> ## Documentation Index
> Fetch the complete documentation index at: https://getequity.io/docs/llms.txt
> Use this file to discover all available pages before exploring further.
# Credit Overview
> Borrow cNGN against RWA tokens you hold, or lend cNGN to earn the interest borrowers pay. Morpho Blue on Base, Kamino Lend on Solana.
Credit lets a holder **post RWA tokens as collateral and borrow the asset's payment token
(cNGN)** without selling. The collateral keeps earning: an accruing asset such as gNTB
grows in price while it is posted. Lenders supply cNGN to the same market and earn the
interest borrowers pay.
GetEquity does not run its own lending protocol. Each chain uses an established,
permissionless lending venue, and GetEquity provides the market's price feed:
| Chain | Venue | Model |
| - | - | - |
| Base | [Morpho Blue](/docs/onchain/credit-base) | One isolated market per collateral/loan pair |
| Solana | [Kamino Lend](/docs/onchain/credit-solana) | A lending market with one reserve per token |
You interact with these protocols directly from your wallet. GetEquity never holds your
collateral or your loan and cannot move them.
**Testnets only today.** Credit is live on **Base Sepolia** and **Solana devnet** for
gNTB / cNGN. There is no mainnet market on either chain yet; addresses will be added
here when one opens. Testnet tokens have no value.
## Markets
| Market | Chain | Collateral | Borrow | Borrow up to | Liquidation at |
| - | - | - | - | - | - |
| gNTB / cNGN | Base Sepolia | gNTB | cNGN | 77% | 77% |
| gNTB / cNGN | Solana devnet | gNTB | cNGN | 75% | 77% |
**Borrow up to** is the highest loan-to-value (LTV) a new borrow or a collateral
withdrawal may leave. **Liquidation at** is the LTV at which anyone may liquidate the
position. Morpho uses one number for both; Kamino keeps a small gap between them, so a
loan taken at the limit is not immediately liquidatable.
Addresses are on the [Base addresses](/docs/onchain/ethereum-addresses#credit-morpho-blue)
and [Solana addresses](/docs/onchain/solana-addresses#credit-kamino-lend-devnet) pages.
## How a loan works
Deposit gNTB into the market. It stays yours: it sits in the lending protocol, not
with GetEquity, and keeps accruing in price.
Borrow up to the market's limit against the collateral's current value. The cNGN
goes to your wallet.
Interest accrues on the loan every second. Health = collateral value × liquidation
LTV ÷ debt. Above 1.0 you are safe; at or below 1.0 the position can be liquidated.
Repay any amount at any time, then withdraw collateral. There is no term and no
prepayment penalty.
### Interest rates
Rates are variable and set by utilisation, the share of supplied cNGN that is borrowed:
* **Base (Morpho):** the AdaptiveCurveIRM targets 90% utilisation. Above the target the
rate climbs to 4× the target rate at 100%; below it, it falls to ¼ at 0%. The target
rate itself drifts over time towards the level that keeps utilisation near 90%.
* **Solana (Kamino):** a fixed curve on the cNGN reserve, straight lines between set
points (devnet values):
| Utilisation | 0% | 50% | 80% | 85% | 90% | 100% |
| - | - | - | - | - | - | - |
| Borrow rate | 0% | 6% | 11% | 12% | 30% | 80% |
In normal times borrowing stays under the collateral's yield, about 12% at 85%. Above 90%
the rate climbs steeply so borrowers repay and lenders return, which keeps lenders able to
withdraw.
Lenders earn the borrow rate × utilisation, less any protocol fee.
## Lending or holding the asset?
Lending cNGN usually pays **less** than holding the collateral asset itself. If gNTB yields
14.5% and the market settles at a 12% borrow rate with 90% of the cNGN lent out, lenders
earn about 12% × 90% ≈ 10.8%. Borrowers set that ceiling: borrowing to keep or add to a
gNTB position only pays while the loan costs less than gNTB earns.
The two are different investments, so the gap is not a reason to avoid lending:
| | Holding gNTB | Lending cNGN |
| - | - | - |
| **What you own** | The RWA token, and its fund and price risk | cNGN, owed to you by borrowers |
| **If the asset's price falls** | Your position falls with it | Borrowers absorb the fall first: loans are at most 77% of the collateral's value, so it can drop by roughly a fifth before lenders are exposed, provided liquidations run in time |
| **Getting out** | Sell back to the vault (a fee applies, limited by the vault's cash) or to a market maker | Withdraw any cNGN that is not currently lent out |
| **Return paid in** | The token's price, realised when you sell | cNGN |
Lending suits holders of cNGN who want a return on it without owning an RWA, for example
treasuries, market makers between trades, cash waiting to be invested, or funds whose mandate
does not allow RWAs. Compared with idle cNGN at 0%, a lending return is the relevant
benchmark, not the asset's yield.
The gap is also not fixed. When most of the cNGN is lent out, the rate rises steeply, and for
that period lenders can earn more than the asset yields. Anyone who simply wants the asset's
return is better served by [buying the asset](/docs/onchain/introduction).
### Liquidation
When health falls to 1.0 or below, anyone may repay part of the debt and take the same
value of collateral **plus a bonus**: about 7.4% at a 77% liquidation LTV on both chains.
You keep the rest of your collateral and the cNGN you borrowed. To avoid it, repay some
cNGN or add collateral before health reaches 1.0.
## How collateral is priced
Both markets price gNTB from GetEquity's on-chain price: the same accrued price the
[Market](/docs/onchain/introduction) trades at, which grows every second at the asset's rate
(see [yield and accrual](/docs/onchain/yield-and-accrual)).
* **Base:** an `RWAPriceOracle` exposes the Market's live price as a Chainlink-style feed,
wrapped in Morpho's standard `MorphoChainlinkOracleV2`. It reverts rather than return a
zero or stale price, so borrows pause instead of mispricing.
* **Solana:** a Scope price feed on Kamino's oracle program carries gNTB's accrued price
in cNGN, with cNGN fixed at 1.
## Risks to know before you borrow or lend
* **Liquidation.** A falling collateral price or rising debt can bring health to 1.0;
liquidation is automatic and on chain.
* **Price governance.** gNTB's price comes from GetEquity's Market. GetEquity's
multisig can change an asset's rate or price, pause an asset, or change its payment
token. Any of these moves the collateral value the lending market sees.
* **Waiting to withdraw.** Lenders can withdraw only cNGN that is not lent out. When
utilisation is near 100%, the rate rises sharply to bring repayments and new lenders.
* **Bad debt.** If collateral ends up worth less than the loan before it is liquidated,
lenders in that market share the shortfall.
* **Protocol risk.** Morpho Blue and Kamino Lend are third-party protocols with their
own audits and risks.
## Next
Morpho Blue calls to supply, borrow, repay and withdraw.
Kamino Lend instructions, reserves and the price feed.
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