Borrow against what you've grown

Overview

Orchard is a non-custodial lending protocol being built on Solana. You deposit tokenized stocks or ETFs as collateral and borrow dollar stablecoins against them, so you get cash without selling your positions. On the other side, savers supply stablecoins to the pool and earn the interest borrowers pay.

• Overcollateralized: every loan is backed by more value than it borrows.
• Non-custodial: funds sit in smart contracts. Only your wallet can move your collateral or savings.
• Flexible: no credit checks, no repayment schedule, no early-repayment penalty.

How it works

1. Plant: deposit tokenized assets into the pool as collateral. They keep their price exposure while locked.
2. Harvest: request USDC up to your borrow limit, a safe share of your collateral's value.
3. Replant: repay any time, in part or in full. Once your loan is cleared, withdraw your collateral.

Interest accrues every second on what you owe. Your position's safety is summarised by a single number, the health factor.

Getting started

1. Install a Solana wallet such as Phantom or Solflare.
2. Keep a little SOL in it for network fees. Solana needs no network to be added by hand.
3. Hold tokenized shares (AAPL, NVDA, TSLA or SPY) on Solana.
4. Open the Dashboard, connect your wallet, and deposit collateral.
5. Request a loan. The treasury pays USDC to your wallet, usually within minutes.
6. Repay whenever you like, then withdraw your shares.

Want to practise before you risk anything? A devnet build follows the mainnet launch, with free tokens and the same interface.

Borrowing

Each asset has a max LTV (loan-to-value). Your borrow limit is the sum of each deposit's value multiplied by its max LTV. You can borrow up to that limit, as long as the pool has enough free cash.

• Repay any amount at any time. Anyone can also repay a loan on someone else's behalf.
• Withdraw collateral freely while you have no debt. With a loan open, you can withdraw only what keeps you within your borrow limit.
• Interest is variable and compounds continuously (see Interest rates).

Where the money comes from

Orchard lends from its own treasury wallet. When you request a loan, the treasury pays USDC straight to your wallet and the debt is recorded on-chain. Repayments and liquidation proceeds go straight back to the treasury.

• The program never holds USDC. It only holds collateral, so a bug in it cannot drain anyone's stablecoins.
• Loans are not instant. Your request is recorded on-chain and funded shortly after. You can cancel it any time before it is filled.
• No public deposits yet. There is no savings pool, so nobody else's money is at risk while the protocol is young.

Health factor

The health factor measures how safe your loan is:

health factor = Σ (collateral value × liquidation threshold) ÷ debt

• Above 1: your position is safe. We suggest keeping it above 1.5 for a comfortable buffer.
• Below 1: your position can be liquidated.

It falls when your collateral's price drops or as interest accrues, and rises when you repay or add collateral. With the example above ($9,200 of tAAPL, $5,000 borrowed), the health factor is 9,200 × 70% ÷ 5,000 = 1.29. A price drop of about 22% would bring it to 1.

Liquidations

When a loan's health factor falls below 1, anyone can act as a liquidator. They repay part of the loan and receive the borrower's collateral at a small discount, the liquidation bonus. This keeps the pool solvent and protects savers.

• A liquidator can repay up to 50% of the debt in one go, or 100% if the health factor is below 0.95.
• The bonus is 5–10% depending on the asset (see the table below).
• You keep the stablecoins you borrowed. You lose the collateral that was seized.
• Nobody can liquidate their own position. Repay instead.

You can liquidate unhealthy positions yourself from the Liquidate card on the Dashboard.

Interest rates

Borrowing costs a flat 8% a year, accruing every second on what you owe. No origination fee, no early-repayment penalty, no schedule.

The rate is set by the protocol admin and applies to outstanding loans from the moment it changes. Every change is recorded on-chain as an event.

Assets & risk settings

More volatile assets get a lower max LTV and a higher liquidation bonus. Each asset also has a deposit cap during the guarded launch, alongside the $500 per wallet and $3,000 total loan caps.

Prices & oracle

Collateral is valued with Pyth, the oracle network Solana uses to price tokenized equities. Orchard reads those feeds through an adapter program. Safeguards:

• Nobody at Orchard can set a price. The adapter has no function for it; the admin can only choose which Pyth feed an asset reads.
• Zero, negative and incomplete answers are rejected.
• If a feed stops updating, new borrowing and collateral withdrawals against it pause. Repaying always works.
• The stablecoin is valued at exactly $1.

Pyth price feeds are published on-chain, so the same feed the protocol reads is one you can verify yourself on Solscan. Nothing about a price is private or set by hand.

$ORCHARD token

$ORCHARD is the token of the Orchard project. It launches on Solana together with the lending program. There is no public sale and no presale: the mint appears on this page first.

What $ORCHARD is for

$ORCHARD is not a receipt for your deposit and not a points programme. It is designed to sit inside the protocol it belongs to, so the people holding it are the people with a reason to keep the orchard healthy.

1. Fees go to the people backing the protocol: Every loan pays a stability fee. Staking $ORCHARD is designed to earn a share of that fee — income the protocol actually collects from borrowers, not tokens printed to pay you.
2. Stakers backstop liquidations: Locked $ORCHARD is meant to absorb the shortfall when a liquidation cannot fully cover a loan, and to earn the liquidation premium when it can.
3. Holders borrow cheaper: Paying the fee in $ORCHARD, or holding above a threshold, is planned to earn a discount and a larger borrow limit per wallet — same wallet, no extra cost, just a better rate.
4. A say in risk, never in custody: $ORCHARD is intended to govern the parts worth arguing about: which tokenized equities are accepted, their LTV, the fee, and which oracle feed an asset reads. It never governs user funds — no vote, and no admin key, can move your collateral.
5. Considered as collateral, conservatively: $ORCHARD is being considered as eligible collateral at a deliberately low LTV, so its own volatility cannot cascade into the pool.

Contract addresses

Solana mainnet — program IDs and mint addresses are published here on launch day:

$ORCHARD token: TBA at launch

Risks & security

• Liquidation risk: if your collateral's price falls, part of it can be sold to repay your loan.
• Program risk: the code has an automated test suite but has not yet been independently audited. An audit is required before the protocol lends real money.
• Oracle risk: wrong or delayed prices can cause unfair liquidations or pause borrowing.
• Liquidity risk: savers can only withdraw cash that isn't currently lent out.
• Admin controls: the admin key can pause new deposits and loans, change risk settings and caps, choose which Pyth feed an asset reads, and move the treasury address. It cannot take collateral from a healthy position, block repayment or withdrawal, or create debt for someone who never requested it. Moving admin control to a multisig is the next planned step.
• Not launched yet: nothing is deployed and nothing can be deposited today. Treat any address claiming to be Orchard before launch day as fake.

FAQ