Don't sell the stock.
Thaw the liquidity.
Pengwin lets you deposit tokenized stock tokens as collateral and borrow USDG against them — so you get cash without closing your position, triggering a sale, or filling out a single form.
Selling to raise cash is the most expensive habit in your portfolio.
Every time you liquidate to cover something short-term, you give up the position you spent months building a thesis on. Pengwin turns that position into a credit line instead.
Selling your position
- ✕You're out of the trade. If it runs 30% next month, that's gone.
- ✕You realize the gain. A cash need becomes a taxable event.
- ✕Re-entry is a coin flip. Buying back higher is the default outcome.
- ✕It's one-directional. No way to "un-sell" if you were early.
Borrowing on Pengwin
- ✓You keep the exposure. Collateral stays yours and stays priced by Chainlink.
- ✓Nothing is sold. Deposit is a transfer, not a trade.
- ✓Repay whenever. No term, no schedule, no early-repayment penalty.
- ✓Fully reversible. Repay the USDG, withdraw your collateral, walk away.
Built for people who read the terms.
Plain-English risk copy, no governance token dangled in front of you, and every parameter published on-chain before you sign a transaction.
Rates you can compute
2% base + 30% × utilization, accrued per second on a global index. No committee, no vote, no surprise rate spike — the curve is in the contract.
Oracles that fail closed
Stale, negative, or paused price data reverts the transaction rather than guessing. Per-market staleness windows and price bounds are enforced on every read.
De-risking is never paused
If the protocol is paused, repay and liquidate still work. You can always reduce your risk, even when new borrows are frozen. That's a deliberate design choice.
Risk tiers, not one blunt number
A T-bill ETF isn't a pre-revenue space stock. Collateral factors run from 25% to 75% per market, tuned to how violently the thing actually moves.
Liquidations sized to heal, not to punish
Liquidators repay only enough to restore your target health factor. The protocol's cut comes out of the bonus, never as an extra charge stacked on top.
No term, no schedule
There is no maturity date and no minimum payment. Hold the loan for an hour or a year; interest accrues per second and stops the moment you repay.
Three transactions, start to finish.
Freeze your collateral
Connect a wallet on Robinhood Chain and deposit a listed stock token. It's locked in the pool, priced live by Chainlink, and still fully yours — depositCollateral().
Draw USDG
Borrow up to your collateral value × that market's collateral factor. The app shows your health factor moving in real time before you confirm — borrow().
Repay and unfreeze
Repay any amount, any time. Once your debt is covered you withdraw collateral back to your wallet, position intact — repay() then withdrawCollateral().
24 markets, each with its own risk tier.
Collateral factor (CF) is how much you can borrow against it. Liquidation threshold (LT) is where liquidators can step in. The gap between them is your buffer.
| Market | Tier | Collateral factor | Liquidation threshold | Buffer |
|---|---|---|---|---|
| SGOVTreasury bill ETF | Conservative | 75% | 85% | 10 pts |
| SPY · QQQBroad index ETFs | Conservative | 70% | 80% | 10 pts |
| AAPL · MSFT · NVDA · GOOGL · AMZNMega-cap equities | Core | 65% | 75% | 10 pts |
| META · ORCL · SLVLarge-cap & commodity | Core | 60% | 72% | 12 pts |
| TSLA · AMD · INTC · MUHigh-beta equities | Core | 50–55% | 65–70% | 15 pts |
| COIN · PLTR · BABA · CRCLVolatile / single-name | Frontier | 40–45% | 58–62% | 17 pts |
| SPCX · USAR · CRWVSpeculative | Frontier | 25% | 40% | 15 pts |
Representative tiers. Live per-market parameters, caps and staleness windows are read from the contract in-app — always check them there before depositing.
Or be the one lending the USDG.
Every borrower pays into a single pool. Suppliers hold shares of it, and share value rises as interest accrues — 80% to suppliers, 20% to protocol reserves.
Lend USDG
Deposit USDG, receive pool shares, earn the borrow rate net of the reserve factor. Withdrawals burn shares with ceiling rounding, so rounding always favours pool solvency over the exiting depositor.
