Run a Desk
The lending side- Publish standing terms on a menu you set — 7 / 14 / 28-day to start.
- Review applications against your floors; approve in one tap.
- Every funded loan mints a Bond Token — a transferable claim.
The credit rail for Bitcoin
Bitcoin-backed credit, without the margin call.
A bilateral credit market for native BTC. Fixed terms, frozen collateral pricing, no oracles, no custodian. A payoff date — not a liquidation price.
✓ Contracts audited — Jun 2026 ↗
Public testnet — H2 2026, no funds at risk
BTC mainnet — 2027, gated on the bridge audit
Why non-margin
The same 30% wick. Two outcomes.
The same Bitcoin price, the same brutal dip. On a liquidation platform it takes your collateral. On Pogun, it takes nothing — the loan has a maturity date, not a liquidation price.
Liquidation lending
Price crosses the line and your collateral is force-sold at the low — right before the recovery you never got to see.
Pogun
Nothing happens. Collateral is only ever at risk on a real default at maturity — never on a market move.
Term-certain, oracle-free
You know the maturity and the payoff the moment you sign. No health factor to babysit, no oracle you didn't choose.
Frozen collateral price
Collateral is priced at signing. It's at risk on borrower default — never on where the market goes next.
BTC stays BTC
Native BTC via the BitVM bridge. No custodian; the exact same UTxO comes back when the loan closes.
See it work
One Desk. Both sides of the trade.
Two short screen recordings of the live product on testnet — one from the lender's seat, one from the borrower's. No slideware.
Draw against BTC you never sell
The borrowing side- Pick a Desk; see pre-qualification before you apply.
- Terms known the moment you sign — total owed, payoff date.
- At maturity: repay, or renew at a re-quoted rate.
Note — Films land when Desks demo clean on testnet (~Sep 2026). Until then, these are placeholders; the watermark stays on every cut, because honesty is the point.
Two sides, one book
Built for the desk and the treasury.
For lending desks
Credit funds, market-makers, banks with idle stablecoins- Standing terms, published once. Applications come to you — no hand-crafting offers one at a time.
- A review lane now, an instant lane on resting offers next — you decide the borrower floor.
- Fixed maturities ladder your book; each loan mints a Bond Token, so a position stays liquid before it matures.
For BTC treasuries
Treasury companies, funds, and self-custody holders- Keep the treasury, unlock the balance sheet. Borrow USDC against BTC you never sell.
- No margin call, no health factor. Only a real default at a real maturity can touch your collateral.
- USDC that spends like dollars — move it to any Circle-supported chain when the loan settles.
The path to real funds
Real BTC moves only when every gate is green.
We show what isn't live yet, dated. No real funds enter the system until the bridge audit clears — the one gate before mainnet.
01
Contracts audited
✓ completeJun 202602
Credit market on testnet
✓ liveH2 202603
Bridge public testnet
plannedNov 202604
Bridge audit
the gate~Jan 202705
Guarded mainnet
planned~Feb 202706
Fully public
planned2027
The founding cohort
Eight seats a side.
8 lender seats
8 borrower seats
The launch book is being assembled now — deliberately broad to start: more counterparties, smaller tickets. The founding cohort is capped at eight anchor seats on each side, lend and borrow. Add your details and we'll be in touch promptly.
Request a seat
A person reads every one of these — expect a reply within two business days.
Request received.
Thanks — we'll be in touch within two business days. If it's urgent, reach us directly at bd@pogun.xyz.