Pawn your bag.
Lock your $PAWN, get SOL today, and get the bag back when you repay.
A lender sets the price, you set the deadline. Repay early and you pay less interest. Miss the deadline and the lender keeps the bag.
- No selling, so your position stays on the chart
- No liquidations: a price wick can't take your bag mid-loan
- No oracle: one program, six instructions, one settlement
Pawn ticket
No. 004417- You receive now
- 1.98 SOL
- Repay by Oct 31
- at most 2.2 SOL
- Repay on day 2
- 2.0571 SOL
- Lender earns at full term
- 0.18 SOL
Miss the date and the lender keeps your 5,000,000 $PAWN. Nothing else happens to you.
- Tickets on the board
- –
- SOL being asked for
- –
- Loans running now
- –
- SOL sent to burn, recently
- –
How a loan runs
Every loan is its own account with its own vault. It ends exactly once: repaid, claimed after the deadline, or cancelled before anyone funds it.
Lock
request_loanYour tokens move into a vault only the program controls. You name the SOL, the interest and the term.
Fund
fund_loanA lender sends the SOL. You get it in the same transaction, minus a 1% fee. The clock starts.
Repay
repayAny time up to the deadline. You pay interest only for the days you used, one day minimum. The bag comes back.
Or default
claim_defaultOne second after the deadline, the lender can claim the whole bag. There is no window where both can happen.
Two small fees, and 40% of them burns $PAWN
| Fee | When | Rate |
|---|---|---|
| Origination, paid by the borrower | Funding | 1% of SOL borrowed |
| Origination for $PAWN holders | Funding | 0.5% |
| Interest cut, paid from the lender's interest | Repayment | 10% of interest |
| Default | Claim | None |
Illustration assumes loans at 5% interest for the term. Every buy and burn is listed on the Proof page with its transaction.
The program
Fee rates are stored on each loan when it's requested, so a later change never touches a live loan. Pausing stops new loans only: repay, cancel and claim always work.
request_loancancel_requestfund_loanrepayclaim_defaultwithdraw_fees
What can go wrong
Lenders can lose
If $PAWN falls far enough before the deadline, a borrower may walk away and the bag is worth less than the SOL lent. Lend only what you'd pay for the bag.
Borrowers can lose the bag
The deadline is exact, in UTC. One second late and the lender can claim. Set a reminder and repay early when you can.
The code is new
The program is small and its source is public, but new code can have bugs. Start with small amounts.
Only $PAWN for now
At launch the only accepted collateral is $PAWN. Other tokens open after the first loans settle cleanly.