Tokenized stocks are here, but they're idle capital. PledgeDefi unlocks them: borrow Paxos USDG against your equities in seconds, while your shares keep working for you. The credit layer for Robinhood Chain.
PledgeDefi (Pledge Finance) is a non-custodial, overcollateralized lending protocol live on Robinhood Chain Mainnet (chain ID 4663), an Arbitrum Orbit L2 built for tokenized real-world assets. Users lock official Robinhood tokenized stocks and ETFs as collateral and borrow Paxos USDG, a regulated USD stablecoin, while keeping full ownership of and upside on their shares.
Pledge brings the securities-backed loan (the "Lombard loan" private banks offer wealthy clients) fully on-chain. It's open to anyone with a wallet, runs 24/7, and every rule is enforced by smart contracts.
Say someone holds $50k of NVDA and needs $20k of liquidity for six months. Today their options are all bad:
Option | What it costs them |
|---|---|
Sell the shares | They lose the position forever. If NVDA doubles, that upside is gone, and selling usually triggers a taxable event. |
Broker margin loan | Tied to one institution, with rates that move and force-liquidation on the broker's terms. |
Personal loan | Credit checks, income documents, a fixed term and monthly payments, and it doesn't even use the asset they already own. |
Tokenized equities are now arriving on-chain, but on-chain they sit as idle capital. Most DeFi lending protocols only accept crypto-native collateral, and many lend out their own minted soft-peg stablecoin, which adds depeg risk for borrowers.
Keep your shares, borrow against them, pay interest only for the time you actually borrow, and never get liquidated while your position is healthy.
"I didn't sell. My shares are still mine. I have cash. Nobody can take my shares as long as I stay overcollateralized."
You don't sell. Shares are locked in your own isolated vault and remain your position.
No term, no maturity. Loans are perpetual, so you can hold them for years.
No seizure of a healthy vault. Liquidation happens only when the health factor drops below 1.
Interest follows time and is paid at repayment. There are no monthly bills. You get a clear receipt showing principal, time borrowed, interest and total due.
When your stock goes up, your position gets safer. The borrow APR never follows the share price, so the upside stays with you.
Deposit tokenized stock/ETF tokens into an isolated vault (one user ร one collateral ร one USDG debt, with no cross-margin).
Borrow USDG up to the market's max LTV, paid out from real USDG liquidity in the vault. Pledge never mints its own stablecoin.
Use the USDG anywhere while keeping full exposure to your stock.
Repay anytime to see the interest receipt, then withdraw your collateral.
If a position's health factor drops below 1, anyone can liquidate it by repaying the full debt and receiving the collateral plus a 5% bonus, which keeps the protocol solvent.
Origination fee: 0.5% once at borrow, sent directly to the protocol Surplus Buffer
Stability fee: 1.2% APR, time-based and paid at repayment
Liquidation bonus: 5%, which goes entirely to the liquidator
Live now:
Market | Max LTV | Liquidation Ratio |
|---|---|---|
NVDA | 60% | 166% |
SPY | 75% | 133% |
Pledge supports official Robinhood tokenized stocks and ETFs as collateral, and is built to scale to a broad catalog of equity markets. Each market runs in its own isolated vault with its own risk parameters (max LTV and liquidation ratio) based on the asset's volatility. New markets are activated only after their Chainlink price feed is verified, and the app picks them up automatically through dynamic live market discovery. No frontend release is needed.
๐ฆ Isolated CDP Vaults. Every collateral has its own LTV and liquidation parameters, so volatility in one stock can never spread to the others.
๐ต Real Stablecoin, No Minting. Debt is Paxos USDG (6 decimals). Pledge lends dollars that already exist and never creates its own peg.
๐ Chainlink-Powered Oracle. PledgeChainlinkOracle normalizes Chainlink equity feeds to 18-decimal USD prices. Staleness tolerance is tuned to 4 days, because equity feeds pause outside market hours. That way users can still repay and withdraw over weekends instead of being frozen.
โก Permissionless Liquidation. A built-in liquidator dashboard scans every position for health factor < 1. Anyone can liquidate with a few clicks, no bot or special access needed. Self-liquidation is blocked on-chain.
