One token. Twice the exposure to NVDA. No margin account, no loop to run, no position to babysit. And when the price goes against it, the hook unwinds itself, on schedule, instead of by surprise.
Swap USDC for $FULC in a Uniswap v4 pool on Base. One transaction. No margin account to open, no collateral to post, no health factor of your own to watch.
Behind the token: tokenized NVDA posted on Morpho, USDC borrowed against it, more NVDA bought. One dollar of $FULC tracks two dollars of NVDA. The borrow is the hook's, not yours.
Below health 1.35 the hook sells part of the collateral and repays debt itself. You keep a smaller position instead of handing it to a liquidator. That cut is a real loss and you do not get it back.
Sell $FULC back into the same pool. No lockup, no queue, no notice period, no unwind request. Exit is a swap, exactly like entry.
| What you put in | USDC, in one swap. |
|---|---|
| What you get | $FULC, a normal ERC-20. It shows up in any wallet, moves like any token. |
| What it tracks | 2.00x NVDA, fixed at construction |
| How you exit | Sell it back into the pool. Any block, any size the pool can take. |
| What can go wrong | NVDA falls and you lose twice as fast. Each deleverage books a loss you never recover. A hard enough gap ends in liquidation and near total loss. |
| What it costs | Pool fees on the way in and out, Morpho's borrow rate the whole time you hold, and slippage on every rebalance the hook makes. |
Drag the slider. The hook acts before a liquidator can, and this shows you exactly what that costs.
A fulcrum is the point a lever turns on, and the whole trick of a lever is in the arms. Effort on the long arm, load on the short one: that is what multiplies. Put the load out on the long arm instead and you have built a lever that divides.
Fulcrum is that ratio, two to one. Your capital sits two arms out, the market exposure sits one arm in, and the beam balances. The leverage is not a setting, it is the geometry.
Every leveraged token you have seen is leveraged ETH. This one is leveraged equity: the collateral is tokenized NVDA, the borrow is USDC, and the loop is run once, by the hook, at launch.
The end state is a balance sheet, and it is the entire product. Two thousand dollars of NVDAc on one side. One thousand of USDC debt and one thousand of your money on the other. $FULC is a claim on the difference.
A 2x position on a volatile stock gets liquidated. Not might, does, eventually, on a bad enough day. Pretending otherwise is the actual risk.
So the hook does not wait for the liquidator. Below a health threshold it unwinds part of the position itself: it takes the smaller loss on purpose, on schedule, rather than the larger one at someone else's convenience and price.
Here is what that looks like across a long fall. Health resets to where it started after every cut. Your money does not.
All of that assumes price arrives in a line. It does not always. An earnings print, a halt, a weekend: price can cross the hook's line and the liquidator's line between two blocks, with nothing in between for the hook to act in.
This does not make the token safe. A deleverage is a realised loss, and a deep enough drawdown still ends with very little left. It makes the loss orderly, which is a different and much smaller claim.
2x is a compile-time constant. There is no admin function to raise it, lower it, or pause it. Not for me either, and that is the point of writing it down here before anything is deployed.
The same goes for the trigger, the collateral asset, the debt asset and the market they live in. If any of those has to change, it is a different token with a different address, not an upgrade to this one.
Nothing is deployed. No token, no hook, no position, no borrow, no pool. The simulation on the overview page is arithmetic on the rules below, and is labelled as one. Nothing on this site is read from a chain.
| Piece | Where it stands |
|---|---|
| $FULC ERC-20 | not deployed |
| Uniswap v4 hook | not deployed |
| Morpho NVDAc / USDC market | not confirmed · the design needs one with an LLTV above roughly 0.70, see Numbers |
| Liquidity pool | none |
| Audit | none |
| Admin keys | none, because nothing exists to hold keys over |
| The connect button above | Shows your address and asks your wallet to sit on Base. There is nothing on-chain for it to call, and it says so when connected. |
Collateral is NVDAc, tokenized NVDA on Base, eight decimals. Debt is USDC. Venue is Morpho: one isolated market, one oracle, one LLTV, no shared pool. Isolation is the point. A bad day in an unrelated market cannot reach this position, and this position cannot reach anyone else's.
Why USDC and not ETH: the NVDAc book on Base is quoted against USDC. Borrowing the same unit the collateral is priced in leaves one exchange rate inside the position instead of two. Borrow ETH against a stock and you are quietly short ETH as well, which nobody asked for.
