Multiply

Looped exposure in a single transaction.

How it works#

Multiply builds a leveraged position in a single transaction by doing what you could do manually, just atomically and in a loop: supply collateral, borrow USDG against it, swap that USDG for more of the same stock, supply that too, and repeat until the position reaches the multiple you asked for.

Because it is one transaction, either the whole loop lands or none of it does. You are never left halfway through with a borrow open and no collateral bought.

What the multiple means#

A 2x position means you hold twice your own capital's worth of the stock, with the other half borrowed. Your gains and your losses are both roughly doubled against the price move.

This amplifies losses as much as gains

Unlike looping a staking token against its own underlying, your collateral and your debt here move independently. The stock can fall while your USDG debt stays exactly the same. Leverage genuinely increases risk in both directions, and these positions can be liquidated.

The ceiling#

Each loop can only borrow against what the previous one supplied, so the achievable multiple is capped by the market's max LTV at 1 / (1 - maxLTV). This is an asymptote, not a target: no finite number of loops actually reaches it.

Market	Max LTV	Leverage ceiling
Tesla	45%	1.82x
NVIDIA	50%	2.00x
Apple	55%	2.22x
Microsoft	55%	2.22x
S&P 500 ETF	60%	2.50x

The contract carries a separate hard cap of 5x and a 10-iteration gas bound, neither of which any market here comes close to. The slider is bounded by the market's own live max LTV rather than a hardcoded number, so it stays correct if governance retunes the parameter.

Stopping short instead of reverting#

Because the ceiling is an asymptote, insisting on hitting a target exactly would reject perfectly reasonable requests. Instead each pass is capped by the position's live LTV headroom and by the cash actually available in the vault, and the loop stops when it can no longer make progress.

Your protection is minFinalCollateral: you specify the least you will accept, and the entire transaction reverts if the result lands below it. Each pass also rounds its borrow down so the loop never overshoots and hands you more risk than you asked for.

Thin liquidity stops the loop early

If the pool does not hold enough USDG, the loop stops at whatever multiple it managed rather than failing. The panel warns you when this is likely before you confirm.

Authorization#

The zap opens your position on your behalf, which requires a one-time authorization per market. This works like an ERC-20 approval: you grant it explicitly, it only ever acts on your own position, and you can revoke it at any time.

The zap holds no funds and keeps no position of its own.
Collateral and debt are credited to your address, never to the zap.
Redeploying the zap changes its address, so authorizations do not carry over and you grant it once more.

Halts block it#

You cannot lever up into a stock whose price is currently frozen. The loop borrows and swaps, and both are gated on the market being OPEN, checked on-chain rather than hidden in the interface. See How halts work.

Unwinding#

There is no one-click close yet. To unwind, repay USDG and withdraw collateral through the borrow flow, which is the same position seen from the other side.

Fixed Term

Earn