A reserve protocol that only ratchets up.
A token with a floor and a ceiling, and neither one can ever go down.
A pawl is the spring-loaded catch in a ratchet · the part that drops into each tooth and makes reverse motion mechanically impossible. Not discouraged. Not penalized. Impossible.
ENTRY PRICE 0.10000 USDG · FLOOR 0.08550 · CEILING 0.42750
Four properties of the design are worth understanding before you take a position. All four are set in the contract at deployment and apply to every participant equally.
Three numbers. Two of them only move one way.
Every token you've held has one number that matters. PAWL has three: a floor, a spot, and a ceiling · with the floor and ceiling enforced inside the AMM, not by a treasury committee, a keeper bot, or a vote.
The floor cannot be drained
The floor is backing per token. Sell into it at any size, on any day. Every token redeemed removes its own claim on reserves, so there is no bid wall to exhaust, no capacity parameter and no regeneration timer.
Redemption raises the floor
The protocol commits only 95% of what it holds. Backing per token after a 90% exodus is measurably higher than before, not lower · fixed at the arithmetic level rather than patched.
The ceiling turns hype into backing
Buy above it and you aren't paying a premium to earlier holders · you're buying newly issued supply above backing, which raises the floor for everybody. Speculation becomes reserves instead of exit liquidity.
Nothing changes after deployment
Not the fees, the band, the supply cap or the reserve asset · by anyone, including us. The single exception is a multisig that can pause ceiling issuance for the first 12 months and nothing else. Its expiry block is checkable from day one.
Both bounds ratchet, permanently. No governance path lowers either one, minting halts forever at an immutable cap, and there are no emissions at all · genesis is 100% liquid.
Every claim here is checkable on-chain.
The entire pitch is one number a stranger can verify without trusting us. Every figure here is computed, not asserted. At launch each one becomes a contract read shown with the block it came from, never a cached mid or a dashboard screenshot.
A STALE READ RENDERS AS STALE, NEVER AS A VALUE
DENOMINATOR 1,600,000 PAWL · f = B / D
A token first, a bank after
Most tokens have one life and it is the loud one. PAWL is built so the loud phase is not the point of it · the attention it attracts becomes reserves, and the reserves become a savings and credit institution that outlasts the attention entirely.
Genesis buyers enter at the widest the band will ever be · a 4.28× runway above the entry price, and it stays generous for a long time after. This is the only phase in which a single purchase visibly moves the floor, and it is the phase early holders are being paid to sit through.
What makes it different from a pump is where the money lands. New supply exists only when someone buys at or above the ceiling, and only if that purchase brings in more backing than the claim it creates. A buying wave cannot dilute your floor · it is the mechanism that ratchets it up, permanently, and the ratchet has no reverse.
Stated honestly, because it is the same parameter twice: a wide band is a long runway and a long way down for whoever buys at the top of it.
As reserves grow the token settles: the band tightens, the price stops being mostly belief, and an ever larger share of what you hold is money the contract will hand back on demand. What you end up with is a store of value that grows by arithmetic rather than by narrative · a fixed step up for every increment of supply issued, at any size, permanently.
And it earns. Once the pool is deep enough, the trading fee stops paying for depth and starts paying the treasury · which is the same thing as paying your floor · and the lending book adds interest in stablecoins on top. Neither channel is fast, and at launch none of the trading fee reaches the floor at all, but both are permanent and both compound.
That is the transition the launch is buying: from something you trade to something you keep, and borrow against.
Borrowing with no liquidation price
Every lending market in crypto asks the same question · what is this collateral worth right now · and every one of them answers it with an oracle, a keeper and a liquidation engine. That machinery is where the losses come from: bad prints, stale feeds, cascades in thin markets, and a position closed at the worst possible minute of the worst possible day.
PAWL does not need to ask. The floor is a number the contract already knows and can never revise downward, so a loan sized against it cannot go underwater from a price move · there is no price at which you are liquidated, because price is not an input. Pledge your PAWL, take stablecoins against the floor, and keep every ratchet the floor makes while the loan is open.
Two limits, because a claim this strong needs them: the loan book is capped at the protocol’s solvency wedge, so lending can never make redemption worse for holders who stay · and while a loan is open the floor it was drawn against is held still rather than falling.
A floor that cannot fall is a strange and useful primitive · collateral that needs no oracle, and a savings balance that needs no counterparty. Everything below is built on public interfaces, in order, and none of it starts until the step before it has been earned.
PAWL is the first implementation, not the whole ambition. The thing being built is the standard and the factory for reserve-backed tokens whose floor and ceiling only ever ratchet upward · and the launch phase is how the first one gets funded.
None of it carries a date. The schedule is keyed to reserves rather than to a calendar, so what Phase 02 is worth depends on Phase 01 actually happening · and if it never does, the floor still stands and still pays.
No emissions. No vesting. No unlock schedule.
Genesis is 100% liquid, and no new token can ever be created except against new backing · so nothing here dilutes your floor later. Emissions are zero, and the chart is every PAWL that exists on day one · 1,660,000 of them, of which the 100,000 marketing allocation is the only allocation and is already priced into the floor. The redemption denominator is 1,600,000.