Interest is Morpho's rate, floating with utilisation. It accrues to the debt, so it shows up as health drifting down even on a week where NVDA does not move. Over a flat month it is a slow bleed, not a cliff, and it is the reason a position left alone eventually trips the trigger on its own.
| Leg | Asset | Where |
|---|---|---|
| Collateral | NVDAc · 8 dec | supplied to the Morpho market |
| Debt | USDC · 6 dec | borrowed from the same market |
| Trading | NVDAc / USDC | the v4 pool the hook is attached to |
| Your token | $FULC · 18 dec | your wallet, transferable, no hooks on transfer |
Health is not read from the pool. It is read from the Morpho market's oracle, which is the same number the liquidator reads. Any other source would open a window where the hook believes it is safe and the liquidator does not, and the liquidator wins every one of those arguments.
health = collateral value × LLTV ÷ debt · 1.00 is the liquidator's line
Two consequences worth stating plainly. The hook is exactly as good as that oracle: if it goes stale, the hook goes stale with it, and if it prints a wrong price, the hook acts on a wrong price. And equity markets close while the oracle does not, so a Friday close and a Monday open can be very far apart with nothing in between.
There is a second timing problem, and it is structural. A hook only runs when someone touches the pool. If nobody trades, nobody checks. Fulcrum therefore also exposes a permissionless poke that anyone can call to force a health check and a rebalance if one is due. If the pool goes quiet and nobody pokes it, the position sits unchecked. That is a real failure mode, and it is a large part of why the trigger is 1.35 and not 1.05.
| Question | Answer |
|---|---|
| Which price | the Morpho market oracle, the same feed the liquidator uses |
| When it is checked | on every swap routed through the hook, plus any permissionless poke |
| Who can trigger a check | anyone, without permission and without holding $FULC |
| What if nobody does | the position drifts unchecked until someone trades or pokes. The buffer between 1.35 and 1.00 is what that silence is spending. |
Worked on the illustration numbers: $1,000 in, $2,000 of NVDAc, $1,000 of USDC debt, an 0.77 LLTV market. Entry health is 1.54. NVDA falls until health touches 1.35, which takes a move of about twelve percent.
| Step | What happens | After |
|---|---|---|
| 0 · entry | collateral $2,000, debt $1,000, your equity $1,000 | 2.00x · health 1.54 |
| 1 · NVDA −12.3% | collateral falls to $1,753, debt is unchanged, your equity is $753 | 2.33x · health 1.35 |
| 2 · the hook sells | sells about 14% of the collateral, $247 of NVDAc, into the pool | collateral $1,506 |
| 3 · the hook repays | repays that $247 of USDC to Morpho, about a quarter of the debt | debt $753 |
| 4 · back on target | leverage is 2.00x again, health is 1.54 again, on a smaller base | equity $753 |
| 5 · the cost | the $247 of NVDA is sold and gone. If NVDA comes straight back, you do not. | −24.7% |
Step 5 is the one that deserves a picture, because it is the cost people discover late. A round trip in NVDA is not a round trip in $FULC.
Every figure in this table is either fixed at construction or an illustration computed from ones that are. None of it is measured, because there is nothing to measure yet.
| Parameter | Value | Kind |
|---|---|---|
| Target leverage | 2.00x | fixed at construction |
| Deleverage trigger | health 1.35 | fixed at construction |
| Re-lever band | below 1.90x | fixed at construction |
| Re-lever ceiling | 2.00x, never above | fixed at construction |
| Entry LTV | 50% | implied by 2.00x |
| Market LLTV | 0.77 | illustration · set by whichever Morpho market is used |
| Health at entry | 1.54 | illustration · 2.00 × 0.77 |
| NVDA move that triggers a cut | about −12.3% | illustration |
| NVDA move that triggers a re-lever | about +5.6% | illustration |
| Where an unmanaged 2x would be liquidated | about −35% | illustration · health 1.00 |
| Protocol fee | none specified | if one is ever added it will be written here before anything is deployed |
One design constraint falls straight out of that table. A 2.00x position enters at health 2 × LLTV, so the market's LLTV has to be above 0.675 for the trigger at 1.35 to sit below the entry point at all. Below that, the token would deleverage the moment it was born. The choice of market is not a detail, it is a hard bound on whether the design works.
| Category | Contents |
|---|---|
| Fixed at construction | target leverage, deleverage trigger, re-lever band, collateral asset, debt asset, the Morpho market, the pool |
| Moves on its own | the NVDA price, Morpho's borrow rate, market utilisation, pool depth, slippage on every rebalance, gas |
| Does not exist | admin key · pause · upgrade path · leverage setter · fee switch · allowlist · blocklist · transfer hook |
If any of the above reads as a reason not to buy this, that is the correct reading. A leveraged token that hides its risk page is a leveraged token that is lying to you.