๐ PLG Staking with Lock Boost. Stake PLG to earn PLG rewards. Longer locks earn more, up to 3.0ร at a 90-day lock, tapering linearly down to 1.0ร at 1 day. Includes an emergencyWithdraw escape hatch so principal is never trapped.
๐ก๏ธ Stability Pool & Surplus Buffer. USDG holders can park liquidity in the Stability Pool, and origination fees flow into an on-chain Surplus Buffer treasury.
๐ On-Chain Referral Rewards. Referrers earn 20% of the origination fee from users they invite, and invitees get a 10% fee discount. Rewards are claimed on-chain in USDG through PledgeReferralClaim using EIP-712 signed vouchers, with the user paying their own gas.
๐ฏ Engagement Layer. Daily spin, mystery box and saved rewards, with on-chain claims to keep users coming back.
๐ Transparent Analytics. Real-time TVL, vault liquidity, open positions and a live activity feed, all verifiable on the explorer.
๐งญ Beginner-Friendly UX. An interactive "How to borrow" guided tour, mobile-optimized flows, in-app docs and whitepaper, and one-click wallet connect through Reown (MetaMask, Coinbase Wallet, WalletConnect).
Written in Solidity 0.8.24 with Foundry and OpenZeppelin v5:
Contract | Role |
|---|---|
| CDP vault: deposit, borrow, repay, withdraw, liquidate |
| Health factor, collateral valuation, interest accrual |
| Chainlink-backed USD price oracle |
| Protocol fee treasury |
| USDG liquidity pool |
| MasterChef-style PLG staking with lock boost |
| EIP-712 on-chain referral reward claims |
Security and engineering practices:
Every core module is UUPS-upgradeable behind a branded ERC1967 proxy, so contracts show up as "Pledge Finance" on the explorer instead of a generic proxy.
All implementations and proxies are verified on Sourcify (exact match).
100+ Foundry tests, covering the vault lifecycle, 6-decimal USDG paths, interest-accrual edge cases, liquidation, oracle staleness, proxy initialization, staking, referral claims, and mainnet-fork rehearsals of a full staking campaign.
An internal security review of PledgeStaking against live on-chain state.
Formal protocol invariants (solvency, health factor, interest, and product-promise invariants) documented for auditors.
A 48-hour Timelock and a 3-of-4 Safe multisig are already deployed and being prepared for governance handover.
Frontend: Next.js 16, React 19, TypeScript, Tailwind CSS 4, viem + wagmi, Reown AppKit
Backend: Hono (Node.js) and PostgreSQL/Drizzle. Handles event indexing, analytics, liquidator scans and referral tracking, with caching, rate limits and RPC fallback.
Non-custodial by design: users sign every action from their own wallet. The backend only indexes public chain data and never holds user funds or keys.
Robinhood Chain is an Arbitrum Orbit L2 built to settle tokenized real-world assets, and it's where official tokenized equities live. It gives Pledge low fees, fast finality and full EVM compatibility. Pledge is building a missing DeFi primitive for this ecosystem: credit against real-world equities.
๐ Website: https://pledgedefi.com
๐ App (Mainnet): https://mainnet.pledgedefi.com
๐งช Testnet: https://testnet.pledgedefi.com
๐ Explorer: https://robinhoodchain.blockscout.com
Mainnet contracts (Robinhood Chain 4663):
Staking (proxy): 0xEe8c2E6ED39B79Cd6806926d96CD570F5b94bF07
ReferralClaim: 0x6D33001a3c4c548a32a32a3ADC675971fC1EFFa3
PLG token: 0x1BE3010124C86e8a03c6Fb6e91c534D4A2b1fFCf
Paxos USDG: 0x5fc5360D0400a0Fd4f2af552ADD042D716F1d168
Onboard many more tokenized stock & ETF markets as their Chainlink feeds are verified
Independent third-party smart contract audit
Hand ownership over to the Timelock + multisig
Third-party USDG liquidity providers, so lending liquidity scales beyond the treasury
PLG โ vePLG lock-based governance over protocol parameters
Stability Pool as a liquidation backstop