How the shop works

The shop lends a dollar token against tokens, on Base and on Robinhood Chain. Every loan is a pawn: you hand over the tokens, take the cash, and get the tokens back when you repay within the term.

Nothing on the main pages is simulated. Every figure is read from the contracts on Base every 20 seconds and after every transaction. If a read fails, the page shows a dash instead of a number.

• Cash: USDC on Base, USDG on Robinhood Chain.
• Collateral: the tokens on the shelf. AERO on Base, PONS on Robinhood Chain, and the tokenized stocks the appraiser lists. Each chain has two vaults: one lends against tokens, one against tokenized stocks.
• Term: 7 days, the only term.
• Cost: an origination fee, 2.5% of the loan on memecoins, 0.5% on stocks. No interest.
• Repayment: in full, any time before the date. No part payments, no extensions.

1. 
   1

   Lenders fill the vault

   Lenders put USDC in. That cash is what the counter lends, and every fee lands back in the vault.

2. 
   2

   Borrowers pawn tokens

   A borrower hands over tokens, gets a signed appraisal, and walks out with USDC in one transaction.

3. 
   3

   Repay or forfeit

   Repay in full within the term and the tokens come back. Miss the date and the shop can keep them.

USDC that lenders deposit sits in the shop as available cash. Each pawn moves some of it out on loan, and repayments bring it back. The fee was already taken when the pawn was written. Utilization is the share of the vault that is out on loan right now.

The terms are set by the market the shop lends through. The counter and the vault window read them live. These are the values today.

The appraisal decides how much cash a pile of tokens gets. It is written by the shop's appraiser at the moment you ask, priced off the live market, and it expires a few minutes later. Two people with the same pile at different times can get different offers.

You need a wallet on the chain you picked in the header, with the tokens in it, and a little ETH for gas. The whole pawn is one transaction once the paperwork is signed.

At the counter

1. 1

   Put the tokens on the counter

   Type how many you have, or how much cash you need. The counter prices it as you type.

2. 2

   Get the appraisal

   The shop's appraiser signs one quote for your wallet: how many tokens it takes, how much USDC you get, and until when the offer stands. The page checks the signature against the contract before it shows you anything.

3. 3

   Read the offer

   Cash today, what you owe, the fee, the collateral, and the due date. Nothing on the card changes after you agree.

4. 4

   Approve, if asked

   The first time, the shop asks you to approve the token for exactly the amount of this pawn.

5. 5

   Sign and send

   You sign the payloads the appraiser sent, then send one transaction. The tokens go into custody, the USDC lands in your wallet, and a loan is written in your name.

What you sign

At most two signatures. The first lets the shop pull the exact amount of tokens for this pawn. The second gives the shop permission to open a loan for you. Both are tied to your wallet, this pawn, and a deadline, and cannot be reused.

What you get and what you owe

The fee comes out of the cash before it reaches you. You receive the loan minus the fee, and you owe the full loan. There is no interest and the amount owed never grows.

Sample figures. Your offer is priced when you ask for it.

Paying it back

Repayment takes two transactions, and you need both. First you repay the full amount in USDC. That settles the loan and credits your tokens to you. Then you claim, which moves them out of custody and into your wallet. The Positions page shows both as steps, and the claim stays listed until you send it.

You can repay any time before the due date. There are no part payments and no extensions. Repaying early refunds part of the fee. It comes back with your tokens when you claim.

Missing the date

After the due date the loan is past due. It stays redeemable until the shop collects it, so if you are late and the shop has not moved yet, you can still repay and claim. Once the shop collects, the tokens are the shop's. A collected pawn can still leave something for you to claim, so the position stays listed until you have taken it.

Nick

You bring it in, I price it, you walk out with cash. Seven days later you come back with the cash and it goes home with you.

Don't come back, and it's mine. Nothing personal.

Lenders fund the counter. You put USDC in the vault, and it is lent out. Every pawn the shop writes pays a fee into the vault, and that fee is yours pro rata. What you hold is a share of the vault; the receipt in your wallet is a token called PS-USD (PS-STK-USD for the stock vault), and you never need to touch it.

Putting money in

1. 1

   Type an amount in USDC

   The window shows the rate it earns, your share of the vault, and how withdrawals work.

2. 2

   Approve, if asked

   USDC is approved for exactly this deposit.

3. 3

   Hand it over

   One transaction. The USDC lands in the shop and starts earning.

Your share is priced against what the vault is worth when you deposit: its cash on hand plus its cash out on loan. There is no cap on deposits. A vault closed to new deposits stays closed.

What you earn

Each pawn pays a fee of an origination fee of 2.5% of the loan on memecoins, 0.5% on stocks. Most of it, ten elevenths of it, goes to the vault. The rest is a protocol fee. Memecoins pay the higher rate because they move more and are harder to sell; stocks pay the lower one. The APR shown on the vault window is that fee, over the term, scaled by how much of the vault is out on loan. It is an estimate, and it assumes the current pace holds.

