Pinto4 Years of Beanstalk
On the fourth anniversary of the initial Beanstalk deployment, the potential for a credit based money to free crypto from the existential threat of centralized stablecoins has never been higher. If you haven’t been following along, and want to get up to speed on the most promising experiment at the frontier of money, this piece is for you. BEFORE BEANSTALK – EMPTY SET DOLLAR Prior to the deployment of Beanstalk, there had been a variety of attempts at creating a credit based algorithmic stabl...
PintoPinto: Prints for the People
“The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.” — Satoshi Nakamoto, February 11th, 2009Fiat: A Double Edged SwordThe money printer is the most powerful force in the modern economy. Since 1972, when Nixon closed the gold window following a multi-year depletion of the United States gold reserves, the global econom...
PintoOptimizing Liquidity Distribution via the Seed Gauge System
In order to minimize the potential for manipulation and value extraction, Pinto does not directly control the value Deposited in the protocol. Instead, it creates incentives to encourage individual participants to collectively oscillate the Pinto price across the value target and align the distribution of Deposited value with the protocol's explicitly stated optimal distribution. Seeds yield more Stalk every Season (i.e., each hour). Stalk entitles Depositors to a portion of future Pinto...
Fair Fiat Money Friend of https://mirror.xyz/0xe7731147bBe1BEBe5CF1Ab101C6EceD384dAbD07
Pinto4 Years of Beanstalk
On the fourth anniversary of the initial Beanstalk deployment, the potential for a credit based money to free crypto from the existential threat of centralized stablecoins has never been higher. If you haven’t been following along, and want to get up to speed on the most promising experiment at the frontier of money, this piece is for you. BEFORE BEANSTALK – EMPTY SET DOLLAR Prior to the deployment of Beanstalk, there had been a variety of attempts at creating a credit based algorithmic stabl...
PintoPinto: Prints for the People
“The root problem with conventional currency is all the trust that's required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.” — Satoshi Nakamoto, February 11th, 2009Fiat: A Double Edged SwordThe money printer is the most powerful force in the modern economy. Since 1972, when Nixon closed the gold window following a multi-year depletion of the United States gold reserves, the global econom...
PintoOptimizing Liquidity Distribution via the Seed Gauge System
In order to minimize the potential for manipulation and value extraction, Pinto does not directly control the value Deposited in the protocol. Instead, it creates incentives to encourage individual participants to collectively oscillate the Pinto price across the value target and align the distribution of Deposited value with the protocol's explicitly stated optimal distribution. Seeds yield more Stalk every Season (i.e., each hour). Stalk entitles Depositors to a portion of future Pinto...
Fair Fiat Money Friend of https://mirror.xyz/0xe7731147bBe1BEBe5CF1Ab101C6EceD384dAbD07
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Let’s answer the universal question first.
Pinto is a low volatility money protocol designed to adapt to changes in demand by creating incentives that adjust its supply.
When the supply of the Pinto token grows, new Pinto is distributed to participants. This is often referred to as seignorage. The Supply of Pinto grows when Pinto trades above its value target of $1. This occurs when demand for Pinto is greater than the supply of Pinto.
97% of newly minted Pinto are distributed in equal parts to the Field, Pinto’s credit facility and the Silo, Pinto’s staking facility. 3% is reserved for the development budget, paid out until Pinto reaches 1 billion of total supply. The development budget is only contributed to if and when supply increases, ensuring maximum incentive alignment.
Pinto’s yield is protocol-native, with no reliance on external token incentives or off-chain mechanisms. Pinto has no outside investors or VC funding. Supply growth directly benefits protocol participants. As of the time of writing, Pinto has minted and distributed 17.8 million new tokens to its users.
To get started, note that Pinto is deployed on Base. You'll need an EVM-compatible wallet, some ETH for gas fees, and a supported token to use in the UI, such as USDC, ETH, WETH, cbETH, cbBTC or wrapped SOL (WSOL).
The protocol allows users to lend Pinto to the protocol in exchange for fixed interest paid in first in, first out (FIFO) ordering. When users lend to the protocol, they receive Pods, Pinto’s debt asset. You can read more about the Field in a dedicated article here:
Tour of the Farm: Understanding the Field
Lending Pinto to the protocol in the Field is essentially a bet that the protocol will mint a certain number of Pinto as a result of demand. Although Pods resemble zero coupon bonds with an unknown payback period, unlike in traditional finance, they are not directly liquid. However, they are transferable and can be traded peer-to-peer for Pinto in the Pod Marketplace anytime.
