token and a public risk page from day one. Each later step is treated as its own mission. Every market listed here will have a separate first light, and none opens until the stage ahead of it has built a repayment and liquidation track record that justifies moving on. ## Live today | Area | Current state | | -------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | | Collateral | Stock Tokens from Tier A (mega-caps and indices) and Tier B (large caps in single names), securing USDG loans on Robinhood Chain | | Loan shape | Fixed rate; fixed term between 7 and 90 days (choose 7, 14, 30 or 90); syndicates of any size | | Order book | Standing and targeted EIP-712 offers that cost nothing to sign or cancel, on a book anyone can view and export | | Lifecycle | Top-ups, full or partial repayment, rollover auctions near maturity, and Dutch auction liquidation that can pay out in kind, with an opt-out while markets are closed | | Parked capital | Unmatched USDG can be opted into a whitelisted Morpho vault and is withdrawn at origination just as it is needed | | Risk controls | Exposure caps per token, caps on oracle moves, corporate action pauses, haircuts that follow the session, bounded floors during market closures, and a grace period once a sequencer outage ends | | Participants | Lenders are professionals. Borrowers are verified professionals and businesses based in eligible jurisdictions | | Openness | Contracts and services published as open source, oracle status, the governance log, Telemetry (public risk page and live readouts) and the Explorer, where every loan can be looked up | ## Markets awaiting first light Each row is a market or capability not yet open, with its scope and the proof it is waiting on. | First light | Covers | Prerequisite | | --------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------ | --------------------------------------------------------------------------- | | Tier C long tail | Every Stock Token with a live Chainlink feed, launched one market at a time, lenders opting in per token | Proven auction results and enough DEX depth across Tiers A and B | | Tier D negotiated loans | Bilateral loans by professional lenders only, on tokens without a live oracle, defaulting only at maturity | Professional demand, plus legal review of each token | | Senior and junior slices | Opt-in tranching within a syndicate, following the Centrifuge DROP/TIN model | A separate audit of the waterfall | | Tokenized treasuries and funds | Bridged collateral priced at NAV (USDY, JTRSY, BUIDL-class funds) in isolated markets at 85% to 92% LTV | Bridge liquidity, plus the issuer allowlisting the escrow | | Retail lenders | Enabling the `LENDER_RETAIL` role one jurisdiction at a time | A licensing route in each jurisdiction involved | | Secondary market for slice tokens | Eligible lenders trading slices with each other on the platform | Nothing more; on-chain transfers are already restricted to eligible holders | | Governance module | A module living on-chain replaces the foundation multisig for parameter control, retaining the timelock and the guarantee that repayment can never be paused | Design review and audit | | More settlement assets | Markets in USDC or USDe beside USDG | Bridged liquidity confirmed, plus a vault to hold parked capital | ## How a cap goes up Every collateral token carries a dollar exposure cap. Lifting it goes through the timelock like any other change, and the governance log records the reasoning next to the supporting evidence: DEX depth, the record of repayments, and auction prices compared with the oracle. See [tiers and LTV](/what-can-be-pledged/tiers-and-ltv.md) and [changing a parameter](/open-by-design/parameter-changes.md). ## Growing both sides * **Supply comes first.** Credit funds, market makers and family offices already working on Robinhood Chain and Morpho keep standing offers on each token in Tiers A and B, so a borrower always finds a populated book. * **Demand.** Holders of Stock Tokens who want USDG without selling, starting with traders on the chain's native DEX. * **Distribution.** A dApp listing inside Robinhood Wallet, the Arbitrum and Chainlink builder programmes, and co-marketing with Paxos around USDG. --- # Agent Instructions This documentation is published with GitBook. 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