BRING ANY PAPER ON THE CHAIN.
The desk measures the pool, writes a ticket, and hands you USDG. Your upside stays yours.
HOW THE DESK WORKS
You bring paper or an LP position to the window. The desk takes it into custody and opens a file.
The Cage measures the pool behind it and returns a grade. A refusal arrives with the failed line named.
The desk writes the ticket and hands you USDG. Price exposure on the paper stays in your book.
Your terminal carries a date. Fee flow retires the debt by that date on its own.
THE CAGE
The Cage reads the pool behind the paper and grades what it measures. Paper from pons.family, pools.trade, flap, bankr, or a direct deploy passes one identical set of checks: depth, turnover, and holder spread.
A venue may close after listing; every written ticket runs to its date. Each refusal names the failed line, the measured value, and the threshold, so the next submission starts from a number.
A
LP position; trading fees belong to you
UP TO 35%
WIRE · FLOAT · LADDER
B
Spot paper; trading fees accrue to the pool
UP TO 22%
FLOAT · LADDER
C
Tokenized stock with a price feed
UP TO 65%
FLOAT
D
Paper on a bonding curve
UP TO 12%
FLOAT
THREE REPAYMENT DESKS
The Wire skims trading fees off the collateral position and writes them straight into the debt body. Fees land on both sides of the pair in whatever mix the flow leaves behind, so the desk sells both halves of every skim into USDG.
The Float puts a share of each draw into a delta-neutral reserve: a USDG base in a Morpho pool and a hedged segment above it. The segment collects funding and carries zero directional beta.
The Ladder stands part of the paper as a one-sided order above market. A pass of price through the range sells it into USDG, straight into the debt, and the pool keeps its depth on the way down.
TENOR, A DATE ON THE BOARD
The board carries a date instead of an annual rate. The term comes from measured pool turnover, and the measurement counts the sixth of fees the pool holds back for itself.
Every skim recalculates the date, and the date lives on your terminal between skims.
THE MARGIN DESK
SPLIT THE TICKET
Holds the debt and the full growth of the paper. The certificate returns the position whole at redemption.
Holds the right to the fee flow until the chosen date. The strip trades on its own, apart from the certificate.
CHAIN 4663
18 CONTRACTS
182 TESTS
TIMELOCK 10 MIN
THE HOUSE TOKEN
WORKING THE WINDOW.
Seven tabs, one file per ticket. What each one does, in the order you will meet them.
OPEN A TICKET
Post collateral. Pick the paper, choose what you bring — a Uniswap v3 position for grade A, spot for grade B — and approve. The desk takes custody and the ticket number appears.
Draw. Load the ticket to read grade, collateral, current debt, the limit and the margin ratio. Enter an amount and the desk hands you USDG. The paper stays in custody and keeps rising or falling in your book.
Tenor. The date the debt closes on its own. It comes from measured pool turnover, not from a rate card, and it moves every time the Wire skims.
Repay & retire. Pay any amount at any time; the desk never takes more than the outstanding balance. Retire returns the position, the spot leg and the Float leg in one call.
STAND BEHIND THE BOOK
Supply USDG against a listed paper and hold a share of that book. Interest accrues per market, not across the desk, so a bad market cannot reach into a good one.
Withdrawal needs free liquidity: money out on loan comes back as borrowers repay. The panel below shows what currently backs the book.
SELL INTO STRENGTH
Stand part of the paper as a one-sided order above market. If price passes through the range the paper sells into USDG and lands in the debt. If price never gets there, nothing sells.
Minimum offset and width are enforced, one order per ticket, and the range can be moved once a day. Standing orders shows how much has filled.
PAIR THE PAPER
Grade B holds spot, and spot earns nothing. Cross pairs part of it with USDG from your draw into a position, which turns the Wire on for that ticket.
The quote panel prices the decision before you take it: paper committed, quote needed, ladder capacity given up, and impermanent loss at a fifty percent move.
SELL TIME, KEEP GROWTH
Split turns one ticket into two transferable stubs. The Redemption Certificate carries the debt and the whole upside of the paper. The Income Strip carries the fee flow until the date you choose — 30, 90, 180 or 365 days.
While a strip is alive the ticket holds a higher margin floor, and control of the file follows the certificate. Merge puts them back together whenever both are in one hand.
THE OTHER SIDE
Book. Specialists stand a standing bid in USDG against a token and draw a retainer for keeping it there. When a ticket falls through 1.00 the lot executes against that bid instead of hitting the pool.
Desk. Run the Cage on any pool and read the verdict. Trigger a skim. Watch the margin ladder. The console lists every contract address the app talks to.
