Stop Being Exit Liquidity
Meet the Protected Growth Token (PGT) — a new crypto primitive combining token upside with downside protection.
You buy spot, you get dumped on. You leverage up, you get liquidated. PGT is the fix — full exposure to the pump with a mathematical shield against the dump.
The Liquidity Crisis
Token launches are broken. Holders get dumped on, LPs bleed to impermanent loss, and mercenary capital leaves the moment incentives dry up.
Projects need a liquidity strategy that protects their community — not one that treats them as exit liquidity. That's why we built Exchequer.
A New DeFi Primitive
Protected Growth Tokens
PGTs give token holders downside protection while maintaining full upside exposure. For projects, it means offering your community something no one else can — protected positions that keep holders aligned for the long term.
Deposit Token
Any project token. Any chain. Deposited into Exchequer's structured protocol.
Get Protected Growth
Downside floor protects principal. Upside participation captures growth. One instrument.
Simple for Projects
How It Works
From deposit to protection in four steps. No complex integration — Exchequer handles the structured finance mechanics.
Project Deposits Tokens
Your project supplies tokens to create the Protected Growth Token structure.
Protection Floor Set
A downside floor is established — e.g., 75% of entry value is guaranteed at maturity.
Holders Get PGTs
Community members receive PGTs — a protected position with full upside participation.
Maturity & Settlement
At expiry, holders receive the greater of the protection floor or the token's growth.
Built for Projects
Why Projects Choose Exchequer
Protect Your Community
Give token holders a reason to stay. PGTs create a new narrative for your project — holders know their downside is covered, so they hold through volatility instead of panic-selling.
Sustainable Liquidity
No more mercenary capital that leaves when rewards dry up. PGT-based liquidity is structurally aligned — LPs stay because the protection makes economic sense, not because of inflationary emissions.
A New Asset Class
PGTs are a new DeFi primitive — structured products on-chain. Your ecosystem gets a new instrument that attracts institutional interest and serious capital, not just speculators.
Backed By
Trusted by the Ecosystem
Arbitrum
Grant Recipient
Camelot DEX
Strategic Partner
Whitepapers
Published on SSRN
Years TradFi
Founding Team
Ready to protect your community?
Exchequer is launching on Arbitrum in April 2026. Get early access, explore the research, or talk to our team about integrating PGTs into your project.