Open a pair.
Draw cash.
Buy SAGE with NVDAc, or put both in as a pair and draw NVDAc against what it is worth at the floor. The pair is held in custody for you with a transferable receipt, and what it can draw is fixed the moment it opens.
Balance — NVDAc
From the pool's own price and liquidity. Reverts below — SAGE.
Open a pair
A pair holds both sides and straddles the price, so it earns the pool's fees while it sits. Its lower bound must be at or above the floor, and a 1% fee is taken as a haircut on the collateral rather than as a transfer.
Three states, and no fourth
Open
You hand over SAGE and NVDAc; the protocol opens the position, holds it, and gives you a receipt. Its worst-case value is computed once, from the range, and stored. A 1% fee is taken as a haircut on the collateral.
Draw
You draw NVDAc up to the lesser of 80% of that worst-case value and what utilization allows. There is no health factor and no price at which anything is sold. Interest runs at 2% a year from a balance you prepay.
Leave
Repay and take the pair back, free, always. Or let the interest balance run out and walk away: the protocol keeps the pair and cancels the debt. That is a designed exit, not a penalty.
Ten wallets draw from the same curve as one: every draw raises utilization, which lowers what the next can take, and pays the 1% fee again.