‍Before AMMs. Before vaults. Before perps. DeFi needed a clearing layer.

Intro: You Built the DEX. You Forgot the Risk Engine.

The first wave of DeFi built trading interfaces:

• AMMs with novel curve math
• Vaults with yield recipes
• Derivatives that mimicked TradFi UX

But everyone forgot something:

The market doesn’t exist without risk logic.

Not in TradFi. Not in DeFi.

You don’t get a scalable product until you have structure underneath it.

That structure isn’t branding.

It’s clearing.

What’s Missing Under Most Protocols

Most DeFi products still lack:

• Shared portfolio margin logic
• Standardized liquidation models
• Composable collateral accounting
• Predictable risk across venues
• Smart contract enforcement

The result?

• Isolated capital
• Duplicate infrastructure
• Opaque exposure
• Capital inefficiency across the stack

Pascal: The Risk Primitive DeFi Skipped

Pascal didn’t start as a product.

It started as a clearing model — the risk engine everything else should build on top of.

Pascal provides:

• Portfolio margin
• Real-time liquidation
• Cross-product risk netting
• Smart contract enforcement
• Modular APIs for builders

It’s not a better app.

It’s the primitive the apps should’ve been built on from day one.

Why the Stack Finally Works With Pascal

For builders:

• Stop coding risk from scratch
• Plug into proven, composable logic
• Build faster — and safer

For traders:

• Get predictable outcomes
• Use capital more efficiently
• Trade across products without fragmentation