Players on the Robinhood chain can finally extract cash without selling stocks or cutting down on Memes.

But don't be moved by the words "no liquidation."

It has no liquidation line.

Because if the debt is unpaid at maturity, the collateral directly changes ownership.

Today let's talk about Gage @gagedotcash.

Official website: http://gage.cash

Gage is neither Aave nor Morpho.

It is more like a pawn shop written on the chain:

You deposit stock tokens, Memes, or LPs as collateral, deciding how much USDG to borrow and whether to borrow for 7 or 21 days.

If the lender thinks the price is suitable, they will send you USDG.

There is no oracle monitoring during the term, no margin calls, and no bot liquidations in the middle of the night.

At maturity, there are only two choices:

Repay the loan and retrieve the collateral.

Fail to repay, keep the borrowed USDG, and the collateral goes to the lender.

For example.

You deposit stock tokens worth $1000 with a redemption price set at 800 USDG.

Over 7 days, the cost is 0.5%, and the lender actually gives you 796 USDG.

At maturity, if the stock has risen to $1200, you are likely to redeem for 800 USDG.

If the stock drops to $500, you can completely forgo redemption.

Then the lender, holding this $500 stock, begins to reassess life.

So "no liquidation" does not equal "no risk."

It simply transfers the risk from liquidation bots back to both parties in the transaction.

The borrower receives cash and the option to redeem collateral at maturity.

The lender earns fixed fees but also bears the risk of being left with collateral after a steep drop.

In other words:

The borrower is pawning assets.

The lender is collecting interest while effectively selling a downside insurance.

This is where Gage becomes truly interesting.

On the surface, it is a lending protocol, but it is actually closer to:

a chain-based pawn shop + fixed-term option market.

Why is this product suitable for the Robinhood Chain?

Because this chain features three types of assets:

stock tokens, Memes, and various LPs.

Many people do not want to sell their stock tokens as they wish to continue enjoying the upside.

They also do not want to cut their Memes as they often feel that selling will lead to a rise.

But people need USDG to participate in the next project.

Gage's answer is:

Don't sell, first deposit to exchange for cash.

More interestingly, it does not rely on oracles for liquidations.

Traditional lending protocols rely on oracles for pricing.

Gage places the pricing responsibility on users.

How much collateral is worth and how much they are willing to lend is entirely up to both parties.

This reduces the problems of oracle attacks and instant liquidation, but it introduces another kind of risk:

If pricing is wrong, there is no system to bail you out.

Pledging a stock is relatively easy to value.

Pledging a Meme that has been in existence for just two hours, the valuation is basically like both parties reading tea leaves.

Therefore, whether Gage can run successfully depends not just on the existence of borrowers.

More importantly, it depends on whether there are people willing to become lenders and if these lenders can accurately judge the real value of the collateral.

Regarding the tokens.

Gage has two tokens that cannot be viewed interchangeably.

$GAGE is the market token launched on Pons.

CA:

0x7163aE1B5AeA2f09EBc609C52b4dcAc0a7a4bC2d

A 1% protocol fee is charged per transaction. According to the current design, this fee will not go directly into the operational wallet but will be used to buy GAGE to support the GAGE/sGAGE pool.

However, holding GAGE does not equate to holding protocol equity and does not confer direct dividend rights.

$sGAGE is the reward token of the protocol.

With a total supply of 5 billion, it is minted all at once, with no increase.

Of this, 4 billion is allocated for 52 weeks of incentives and 1 billion for initial LP.

The distribution is very front-loaded:

In the first 7 weeks, half is released, and approximately 90% is released in the first 22 weeks.

Rewards will not be fully unlocked immediately but will be locked first and then gradually released.

The purpose of this design is clear:

Initially use high emissions to bring in borrowers, lenders, and LPs, then use delayed releases to mitigate immediate selling pressure.

But high emissions only invite people to the party.

Whether they can stay ultimately depends on real transactions.

The developer is @0xbisbis.

This is an old account that has been in use since 2017, personally launching Spaces, answering questions, and managing the product on the day of launch.

From the completeness of the documentation and contracts, it indeed does not look like a hastily assembled pure launch project.

But currently, it can only be referred to as a semi-public developer.

The legal name, company entity, and past projects have not yet completed independent verification.

The safety aspect also needs to be broken down.

DealVault, responsible for custodial collateral, has no owner, is non-upgradable, and the 17 deployed contracts have completed source code verification.

But source code verification does not equal safety audit.

The project currently lacks an independent audit report.

The collateral whitelist, protocol suspension, fee rates, and reward distribution are still controlled by a regular EOA, not a multi-signature.

So the most accurate positioning for Gage right now is:

The product mechanism has been launched, but the safety and market model have not yet been tested in practice.

I think it is worth paying attention to, not because another "Robinhood lending protocol" has emerged.

But because it proposes a gameplay very suitable for the era of coin stocks:

Stocks, Memes, and LPs are no longer just for trading.

They can also become collateral for obtaining short-term cash.

If this model operates successfully, what Gage competes for in the future may not only be the lending market.

But rather the short-term liquidity gateway for all on-chain assets.

But whether it can stand, ultimately relies on three sets of data:

How many real loans are completed.

At maturity, how many people redeem and how many directly abandon their collateral.

After the token incentives decrease, whether there are still lenders willing to stay.

If most transactions can be redeemed normally, it indicates that the market will price, and there is real demand for the product.

If many collaterals are abandoned, with lenders receiving only plummeting Memes, then it is not a lending market.

But rather a fixed interest takeover competition.

Traditional lending relies on oracles to decide when to liquidate.

Gage relies on people to determine how much this junk is truly worth.

This is both its most interesting innovation and its greatest risk.

This is also a project emerging due to FOMO in the chain, and everyone should do your own research. If you want to register for Fomo, you can use the link below:

https://fomo.family/r/duanwangye66

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