How Pillar works

The loop

You deposit a tokenized equity. It becomes collateral and is immediately forwarded to a yield source rather than sitting inert in a vault. You borrow USDG against it, up to that market's maximum loan-to-value, drawn from a treasury of USDG the protocol holds.

Anyone can call harvest() on a position. That function pulls the yield the collateral has accrued, takes the protocol's 10% cut, and applies the rest to your debt, emitting a record of how much was repaid and what remains. If you have no debt at that moment, the yield is credited to you as claimable USDG instead of disappearing.

What it costs

Pillar charges no interest on the loan. There is no repayment schedule and no maturity date, because nothing accrues against you. The protocol's only revenue is a 10% share of the yield your collateral produces, which means Pillar earns only while your collateral is working — our incentive and yours point the same direction.

A worked example

Say you hold 10,000 USDG worth of tokenized Apple. Apple's market carries a maximum loan-to-value of 40%, so that position supports a 4,000 USDG borrow while the collateral stays yours the whole time.

At an illustrative 8% annual yield, the collateral generates roughly 800 a year. Pillar takes 10% of that and the remaining 720 goes against the 4,000 debt: down to roughly 3,280 after a year, around 2,500 after two, and zero somewhere in the fifth or sixth year — faster if the collateral appreciates, because a larger collateral value generates more yield. You never made a payment and never had a due date.

Loan-to-value limits

Apple and Microsoft borrow at a maximum 40% loan-to-value, Nvidia at 35%, Tesla at 30%, and a broad market ETF at 50% because it is a basket rather than a single company. These are deliberately unexciting: equity markets close while your loan stays live, and a stock can gap on Monday with no window to trade out of the way. The full reasoning is on the risk page.

When prices go stale

If a price feed goes stale, Pillar blocks new borrows and collateral withdrawals — precisely the actions that could exploit a wrong number. It never blocks repayment, deposits, or the harvest, because those only improve your position, and you should never be locked out of making yourself safer.

Liquidation

Positions are overcollateralised and can be liquidated. Liquidation is partial by construction: the contract computes the smallest repayment that restores your position to health and reverts anything larger, so you lose a slice rather than the position. It is a mathematical constraint in the contract, not a policy.

Using the app

The portfolio page shows your loan-to-value, remaining debt, how much yield has already gone toward it, the estimated time until it reaches zero, and how far the price would have to fall before liquidation. Each market page — /app/AAPL, for example — handles deposit, borrow, repay, withdraw, and harvest for that asset.

Connect any injected wallet. There is no account and no signup; see the privacy page for what the site does and does not see.