> ## Documentation Index
> Fetch the complete documentation index at: https://docs.mob.exchange/llms.txt
> Use this file to discover all available pages before exploring further.

# How Mobius Works

> The end-to-end architecture connecting Robinhood Chain lending pools, Credit Accounts, Venue Accounts, TEE-backed Executors, and integrated trading venues.

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.

## 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.

## 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.

## Architecture

```mermaid theme={null}
flowchart TB
    LP["Lenders"] --> Pool["Lending Pool"]
    RWA["Robinhood Stock Tokens<br/>and other onchain assets"] --> CA
    subgraph RH["Robinhood Chain"]
        Pool -->|Debt capital| CA["Credit Account<br/>Assets · Debt · Permissions"]
        CA --> Risk["Onchain Risk Engine<br/>Global Health Factor"]
    end
    CA -->|Authorized intents| Exec["TEE-backed Executors"]
    Exec -->|Venue operations| Venues["Hyperliquid · Lighter on Robinhood · Aster"]
    Venues -->|Results and state| Exec
    Exec -->|Authenticated venue state| Risk
```

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.

## 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:

```text theme={null}
AUTHORIZED -> PENDING -> CONFIRMED
                      -> FAILED
                      -> EXPIRED
```

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.

## 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.