> For the complete documentation index, see [llms.txt](https://doc.notliquid.fun/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://doc.notliquid.fun/readme.md).

# Introduction

> Liquidity for NFTs that are, by nature and by vibes, not very liquid.

PNL is a randomized NFT acquisition protocol on **HyperEVM**, the EVM layer of Hyperliquid.

Deposit an eligible NFT with HYPE backing. That creates an onchain position and a standing bid funded in advance. Anyone can pay the current pool quote to acquire one randomly selected position.

The short version:

* Less backing means a higher chance of being selected.
* More backing means a lower chance of being selected.
* If a position is selected, the acquirer chooses the NFT **or** the standing-bid payout.
* Nobody keeps both. Nice try.

{% hint style="info" %}
PNL has no protocol token. Listings, acquisitions, fees, and settlement use HYPE. There are no points, emissions, or tokenomics archaeology.
{% endhint %}

## Why does this exist?

An NFT floor price is mostly a group chat opinion until somebody pays.

PNL turns a pool of NFT positions into explicit onchain acquisition outcomes. Depositors provide inventory and backing; acquirers pay for a randomized position; the contracts handle the draw and settlement.

PNL does **not** promise that every NFT is liquid, correctly priced, or profitable. It provides rules, not miracles.

The core keeps the original FWA mechanics: inverse-backing selection, harmonic-mean pricing, ordered requests, staged listings, configurable settlement, equal listing fees, and the Top Listing pot. PNL changes the network and randomness layer, and leaves the Token and Rewards modules unconfigured.

## Who does what?

### Depositors

List an eligible NFT with HYPE backing. The backing determines the position's odds, funds its standing bid, and remains escrowed for that position.

Active positions receive a share of acquisition fees while they remain in the pool.

### Acquirers

Pay the live pool quote and receive one randomly selected position. After allocation, choose between:

* keeping the NFT; or
* taking the standing-bid payout and returning the NFT to its depositor.

Random means random. “But I only wanted that one” is not an error code.

## Read next

* [How It Works](/how-it-works.md)
* [Backing & Odds](/inside-the-pool/backing-and-odds.md)
* [Earnings & Top Position](/money-and-risk/earnings-and-top-position.md)
* [Safety & Governance](/money-and-risk/safety-and-governance.md)
* [Verified Contracts](/reference/contracts.md)

PNL adapts the core [Fake World Assets](https://www.fwa.fun/docs/overview) mechanism for HyperEVM and uses Pyth Entropy for randomness.


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