Equilend is one order book where people holding tokenized stocks meet people holding USDC. Borrowers pledge their stock tokens and name the most they will pay, lenders each fund a slice at the rate they choose, and every fill lands on-chain.
Open-source programs, builds verified on-chain, escrow with no administrator.
Borrow 20,000 USDC
Against 250 NVDA · 30 days · example #0428
Fixed rate
8.82% APR
Health
1.54
3 lenders funded this
Each holds a slice token
Mechanics
Every Equilend loan is a small syndicate. A borrower asks for 20,000 USDC against tokenized NVDA; three lenders or thirty fund it, each holding a slice at a rate they picked themselves. Slices never share a loss, so the lender who set the price is the one exposed to it.
Borrow 20,000 USDC
Against 250 NVDA · 30 days · example #0428
Fixed rate
8.82% APR
Health
1.54
3 lenders funded this
Each holds a slice token
Why syndicate
The borrower pledges tokenized stocks, states the USDC they want, the top APR they will accept, a term between 7 and 90 days, and a Launch window by which the request has to fill.
Lenders sign lend offers as off-chain messages. Signing costs nothing, an offer can be withdrawn whenever the lender likes, and it either targets a single request or stands on the book for a whole tier, much like a limit order.
A single transaction verifies each signature and each lender's eligibility, locks the collateral in escrow, draws USDC from every lender into the borrower's wallet, and mints one slice token for each lender.
Interest is simple, fixed, and counted per second. The borrower may repay at any moment. The only floor is a 3 day minimum interest period, so a loan closed on its first day still pays three days of interest.
Ahead of maturity the borrower can open a rollover auction. The rate starts at the loan's blended APR and climbs toward a cap; lenders who accept fund the new term, the old syndicate is repaid on-chain, and the term ends without a cliff.
Should the health factor drop under 1.0, anyone may open a Dutch auction on the collateral that runs for 45 minutes. Proceeds cover the keeper's share first, then the lenders, and whatever is left over is handed back to the borrower.
Market
There is no utilisation curve on Equilend. A borrower states the most they will pay, each lender states the least they will take, and the program settles wherever the two overlap.
Borrowers
01Connect with Phantom, Solflare or any Solana wallet, select the stock tokens to pledge, and read off how much each LTV tier lets you borrow next to an indicative rate taken from the live book.
Lenders
02Sort open requests by APR, term, LTV and collateral. One click signs an offer, with no network fee to pay. Standing offers can cover an entire tier, so borrowers always find a live book waiting.
Everyone
03The Explorer lists every loan with its collateral, the oracle price at origination, the rate, the syndicate, repayment status and any liquidation history, and each entry links to its transaction on Solscan.
Compared with pools
Kamino, Aave Horizon and other pooled markets do the right job for collateral that is curated and deep. Stocks with a single name, DEX pools that are thin, weekends when the market is shut and the tokens of private companies do not fit that mould. Those loans need a price set per loan and a term that is fixed.
Equilend runs beside the pooled markets on Solana and does not try to replace them. Unmatched capital is parked in a USDC yield vault, and Solana DEX liquidity is the backstop when a liquidation needs a buyer.
Solana
No other chain gives you tokenized equities as plain SPL tokens, Chainlink feeds for every one of them, permissionless deployment and a deep base of on-chain traders in the same place. Equilend runs here because a lending market needs all four at once.
AAPL, NVDA, SPY and the rest arrive as ordinary SPL tokens from regulated issuers, each one matched by a share held in custody. You hold them in your own wallet, they move like any other token, and dividends and splits are handled within the token itself.
Data Feeds drive the health checks, Data Streams price the auctions, a market status flag tells the program when the session is closed, and a network halt check turns an outage into a planned pause instead of a surprise.
Circle issues USDC natively on Solana, it is the deepest stablecoin on the network, and every major Solana venue already settles in it. Other stablecoin markets can follow later, each as its own isolated configuration.
A slot lands roughly every 400 ms, a transaction confirms in about a second, and a typical fee is a fraction of a cent, paid in SOL. A fill or a liquidation is final long before the price can move away from it.
A Solana transaction can carry several instructions, so a borrower can approve and borrow in a single step. Lenders sign offers off-chain at no cost, and SOL is the only token a wallet needs for fees.
