A Cleave Share Token is a claim on a stock at maturity, trading at a small discount until then. That makes it better collateral than the stock itself: no dividend jump, a known redemption date, a discount that closes on a schedule. The rate model and liquidations are Morpho's. The price feed is ours. Everything on this page is read from chain.
Lent and borrowed are the market's totals as of its last interest accrual. Rates come from Morpho's Adaptive Curve model and move with utilisation.
Put the loan token in, get shares of the pool. Borrowers' interest grows the pool, so the shares are worth more when you take them out. Withdrawing needs unborrowed liquidity in the pool at that moment.
Post Share Tokens, take the loan token out up to the loan line. Interest accrues every second. Repay to get the Share Tokens back, or let them mature and redeem the stock after repaying.
If debt reaches the line, anyone can repay it and take the Share Tokens at a discount. A gap so fast the collateral no longer covers the debt is bad debt, and it comes out of lenders. That is the risk lenders are paid for.
Markets open treasury-only: until an independent review of this build is public, the only lender is the Cleave treasury and the site does not ask anyone else to deposit. Morpho Blue itself is permissionless, so once a market exists anyone can use it directly at their own risk.
// Morpho's IOracle: loan-token value of one collateral unit, scaled by 1e36. // Reverts while the stock's ledger is out of sync; treat a revert as "halted". IMorphoOracle(oracle).price(); CleaveMorphoOracle(oracle).stPerStock(); // 1e18 = parity, never above // Market totals and your position, straight from Morpho Blue. IMorpho(morphoBlue).market(marketId); IMorpho(morphoBlue).position(marketId, you);