Cash against what moves you.
Your position shouldn't have to choose between exposure and liquidity. Hold the meme. Hold the stock. Unlock cash. No liquidation. No forced exits.
Exposure or liquidity, until now
Holding a meme and a stock is exposure. Getting cash out of it has meant one of two things: sell it, or borrow against it from a lender who will sell it for you the moment the price dips below a line. The second is worse than it sounds, because the sale happens exactly when the market is least able to take it, and it punishes being early rather than being wrong.
A loan can only be free of liquidation if the lender can guarantee, at every moment and without selling into an outside market, that the collateral is worth at least the debt. Sage gets that guarantee by being the bid itself: part of its reserve sits in the pool as a standing order to buy, and collateral is valued at that price, never at spot.
You don't deposit a token, you deposit a pair
A pair is a SAGE/NVDAc liquidity position on a price range: the meme on one side, NVIDIA shares on the other. The protocol holds it in the pool for you and gives you a transferable receipt. While it sits there, it earns the pool's trading fees.
At or below the bottom of its range, a pair has turned entirely into SAGE, in an amount computable the moment it opens. Every free SAGE is backed by at least the floor, so that amount has a worst-case value that is fixed at opening and does not move with the market. It is the number your cash is written against.
A standing bid that only moves up
The hook takes 1% of every swap, in whichever token the swap does not specify. A sell pays in NVDAc, which goes to the deck. A buy pays in SAGE, which the protocol holds and which therefore leaves free supply. Both raise the ratio of deck to free SAGE, and the floor is that ratio, quantised down to the pool's own tick spacing.
The floor moves only when reserve arrives: the swap cut, and interest paid on repayment. Drawing cash against a pair does not move it, because a draw can be undone and the floor cannot. At the end of every state-changing call the contract asserts that the deck covers all free SAGE at the floor.
Draw against the floor, never against spot
A pair can draw NVDAc up to the lesser of 80% of its worst-case value and one minus the utilization of the lendable deck. A pair opened just above the floor can draw close to all of its value; one opened far above it, a fraction. There is no health factor, no maintenance margin and no price at which anything is sold.
Two exits, both yours to choose
Pay back what you drew plus interest, in one call, free. The pair is released and you can withdraw it, with whatever the market has done to it since. Everything repaid goes back into the deck.
Stop topping up the interest balance. Once it runs out, anyone can close the loan: the protocol keeps the pair and cancels the debt. You kept the cash. It is a put struck at the floor, exercised by leaving.
SAGE
SAGE/NVDAc on Uniswap v4
Shares, not dollars
Every quantity in the protocol is raw NVDAc, the unit the pool actually holds. The floor is a number of NVIDIA shares per SAGE, and that number never decreases. In dollars it moves with NVIDIA: when the stock falls, the floor falls with it. A holder owns exposure to SAGE with a downside that converges onto a growing pile of NVIDIA shares, which is a real product, and not a dollar floor.
What can go wrong, plainly
The deck is a single equity. An earnings miss, an export rule or a sector rotation moves the dollar value of every guarantee here.
NVDAc is a regulated token whose issuer can restrict transfers through a policy registry. If the protocol's address were ever caught by such a policy, the deck would be frozen.
The floor grows at the rate trading fees arrive. In a quiet market that rate approaches zero and a loan's prepaid interest runs down toward a date you can compute when it opens.
The floor bounds the downside; it does not remove it. Someone who buys SAGE at five times the floor can lose most of their position without any line here being false.