# PWN Protocol > The most universal DeFi lending protocol PWN Protocol is a decentralized peer-to-peer lending protocol that lets users borrow or lend using virtually any digital asset as collateral. It offers fixed-rate, oracle-less loans without price-based liquidation risk. PWN Protocol is a decentralized peer-to-peer lending protocol that enables borrowing and lending using virtually any digital asset as collateral, including fungible tokens and non-fungible tokens. It lets counterparties set custom loan terms such as duration, interest rate, and loan-to-value ratio rather than relying on pooled, algorithmically priced markets. The protocol serves borrowers seeking flexible, fixed-rate credit and lenders seeking predictable yield across multiple blockchain networks. The protocol addresses a common DeFi lending problem, exposure to price-based liquidations, by operating without price oracles. Loan terms are fixed at origination, and a borrower's collateral is only forfeited upon a missed repayment rather than a market price movement, giving both sides more predictable outcomes. Liquidity for loans can also be drawn directly from established lending pools, adding composability to the peer-to-peer structure. PWN offers several ways to participate, including curated markets with preset terms from third-party curators and an open marketplace, the Universal Bazaar, where users create fully customized lending offers. A decentralized governance body oversees protocol development and treasury decisions, with token holders participating in proposals and voting. The protocol is used by individual borrowers, yield-seeking lenders, and curators building tailored credit products across supported networks. - Type: Protocol - Sector: DeFi - Status: Active - Founded: 2021-04-01 - Profile: https://thegrid.id/profiles/PWN_Protocol ## Products - [PWN Protocol](https://thegrid.id/profiles/PWN_Protocol): PWN Protocol is a permissionless peer-to-peer lending protocol that lets users borrow and lend using virtually any digital asset as collateral. Loans are set up with fixed terms negotiated between counterparties, and because pricing is oracle-less, collateral cannot be seized through price-based liquidation, only through missed repayment. The protocol supports several access modes, from simplified fixed-term note strategies to curated markets and a fully customizable peer-to-peer marketplace, and integrates with a range of external DeFi lending and yield venues to source liquidity and collateral options. (Decentralised Borrowing & Lending, Live, Main Product) - [Token Bundler](https://thegrid.id/profiles/PWN_Protocol): Token Bundler is a smart contract tool that lets users combine multiple ERC-20 and NFT tokens into a single bundled asset for use as collateral in a loan. It is accessed as a tool within the PWN Protocol application rather than through its own interface, and operates through an on-chain contract deployed alongside the core lending protocol. The bundler enables borrowers to pledge diverse holdings as one unified collateral position, increasing flexibility for peer-to-peer loan structuring. (Developer Tooling, Live) ## Assets - [PWN (PWN)](https://thegrid.id/profiles/PWN_Protocol): PWN is the governance token of PWN DAO. Holders stake PWN to receive vePWN, which grants voting power for protocol proposals and reward eligibility. A capped one hundred million supply and lock-duration-based voting weight align long-term commitment with governance influence over the peer-to-peer lending protocol. (Governance) - [VoteEscrowedPWN (vePWN)](https://thegrid.id/profiles/PWN_Protocol): vePWN is a non-transferable token representing voting power in PWN DAO, issued when holders stake PWN. It is used to cast votes on protocol proposals and to determine reward eligibility, with voting weight scaled by how long the underlying stake is locked. Unlike a simple governance balance, it converts a time commitment directly into decision-making influence over the lending protocol. (Governance) - [StakedPWN (stPWN)](https://thegrid.id/profiles/PWN_Protocol): StakedPWN is an NFT representing a staked position of PWN tokens within PWN DAO, minted when a holder locks PWN to participate in governance. It is used to track individual stake commitments, with each update burning the prior token and minting a new one to reflect the current lock. It is non-transferable unless the DAO votes to enable transferability, keeping staked positions tied to their original committer. (NFT) - [PWN LOAN (LOAN)](https://thegrid.id/profiles/PWN_Protocol): PWN LOAN is an NFT issued by the PWN Protocol representing a lender's claim on an active peer-to-peer loan. It is used to prove ownership of the right to repayment or collateral seizure, and it can be transferred to sell the loan position to another party before maturity. Because the claim itself is tokenized, lenders can exit a position without waiting for the loan term to end. (NFT) ## Links - [Main](https://pwn.xyz) - [Documentation](https://docs.pwn.xyz) - [Whitepaper](https://pwn.xyz/dao-whitepaper.pdf) - [Media Kit/branding](https://pwn.xyz/brand-kit) - [Terms of Service](https://pwn.xyz/terms-and-conditions) - [Privacy policy](https://pwn.xyz/privacy-policy) - [Twitter / X](https://x.com/PWNDAO) - [YouTube](https://www.youtube.com/@pwndaoxyz) - [Discord](https://discord.com/invite/aWghBQSdHv) - [Farcaster](https://warpcast.com/pwndao) - [GitHub](https://github.com/PWNDAO) - [LinkedIn](https://www.linkedin.com/company/pwndao) - [Telegram](https://t.me/pwndao) - [Paragraph](https://paragraph.com/@pwn-dao) ## Legal This data is provided under two licensing models. Model 1 - open data. The open data core is licensed under the Open Database License (ODbL) — a copyleft/share-alike license allowing free use, modification, and sharing for any purpose. 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