> For the complete documentation index, see [llms.txt](https://docs.usefarlight.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.usefarlight.com/roadmap/phases.md). # Flight plan What Farlight runs on Robinhood Chain now, which markets reach first light next, and what each one must show before it opens. Farlight reached first light, its public launch, with a narrow scope chosen on purpose: the most liquid collateral only, conservative LTVs, a visible cap on every token and a public risk page from day one. Each expansion below waits for a first light of its own, and none opens until the liquidation and repayment record of the stage before it supports the step. ## In operation today | Area | Status | | ------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Markets | Tier A (index and mega-cap) and Tier B (large-cap single name) Stock Tokens, borrowed against for USDG on Robinhood Chain | | Loan terms | Fixed rate, fixed term of 7, 14, 30 or 90 days, syndicated across any number of lenders | | Order book | Standing and targeted EIP-712 offers that cost no gas to sign or cancel; the book is public and exportable | | Lifecycle | Full and partial repayment, top-up, rollover auctions at maturity, and Dutch-auction liquidation with in-kind and closed-market options | | Idle capital | Unmatched lender capital can opt in to a whitelisted Morpho USDG vault and is withdrawn just in time at origination | | Risk controls | Session-aware haircuts, bounded closed-market floors, a grace period after a sequencer outage, oracle move caps, corporate-action pauses and per-token exposure caps | | Participants | Professional lenders, plus verified business and professional borrowers in eligible jurisdictions | | Transparency | The Observatory (the public loan explorer), Telemetry (the public risk page and live readouts), oracle status, the governance log, and open-source contracts and services | ## Next first lights Each row is a market or capability that has not opened yet: what opens, and what must be true before it does. | Expansion | Scope | Precondition | | ------------------------------ | ------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------ | | Tier C long tail | Every Stock Token with a live Chainlink feed, opened market by market, with lenders opting in per token | DEX depth and auction performance on Tier A and B | | Tier D negotiated loans | Bilateral loans on tokens with no live oracle, professional lenders only, default at maturity only | Professional demand and per-token legal review | | Senior and junior slices | Opt-in tranching within a syndicate (the Centrifuge DROP/TIN pattern) | A separate audit of the waterfall | | Tokenized treasuries and funds | Bridged NAV-priced collateral (USDY, BUIDL-class, JTRSY) at 85% to 92% LTV in isolated markets | Bridge liquidity and issuer allowlisting of the escrow | | Retail lenders | The `LENDER_RETAIL` role, switched on jurisdiction by jurisdiction | A licensing route in each jurisdiction | | Slice token secondary market | Transfer of slices between eligible lenders through the platform | Already satisfied: eligibility-gated transfer is enforced on-chain | | Governance module | Parameter control moves from the foundation multisig to an on-chain module that keeps the timelock and the repayment guarantee | Design review and audit | | Further settlement assets | USDe or USDC markets alongside USDG | Confirmed bridged liquidity and an available idle-capital vault | ## Lifting an exposure cap Every collateral token carries a dollar exposure cap. Lifting one is a timelocked change, and the governance log records the reasoning next to the evidence behind it: realised auction prices against oracle, DEX depth and repayment history. See [Collateral tiers](/assets/collateral-tiers.md) and [Parameter governance](/transparency/governance.md). ## How the market is being built * **Lenders.** Credit funds, market makers and family offices that already operate on Robinhood Chain and Morpho keep standing offers open across Tier A and B tokens, which means a borrower always meets a live book. * **Borrowers.** Holders of Stock Tokens who want USDG without selling, starting with the traders on the chain's own DEX. * **Channels.** A listing as a Robinhood Wallet dApp, the Arbitrum and Chainlink builder programmes, and marketing carried out jointly with Paxos and USDG. --- # Agent Instructions This documentation is published with GitBook. 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