How Still works.
Cash against your memes and stocks on Solana. A fixed cost, a fixed date, and nothing in between.
What it is
Still is a market of fixed-term loans. A borrower puts a bag of tokens in escrow and receives USDC. A lender, a wallet or a vault, funds the whole loan at once. Until a date fixed at funding, the borrower can pay a fixed amount, the cap, and take the bag back. From that date the lender can take the bag instead.
There is no oracle in the loan. Nothing reads a price, so nothing can sell the bag because of one. The lender’s protection is the discount they lend at. The borrower’s protection is time.
A loan, start to finish
| Step | What happens | Example |
|---|---|---|
| 1 · List | Choose the bag, the ask (USDC you borrow), the cost and the term. The bag moves into the loan’s own escrow account when you sign. The listing is open for 24 hours. | 10,000 WIF · ask 1,000.00 · cap 1,010.00 · 7 days |
| 2 · Funded | A lender funds the whole ask in one transaction. You receive the ask less the 1% fee, and the term starts. | you receive 990.00 USDC |
| 3 · The date | Any time before the end of the term, pay the cap and take the bag back. Or keep the USDC and let the lender take the bag. | reclaim: pay 1,010.00 · walk away: keep 990.00 |
The example shows the arithmetic, not a market offer.
No liquidation, defined
Nothing can touch your bag before the date. At the date, you choose.
- No price can trigger anything. The program never reads a price in the loan path. There is no health factor, no margin call and no keeper watching for a threshold.
- The date is the only clock. It is the moment of funding plus the term, to the second.
- It does not protect you from your own deadline. If the date passes and you have not paid the cap, the lender may take the bag. That is the one way to lose it. Pay early rather than in the last minutes: a busy network or a wallet problem can stop a late payment.
- It does not stop the price from falling. If you walk away because the bag fell, the fall was real. You simply kept the USDC instead of selling at the bottom of a wick.
The ask, the cost, the cap
| Ask | What the lender funds. You receive it less the 1% origination fee. |
| Fixed cost | What the lender earns if you take the bag back. A percent of the ask for the whole term; it never compounds and never changes after funding. |
| Cap | The ask plus the fixed cost: what you pay to take the bag back, and the most the lender can receive in USDC. |
The borrow card opens on a suggestion. The most you can borrow is a share of the bag’s value by lane: 80% for stocks, 65% for Solana majors, 50% for memes. The suggested cost is the larger of a floor for the lane and one and a half times the value of the lender’s risk, priced as a put option on the bag struck at the cap, using the bag’s realized volatility over the last 21 days. You can type any cost. A vault funds a loan only if its cost meets the vault’s floor and the loan fits its other rules.
On the date
Pay the cap
Paying settles your right to the bag: repay moves the cap and the loan is yours to close. Taking the bag back is a second instruction, reclaim, which the app sends in the same transaction. If the bag’s issuer has paused transfers (xStocks can be paused), the payment still counts and you take the bag back when transfers resume.
Walk away
Do nothing. From the date the lender may take the bag: a wallet lender with claim; a vault with settle, which anyone can send. You keep the USDC you received.
Lending and vaults
Lend in one of two ways. From a wallet, fund a listing yourself on Lend: you pay the ask, and the cap or the bag is yours alone. After the date, claim the bag from your Portfolio; a repayment waits there for you to collect. Through a vault, deposit USDC for shares and let the vault fund listings by its rules.
The rules
| Tokens and lines | Up to 16 tokens. For each, the manager sets a cap on the line, and the vault’s funder posts the line itself: how much USDC the vault lends per unit of the token, good for at most 6 hours. A loan whose ask is above the line, or a stale line, is not funded. |
| Fixed cost floor | The least yearly rate a loan must pay. |
| Most per loan, most per token, cash kept | Limits on any one loan, on lending against any one token as a share of the vault, and the share kept as cash for withdrawals. |
| Longest term, vault fee | Fixed when the vault is created. The fee is a share of each repaid loan’s return, never of deposits or of walk-aways. |
A tighter rule applies at once. A looser rule, or a higher line cap, waits three hours in public and then anyone can activate it. A rule change never touches a funded loan.
