How the carry is built.

A tokenized equity earns nothing by sitting in your wallet. It is, however, good collateral: deep enough to borrow against on public lending markets, and priced by an oracle the market already trusts. Liquify turns that idle exposure into a funded position without selling it.

You keep the share price. You keep custody. What Liquify adds is the loop — borrow, deploy, monitor, unwind — run continuously and at a size that survives a bad week.

Three legs, in order. One: supply the tokenized equity to a lending market as collateral. Nothing is wrapped, nothing becomes a claim on us. Two: borrow a stablecoin against it, well inside the liquidation threshold. Three: deploy that stablecoin into a yield strategy.

What you earn is the spread: what the strategy pays, minus what the borrow costs. That is the entire source of return. There is no proprietary engine and no counterparty paying you out of its own pocket.

The spread is not guaranteed and it is not always positive. When borrow utilisation spikes, the cost of funds can exceed what the strategy pays, and the position bleeds until it is unwound.

Accepted collateral is tokenized equity from issuers whose tokens are already listed on the lending markets we borrow from — currently Backed (xStocks), with Ondo, Dinari, Swarm and Securitize assets queued behind the same requirement.

Every asset carries two numbers: the market's liquidation LTV, which is fixed by the lending market, and Liquify's target LTV, which is roughly half of it. The gap between them is the room a gap-down has to move before anything is liquidated.

Tokenized equities carry a permanent delegate: the issuer retains the technical ability to burn or seize tokens from any address. That is a property of the asset, not of Liquify, and it does not go away by holding it somewhere else.

The collateral stays on the chain it was issued on. The borrow does not have to. A stablecoin borrowed on Solana can be put to work on Solana, Ethereum, Base or Arbitrum, depending on where the rate is that week.

Strategies are lending supply (Kamino, Drift, Save, marginfi, Aave, Morpho, Euler, Compound, Fluid) and fixed-term yield (Pendle). A strategy only ships once its market is deep enough to unwind into at size, because an exit you cannot take is not a yield.

Going cross-chain adds a bridge to the path. A bridge is an additional trust assumption and an additional delay in an unwind — see Risks.

The vault runs to a conservative band rather than a single number. Target LTV sits near half of the market ceiling, leverage is a dial you set within that band, and the position delevers on its own before the market does it for you.

Fees: no performance fee. The spread is yours. Costs that remain are the ones the chain and the markets charge — borrow interest, gas, and any bridge fee on a cross-chain deployment.

Withdrawal is same-block in the ordinary case: the strategy position is exited, the borrow is repaid, and the collateral is released back to your wallet. No queue, no notice period, no discretion on our side.

Two cases are slower. A cross-chain deployment has to come home across a bridge. And a strategy in a market that has gone thin exits at whatever price that market offers, which is the same risk any lender takes.

A levered carry trade on an asset that gaps is not a savings account. The ways to lose money, plainly:

• The spread inverts. Borrow costs exceed strategy yield and the position bleeds until it unwinds.
• Weekend gaps. The underlying trades with a bell; the collateral trades around the clock. Your LTV can move before anyone can react.
• Thin liquidity. Tokenized equity pools are shallow, and a liquidation into one is a liquidation at a bad price.
• Bridges. A cross-chain strategy adds a bridge to both the deployment and the exit, with its own failure modes.
• Contracts, oracles, issuers. Several lending markets, a price feed, and an issuer with delegate authority. Any of them failing is a path to loss that no amount of yield compensates for.

$LQFY is the protocol token. The contract address is not announced yet — when it is, it will be published here and on @liquify.fi first.

CA: to be announced. Any address circulating before that announcement is not ours. Verify against both sources before you send anything anywhere.

Do I keep my price exposure? Yes. The equity is collateral, not something sold. Its price moves are entirely yours, up and down.

Who holds the assets? Your wallet, through public lending market contracts. Liquify never takes custody and cannot move your position.

Is there a lockup or a KYC gate? No lockup. Access is permissionless at the protocol level; the issuers of the underlying tokens set their own rules for minting and redeeming, and those are theirs, not ours.

Is this live? Closed beta, testnet first. Integrations listed on the site are a mix of live and in progress.