Lend Pool

The lend pool is where capital sits ready to finance liquidation acquisitions. Deposit USDC. The pool auto loans to liquidators on the Liquidations feed at the LTV RAVA quotes per opportunity.

How it works

1. Deposit USDC. Capital enters the pool and starts earning when the next acquisition fires.
2. Auto loans. A liquidator opens an acquisition. RAVA quotes a loan to value. The pool funds the loan side.
3. Yield accrues. You earn loan interest for as long as the position is open, plus a share of the realized profit when the liquidator exits.
4. Withdraw. Idle capital is withdrawable at any time. If utilization is high, withdrawals queue against incoming repayments.

What your capital is doing

When a liquidator opens an acquisition with leverage on, the pool funds the loan side. The loan accrues PIK, no cash payments during the holding period, and gets repaid when the position settles.

You earn from two streams.

Loan interest (PIK).

• Base rate (SOFR or on chain equivalent) + spread
• Spread starts at 300bps and only moves up
• Each missed issuer redemption window adds 300bps to the spread
• Three missed windows, the pool forecloses on the position

Slow exits earn the pool more, not less.

Liquidation upside share. When a hunter exits at NAV, the pool takes a share of realized profit on top of the loan repayment.

The two streams are reported as Loan Interest APY and Upside Share APY in the pool detail. The full rate schedule lives in Liquidations.

What protects your capital

Hunter collateral first. Every loan has the hunter's posted collateral in front of it. You only absorb loss after the hunter's collateral is wiped.

Graduated enforcement, not binary. If the underlying asset drops, the pool runs through warning → cash sweep → partial release → foreclosure. Each step shrinks pool exposure before the next.

Underwritten LTV. The offered LTV per opportunity is set by Ravariant Labs. The pool never lends past what they judge safe.

Pool types

Multi asset pool. Lends across every supported RWA asset. Capital is allocated by RAVA based on demand and risk. The simplest deposit.

Specialized pools. Each focuses on a single asset class (ACRED, MGLOBAL, PEAK). Higher concentration, higher conviction yield. Risk profile matches the underlying asset.

How RAVA sets the LTV

The offered LTV is underwritten by Ravariant Labs. The pool never lends past what RAVA judges safe.

Risks

Bad debt on a financed position. If an acquisition exits at a loss large enough to wipe the hunter collateral, the pool absorbs the residual.

RWA impairment. If the underlying RWA loses NAV value before the position exits, the discount narrows or inverts. The pool exposure is the loan amount. The hunter collateral takes the first hit.

Withdrawal queue. When utilization is at or near 100%, withdrawals depend on liquidators repaying. Idle capital is always immediately withdrawable.

Smart contract risk. All position settlement runs through Aave, Morpho, or Euler. The pool inherits venue risk on every loan it finances.