Keep the asset.
Unlock the liquidity.
Use tokenized equities as collateral to access stablecoins. See your loan-to-value ratio and position health in one place.
Nash Protocol · Robinhood ChainCredit & leverage for tokenized assets
Leverage, at equilibrium.
The credit and leverage layer for tokenized stocks and ETFs. Isolated markets, aligned incentives, and positions that protect themselves.
- Long up to 2.5×
- Short any listed asset
- Auto-Protect
- Isolated pairs
§ 01 / THE ARGUMENTPRINCETON, 1950
A market holds when no one gains by breaking it.
In 1950 a graduate student at Princeton published a two-page paper. Its idea: in any game there can be a point where every player is already playing their best response, so no one gains by changing strategy alone. The world named it the Nash equilibrium.
We built a credit market around it. Isolated markets, honest incentives, and risk you can see before you take it.
Isolated by design.
Every lending pair is its own sealed room. When one asset has a bad day, the damage stays in that room. It cannot travel to your other positions, because there is no shared pool to travel through.
Incentives that line up.
Lenders earn yield from borrowers who pay for credit. Borrowers set their own risk, and Auto-Protect acts on that rule before a liquidator ever could. When everyone’s best move is also the system’s best move, the system holds.
Leverage without the cliff.
Open a long up to 2.5× or short any listed asset in a single transaction. Choose a loan ratio you are comfortable with and let the protocol watch it for you.
§ 02 / THE PRODUCTSMORE FROM WHAT YOU HOLD
Holding is just
the beginning.
Keep the asset.
NASHILLUSTRATIVE PREVIEW
TSLA collateralTokenized equity
BorrowCollateral value$10,000.00
Example borrow amount$3,000.00
Loan-to-value30.0%
Current LTV30%
Illustrative values. Market limits and rates are not live.
§ 03 / ISOLATIONHEX · PRINCETON
Contagion needs a path. We removed the path.
At Princeton, students played a board game of hexagonal cells where a draw is impossible. They called it “Nash.” We borrowed the board. Each cell is a lending market. Shock one and watch what happens next.
- Markets hit
- 0 / 35
- Contained
- —
tap any cell to shock it →
Illustrative board. Labelled cells are listed Nash markets; the rest are slots for markets to come.
§ 04 / THE MECHANICSHOW A POSITION WORKS
Deposit. Borrow.
Stay protected.
Lock TSLA as collateral
§ 05 / THE LETTERNSA · 1955
He didn’t ask anyone to trust the machine. He asked them to do the math.
In 1955 Nash wrote by hand to the US National Security Agency about a cipher machine of his own design. His claim was simple and radical: design a cipher so that the effort needed to break it grows exponentially with the length of the key, and breaking it stops being practical. The letters stayed classified until 2012.
Nash Protocol asks the same of you. Do not trust us. Verify. Every position, price and parameter lives on-chain where anyone can read it, and the rules do not change because someone wants them to.
- 2002 · Ideal Money. Nash treated money as a technology: something to be engineered for stability.
- 1994 · Nobel. For the analysis of equilibria in non-cooperative games.
TO U.S. NATIONAL SECURITY AGENCY
RE AN ENCIPHERING MACHINE
“It means that it is quite feasible to design ciphers that are effectively unbreakable.”
§ 06 / THE COMPARISONNASH VS TRADITIONAL DEFI
Familiar tools.
Fewer trade-offs.
| Feature | Nash | Traditional DeFi (Aave, Compound) |
|---|---|---|
| Target assets | Tokenized US equities (TSLA, AMZN, PLTR, NVDA, AMD) | Volatile native crypto tokens & altcoins |
| Leverage execution | 1-click automated margin router | Manual multi-step flash loans & swaps |
| Liquidation defense | Auto-Protect keeper deleverage guard | Instant liquidation, with penalties taken from your collateral |
| Risk architecture | Isolated collateral vaults per equity market | Shared liquidity pool risk contagion |
| User interface | Brokerage margin account simplicity | Complex DeFi technical jargon |
| Settlement chain | Robinhood Chain L2 low-fee instant finality | High network execution fees |
§ 07 / THE MARKETSPLANNED MARKET UNIVERSE
Familiar names.
