Downsideprotectionfor any token
Protected Growth Token: the onchain primitive that combines token upside with downside protection while building project owned liquidity.
Tokens with airbags.
Protected Growth Token is a new onchain primitive that allows projects to provide downside protection for their holders.
Airdrops, incentives and points are all 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 holders by allowing projects to subsidize the downside.
PriceToken Price
w/ PGTPNL w/ Downside Protection
FloorProtection Level
Up to -75%
Token price
Downside protection
Downside protection
Projects set a protection floor at issuance — up to 75%. If the token drops, holders are protected down to the floor.
Full upside exposure
Full upside exposure
If the token goes up, PGT holders capture the full gain. Protection doesn't cost you upside.
Protocol-owned liquidity
Protocol-owned liquidity
Every PGT campaign creates a full-range LP position locked for the entire term. Projects build real, lasting liquidity instead of renting it.
Fixed maturity
Fixed maturity
PGT is a fixed maturity structured product. Unlike spot, there's a defined end date — giving holders a clear horizon, a known floor, and full upside exposure until settlement.
From the desk
Research & writing.
Blog · February 2026
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Read moreReady to protect
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FAQ
Common questions.
A Protected Growth Token is an on-chain instrument that gives you downside protection and full upside exposure to a project's token over a fixed term. If the token drops below a set floor at maturity, you get your principal back. If it goes up, you capture the full upside.
Your deposit and half the project's tokens form a full-range DEX liquidity position. The LP value acts as your protection buffer. As long as the token doesn't fall below the floor (up to 75%), the LP is large enough to return your full principal at maturity.
You capture the full upside. If the token rises 50%, your $1,000 deposit becomes $1,500 at maturity.
All collateral is locked in immutable smart contracts from day one. The project cannot withdraw or modify terms mid-term. Settlement uses a 72-hour VWAP — no counterparty risk, no custody.
Yes. PGTs are standard ERC-20 tokens and freely transferable. Trade or sell on secondary markets whenever you want liquidity. The new holder redeems at maturity in your place.
PGTs reduce but don't eliminate risk.
Smart contract risk. A bug in the contracts could result in loss of funds.
Protocol risk. If Exchequer is exploited, redemptions could be affected. Contracts are designed to be non-custodial and function independently of the team.
Term risk. Protection applies for a defined period. Users can exit early via early redemption for a fee, but doing so means giving up the remaining protection.
Price risk. If the token price falls below the protection floor, the collateral may not fully cover the protected value. Protection reduces downside exposure but does not guarantee full recovery in extreme price scenarios.
Oracle risk. Exchequer uses a TWAP-based oracle for each DEX that the collateral sits on. Redemption values use TWAP windows, not spot prices vulnerable to manipulation. Circuit breakers detect suspected price manipulation around redemption and trigger safety checks before large redemptions process.
More detail in the full documentation.