Post the principal. Borrow dollars.
An pTOKEN is a share with its dividends cut away, redeemable for stock at maturity, which makes it calm collateral. Jevstocks points a Morpho Blue market at it: lenders supply USDG, borrowers post pTOKEN and draw USDG against it. Morpho runs the rates and the liquidations, Jevstocks supplies the price, and every figure here is read from Robinhood Chain.
The first market, pSPY-DEC27 / USDG, opens after its series has a pool with price history. Until then this page shows the planned market and the reads that already exist on chain: the stock feed, the rate model and your wallet.
01The market
Totals carry interest forward to the moment of the read, the same way Morpho counts it between updates. The Adaptive Curve model sets the borrow rate, and it climbs as more of the pool goes out on loan. Lenders earn that rate scaled by the share of the pool that is borrowed, minus Morpho's fee whenever one is switched on.
02The price
What one pTOKEN counts for when Morpho sizes a loan. It exists once the series and its oracle are deployed.
Chainlink's dollar price for the SPY token with its dividend multiplier already inside. Read live from the feed, with its age beside it.
What one pTOKEN redeems for in stock, from the SPY accountant's dividend index and the time left, never from a pool. It stops pricing only while a split-sized move waits.
Price is the feed times what one pTOKEN redeems for in stock: d0 / d from the series accountant, discounted at a fixed yearly rate for the time left to maturity, and never above 1. Any rise still waiting in the accountant counts as a dividend, and no pool price goes in, so pushing a pool around moves nothing. The cap is safe because an pTOKEN and its yTOKEN merge back into one stock for free. price() reverts only while the feed is stale, not positive or older than the latest split, or while a multiplier move the size of a stock split waits to be classified: Morpho then refuses new borrows, collateral withdrawals from loans that still owe, and liquidations until it clears. Lending, withdrawing USDG and repaying keep working.
03Who is in it
There is nobody to list, because the market has not been created. Once it opens, every lender and borrower shows up here, read from Morpho Blue's event log, with the Jevstocks treasury marked. Jevstocks contracts, including the oracle this market will trust, are unaudited at launch.
04Your position
Connect a wallet to see what you have lent.
Opens after the first series has a pool.
Connect a wallet to see your collateral and debt.
Opens after the first series has a pool.
Put ETH in and three wallet steps turn it into collateral: buy SPY, split it, and post the pSPY-DEC27 here. The yield half, with every dividend until maturity, stays in your wallet.
Type an amount for a live quote from the SPY / WETH pool.
- 1Buy SPY with ETHUniswap v3, 1% slippage limit
- 2Split into both tokensapprove the vault, then split
- 3Post the principalapprove Morpho, then supply collateral
Opens after the first series has a pool.
Jevstocks contracts and this market's oracle are unaudited at launch. A loan that crosses the line can be liquidated by anyone, at once. Nothing here is investment advice: use only what you can afford to lose.
Each button runs its whole sequence from your wallet: an approval for the exact amount when one is needed, then the Morpho call. An empty box skips that leg. Withdraw with an empty box takes out everything you lent that is not on loan. Repay with the borrow box empty clears the whole loan and approves the debt plus ten minutes of interest, so it cannot come up short. Withdraw collateral with an empty box takes back all of it once nothing is owed.
05How it works
Supply USDG and you hold shares of the pool. Interest paid by borrowers flows into it, so each share redeems for more USDG as time passes. You can withdraw any part of the pool that is not out on loan at that moment.
Post pTOKEN and draw USDG up to 62.5% of its oracle value. Interest ticks up every second at the current borrow rate. Pay the debt back and the pTOKEN is yours to take home.
Cross the line and anyone may repay the debt and collect the pTOKEN at a bonus. If prices gap so hard that the collateral cannot cover the debt, the shortfall is written off against lenders. That risk is what their rate pays for.
06Read it yourself
// Morpho IOracle: the USDG value of one pTOKEN, scaled by 1e36. // It reverts on a stale SPY feed or a split-sized move nobody classified, and a revert pauses borrowing. IOracle(spyPtOracle).price(); // deployed with the market // Market parameters, totals and one account, all from Morpho Blue. IMorpho(morphoBlue).idToMarketParams(marketId); IMorpho(morphoBlue).market(marketId); IMorpho(morphoBlue).position(marketId, you); // Borrow rate per second, 1e18 scale, from the Adaptive Curve model. IIrm(adaptiveCurveIrm).borrowRateView(params, market); // The stock feed the oracle multiplies by. 8 decimals. AggregatorV3(spyUsdFeed).latestRoundData();
Each name above is a contract listed in 07. A JSON copy of this page lives at /api/market. Public, no key, refreshed every 30 seconds.
07Contracts
Every Jevstocks contract created at launch has its source verified on Sourcify as an exact match. This page never asks you to paste a contract address: your wallet shows which contract each transaction calls. The only address this site shows is the $JEVSTOCK coin, posted on the landing page at launch.