Pippin's HollowStoring the GoldNo walletHow the Hollow works
Three ideas, and the risks that come with them.
A leaf is a share
Bury $1 and you get 1,000 Pippin Leaves. The number of leaves you hold never changes by itself — what changes is what each one is worth, as the forest earns fees or takes losses.
No lock-up
Leave whenever you like. Instantly, if the winter store can cover it — otherwise through the queue, which is slower but costs nothing and fills oldest-first.
The flywheel
Stash the Gold
Bury USDG, or zap straight from ETH
Mint Leaves
At the leaf value of the moment
Work the Forest
Whitelisted pools, guarded ranges
Gather Fees
Trading fees accrue to the hollow
Leaves Grow Richer
Higher NAV, same number of leaves
Pippin Leaves are vault shares, not a separately traded coin — their price is net assets divided by supply. Buying a leaf back and burning it removes exactly one leaf's worth of net assets, so the price does not budge. Yield raising NAV is what lifts leaf value, and it needs no bonfire.
What can go wrong
Leaf value can fall
Concentrated liquidity carries impermanent loss and adverse selection — informed traders pick off stale prices, and that cost is real. There is no floor and no guaranteed return.
USDG can depeg
The Hollow accounts in USDG. If USDG loses its peg, leaf value follows it down regardless of how the strategy performed.
Exits are not always instant
When most capital is deployed, a large exit has to wait for Pippin to unwind positions gracefully. The alternative — a forced fire-sale — would cost every remaining holder more.
Smart contract risk
The contracts are new and unaudited. Guardrails and caps reduce blast radius; they do not eliminate the risk of a bug.