Jupiter, Raydium and Orca are already live here. Unmatched lender balances sit in a USDC yield vault and keep earning, and when an auction opens there are arbitrageurs ready to bid.
Telemetry
When a loan on Equilend goes wrong the program runs an auction. No court, no collections agent. The only collateral admitted is liquid, on-chain and priced by a live feed, and tiers are set by liquidity and feed quality, not by how famous the ticker is.
The deepest DEX pools on the chain
Each lender opts in token by token
No automatic liquidation, default at maturity only, professional lenders, still on the roadmap
Live parameters. Nothing here moves without passing the timelock, and each change is published.
Collateral value multiplied by the liquidation LTV, divided by the debt. Under 1.10 the borrower gets a warning and a prompt to add collateral. Under 1.00 any address may open the auction.
The price opens at oracle plus 3% and slides down to a floor across roughly 45 minutes. Arbitrageurs, authorised participants and the lenders in the loan can all bid.
With the market closed or the feed stale, every LTV ceiling drops by the tier's haircut and the auction floor cannot go below 85% of the last oracle print. A Friday close is a poor guide to Monday.
For one hour after the network resumes, nobody can liquidate, which gives borrowers time to top up. Repayment goes straight to the program with no relayer in between, so no operator can block it.
A zero or negative price is refused. Each session has its own staleness bound. A single jump beyond 25% pauses the market until it is cleared, and a corporate action pauses the token until the feed comes back.
Equilend values exactly the token it holds, never a wrapper and never an exchange rate derived from one. Edel's wGOOGLx loss in July 2026 came from ignoring that rule.
Precedents
Four failures from the previous round of RWA credit, with the money lost and the rule each one taught. Every one of those rules is written into the programs.
Explorer
A market earns trust through what a stranger can confirm about it without asking. Equilend ships with these eight commitments, and the Explorer is where each one stays in view.
A fill, a repayment, a rollover, an auction opening or settling, a parameter update: all of them land on-chain, and the explorer links every one to its Solscan transaction.
Every open loan with its collateral, LTV, rate, term, the number of lenders in the syndicate, its health factor and the oracle price recorded at origination.
Telemetry shows the LTV distribution across the protocol, concentration per token, the ledger of bad debt, and each liquidation with its realised price next to the oracle.
For each token: the current Chainlink price, session state, staleness and multiplier. Where the issuer publishes a proof of reserve feed, that is shown as well.
Each timelock proposal and its execution appears in the log together with the rationale behind it, before anything takes effect.
The programs, the relayer, the indexer and the keeper bots ship under a permissive licence. Builds are reproducible and every deployed program is verified on-chain.
The off-chain book exports in full. Run your own relayer and you will see the same offers as everyone else.
Funds only move at settlement, against an approval you granted beforehand. Repayment and withdrawal cannot be paused by anyone.
Roadmap
Equilend opened with cautious LTVs, a visible cap on every token and a risk page anyone can read. Each later milestone unlocks only once the figures from the previous one support it.
Tokenized stocks from the index, mega-cap and large-cap tiers, borrowed against in USDC, with terms fixed anywhere between 7 and 90 days. Standing offers, targeted offers, rollover auctions, parked capital and the Explorer are all running.
Open to professional lenders and verified borrowers. Exposure is capped per token, and every parameter change passes through the timelock.
Haircuts that follow the trading session, Dutch auctions whose floor is bounded while markets are closed, liquidation in kind, a grace period once the network resumes, and oracle pricing on the exact token pledged.
Each liquidation, with the price it realised against the oracle, is listed on Telemetry.
Tier C stock tokens that carry a live Chainlink feed, opened one market at a time as DEX depth and auction history justify it. After that, negotiated tier D loans, professionals only.
Caps follow the evidence rather than lead it.
Optional tranching inside one syndicate: lenders chasing more yield take the first loss, and senior slices are paid out ahead of them.
Treasury and fund-share tokens bridged in as collateral, priced by NAV oracles, plus a secondary market where slice tokens trade, and lending for retail in each jurisdiction that permits it.
Parameter control passes from the foundation's multisig into a governance module. The timelock stays, the public rationale stays, and repayment stays impossible to pause.
The book is open
Pledge tokenized stocks and draw USDC in a single transaction, or sign a lend offer and let the matching come to you. Verification takes minutes for either side, and each fill lands on Solana where anyone can watch it.