Get in position
Route swaps through SushiSwap V3 on Robinhood Chain without leaving the app — pick up the stock token you want to post as collateral, then deposit it in the same session.
Put idle shares to work
Stake supply positions and LP tokens in Pengwin's farm contracts for additional emissions on top of base lending yield.
The unglamorous parts, written down.
Most of the contract isn't lending logic — it's the checks that decide when to refuse. Here's what actually protects a position.
Stale data reverts
Non-positive answers, zero timestamps, rounds answered before they were started, or prices older than the market's staleness window all revert. Pengwin refuses to price rather than guess.
Issuer pause flags respected
If a stock token itself signals that its oracle is paused — a halt, a corporate action — Pengwin honours that flag instead of trading through it.
Health checked portfolio-wide
Borrows and withdrawals are validated against your entire collateral basket using the stricter collateral-factor test — not the looser liquidation threshold. You get refused before you get liquidated.
Bad debt is surfaced, not hidden
If a liquidation exhausts collateral, the shortfall is recorded as a protocol deficit, emitted as an event, and socialized into share value — visible on-chain instead of quietly papered over.
Dust protection
Liquidations can't leave a position with an unclosable scrap of debt. Sizing logic rejects outcomes that would strand dust below the economic threshold to repay.
Caps on every market
Per-market supply and borrow caps plus a global pool cap bound how much exposure any single ticker can push into the system.
Before you connect a wallet.
What exactly am I depositing?
Robinhood Stock Tokens — 18-decimal ERC-20s on Robinhood Chain that give you economic exposure to an underlying equity or ETF. They are not shares. They carry no voting rights and no legal or beneficial ownership of the underlying security. Pengwin accounts for them using raw ERC-20 balances and prices them with Chainlink feeds.
How much can I borrow?
Your collateral value multiplied by each market's collateral factor, summed across everything you've deposited. A $10,000 NVDA position at a 65% CF supports up to $6,500 of USDG debt — though borrowing to the very top of that limit leaves no room for a price move, and that's how people get liquidated.
What does the interest actually cost?
The borrow rate is 2% base + 30% × utilization, accrued per second against a global index. When the pool is quiet you pay close to 2%; when it's nearly fully lent out the rate climbs to draw in more supply. There's also a one-time 0.25% origination fee on the amount you draw. No monthly fee, no early-repayment penalty.
When do I get liquidated?
When your health factor drops below 1.00 — that is, when your debt exceeds your collateral valued at each market's liquidation threshold. A liquidator repays part of your debt and takes collateral at a 5% bonus. Sizing is capped at whatever restores your target health factor, so a liquidation is designed to fix the position, not close it out entirely.
Can I get liquidated by a bad price print?
That's the specific failure Pengwin's oracle checks exist to prevent. Prices that are stale, non-positive, out of the market's configured bounds, or flagged as paused by the token issuer cause the transaction to revert rather than resolve at a bad number. It does mean that during an oracle outage some actions are simply unavailable — that's the intended tradeoff.
What happens if the protocol is paused?
Repay and liquidate stay open. Pausing blocks new borrows, deposits and withdrawals, but never the two actions that reduce risk. You can always pay down a loan and recover your position.
Is there a token or an airdrop?
No governance token, no points program, no airdrop farming. Supplying USDG earns the borrow interest paid by actual borrowers, net of a 20% reserve factor. Anyone promising you a Pengwin airdrop is running a scam.
Has this been audited?
Not yet. Pengwin's contracts are deployed and verifiable on Blockscout, but a formal third-party audit of the liquidation math and oracle handling is still outstanding, and there are known items on the roadmap — L2 sequencer uptime checks among them. Treat the protocol as early software and size your position accordingly.
What are the real risks?
Three, honestly. Market risk — your collateral falls, you get liquidated at a 5% penalty. Oracle risk — a feed misbehaves and the safety checks either revert your transaction or, in the worst case, miss something. Smart-contract risk — the code is unaudited and non-upgradeable, so a bug means a redeploy, not a patch. Borrow money you could afford to lose the collateral for.
Your position keeps working. So does your cash.
Connect a wallet, deposit a stock token, and draw USDG in under a minute. Nothing is sold, nothing is locked to a term, and you can unwind it entirely whenever you want.