How Sailbound works

You need a listed stock token in your wallet to use as collateral. The Loans page shows every term before you connect a wallet or sign anything.

1. 01

   Choose a stock token

   Each listed token has its own price, loan limit, and liquidation threshold. It must be open for new loans and have a valid price.

2. 02

   Set the collateral and the amount

   Your stock must be worth more than the USDG you take. Depending on the stock, a new loan can be 10–50% of its value. The pool also checks free USDG, a cap per stock, a minimum loan, and a limit of 20% of pool funds per address. The contract starts with a 3 USDG minimum; the form shows the current value.

3. 03

   Pick 1, 3, 7, 14, or 30 days

   The fee depends on the term and is fixed when the loan opens. The form shows the total to repay and an estimated liquidation price before you confirm.

4. 04

   Repay to unlock your stock

   Repay the full amount and the fee by the due date. Repaying early is allowed; the fee stays the same. You can add collateral while the loan is open.

When the borrowing ladder is switched on, a new address starts with a small limit. Loans held for at least seven protocol days and repaid in full raise it; a liquidation sends it back to the start. The Loans page shows the limit that applies to your wallet now.

Your collateral is worth whatever the stock is worth. Each stock has a liquidation threshold: if the collateral gets too close to what you owe, the loan can be liquidated. The threshold in force when you open the loan stays with that loan.

A liquidated borrower does not get the stock token back. If the sale brings in less than lenders are owed, the safety fund covers the gap first. Whatever it cannot cover is a lender loss.

On the Deposit page, choose an amount and a lock of 1 week, 1 month, 3 months, 6 months, or 1 year. Each deposit becomes its own position with its own unlock date.

The loan fee is 1% for 30 days and scales with the term you choose. It is set when the loan opens and paid in full at repayment, early or not.

When a loan is repaid its fee is split: 80% to lenders, 15% to the safety fund, 5% to the treasury. The safety fund has no cap and cannot be withdrawn; it is only used to cover liquidation shortfalls. The treasury also receives the 2% share of early exits and anything a liquidation brings in above what lenders and the safety fund are owed.

The safety fund softens liquidation shortfalls. It can reduce lender losses but cannot promise to cover them all. The Liquidity page shows its balance and any lender loss so far.

The pool runs on USDG and stock-token collateral. Funding shares record a depositor's claim on the pool; they are not a separate tradable token. Borrowing and funding never require holding a project token.

Protocol revenue and buyback

Sailbound commits 85% of protocol revenue to buying back and permanently burning its project token. The remaining 15% funds development, security, infrastructure, and integrations.

This applies to revenue received by the protocol, including its share of loan fees and early-exit fees. Lender deposits, loan principal, collateral, and the safety fund are excluded. Buybacks happen after revenue is received and will be publicly traceable.

Stock-token prices come from Chainlink feeds that update while the market trades (24 hours a day, five days a week). A price stays usable for up to 26 hours; the week's last price stays usable until Tuesday 06:00 UTC. New loans also wait after a sharp price move, or while a corporate action changes a token's share multiplier. Repaying and adding collateral never wait for a price.

The pool can also be paused. While it is paused, deposits and new loans stop; repaying, adding collateral, liquidating, and withdrawing continue under their usual rules.

The Liquidity page lists the pool's funds, USDG on loan, idle USDG, and utilization. In its stock table, Borrowed / limit compares the loan principal backed by that stock with the most that stock is allowed to back. Both are USDG amounts, not numbers of stock tokens.

The Fleet draws the same recorded activity as ships at open sea. Everything in it that carries meaning comes from pool and loan data; the ship sailing on the home page is labeled as an illustration.

The sea, sky, clouds, and gulls are scenery. They do not stand for any balance or loan.

Autonomous agents can borrow USDG against listed Stock Tokens, manage their open loans, and build a repayment record anyone can check. They follow the same collateral and liquidation rules as every other borrower.

Borrowing workflow

1. 01

   Read the market

   Check the stock's oracle price, loan limit, liquidation threshold, free USDG in the pool, and the agent wallet's current limit.

2. 02

   Open a loan

   Lock listed Stock Tokens, choose 1, 3, 7, 14, or 30 days, and receive USDG. The fee and the repayment amount are fixed at that moment.

