You Can’t Depeg a Margin Model

Why Pascal’s on-chain risk logic is the most stable primitive in DeFi.

Intro: Pegs Break. Risk Logic Shouldn’t.

Every few months, DeFi watches a stablecoin collapse.

Sometimes it’s because of algorithmic overreach.

Sometimes it’s plain overconfidence.

Always, it’s a lack of predictable, enforceable logic.

Risk in DeFi has often been built like pegs:

fragile, opaque, unsustainable.

And if your protocol’s margin model can’t be explained in public—

If its liquidation logic is centralized—

If enforcement is outsourced to bots—

Then it’s no better than an unstable peg.

Margin Engines Are the New Black Boxes

Most protocols today treat risk like an art project:

• Manually tuned parameters
• Custom “risk math” per vault
• Off-chain enforcement
• Hidden or unauditable rules

Every liquidation becomes a leap of faith.

It’s not just pegged assets that are unstable.

It’s DeFi’s risk assumptions.

Pascal: Margin Logic That Can’t Depeg

Pascal clears risk on-chain—transparently, deterministically, and verifiably.

Key features:

• Smart contract–based portfolio margin
• Real-time liquidation enforcement
• Deterministic risk outcomes
• Auditability by design
• Composability across protocols

Pascal isn’t just hard to manipulate—it’s designed not to be.

It’s not vibes.

It’s structure.

Why Builders and Traders Should Care

For builders:

• Stop tuning risk manually
• Rely on a shared clearing layer with built-in logic
• Enforce risk trustlessly—no bots, no hidden parameters

For traders:

• See your risk before you enter a trade
• Avoid surprise liquidations
• Understand exactly how and when margin gets tested

Final Thought

You can depeg a stablecoin. But you shouldn’t be able to depeg your margin engine.