> For the complete documentation index, see [llms.txt](https://docs.syndromics.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.syndromics.xyz/introduction/readme.md).
# What is Syndromics
Syndromics is a non-custodial marketplace where lenders and borrowers agree fixed-term loans directly with each other, secured by tokenized real-world assets. Every offer, fill, repayment, refinance and liquidation settles on Robinhood Chain, where anyone can inspect it.
The first product is on-chain **securities-backed lending**, the same product a private bank would call a Lombard or margin loan. A holder of Robinhood Stock Tokens (tokenized AAPL, NVDA, SPY and so on) posts them as collateral and borrows USDG from one or more lenders at a rate the two sides agree on.
{% hint style="info" %}
Syndromics is live on Robinhood Chain (chain ID 4663). Open the platform at [syndromics.xyz/platform](https://syndromics.xyz/platform). Lending and borrowing are available to verified, eligible participants. Nothing in these documents is investment advice.
{% endhint %}
## The idea in one paragraph
A borrower creates a request: collateral, principal wanted, maximum APR, term. Lenders sign offers off-chain at the price they are willing to lend at. The borrower submits the matching offers in one transaction; the contract verifies signatures and eligibility, escrows the collateral, moves USDG from each lender to the borrower and mints one position NFT per lender slice. Interest accrues at the agreed fixed rate. At maturity the borrower repays, refinances through a rate auction, or defaults into a Dutch auction of the collateral. Unmatched lender capital sits in an existing Morpho money market so it is never idle.
## What makes it different
| Property | Pooled RWA money market | Syndromics |
| ------------------- | ------------------------------ | ------------------------------------------------- |
| Rate | Utilisation curve, variable | Negotiated, fixed per loan |
| Term | Open-ended | Fixed, with refinancing auctions |
| Collateral universe | Curated, liquid, capped | Any oracle-priced Stock Token, long tail included |
| Risk sharing | Socialised across the pool | Isolated per lender and per syndicate |
| Bad debt | Hits everyone | Hits the lender who priced it |
| Idle capital | Earns the pool rate | Parked in a pool until matched |
| Recovery | Liquidation into DEX liquidity | Dutch auction with bounded floors, or in-kind |
Pooled markets are the right tool for deep, liquid collateral. They work badly for the long tail: single-name stocks, thin DEX liquidity, closed-market weekends, private-company tokens. Per-loan pricing and fixed terms are what that tail needs, and that gap is Syndromics.
## Key facts
| | |
| ----------------- | --------------------------------------------------------------------------------------------------------- |
| Chain | Robinhood Chain (Arbitrum Nitro L2, chain ID 4663) |
| Settlement asset | USDG (Paxos Global Dollar) |
| Launch collateral | Robinhood Stock Tokens |
| Next collateral | Long-tail Stock Tokens, then tokenized treasuries and fund shares (see the [Roadmap](/roadmap/phases.md)) |
| Loan structure | Fixed rate, fixed term, syndicated across many lenders |
| Custody | None. Funds move only at settlement; collateral is held by an immutable escrow contract |
| Recovery | Smart-contract Dutch auction, never a legal process |
## What Syndromics does not do
* Make uncollateralised or undercollateralised loans of any kind.
* Issue a protocol token.
* Operate pooled vaults of its own.
## Where to go next
* New to the protocol: start with [Why now](/introduction/why-now.md) and [Design principles](/introduction/design-principles.md).
* Want the mechanics: read the [Loan lifecycle](/protocol/loan-lifecycle.md), then [Offers and matching](/protocol/offers-and-matching.md) and [Health factor and liquidation](/protocol/health-and-liquidation.md).
* Building on or integrating with Syndromics: see [System overview](/architecture/overview.md), [Smart contracts](/architecture/smart-contracts.md) and [Deployment](/architecture/deployment.md).
* Assessing risk: see the [Risk framework](/risk/framework.md) and [Lessons from RWA lending](/risk/lessons.md).
* Borrowing or lending: see [For borrowers](/using-syndromics/borrowers.md) and [For lenders](/using-syndromics/lenders.md).
---
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