The other 498,340,000 · 99.668% of the cap · is not in this chart because it does not exist. No treasury holds it, no contract vests it, and the only way any of it is ever created is somebody buying at or above the ceiling, which raises the floor for everyone already here.
Claims that survive a hostile reading
ASSERTED BEFORE PAINTING: A1–A8 · A FAILED ASSERTION SHOWS THE FAILURE, NOT THE NUMBER
One precision worth stating: the floor is enforced in the canonical pool. Anyone can deploy a second PAWL pool without the hook, and price there can trade below the floor until arbitrage closes it · which it does, because the hook is the only mint path, and nothing is ever burned.
The floor is denominated in USDG, not in dollars.
Every PAWL redeems for a fixed and rising quantity of USDG. There is no oracle anywhere in the system, so if USDG lost its peg the floor would hold perfectly in USDG while holders lost value in dollars · the mechanism working exactly as designed while people lost money.
USDG is issued by Paxos Digital Singapore under MAS supervision, backed 1:1 by cash and short-term US government securities at DBS Bank, and MiCA-compliant. Holding PAWL means holding USDG risk, transitively and in full.
Stated up front, because anyone sharp will find it anyway.
These do not expire at launch. They are permanent obligations, shown at the same prominence as anything above them.
Immutable at deployment, and built against its own invariants
GUARDIAN EXPIRES AT A HARD-CODED BLOCK · COUNTDOWN SHOWN FROM DAY ONE
Open items are listed here rather than omitted. The POL unwind is on the critical path and untested by flow: at high flow the payability margin runs 2.67 points short of the criterion, across zero observed events.
None of this is a claim about a review anybody else has performed. Every line above is either a property of the contracts or a measurement of the model they are checked against.
Each stop holds
Eight detents, from a proven single token to a standard and a factory anyone can build ratcheted tokens with. Nothing advances until the stop before it has been earned, and no stop gives back what it earned.
Only the invariant-bearing core: token, treasury, mint controller, inventory, the Uniswap v4 hook and an expiring guardian · fuzzed against the economic model and tested on a fork of the live chain.
The first product is proof, not staking: live floor, spot and ceiling, ratchet history, committed versus uncommitted reserves, guardian expiry countdown and one-click redemption simulation, plus an SDK and public API.
A controlled launch rather than a token event: capped founding cohort, no paid volume and no APY promotion, weekly public reserve reporting and live redemption drills.
Sustained organic fee-generating activity, reserve growth from ceiling issuance and fees, completed real redemptions at the floor, and independent integrations · before the core is extended at all.
Borrow against the floor and keep the upside: 90% of your pledged PAWL’s floor value in USDG, sized from internal floor accounting alone · no oracle, no keeper, no price-based liquidation. Surrendered collateral is parked in Inventory rather than burned, and the book is capped at the solvency wedge so redemption never stops paying for itself.
One published interface for reserve-backed tokens: backing asset, floor, ceiling, redemption capacity, circulating versus protocol-held supply, the supply cap, and every privileged power with its expiry. Shipped with an SDK, indexer, public API and an independent frontend kit so wallets, lenders and dashboards can read PAWL without bespoke work.
A small suite built only on public interfaces: an annuity that turns a PAWL balance into USDG payments that cannot decrease in reserve terms, a trust and inheritance vault, a gas-sponsored exit path, a router that redeems straight into tokenised equities, and a floor patrol that converts off-pool arbitrage into public backing. Each is separate from the core and individually removable.
Anyone can deploy their own ratcheted reserve token: immutable per-instance parameters, isolated reserves with no shared solvency, pre-set configurations, a no-code creation flow, and a curated registry alongside permissionless creation.
PAWL is the first implementation. The eventual protocol is the standard and factory for reserve-backed tokens whose floor and ceiling can only ratchet upward.
Read it before you buy it
Can the floor ever fall?+
Not by mechanism. Every token redeemed removes its own claim on reserves, and because only 95% of holdings are committed, redemption raises backing per token rather than lowering it. The floor does inherit USDG's risk, in full.
What happens if everyone sells at once?+
Backing per token after a 90% exodus is measurably higher than before. There is no bid wall to exhaust, no capacity parameter and no regeneration timer. Olympus died of dilutive emissions, a reflexive treasury and no ceiling; the depletable bid wall came later. PAWL has none of the four, at the arithmetic level rather than by patch.
Who can change the parameters?+
Nobody, including us. The single exception is a multisig that can pause ceiling issuance for the first 12 months. It cannot move funds, cannot mint, cannot lower the floor and cannot pause the floor, and its expiry block is checkable from day one.
What return should I expect?+
We publish no return figure. Reserves are 100% USDG and are never sent to an outside yield venue, so the floor rises only from sales above the ceiling, from fees, and from redemptions leaving their 5% wedge behind. The upside is early and bounded, and no mechanism here could produce a sustainable four-digit APY, because the emissions budget is zero.
How long does PAWL last?+
Its lifetime is bounded by USDG's. The reserve asset is immutable, so an issuer wind-down would end the protocol solvently rather than being survived: holders exit at the floor, and the protocol does not migrate.