# Lock & Loan

> Lock & Loan adds credit to the agent economy. An agent holding a locked Solana asset can borrow USDC against that position without selling or unlocking it.

**Status:** mainnet on Solana · **Hackathon:** The AnsemHack Clawrena — ClawPump builder · **Built during hackathon:** First commit 2026-09-24. Mainnet deploy 2026-09-26.

## Thesis
- **Thesis:** ClawPump runs identity, wallet, transactions, revenue, and expenditure. Credit is the step that is not there. Lock & Loan is collateral, then USDC, then repayment or default.
- **Thesis:** Humans and companies borrow. Agents that hold assets and pay on their own will borrow too.
- **Market (sourced):** Global private credit, not this project: more than $2 trillion AUM. PwC base case $3.4 trillion by 2030. Source: https://www.pwc.com/gx/en/industries/private-equity/private-credit-survey.html, retrieved 2026-09-29. Not: this project's size, an agent-debt market, or that agent debt exceeds this AUM.
- **Supported:** An agent is an autonomous account-owned entity with its own Solana wallet. https://clawpump.tech describes wallets, earning, trading, x402, and reinvestment. Source: https://clawpump.tech/developers. Not: that those agents borrow, or that this repository calls ClawPump.
- **Indirect:** Logan Kilpatrick and Elon Musk, 2026-09-28: "2027 is the year we will see at scale autonomous revenue (profit?) generating agents / mini-companies. Already happening at sub scale today with lots of rough edges. Elon Musk replied 'Yeah.'" Source: https://eyestech.in/elon-musk-logan-kilpatrick-2027-autonomous-companies/. Not: naming Lock & Loan. The URL is a writeup, not the X status.
- **Verified:** Fill, then settle or claim_default, on program Fvm8Z25vd1Yauj6GB4jsrW7jJyUdNYGeDCWYqcuTtDek, 2026-09-28. Seizure: https://explorer.solana.com/tx/3M1U8aqWQT89QDct6bSCP65U5VWXd3PewTTspCERCyMA8Dsf8z1dX2tKwFbURhmhxWM5XbDG28uZtMPRhPQGqQLr

## Rubric map
C1 maps to "Novel use of existing tech, or net-new tooling on the Hermes harness.". C1 maps to "We score what you added, not what you wrapped.". Novelty is C1 only.

## Scope of claims
- No users, partners, or metrics exist beyond those listed in this file.
- Everything under "Not built" is unshipped; there is no roadmap commitment in this file.
- Named projects are integrations or mentions, not partnerships, unless marked "partner" with a link.
- Token mechanisms are described as mechanisms; nothing here is a claim about token price.
- Thesis and Indirect lines are not claims, traction, or validation.
- The repository at the pinned commit and the block explorer are primary; where this file and they differ, they are correct.

```yaml
name: Lock & Loan
category: DeFi
hackathon: The AnsemHack Clawrena
track: ClawPump builder
status: mainnet
networks:
- Solana
has_token: true
has_ai: false
has_gtm_claims: false
updated: '2026-09-29'
commit: 4f400beb3a7b912888fba214d8553f5368eab18c
repo: https://github.com/fraserbrownirl/agent-loans/tree/4f400beb3a7b912888fba214d8553f5368eab18c
app: https://lock.loans
demo: https://youtu.be/qkTp1nGpr3U
contracts:
- name: locker
  address: Fvm8Z25vd1Yauj6GB4jsrW7jJyUdNYGeDCWYqcuTtDek
  network: mainnet
  verified: false
  canonical: true
```

## Judge in 2 minutes
- **App:** https://lock.loans — Offer book.
- **Demo:** https://youtu.be/qkTp1nGpr3U (9:50)
- **Repo (pinned):** https://github.com/fraserbrownirl/agent-loans/tree/4f400beb3a7b912888fba214d8553f5368eab18c
- **Contract (unverified):** [locker](https://explorer.solana.com/address/Fvm8Z25vd1Yauj6GB4jsrW7jJyUdNYGeDCWYqcuTtDek) `Fvm8Z25vd1Yauj6GB4jsrW7jJyUdNYGeDCWYqcuTtDek` (mainnet)
- **Proof tx, core flow end-to-end:** https://explorer.solana.com/tx/3M1U8aqWQT89QDct6bSCP65U5VWXd3PewTTspCERCyMA8Dsf8z1dX2tKwFbURhmhxWM5XbDG28uZtMPRhPQGqQLr (mainnet)
- **Fastest path:** Open the proof tx → read the program logs → observe Instruction: ClaimDefault.
- **Run it (from CI):** `cargo test -p locker` → the unit-test command exits 0

## What shipped
- **Live:** Program, Fly service, and board live since 2026-09-26; Core flow proven on mainnet 2026-09-28
- **Prototype:** None
- **Mocked:** None
- **Not built:** Hermes harness; UsePod inference; A trading agent; A buyback instruction

## How it works
Lock a vesting asset, publish a USDC offer, fill, then repay or default.
- **Onchain:** Fill pays the borrower. Settle or claim_default closes the loan.
- **Offchain:** Crank and API on Fly. Board on Vercel.
- **Deterministic code:** The crank is a timer. No model is called.

