Onchain Integration

Raven is built entirely on public, permissionless Morpho infrastructure on Robinhood Chain. The markets are standard Morpho Blue markets and the vault is a standard Vault V2. Any integrator can interact with them directly.

Core contracts

The Public Allocator's idle-only Raven policy was activated on 2026-08-29. It may move idle rUSDG vault assets into the five Raven markets up to their configured caps; market-to-market pulls remain disabled. Vault adapter, collateral, and market relative caps are 1e18, leaving the reviewed absolute caps as the effective limits. See the operations runbook for the activation receipts and verification procedure.

Full factory/registry addresses (ChainlinkOracleV2, VaultV2Factory, adapter factories, Bundler3, GeneralAdapter1) are listed in Protocol Sources.

Raven v1 markets

Every approved market lends canonical USDG against one Stock Token at a 77% liquidation LLTV with the Adaptive Curve IRM and a guarded Chainlink-only oracle.

Each market ID represents an immutable Morpho configuration: the loan asset, collateral asset, oracle, IRM, and LLTV are fixed at creation. Future parameter sets use a new market ID and a deliberate migration path.

Collateral tokens

RavenStockTokenOracle

Each market uses a separate immutable RavenStockTokenOracle. The oracle quotes one whole Stock Token in USDG using two Chainlink Stock Token/USD proxy feeds and one shared USDG/USD proxy feed. Robinhood's Stock Token feeds already include uiMultiplier(), so the oracle does not apply the multiplier again.

Feed proxies

All five oracles use USDG/USD proxy 0x61B7e5650328764B076A108EFF5fa7282a1B9aD2. The primary and secondary Stock Token proxies currently resolve to the same underlying aggregator. They protect against proxy divergence, but they are not independent price sources.

Public interface and immutable getters

interface IRavenStockTokenOracle {
    function price() external view returns (uint256);
    function STOCK_TOKEN() external view returns (address);
    function STOCK_PRIMARY_FEED() external view returns (address);
    function STOCK_SECONDARY_FEED() external view returns (address);
    function USDG_USD_FEED() external view returns (address);
    function STOCK_IS_COLLATERAL() external view returns (bool);
    function STOCK_MAX_AGE() external view returns (uint256);
    function USDG_MAX_AGE() external view returns (uint256);
    function MAX_STOCK_FEED_DEVIATION_WAD() external view returns (uint256);
    function SCALE_FACTOR() external view returns (uint256);
}

The deployed oracles all have the following immutable policy values:

STOCK_TOKEN() and both Stock Token feed getters return the asset-specific addresses in the tables above. USDG_USD_FEED() returns the shared USDG/USD proxy.

Price scaling

Morpho's oracle interface describes price() as the value of one collateral token quoted in the loan token and scaled by 1e36. Token decimals are part of that representation: the result has 36 + loanTokenDecimals - collateralTokenDecimals decimals of precision.

Raven markets use an 18-decimal Stock Token as collateral and 6-decimal USDG as the loan asset, so the returned value has 24 decimals of precision. Both deployed feed legs use 8 decimals. The oracle therefore computes:

scale exponent = 36 + USDG token decimals + USDG feed decimals
                   - Stock Token decimals - stock feed decimals
               = 36 + 6 + 8 - 18 - 8
               = 24

price = conservativeStockUsdPrice * 1e24 / usdgUsdPrice

The lower of the two valid Stock Token prices is used because the Stock Token is collateral. This prevents a higher proxy answer from increasing collateral value.

Validation and reverts

price() reverts rather than returning an unsafe value when:

• the Stock Token reports oraclePaused() == true during a corporate-action pause;
• a feed answer is zero or negative;
• a Chainlink round has no update timestamp, has a timestamp in the future, or reports answeredInRound < roundId;
• a Stock Token price is older than 96 hours or the USDG price is older than 26 hours; or
• the two Stock Token proxy answers differ by more than 5%, measured against the lower answer.

The custom errors are:

error InvalidConfiguration();
error InvalidRound(address feed);
error StaleRound(address feed, uint256 age, uint256 maximumAge);
error StockOraclePaused();
error StockFeedDeviation(uint256 primary, uint256 secondary);

Deployment also reverts with InvalidConfiguration() for a zero required address, identical primary and secondary Stock Token feeds, zero maximum ages, a deviation limit above 100%, mismatched Stock Token feed decimals, or a computed scaling exponent outside the supported range.

Deployment provenance

All five current oracles and markets were deployed successfully in Robinhood Chain block 45975493.

See Deployment for the active vault configuration and operational deployment notes.

How to integrate

• Supply-side: deposit USDG into the Vault V2 (rUSDG, ERC-20 shares) or supply directly to any of the five markets on Morpho Blue.
• Borrow-side: supply a Stock Token as collateral and borrow USDG while maintaining a buffer below the market's 77% liquidation LLTV.
• Aggregators/wallets: read positions with standard Morpho Blue view calls (market(id), position(...)) and Vault V2 balances; build transactions with Bundler3 or direct contract calls.

Reference documentation:

• Morpho Blue market mechanics
• Morpho contract specification
• Vault V2 specification

Integration gotchas

• Stock Tokens are 18-decimal ERC-20s whose Chainlink feeds are already multiplier-adjusted. Applying the token multiplier again is a known error class, don't double-adjust prices.
• Verify oracle feed descriptions onchain rather than trusting symbol labels.