To get started, head to the Field Page on the Pinto UI. https://pinto.money/field
‘Available Soil’ represents how much Pinto the protocol is willing to borrow.
“Current Temperature” represents the interest rate at which the Pinto is borrowed. The current Temperature (interest rate) you will get is displayed on the top left chart.
“Pod Line” represents the outstanding debt that needs to be paid back before you can redeem your Pods for Pinto and realize a gain
1. Connect your wallet by clicking the button on the top right.
2. Choose an asset to sow with and an amount. You can use any of the available assets in the dropdown menu. We will use USDC here.
3. Approve the USDC for spending and sign the transaction in your wallet
4. Observe the amount of Pods you are going to get for lending and their position in line. If you are happy with the outcome, go ahead and click on “Sow”.
In the backend, the UI will swap your assets for Pinto and Sow them in the Field, burning the Pinto for Pods.
5. If the transaction is successful, you will see a “Sow successful!” message appear at the bottom of the screen.
6. You can view your Pods at any time by clicking on “My Pods” in the Field Page or by visiting the Overview page of the app where you can see all your balances. You can trade your Pods in a peer-to-peer manner, in the Pod Marketplace: https://pinto.money/market/pods
You can calculate the expected number of Pinto needed for the protocol to mint in order to get paid back at any time using this formula: PodLine / 0.48.
For example, suppose the interest rate (Temperature) offered by the protocol for lending is 50%. Lets also suppose that the total outstanding debt is 10 million Pods (Pod Line). A user lending 1000 Pinto to the protocol (Sow) will receive back 1500 Pods. The user will be able to redeem the Pods for Pinto (Harvest) again, when the Pinto protocol mints ~20.8 million new Pinto.
Note that Soil Supply can be limited, and at times of high demand there may be no soil available. You can automate the process of Sowing in the Field by signing an order with Tractor for automatic execution by clicking on the button below the sow.
Read more about Tractor and how to use it here: Start Your Tractors: Introducing the Soil Orderbook
Learn more about the Field here: Tour of the Farm: Understanding the Field
Pod: Represents debt the protocol owes to users. Each Pod is repayable 1:1 in Pinto. A Pod is represented by its place in the Pod Line.
Pod Line: The queue of all Pinto the protocols owes to users, maintained in FIFO order.
Soil: The amount of Pinto the protocol is willing to be lent in a given Season.
Temperature: The fixed interest rate offered by the protocol for new loans.
Sow: The user action of lending Pinto to the protocol in exchange for Pods.
Harvest: Collecting repayment once Pods reach the front of the Pod Line.
The Silo is Pinto’s deposit and staking facility. Anyone can deposit Pinto directly or provide liquidity to receive LP tokens, which can then be staked in the Silo at any time. By doing so, users receive Stalk and Seeds and earn passive yield from future Pinto mints whenever Pinto trades above its $1 target. Stalk represents a user’s proportional claim to future Pinto supply growth. Seeds yield new Stalk every hour, meaning that Stalk increases over time. The more Stalk a user has, the more yield they receive. When a Deposit is withdrawn from the Silo, all Stalk and Seeds associated with the Deposit are forfeited and burned.
You can read more about the Silo in a dedicated article here: Tour of the Farm: Understanding the Silo
Unlike the Field, Silo yield and rewards can be claimed every hour, so it may be prudent to check on your positions periodically.
Note that a 2 hour period must pass from the time of a Deposit to the time the user starts receiving Silo yield. This is known as the Germination Period and prevents people from gaming the reward system.
To get started, head to the Silo Page on the Pinto UI. https://pinto.money/silo
The Silo supports several whitelisted assets. For this tutorial, we are going to add liquidity and stake PINTO:USDC LP tokens in the Silo.
1. Connect your wallet by clicking on the top right of the screen.
2. Choose the whitelisted token you wish to deposit into. We will click on PINTO:USDC LP.
3. Choose the token you wish to deposit into the pool on the dropdown in the top right. You can deposit with any of the available tokens in any pool. In the backend, the UI will swap your tokens for the token in the pool, add liquidity and deposit the LP tokens in the Silo.