## Novelty
- **New:** One USDC loan on a vesting lock, closed by repayment or default seizure. (C1)
- **Not new:** Jupiter Lock vesting and USDC transfers.
- **Why the combination matters:** The locker that holds the asset also enforces the loan.

## Claims
| ID | Claim | Status | Network | Code | Evidence | Confidence | Does not prove |
|---|---|---|---|---|---|---|---|
| C1 | Fill pays the borrower in USDC. Settle or claim_default closes the loan on mainnet. | live | mainnet | programs/locker/src/instructions/escrow_instructions/loan.rs | [fill](https://explorer.solana.com/tx/4HGWFUTjMa4fVuXgvnuN6oHxtGFGF6kdBCYLQn5MyrpBcBCz9VEvAPweS8vJdPv9YzF72HivWsncQHKqjmc9yqU6), [settle](https://explorer.solana.com/tx/bCHxo2MqBVT7AkQGKaoTyJEH1YismaFGM49qfjov9BnXpkaFNLUJNYeqYyMwYxf51qS1rkLqSUKWNH6eP9kTK4K), claim_default is the proof tx | verified | Volume beyond the 2026-09-28 operator test of two 0.01 USDC loans. |
| C2 | The 2026-09-26 deploy at slot 450694549 matches the executable hash in the evidence cell. | live | mainnet | README.md | hash 1cc8d7e93e4ddd05909c8313eb6c7607038413e920b93ad2747b4e5d756d835f in README.md at the pinned commit | verified | An external audit of the loan instructions. |
| C3 | The mainnet loan mint is USDC EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v, not entry mint pFftuUXhSNjVa1qZ8c9Ew6CQ7WNaoafWeh8SokvnXMx. | live | mainnet | programs/locker/src/util/token2022.rs | PINNED_LOAN_MINT under feature mainnet; [listing](https://clawpump.tech/tokens/pFftuUXhSNjVa1qZ8c9Ew6CQ7WNaoafWeh8SokvnXMx) retrieved 2026-09-29 | supported | Buybacks or fee routing. |
| C4 | The Fly service and the public board ran the 2026-09-28 lifecycle. | live | offchain | server/src/crank.ts | docs/audit/2026-09-28-mainnet-lifecycle-test.md (monorepo only) | supported | A non-empty book now, or that U1 is fixed. server/ is absent from the public pin. |

## Hackathon fit
| Criterion / bounty (official wording) | What shipped | Claims |
|---|---|---|
| "Novel use of existing tech, or net-new tooling on the Hermes harness." | USDC loan on the vesting locker. Hermes is absent. | C1 |
| "We score what you added, not what you wrapped." | The fork is the locker. The addition is the USDC loan. | C1 |

## Traction
- Traction: none claimed.

## External validation
- None that meets the bar.

## Deployments
- **Canonical:** locker `Fvm8Z25vd1Yauj6GB4jsrW7jJyUdNYGeDCWYqcuTtDek` (mainnet)
- **Known false readings:**
  - Elon Musk and Logan Kilpatrick validated Lock & Loan. → The 2026-09-28 exchange supports the category thesis. It is not project validation.
  - PwC's $3.4 trillion figure, or the token page's bigger-than-$3T line, is a measured agent-debt market. → Human private-credit AUM. Agent borrowing stays thesis.
  - $LAL or a $CLAW/$ANSEM buy is a locker instruction. → Loan mint is USDC. No buy or burn instruction.

## Limits
- No external audit of the loan instructions. U1, U2, and U3 in audits/2026-09-26-claude-fabel-r6/report.md are open. U1 can exit the service.
- The 2026-09-28 run was an operator test, two locks, 0.01 USDC. Collateral was not $LAL.
- Public mirror commit 4f400beb is contracts-only. Service, board, and this packet are absent.
- One loan per lock. Loan currency is mainnet USDC.
- **Dependencies:** Solana mainnet RPC, Fly, Vercel.

## More
- [llms-full.txt](/llms-full.txt): full context
- [eval.yaml](/eval.yaml): machine-readable facts