Flock Manager (Ravenhood)

Summary

Ketju does not approve Flock Manager under the class rule for protocols on unapproved chains: it runs only on Robinhood Chain, which Ketju does not approve because of who controls the chain. Ravenhood runs vaults that stake liquidity-pool tokens in a DEX gauge. It also runs a lending market that accepts those vault shares as collateral. On 2026-10-16 the DefiLlama yield feed listed one pool, a WETH lending vault with about $10,600 in it, paying 8.8%. Robinhood Chain has a single sequencer, two permissioned validators and a transaction filter. We made no finding against Ravenhood itself.

Review triggers
• Flock Manager deploys meaningful liquidity on a chain that Ketju approves
• Ketju’s Robinhood Chain verdict changes

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 2027-01-16.

Research

How it works

A user stakes a liquidity-pool token in a Flock Manager vault. The vault stakes it in the DEX’s gauge and reinvests the rewards. The user can then post the vault share as collateral to borrow from a lending market built on the Tarot design. Lenders supply WETH, USDG or UP to the borrowable side of those markets. The rvhWETH vault that the feed lists sends one WETH deposit to whichever market pays best. The 8.8% is the 7-day growth of that vault’s share price. Borrowers who hold two-token pool positions as collateral repay the lender. The loans therefore carry pool price risk on top of the borrower’s own risk.

Size and holdings

DefiLlama puts the protocol at $42,700 of TVL, with another $23,200 borrowed. Its data begins in October 2026, and it records no audit.

Who controls it

Ravenhood’s Flock Manager page is a web app. In the text we could read, it shows no terms, audit report or company name. We found no documentation for the lending vaults, and we could not tell who holds the admin or fee keys. DefiLlama’s adapter notes state that each market has its own settings for collateral safety and liquidation incentive. Governance can change those settings within bounds.

Withdrawals

A lender can withdraw from the market only while it holds idle cash. Otherwise, borrowers must repay or be liquidated first. The vault holds about $10,600, so a position of any size could not be withdrawn at once. A holder who leaves Robinhood Chain uses its bridge. Ketju’s chain review found that the chain’s transaction filter can block the bridge’s force-inclusion backstop.

Class rule

Every measured balance settles on Robinhood Chain, so the class rule for protocols on unapproved chains applies before we examine the market, its oracle or its liquidations. Ketju will review Flock Manager again only if its Robinhood Chain verdict changes, or if Flock Manager runs a material, independently verified deployment on a chain that Ketju approves.

Sources

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

• Ravenhood, Flock Manager · primary · accessed 2026-10-16
  Supports: auto-compounding LP vaults, lending against vault shares, no terms or audit in page text
• Ravenhood · primary · accessed 2026-10-16
  Supports: operator, Robinhood Chain product list
• DefiLlama yield adapter, Flock Manager · secondary · accessed 2026-10-16
  Supports: lending vault routing, rate method, per-market risk settings
• DefiLlama TVL adapter, Flock Manager · secondary · accessed 2026-10-16
  Supports: Tarot-core lending layer, vault shares as collateral, TVL accounting
• DefiLlama, Flock Manager protocol page · secondary · accessed 2026-10-16
  Supports: Robinhood Chain only, TVL and borrowed, no audits recorded
• DefiLlama, yield pools feed · secondary · accessed 2026-10-16
  Supports: one WETH vault pool, pool TVL, rate

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.