New possibilities.
Tokenized US equities at the center of your onchain portfolio.
TSLALoading price…Stock reference · USD↗
AMZNLoading price…Stock reference · USD↗
PLTRLoading price…Stock reference · USD↗
NVDALoading price…Stock reference · USD↗
AMDLoading price…Stock reference · USD↗Asset availability depends on token support and market deployment.
Pons graduated assets
Pons Markets
Tokens that graduate from Pons bonding curves become candidates for leverage trading. Discover eligible assets and their market parameters.
Explore Pons markets ↗Chinese Equities · Robinhood Chain
Tokenized Chinese Equities
Discover tokenized exposure to leading Chinese companies through verified US-listed ADRs on Robinhood Chain, featuring isolated USDG credit and spot-backed leverage.
Explore China markets ↗§ 08 / PARTICIPATEFOUR WAYS IN
Built for everyone at the table.
The DeFi day trader
Long or short tokenized stocks in one transaction, with Auto-Protect watching the downside while you watch the tape.
Open TradeThe yield seeker
Supply stablecoins to ERC-4626 vaults and earn from borrowers across isolated markets. Risk you can size, one market at a time.
See vaultsThe newcomer
Start with an idea you already know: borrow against what you own. Pick a loan ratio you are comfortable with. We keep an eye on it.
Try lendingThe builder
Modular contracts, typed ABIs and a read-only API. Build a dapp on isolated markets without inheriting anyone else’s risk.
Read the data
- Decentralized
- Governed by the community, for the community.
- Transparent
- Every transaction and every decision is public on-chain.
- Resilient
- Isolated markets cap the blast radius of any shock.
- Efficient
- Incentives reward honest prices and sensible capital.
- Accessible
- Anyone with an internet connection can take part.
§ 09 / THE ROADFIVE PHASES
One equilibrium at a time. Then the next.
- In progress
Isolated markets
Launch isolated lending markets for 5 to 10 major tokenized assets.
- Planned
Leverage & liquidity
Integrate with major DEXs and add long and short leverage.
- Planned
New assets, new chains
Expand to new asset classes and chains, and launch a native trading interface.
- Planned
Community governance
Hand the protocol to its holders with on-chain voting and liquidity staking.
- Planned
Real-world assets
Bring traditional finance onchain with access to real-world assets.
Find your equilibrium.
Isolated markets. Aligned incentives. Leverage you can see the edges of.
§ 10 / THE DETAILS
A little
more clarity.
Still have questions? Everything the protocol does is public on-chain.
What is Nash Protocol?
Nash Protocol is the credit and leverage layer for tokenized assets, designed for Robinhood Chain. Its core products are isolated collateral borrowing, ERC-4626 stablecoin yield vaults, 1-click long and short exposure, and keeper-automated position management.
Why “Nash”?
John Nash showed that a system is stable when no participant can do better by changing strategy alone. We design markets the same way: isolated pairs so one asset’s bad day stays contained, and incentives that make the individually rational move the one that keeps the system healthy.
How does borrowing work?
Deposit collateral into an enabled lending market, then borrow USDG within its LTV limits. The market needs a fresh oracle price and available liquidity. Each market is a separate pair, so risk never pools across assets.
What is Auto-Protect?
Auto-Protect is an automated keeper defense that partially deleverages your position when it approaches a risk threshold you define. Keeper nodes repay debt before a third-party liquidation can occur, protecting your equity.
Is leverage risky?
Yes. Leverage magnifies losses as well as gains, and you can lose some or all of your collateral. Isolated markets limit how far a shock can spread, but they do not remove market risk. Start small and pick a loan ratio you are comfortable with.
Can I trade in this preview?
Lending and Long/Short are available market by market once a market’s price feed, liquidity and launch checks pass. Earn and Auto-Protect open as each is verified. Markets that are not open yet are shown as paused.