Shares
A share is priced once for everyone: the vault’s cash plus every open loan at its principal and the part of its return earned so far, spread evenly over the term, divided by the shares. A repayment before the date changes nothing until the date: the return keeps arriving on schedule, so a deposit made just before a repayment earns only what it waited for.
When a borrower walks away
Once the date passes, anyone can settle the loan. It leaves the share price, and its bag goes to the vault. The shares held at that moment can claim the bag in kind, in proportion, from Earn or Portfolio, even after withdrawing. While an unpaid loan past its date waits to be settled, deposits, withdrawals and new loans wait too.
Withdrawals
Paid at once, up to the vault’s free cash; there is no queue. Free cash can be zero while everything is lent. The last holder cannot leave while loans are open.
Fees and $STILL
Every loan pays a 1% origination fee when it is funded, in the same instruction that pays the borrower. The program splits it between a buyback wallet and the treasury. The buyback wallet only buys $STILL on the market and burns it, and every one of those transactions is public.
Hold $STILL when you list, and the program charges that loan a lower fee. The amount you need and the fee are set by the admin and shown on the borrow card.
Vaults pay their manager a share of each repaid loan’s return, and a part of that share goes to the treasury. Nothing else is charged: not deposits, withdrawals, repayments or walk-aways.
What you can pledge
Tokens the admin has admitted, in three lanes: memes, Solana majors and xStocks (tokenised stocks). The program refuses mints that take a fee on every transfer, cannot be transferred, or freeze new accounts by default.
xStocks are Token-2022 tokens. Their issuer can pause transfers and holds a permanent delegate over every account, including the loan’s escrow, and their amounts carry a multiplier for corporate actions. The program moves them with any accounts their transfer hook needs, and counts them in raw units.
Risks
- Borrowers lose the bag if they miss the date. The lender keeps it however much it is worth.
- Lenders may end up with the bag instead of USDC, at whatever it is worth then. Memes can go to zero.
- Vault depositors share the vault’s loans and their outcomes, and may wait for free cash to withdraw.
- Issuers of xStocks can pause or move their tokens, including in escrow.
- The program may have faults. It has not been audited. The admin can admit collateral, change the fee within its bound and pause new loans; nothing the admin holds can move escrowed bags, repayments or deposits.
The program
The program address is published at launch.
| Instruction | Who | What |
|---|---|---|
list | borrower | escrow the bag; set ask, cap, term |
cancel | borrower, or anyone after 24 h | return an unfunded bag to its owner |
fund_direct | any wallet | fund a listing whole; the fee is split in the same instruction |
fund_vault | a vault’s funder | fund a listing whole, only within the vault’s rules and lines |
repay · reclaim | borrower | pay the cap before the date · take the bag back |
claim · collect | wallet lender | take the bag after the date · take a repayment |
settle_repaid · settle_default | anyone | book a vault loan after its date; a write-off never waits on the bag |
sweep_default | anyone | move a written-off bag into the vault once it can move (an issuer can pause or freeze an xStock) |
deposit · withdraw · claim_recovery | depositor | vault shares and recovered bags |
set_rules · set_slot · set_line | manager · funder | vault rules; looser ones wait 3 hours |
Questions
- Can a wick close my loan?
- No. Nothing reads the price before the date.
- Can I repay early?
- Yes, any time before the date, for the full cap. The cost is fixed, not a rate.
- What if nobody funds my listing?
- After 24 hours it closes and the bag comes back to you; you can also cancel it any time before it is funded.
- Who runs the first vault?
- Still House is run by the team behind Still. Its rules are on chain, and loosening any of them waits three hours in public.