4. Click on 'Deposit' and sign the transaction in your wallet. We will use ETH here so we don’t need to approve tokens. If you re using an ERC-20, you will need to approve it for spending first.
5. If successful, you should see a “Deposit Successful” message in the bottom of the screen and your Deposit should appear in the “My Deposits” tab.
6. You can see the value of your Deposits and claim yield and Stalk every hour in the overview page of the UI: https://pinto.money/overview
Pinto yield depends on how much time Pinto spends above its value target of $1.
To calculate the yield of a Deposit, consider the following example: The total supply of Stalk in the Silo is 3,000. A user comes in and deposits in the Silo, when Pinto is trading at $1, receiving 2,000 Stalk in return. The total supply of Stalk in the Silo is now 5,000, with the user owning 2,000 Stalk, so 40% of the total supply.
After 2 hours, demand for Pinto pushes its price up to $1.1. Since the price is above the value target, the protocol mints 1,000 new Pinto and distributes 48% of them (so 480 pinto) to the Silo. Since the rewards are distributed based on Stalk ownership and the user currently holds 40% of total Stalk, the user will receive 0.4 * 480 = 192 new Pinto as yield.
If Pinto trades below $1, you will not receive new Pinto as yield but you will keep gaining Stalk, which will entitle you to more yield when Pinto trades above $1. Since withdrawing causes you to forfeit all Stalk earned over time in the Silo, it comes with an opportunity cost.
Learn more about the Silo here: Tour of the Farm: Understanding the Silo
LP tokens: Tokens representing a users liquidity provision position in a Pinto Exchange pool.
Stalk: An asset linked to Silo deposits that represents user's proportional share of future Silo yield.
Seeds: An asset linked to Silo deposits that determines how quickly Stalk grows for the deposit.
Germination Period: The 2 hour period from initial deposit to the time a given Deposit starts receiving Pinto Silo yield.
If you’re looking to get started with Pinto without actively managing your Silo deposits, you can acquire sPinto, the yield-bearing version of Pinto, here: https://pinto.money/wrap
sPinto provides exposure to Silo yield, though it’s slightly less efficient than a direct Silo deposit. However, it’s fully composable and can be used across DeFi integrations like any other yield-bearing token.
1. Go to https://pinto.money/wrap and connect your wallet
2. Pick a token to deposit with from the dropdown menu. You can use any of the available tokens but we will use USDC here.
3. Choose an amount to deposit and click on “Approve” to approve tokens for spending. Note that there is a minimum threshold of 1 Pinto in USD when minting sPinto.
4. After a successful approval, click on “Wrap” to get sPinto.
5. You should see the new sPinto tokens in your wallet and on the balances page
sPinto accrues value from Silo yield over time, making it an “up only” token when denominated in Pinto. You just hold it and earn. You can redeem sPinto for Pinto anytime from the same page in the Pinto UI.
You can also use sPinto in other DeFi protocols such as Cream Finance for lending or Spectra for Pinto yield speculation, with more integrations underway.
Read more about sPinto here: https://docs.pinto.money/appendix/spinto
Trade sPinto yield in Spectra guide: https://docs.pinto.money/spinto/trade-spinto-yield-on-spectra
Borrow against sPinto in Cream Finance guide: https://docs.pinto.money/spinto/borrow-against-spinto-on-cream-finance
Pinto is a heavily audited protocol. See the audits here: https://docs.pinto.money/resources/audits
Pinto is an experiment. Before interacting consider the risks https://docs.pinto.money/resources/disclosures
Other Relevant Links:
Pinto App: https://pinto.money/overview
Let’s answer the universal question first.
Pinto is a low volatility money protocol designed to adapt to changes in demand by creating incentives that adjust its supply.
When the supply of the Pinto token grows, new Pinto is distributed to participants. This is often referred to as seignorage. The Supply of Pinto grows when Pinto trades above its value target of $1. This occurs when demand for Pinto is greater than the supply of Pinto.
97% of newly minted Pinto are distributed in equal parts to the Field, Pinto’s credit facility and the Silo, Pinto’s staking facility. 3% is reserved for the development budget, paid out until Pinto reaches 1 billion of total supply. The development budget is only contributed to if and when supply increases, ensuring maximum incentive alignment.
