A UPEG is a collectible picture that lives as a Uniswap v4 hook — its own pool, its own curve. Pawn is the pawn shop for them. Lock your UPEG, draw ETH from the pool's idle reserves — without ever selling. $PAWN on Ethereum.
Cyberbeasts collection · 47 of 10,000 locked · 218 ETH outstanding
Every UPEG collection that runs the Pawn hook gets a built-in lending market. Idle ETH in the AMM becomes the lending book. Holders pawn, repay, redeem.
Send your UPEG into the Pawn hook. It's held in custody by the contract, valued at the collection's curve floor — not an oracle, not a TWAP.
Borrow up to 50% of floor against the locked UPEG, drawn from the pool's idle reserves. 1% origination, variable rate based on utilization. Same block.
Pay back ETH + interest any time and the UPEG is returned. Don't repay, and the hook sells your UPEG back into its own curve.
$PAWN governs the protocol, captures fees from every Pawn hook deployed, and is distributed to LPs and active borrowers. Below is what the token actually does.
1 $PAWN = 1 vote. Holders decide which collections get a Pawn hook, set protocol fee splits, and approve hook upgrades.
Stakers receive a pro-rata share of every origination fee paid across every pool. Paid in ETH, weekly.
Stake $PAWN to boost emissions on supply vaults. Larger stake, higher multiplier, capped at 2.5×.
Active pawners earn $PAWN in proportion to interest paid — borrowing offsets its own cost over time.
Legacy NFT lenders price off TWAPs (manipulable), use peer-to-peer matching (illiquid), or lock you into rigid terms (clunky). Pawn solves all three by being the pool.
Floor price comes from the bonding curve the pool itself runs. To manipulate it, an attacker has to actually move the curve — and the same swap that moves it pays the pool fees that protect lenders.
A UPEG pool holds enough ETH to absorb a wave of floor sweeps that almost never happens. Pawn lends the surplus. LPs earn swap fees and supply yield from the same deposit.
If a position goes underwater, the hook sells the locked UPEG back into its own curve. No external keeper, no off-chain auction, no Blur war.
Pick a pool, lock a UPEG, draw what you need. The collection keeps trading. Your UPEG comes home when you repay.