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Mobius separates portfolio authority and risk from venue execution. Robinhood Chain hosts the lending pools, Credit Accounts, and canonical risk engine. Integrated venues execute trades, while TEE-backed Executors carry authorized actions and authenticated state between the two.

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Participants

  • Lenders supply assets to Mobius lending pools and earn interest from Credit Account debt.
  • Account owners and strategists deposit collateral, borrow, and compose approved positions across onchain protocols and integrated venues.
  • TEE-backed Executors bind Venue Accounts, process authorized venue actions, and relay their results and state.
  • Liquidators repay unhealthy Credit Account debt and receive collateral according to the market’s liquidation rules.

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Portfolio Lifecycle

  1. Supply liquidity. Lenders deposit assets into a lending pool on Robinhood Chain.
  2. Open a Credit Account. An account owner deposits approved collateral, such as Robinhood Stock Tokens.
  3. Increase debt. The Credit Account borrows from its associated pool within the market’s risk limits.
  4. Bind Venue Accounts. The account establishes controlled connections to venues through the Venue Account Model.
  5. Authorize actions. Venue orders, deposits, withdrawals, and closures begin as intents authorized by the Credit Account.
  6. Execute and confirm. A TEE-backed Executor performs the permitted action and reports its outcome.
  7. Update portfolio risk. The onchain risk engine combines direct holdings, authenticated Venue Account equity, and debt into one global Health Factor.
  8. Protect solvency. Risk-increasing actions are blocked when constraints are breached. If the account becomes unhealthy, venue exposure is unwound and the Credit Account can be liquidated.

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Architecture

The arrows between Executors and venues represent venue-specific execution and state retrieval. They do not change the authority boundary: the Credit Account originates permissions, and the onchain risk engine determines whether the portfolio can support its debt.

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Execution Is Asynchronous

Onchain operations can execute atomically within a Credit Account multicall. An action at an external venue cannot be part of that same transaction. It follows an explicit request lifecycle:
Pending activity is not treated as a successful trade. Until the result and resulting venue state are authenticated, the risk engine uses conservative accounting so an incomplete action cannot create unsupported borrowing power.

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Example Portfolio

Consider a Credit Account that holds a Robinhood Stock Token and borrows stablecoins from a Mobius pool. The account uses part of its capital as margin for a corresponding short perpetual at an integrated venue. The Stock Token remains direct onchain collateral. The short and its margin appear as authenticated Venue Account state. Under an approved RWA carry strategy, the risk engine can recognize the constrained hedge when calculating the global Health Factor. Both legs remain subject to their own pricing, freshness, hedge-ratio, and venue-margin requirements. The result is one financed portfolio even though its assets and positions settle in different systems.