Pinto’s yield is protocol-native, with no reliance on external token incentives or off-chain mechanisms. Pinto has no outside investors or VC funding. Supply growth directly benefits protocol participants. As of the time of writing, Pinto has minted and distributed 17.8 million new tokens to its users.
To get started, note that Pinto is deployed on Base. You'll need an EVM-compatible wallet, some ETH for gas fees, and a supported token to use in the UI, such as USDC, ETH, WETH, cbETH, cbBTC or wrapped SOL (WSOL).
The protocol allows users to lend Pinto to the protocol in exchange for fixed interest paid in first in, first out (FIFO) ordering. When users lend to the protocol, they receive Pods, Pinto’s debt asset. You can read more about the Field in a dedicated article here:
Tour of the Farm: Understanding the Field
Lending Pinto to the protocol in the Field is essentially a bet that the protocol will mint a certain number of Pinto as a result of demand. Although Pods resemble zero coupon bonds with an unknown payback period, unlike in traditional finance, they are not directly liquid. However, they are transferable and can be traded peer-to-peer for Pinto in the Pod Marketplace anytime.
To get started, head to the Field Page on the Pinto UI. https://pinto.money/field
‘Available Soil’ represents how much Pinto the protocol is willing to borrow.
“Current Temperature” represents the interest rate at which the Pinto is borrowed. The current Temperature (interest rate) you will get is displayed on the top left chart.
“Pod Line” represents the outstanding debt that needs to be paid back before you can redeem your Pods for Pinto and realize a gain
1. Connect your wallet by clicking the button on the top right.
2. Choose an asset to sow with and an amount. You can use any of the available assets in the dropdown menu. We will use USDC here.
3. Approve the USDC for spending and sign the transaction in your wallet
4. Observe the amount of Pods you are going to get for lending and their position in line. If you are happy with the outcome, go ahead and click on “Sow”.
In the backend, the UI will swap your assets for Pinto and Sow them in the Field, burning the Pinto for Pods.
5. If the transaction is successful, you will see a “Sow successful!” message appear at the bottom of the screen.
6. You can view your Pods at any time by clicking on “My Pods” in the Field Page or by visiting the Overview page of the app where you can see all your balances. You can trade your Pods in a peer-to-peer manner, in the Pod Marketplace: https://pinto.money/market/pods
You can calculate the expected number of Pinto needed for the protocol to mint in order to get paid back at any time using this formula: PodLine / 0.48.
For example, suppose the interest rate (Temperature) offered by the protocol for lending is 50%. Lets also suppose that the total outstanding debt is 10 million Pods (Pod Line). A user lending 1000 Pinto to the protocol (Sow) will receive back 1500 Pods. The user will be able to redeem the Pods for Pinto (Harvest) again, when the Pinto protocol mints ~20.8 million new Pinto.
Note that Soil Supply can be limited, and at times of high demand there may be no soil available. You can automate the process of Sowing in the Field by signing an order with Tractor for automatic execution by clicking on the button below the sow.
Read more about Tractor and how to use it here: Start Your Tractors: Introducing the Soil Orderbook
Learn more about the Field here: Tour of the Farm: Understanding the Field
Pod: Represents debt the protocol owes to users. Each Pod is repayable 1:1 in Pinto. A Pod is represented by its place in the Pod Line.
Pod Line: The queue of all Pinto the protocols owes to users, maintained in FIFO order.
Soil: The amount of Pinto the protocol is willing to be lent in a given Season.
Temperature: The fixed interest rate offered by the protocol for new loans.
Sow: The user action of lending Pinto to the protocol in exchange for Pods.
Harvest: Collecting repayment once Pods reach the front of the Pod Line.
The Silo is Pinto’s deposit and staking facility. Anyone can deposit Pinto directly or provide liquidity to receive LP tokens, which can then be staked in the Silo at any time. By doing so, users receive Stalk and Seeds and earn passive yield from future Pinto mints whenever Pinto trades above its $1 target. Stalk represents a user’s proportional claim to future Pinto supply growth. Seeds yield new Stalk every hour, meaning that Stalk increases over time. The more Stalk a user has, the more yield they receive. When a Deposit is withdrawn from the Silo, all Stalk and Seeds associated with the Deposit are forfeited and burned.
You can read more about the Silo in a dedicated article here: Tour of the Farm: Understanding the Silo
Unlike the Field, Silo yield and rewards can be claimed every hour, so it may be prudent to check on your positions periodically.