3. 03

   Watch the position

   Track the collateral value and the due date, and add collateral if the loan drifts toward liquidation.

4. 04

   Repay and unlock

   Pay the full principal and fee to get the Stock Tokens back. Every repayment adds to the wallet's public record.

With the repayment ladder switched on, loans held for at least seven protocol days and repaid in full can raise the wallet's limit. A liquidation resets that progress. A good record never removes the need for collateral.

x402: pay per request

Sailbound sells agent-readable data over x402, the HTTP 402 payment standard. Call an endpoint without paying and it answers 402 Payment Required with the price in the PAYMENT-REQUIRED header (x402 v2; the body repeats it in the v1 format). Sign a USDG transfer for exactly that price (EIP-3009, valid for a few minutes), send it back in PAYMENT-SIGNATURE (or X-PAYMENT for v1 clients), and the server settles it on chain before answering with the data and the settlement in PAYMENT-RESPONSE (X-PAYMENT-RESPONSE for v1). The money goes straight to the treasury; the server only pays the gas.

If settling takes more than a few seconds, the server answers 402 with "pending": true and a Retry-After header instead of failing. Send the same signed payment again after that many seconds: once it has settled, the data is served for it without charging a second time. A signed payment is only ever used for the endpoint it was sent to.

Any standard x402 v2 client can pay, including the official @x402/fetch with @x402/evm. Those clients only pay tokens they already know unless told otherwise, so allow USDG on this chain in their spend controls, with a cap per payment:

spendControls: { allowedAssets: [{ network: "eip155:<chain id>", asset: "<USDG address from /api/x402>", maxAmountPerPayment: "100000" }] }

The free catalog at GET /api/x402 lists every resource, its price, the network, the USDG contract, and where payments go. You are never charged for a request that fails: bad parameters answer 400, an unknown borrower 404, and an unreadable chain 503, all before any payment is asked for.

Paying from an agent, and borrowing the gap

The Sailbound SDK and CLI include an x402 payer. It pays any x402 endpoint in USDG on this chain, including other sites. If the agent's USDG balance is short, it can borrow the difference from this pool against a stock token the agent holds (at least the pool's minimum loan, locked with a buffer above the loan limit), then pay, and keep the rest for the next calls. That loan follows every normal rule: a fixed fee, a due date, and liquidation of all its collateral if it is not repaid.

sailbound x402-catalog --url https://this-site
sailbound pay --url https://this-site/api/x402/pool --max-price 0.05
sailbound pay --url https://this-site/api/x402/pool --max-price 0.05   --max-borrow 5 --asset NVDA --days 7 --yes

Without --yes the command only previews: the price, your balance, and any loan it would take. --max-price and --max-borrow are hard limits; the payer refuses anything above them. x402 never opens a loan on its own, never repays, and never gives Sailbound control of the agent's wallet: every payment and every loan is signed by the agent.

Selling your own API: the facilitator

Other services can take x402 payments in USDG without running a wallet server: register on the Merchants page with the wallet that should be paid, sign one message, and receive an API key. Point your x402 server's facilitator at /api/facilitator with that key. It checks each payment and sends the transfer on chain; the USDG moves from the agent straight to your wallet, and the facilitator pays the gas.

Each merchant gets a number of free settles per day. After that, each settle costs a small fixed fee from a prepaid USDG balance you top up from the same wallet; a settle that is refused or fails costs nothing. New merchants are listed as unverified until the site owner checks them, and a merchant can be suspended for abuse. The facilitator speaks the standard x402 facilitator API (/verify, /settle, /supported), and publishes its terms at /api/facilitator/health, its merchants, recent settlements, and a discovery list of paid resources.

Risk controls

Whoever runs an agent should cap loan size, restrict which collateral it may use, set a minimum collateral buffer, and keep enough USDG on hand to repay. If prices or pool data cannot be verified, the agent should stop opening loans and ask for a human review. A loan can be liquidated after a price drop, or once the due date and its one-day grace period have passed. The liquidator then pays the oracle price minus a small discount and takes all of the collateral; the borrower gets nothing back.

This site reads balances and prices from the network and builds history from recorded events. If that data cannot be read, it says so instead of showing stand-in numbers.