Writing
Notes on self-repaying credit and the constraints that shape it.
Stock prices do not exist on a Saturday. The exchange is closed, nothing trades, and the Chainlink feeds that Pillar reads from update through the trading week and then stop. The last print on Friday evening is the price…
Every market on Pillar is defined by five numbers, and all five are on-chain parameters you can read from the contract. This post is about how the numbers were chosen for the nine markets that launched, because a lending…
Pillar is live on Robinhood Chain mainnet. Nine markets are open: AAPL, SPY, QQQ, NVDA, MSFT, GOOGL, AMZN, META and TSLA, each one a real Robinhood Stock Token, each one priced by a Chainlink feed on the same chain. You…
You sold it. It doubled four months later. You still remember the exact number. Everyone who has held anything for long enough has this story, and the detail people get wrong when they tell it is the part about being wro…
Every lending protocol advertises its loan-to-value ratio, and the number is always presented as generosity. Seventy percent sounds better than forty. More borrowing power, more capital efficiency, more of your own money…
The phrase does a lot of work, and it is worth being precise about where the work stops. A self-repaying loan repays itself at exactly the speed your collateral earns, and not one basis point faster. That is the whole me…
Most of the interesting decisions in a lending protocol are about what to do when the information is bad. Not wrong in an obvious way — wrong in the quiet way, where a number arrives on time, in the right format, and doe…