Note that a 2 hour period must pass from the time of a Deposit to the time the user starts receiving Silo yield. This is known as the Germination Period and prevents people from gaming the reward system.
To get started, head to the Silo Page on the Pinto UI. https://pinto.money/silo
The Silo supports several whitelisted assets. For this tutorial, we are going to add liquidity and stake PINTO:USDC LP tokens in the Silo.
1. Connect your wallet by clicking on the top right of the screen.
2. Choose the whitelisted token you wish to deposit into. We will click on PINTO:USDC LP.
3. Choose the token you wish to deposit into the pool on the dropdown in the top right. You can deposit with any of the available tokens in any pool. In the backend, the UI will swap your tokens for the token in the pool, add liquidity and deposit the LP tokens in the Silo.
4. Click on 'Deposit' and sign the transaction in your wallet. We will use ETH here so we don’t need to approve tokens. If you re using an ERC-20, you will need to approve it for spending first.
5. If successful, you should see a “Deposit Successful” message in the bottom of the screen and your Deposit should appear in the “My Deposits” tab.
6. You can see the value of your Deposits and claim yield and Stalk every hour in the overview page of the UI: https://pinto.money/overview
Pinto yield depends on how much time Pinto spends above its value target of $1.
To calculate the yield of a Deposit, consider the following example: The total supply of Stalk in the Silo is 3,000. A user comes in and deposits in the Silo, when Pinto is trading at $1, receiving 2,000 Stalk in return. The total supply of Stalk in the Silo is now 5,000, with the user owning 2,000 Stalk, so 40% of the total supply.
After 2 hours, demand for Pinto pushes its price up to $1.1. Since the price is above the value target, the protocol mints 1,000 new Pinto and distributes 48% of them (so 480 pinto) to the Silo. Since the rewards are distributed based on Stalk ownership and the user currently holds 40% of total Stalk, the user will receive 0.4 * 480 = 192 new Pinto as yield.
If Pinto trades below $1, you will not receive new Pinto as yield but you will keep gaining Stalk, which will entitle you to more yield when Pinto trades above $1. Since withdrawing causes you to forfeit all Stalk earned over time in the Silo, it comes with an opportunity cost.
Learn more about the Silo here: Tour of the Farm: Understanding the Silo
LP tokens: Tokens representing a users liquidity provision position in a Pinto Exchange pool.
Stalk: An asset linked to Silo deposits that represents user's proportional share of future Silo yield.
Seeds: An asset linked to Silo deposits that determines how quickly Stalk grows for the deposit.
Germination Period: The 2 hour period from initial deposit to the time a given Deposit starts receiving Pinto Silo yield.
If you’re looking to get started with Pinto without actively managing your Silo deposits, you can acquire sPinto, the yield-bearing version of Pinto, here: https://pinto.money/wrap
sPinto provides exposure to Silo yield, though it’s slightly less efficient than a direct Silo deposit. However, it’s fully composable and can be used across DeFi integrations like any other yield-bearing token.
1. Go to https://pinto.money/wrap and connect your wallet
2. Pick a token to deposit with from the dropdown menu. You can use any of the available tokens but we will use USDC here.
3. Choose an amount to deposit and click on “Approve” to approve tokens for spending. Note that there is a minimum threshold of 1 Pinto in USD when minting sPinto.
4. After a successful approval, click on “Wrap” to get sPinto.
5. You should see the new sPinto tokens in your wallet and on the balances page
sPinto accrues value from Silo yield over time, making it an “up only” token when denominated in Pinto. You just hold it and earn. You can redeem sPinto for Pinto anytime from the same page in the Pinto UI.
You can also use sPinto in other DeFi protocols such as Cream Finance for lending or Spectra for Pinto yield speculation, with more integrations underway.
Read more about sPinto here: https://docs.pinto.money/appendix/spinto
Trade sPinto yield in Spectra guide: https://docs.pinto.money/spinto/trade-spinto-yield-on-spectra
Borrow against sPinto in Cream Finance guide: https://docs.pinto.money/spinto/borrow-against-spinto-on-cream-finance
Pinto is a heavily audited protocol. See the audits here: https://docs.pinto.money/resources/audits
Pinto is an experiment. Before interacting consider the risks https://docs.pinto.money/resources/disclosures
Other Relevant Links:
Pinto App: https://pinto.money/overview
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