Press
Aug 28, 2026
What nvPRIME is
nvPRIME is a yielding token backed by PRIME, which provides short-term financing secured against US real-estate loans, including home equity lines of credit (HELOCs) from Figure Technology Solutions (Nasdaq: FIGR). A HELOC is a loan a homeowner takes against the equity in their home. Figure is the largest non-bank originator of HELOCs in the US and its HELOC pool is currently (as of this article’s publishing date) the largest tokenized credit asset in the market at US$21bn+.
In short: capital is lent to Figure so it can originate home loans, and the loans sit behind the capital as collateral. The interest Figure pays is the return.
How lending markets work
Morpho is a two-sided lending market, where you can supply an asset and earn on it, or pledge collateral and borrow against it. The rates track how much of the supplied money is currently borrowed. Quiet market, cheap borrowing. Busy market, expensive borrowing. nvPRIME's own yield is set separately.
The RockawayX NUVA Ecosystem Vault is the lending vault for nvPRIME on Morpho. USDC deposited into this vault is pooled and lent out against nvPRIME collateral. RockawayX is the curator of the vault and decides which collateral the vault accepts, where the pooled capital gets lent, and what the safety limits are.
What you can do
Lend USDC against nvPRIME
Deposit USDC into the vault, which currently targets a 7.5% return. Your capital goes out as a loan secured by nvPRIME, with max LTV set at 86%. That protects the lender’s principal against up to a 14% drop in collateral value, minus liquidation incentives.
Get USDC on Ethereum in your wallet.
Go to the RockawayX NUVA Ecosystem Vault on Morpho and connect your wallet.
The RockawayX NUVA Ecosystem Vault on Morpho
Enter how much USDC to deposit, then approve the vault to spend it.
Confirm the deposit. You receive vault shares representing your position.
Your vault share price increases as borrowers pay interest. Withdraw any time, subject to available liquidity.
Borrow USDC against nvPRIME
Pledge your nvPRIME and draw USDC against it. Your nvPRIME stays yours and keeps compounding, so you free up cash without exiting.
Get nvPRIME (if you don’t already hold some) by swapping for it on KyberSwap, or by minting it directly at app.nuva.finance by depositing USDC in the nvPRIME vault.
Go to the nvPRIME/USDC market on Morpho and connect your wallet.
The nvPRIME/USDC market on Morpho. Supply collateral and borrow from the panel on the right.
Supply nvPRIME as collateral and approve the spend.
Enter how much USDC to borrow. Stay well below the 86% liquidation LTV to reduce your liquidation risk.
Confirm. The USDC lands in your wallet and interest starts accruing on the debt.
Monitor your position. Repay or add collateral if your LTV climbs.
Taking it further: looping
Because nvPRIME keeps earning while it sits as collateral, you can repeat the cycle a number of times to amplify your yield.
Swap your borrowed USDC for nvPRIME.
Supply it as additional collateral.
Borrow again against the larger balance, smaller each round.
Repeat until you reach your target leverage.
Illustrative example
Base yield | Borrowing cost | Net yield per loop | Leverage | Total yield |
6% | 5% | 1% | 2x | 7% |
6% | 5% | 1% | 3x | 8% |
6% | 5% | 1% | 4x | 9% |
Figures are illustrative only. Borrowing costs move with demand, and higher leverage brings you closer to liquidation as each round pushes your LTV toward the 86% ceiling. This only works while your borrow rate sits below what nvPRIME earns.
Risks
Liquidation. Anyone can liquidate a position once its LTV passes the market's threshold. No queue, no delay, no warning. The liquidator takes a bonus out of your collateral, so you lose more than the debt being repaid. Every extra loop tightens the margin, so be careful with the leverage.
Rate compression. Borrow rates track utilization. If the market draws in capital running the same strategy, utilization climbs, borrow costs follow, and the spread narrows.
Exit liquidity. Lenders can only withdraw USDC that isn't currently lent out. When most of the pool is borrowed, withdrawals wait for borrowers to repay or new deposits to arrive.
nvPRIME depth and redemption. Two ways out of nvPRIME: withdraw through NUVA, or sell on the secondary market. Withdrawals process instantly to within two US business days. On the secondary side, KyberSwap depth sets your entry cost and your exit slippage, and it feeds the price the market liquidates against. Size your position against available depth.
Credit risk. nvPRIME's value depends on Figure paying. Should Figure default, recovery falls to the underlying real-estate loans. If you hold nvPRIME, that exposure is direct. If you're lending, it reaches you through your borrower's nvPRIME, which is what is securing your USDC. Nothing here is insured.
Returns can change. nvPRIME's yield moves with rates and credit conditions.
Smart contract risk. Three layers sit under this: the nvPRIME vault, the Morpho market, and PRIME. All have been audited, but audits reduce risk without removing it.
Get started
Lend USDC against nvPRIME: https://app.morpho.org/ethereum/vault/0x93e0F9d502eEfce8D34924ab3478C7EA0CBC5a2E/rockawayx-nuva-ecosystem#overview
Get nvPRIME (via NUVA app):
https://app.nuva.finance/en/vaults?asset=usdc
Get nvPRIME (via KyberSwap):
https://kyberswap.com/swap/ethereum/usdc-to-nvprime
Borrow USDC against nvPRIME: https://app.morpho.org/ethereum/variable/0x9e553e8a22eb2b2040042965d0dc424f7c5e64744b093d2df9162dce1833eeda/nvprime-usdc#market
For informational and educational purposes only. Not financial, investment, legal or tax advice. Figures are illustrative, not guaranteed, and subject to change.
