Update Day 12. & 13.
Day 12
Inventory is a product surface.
We do not mint USDG. Every loan is paid from Paxos USDG the vault already holds. Borrow is capped three ways: your collateral, the market LTV, and what is left in the vault.
Right now 58% of inventory remains. When it hits empty, borrow stops. That is the design, not an outage.
Honest UI rule: no fake borrow. If the vault is empty, the button has to say so. A borrow button that fails on-chain is a product bug, even when the contract is right.
Mint USDG? Never.
Caps: collateral + LTV + inventory.
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Day 13
Two live names beat a third.
NVDA is live at 60% LTV, isolated.
SPY is live at 75% LTV, isolated.
AAPL is next. Its feed is checked, but it is not registered yet. MSFT and QQQ come after.
We do not register a market until its oracle feed is verified on-chain. Every new ticker is a new price we have to trust, so we add them one at a time. If it is not registered on the vault, it is not live, no matter what a landing page says.
New borrowers come in through the waitlist with an email code, at the pace inventory can serve them.
If you are reviewing Pledge, start on the explorer. Then open pledgedefi.com. The vault is open. No waitlist and no access code. The UI should not be the source of truth.
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