A forfeited pawn also lands in the vault. When a borrower does not come back, the shop keeps the tokens. They counts as zero in the vault's value until the shop sells it, and the cash from the sale is added then.

Taking money out

A withdrawal is an order with a notice of 7 days. It takes two transactions, a week apart.

1. 1

   Ask

   Pick an amount, or all of it. The order is priced at what your share is worth that day.

2. 2

   Wait out the notice

   The order stands for seven days. The Positions page shows the date it can be claimed.

3. 3

   Claim

   The order pays in USDC from the cash the vault has on hand. If there is not enough, it pays part and the rest stays in the order until loans are repaid.

The order pays the price it was given when you asked, or what your share is worth when it is paid, whichever is less. If the vault loses value during the notice, the order pays less. If it gains, the gain stays with the lenders who stayed. You can cancel an order and your money stays in the vault, up to the value the order was priced at. Adding to an order restarts the notice for all of it.

The notice is there because the vault's cash is out on loans that come back over a week. Without it, whoever asked first would take the cash and leave everyone else holding the loans.

Pops

Put dollars in, they get lent out, and you take a cut of every fee. I don't like it either.

You want it back, you ask, you wait a week, I pay you out of the drawer. I count it either way.

If you borrow

• Your loan does not change with the price of your tokens during the term. Nothing is liquidated while you are current, whatever the price does.
• The only way to lose the tokens is to not repay before the shop collects. If they fall below what you owe, walking away is your choice, and the shop keeps them.
• The shop can stop writing new pawns. Repaying and claiming keep working when it does.
• The contracts can have bugs, and there is no insurance.

If you lend

• The tokens the shop keeps from a forfeited pawn can be worth less than the cash it lent. That loss is the vault's. The appraisal is priced below market to leave a margin, but a large enough drop uses it up.
• A withdrawal takes a notice of seven days, and then pays only from cash the vault has on hand. Cash that is out on loan cannot leave until it comes back.
• The APR is an estimate from the current pace of pawns. A week with few pawns earns less, and a week with none earns nothing.
• A withdrawal order is priced when you ask. If the vault loses value before it pays, you get the lower figure. If it gains, you do not get the gain.
• The vault's value counts cash on hand and cash out on loan. Tokens held from lapsed pawns count as zero until the shop sells it, so new deposits are priced without it.
• The contracts can have bugs, and there is no insurance.

The Positions page lists everything under the connected wallet: what you owe and the next due date, your lend position and what backs it, every borrow with its state, and your history.

Repaid loans with nothing left to claim drop off the list. Forfeited loans stay, even when there is nothing to claim, so you can see what happened to them.

Cody

Here's everything with your name on it. Repay, or ask for your money back, right here. I keep the copies.

• The shop is open on Base and on Robinhood Chain. The network menu in the header picks which one you are looking at, and the wallet chip offers to switch your wallet over if it is on the other one. Each chain is its own shop, with its own vault, its own cash and its own shelf.
• Any wallet that speaks to either chain works: browser extensions, mobile wallets over WalletConnect, Coinbase Wallet.
• Every approval is for exactly the amount the transaction needs. The shop never asks for an unlimited approval.
• Signatures at the counter are tied to your wallet, one pawn, and a deadline of a few minutes. A used or expired one is refused by the contract.
• Gas is paid in ETH on both chains. A pawn is one transaction plus an approval the first time. A repayment is two, plus an approval if needed.

Everything the shop does happens in contracts on the chain you are on. The site reads them and sends your transactions to them. It holds nothing itself.

There is no single market id. Each appraisal names its own market, keyed by the token, its price and the terms, and the shop creates it on the first pawn that uses it.

The shop is a thin client over the contracts. Anyone can drive them directly. The calls, in the order the site makes them:

Borrow
  POST https://qbze3sovl6.execute-api.us-east-1.amazonaws.com/quote
    { chainId: 8453, shop, borrower, collateral, collateralUnits, tenor: 604800 }
  AERO.approve(permit2, collateralUnits)   // only if the allowance is short, exact
  sign every payload in toSign             // permit2 transfer, credit grant
  shop.depositAndBorrow(quote, sig, permit2, grant)

Repay
  USDC.approve(hub, debt)                  // exact
  hub.repay(loanId, debt)
  hub.claimOwed(loanId, you)               // moves the collateral out

Deposit
  USDC.approve(shop, amount)               // exact
  shop.deposit(amount, you)                // the share token lands in the wallet

Withdraw
  shop.requestRedeem(shares, you, you)     // escrows the shares, starts the notice
  shop.claimRedeem(you)                    // after the notice; pays what cash allows
  shop.cancelRedeem(you)                   // drops the order, returns the shares

• Loan reads go through the lens contract. The vault's own figures are read off the shop.
• The quote carries its market and terms: price, rate, minimum debt and coverage. The site reads which markets the shop serves from the shop's read API, since nothing on chain lists them.
• Before showing a quote, the site checks its hash, its nonce and its signer against the shop contract. Do the same.
• The debt on a loan is written once and never grows. Repay clamps to it.
• A loan's history and the shop's activity feed are indexed by a public subgraph.