The cash drawer · lenders
The till
The counter lends out of the till. Deposit USDG, get TILL shares. 80% of every pawn fee stays in the till, so a share is worth more USDG over time, unless pawns go unredeemed and sell below their loan. Those losses are the till's.
How the drawer works
- Your deposit buys TILL shares at the current share price (an ERC-4626 vault). The till's value is its idle USDG plus every loan that's out, minus fees that are still vesting.
- The till's 80% of each fee, and anything a window sale recovers above its booked loss, vests over 7 days: it flows into the share price steadily, so a deposit made just before and pulled right after earns nothing from it.
- The counter can lend at most 85% of the till. The rest stays in the drawer for withdrawals.
- You can withdraw any time, up to the idle cash. When most of the till is lent out, withdrawals wait for redemptions or window sales.
- When a ticket goes to the window, the till books the expected loss at once (the part of the loan above 60% of the appraisal). Lenders can't dodge a loss everyone can already see by withdrawing before the sale. A loss eats income that hasn't vested yet first; only the rest lowers the share price. If the sale goes better, the difference comes back to the till (vesting like a fee); the final loss is the loan minus the sale price.