Flock Credit (Ravenhood)

Summary

Ketju does not approve Flock Credit under its class rule for protocols on unapproved chains: it settles only on Robinhood Chain, which Ketju does not approve because of who controls the chain. Ravenhood operates a USDG lending market there. The chain has a single sequencer, two permissioned validators and a transaction filter, and those controls apply whatever the market’s merits. We made no finding on how well Flock Credit is run.

Review triggers
• Flock Credit deploys meaningful liquidity on a chain Ketju approves
• Ketju changes its verdict on Robinhood Chain

Ketju checks this memo every night and opens a review if its venues or files show a warning or a cited document changes. The first confirmation is due 2027-03-22.

Research

How it works

Flock Credit is a lending market by Ravenhood whose only tracked pool is a USDG supply market on Robinhood Chain. That pool held about $70,000 when we reviewed it, against $339,000 of reported protocol TVL. Suppliers of USDG earn borrower interest, and the position depends on Robinhood Chain for settlement and withdrawal.

Who controls it

Ketju’s grade for Robinhood Chain records one sequencer that Offchain Labs operates on Robinhood’s behalf, two permissioned validators and an emergency council. It also records a transaction-filtering precompile that can reject L1 force-included transactions. Ravenhood’s own page gives no terms, audits or entity disclosure that would change that dependency.

Withdrawals

A supplier redeems USDG from the market only while the market has cash, and only through Robinhood Chain’s bridge. The chain’s filter can defeat the bridge’s force-inclusion backstop.

Class rule

The chain rule applies before the market’s merits. Ketju will review Flock Credit again if Robinhood Chain passes Ketju’s chain review or if Flock Credit deploys material liquidity on an approved chain.

Sources

Each claim above comes from one of these sources. Where Ketju could not verify a number, the memo states that.

• Ravenhood: Flock Credit · primary · accessed 2026-09-22
  Supports: Ravenhood operates Flock Credit, no terms or audit disclosure on the page
• DefiLlama: Flock Credit protocol data · secondary · accessed 2026-09-22
  Supports: Robinhood Chain only, USDG market, reported TVL

The asset and the chain

This memo covers the protocol. A position also holds an asset and settles on a chain. Whichever of the three holds the most power over the position decides who can freeze it. These tables describe control and do not judge quality.