Borrow dollars against staked SOLat an interest rate you choose.
Deposit JitoSOL, keep its staking yield, and borrow PLMB against it. Every PLMB is backed by JitoSOL held by the program and can be redeemed for $1 of it.
The middle of this page is $1.00
Scroll, and the bob draws a price against it. The path is an example, not market data. It shows how differently the two sides of the line behave.
$0.9973More holders sell than buy, and the price slips under $1.
$0.9950At $1 minus the 0.5% redemption fee, redeeming pays. Anyone can burn one PLMB and take $1 of JitoSOL, from the lowest-rate troves first. Each redemption removes supply.
$1.0001Supply shrinks until the discount is gone.
$1.0062Above $1 nothing works in reverse. The price comes back as borrowers mint new PLMB and sell it, which takes longer.
$1.0001Back at $1.
Your rate sets your place in line
Every borrower picks an annual interest rate from 1% to 16%. Redemptions take collateral from the lowest rate first, so a lower rate costs less and is redeemed sooner.
A redeemed borrower loses debt and an equal value of JitoSOL. Nothing is lost on paper, but the position shrinks without the borrower's consent.
- Your rate
- 5%
- Interest per year on $10,000 of debt
- $500
- Debt in front of yours
- $890K of $4.13M
Example branch: $4.13M owed by 63 troves across sixteen rates. Changing your rate within seven days of the last change costs 0.5% of your debt, so no one can sit at the bottom and move up only when the peg slips.
Collateral counts at the lower of two prices
JitoSOL is worth SOL times the stake pool's exchange rate. Plumb values it that way and at its own market price, and lends against whichever is lower, so JitoSOL trading below its stake value can't be borrowed against at full value.
JitoSOL price =( × ,)
minThe lower of the two values wins. JitoSOL trading under its stake value counts at its market price.
Counted at 97.6% of stake value: the market price is the lower one.
The program reads both prices itself, on every action that needs one, and refuses a price that fails a check.
- 120 sThe oldest price the program accepts.
- 1%The widest confidence band it accepts. The band is subtracted from every price.
- This epochThe stake pool must already be updated for the current epoch.
Until a fresh price passes, borrowing, rate changes, withdrawals against debt, redemptions and liquidations wait. Repaying, adding collateral and the stability pool never need a price.
When a trove falls below 150%
Anyone can liquidate it. The stability pool burns the trove's debt and takes JitoSOL worth up to 110% of it. Whatever is left stays the borrower's to withdraw.
Debt the pool can't cover is shared, with its collateral, among the other troves in proportion to their collateral. Pool depositors also receive 70% of the interest every borrower pays, added to their deposits.
Above 150%
- Trove
- Collateral value$16,000
- Debt$10,000
- Collateral ratio160.0%
- Stability pool
- Deposits$2,000,000
- Collateral received$0
- Borrower
- Collateral left to claim$0
Example trove and pool. The 150% minimum and the 110% cap are the program's own parameters.
Deposit JitoSOL and borrow PLMB at your own rate, or earn what borrowers pay.