> ## Documentation Index
> Fetch the complete documentation index at: https://docs.denar.markets/llms.txt
> Use this file to discover all available pages before exploring further.

# Lend to a single market

> Skip the vault and supply USDG straight to one market of your choosing — full control over your exposure, no vault caps, your own risk management.

The vault is the hands-off path. Direct lending is the hands-on one: pick a single market and supply USDG straight into it, earning that market's supply APR.

## When it makes sense

* You have a view on **one specific market** — say, you expect NVDA borrowing demand and want that yield specifically.
* You want exposure **beyond the vault's caps**, which bound the vault's allocation but not yours.
* You want to be your own risk manager instead of delegating allocation to the vault's curator.

## How to lend directly

<Steps>
  <Step title="Open the market card">
    In the [app](https://www.denar.markets/app), each market card shows its **Supply APR** and **Utilization** — the two numbers that determine what direct lenders actually earn.
  </Step>

  <Step title="Press Lend USDG">
    Enter an amount and confirm (approval + supply). Your position accrues that market's interest from the next block.
  </Step>

  <Step title="Withdraw anytime there is liquidity">
    Withdrawals draw on the market's unborrowed liquidity, exactly like vault exits.
  </Step>
</Steps>

## Read the APR correctly

The headline borrow rate is what borrowers pay — lenders earn it only in proportion to how much of the pool is actually borrowed:

```
supply APR = borrow APR × utilization × (1 − 10% protocol fee)
```

A market at 0% utilization pays lenders \~nothing regardless of its borrow rate. Supplying more USDG to a market *lowers* its utilization — so piling into the "highest APR" market pushes that APR down. The equilibrium thinking is what the vault's allocator automates; direct lenders do it by hand.

<Warning>
  **No vault cap protects a direct position.** You carry the market's isolated risk in full: if that one market eats bad debt, direct lenders share the write-off pro rata with the vault's allocation there. For capped, curated exposure use [the vault](/use/earn) instead.
</Warning>