Your Token Price Is Your Protocol
When the price drops, everything drops — users, TVL, builders, momentum. The Protected Growth Token (PGT) gives you a new tool: protect your community from token volatility, and keep them in the game.
Every tool you have today — airdrops, incentives, points — is about rewarding people for showing up. None of them protect people from what actually makes them leave. PGT does. It's the first instrument that removes risk from your holders instead of just bribing them to stay.
The Problem
When Price Goes Down, Everything Goes Down
Your token price isn't just a number on a chart. It's the single variable that drives everything — user retention, protocol usage, TVL, team morale, hiring pipeline, partnership leverage. When your token drops 60%, you don't just lose market cap. You lose the people who were building on you, trading through you, and telling their friends about you. And no amount of points or incentive programs brings them back — because those tools only reward upside. They do nothing for the downside.
A New DeFi Primitive
A New Tool for Protocol Founders
Protected Growth Tokens
Every token tool built to date gives people reasons to arrive — airdrops, farming rewards, points programs, liquidity incentives. PGTs give people a reason to stay. Investors deposit capital. You match it with your project tokens. Together, this creates an overcollateralized LP position that shields their principal from downside — plus an Upside Payout Reserve that gives them full exposure to your token's growth. You're not paying people to hold your token. You're protecting them while they do.
Your Token, Their Capital
Investors commit capital. You match with your project tokens. The combined collateral creates a liquidity position worth 2x the investor's principal — locked onchain for the full term.
Protection + Growth, Built In
The overcollateralized LP position protects investor principal against price drops. The Upside Payout Reserve captures token appreciation. Your community gets a position they can actually hold through volatility.
Simple to Launch
How It Works
From setup to locked liquidity in four steps. No complex integration — Exchequer handles the structured finance mechanics.
Investors Deposit Capital, You Match With Tokens
Investors commit capital to back the PGT. You match with an equivalent value of your project tokens. Together, this creates the collateral that powers the structure.
LP Position + Upside Reserve Created
The combined collateral forms a full-range LP position worth 2x the investor deposit — this is their downside shield. A separate Upside Payout Reserve of your tokens is set aside to capture price appreciation.
LP Earns Yield, Investors Stay Protected
The LP position earns real trading fees over the tenor. Throughout this period, investor principal remains protected against token price drops. You get deep, locked liquidity generating organic volume.
Maturity & Redemption
At expiry, investors redeem their protected principal from the LP position. If your token rose, they also receive upside from the Payout Reserve. You reclaim remaining LP assets plus accumulated trading fees.
Built for Projects
Why Projects Choose Exchequer
Stop Losing Users to Volatility
Every drawdown costs you users who never come back. PGTs break that cycle. When holders know their principal is protected, they don't panic-sell at the bottom — they hold through it. That's retention no airdrop can buy.
Lock Real Liquidity, Not Rented TVL
Incentive programs rent liquidity with your treasury. PGTs lock real, two-sided liquidity onchain for a fixed term — earning yield from actual trading activity, not from emissions you can't sustain.
A Tool, Not a Reward
Airdrops, points, and farming rewards are all the same play — pay people to show up and hope they stay. PGTs are fundamentally different. You're not giving people tokens. You're giving them protection. That's a new category.
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 launching PGTs for your project.