Jigsaw
About
Jigsaw is a CDP-based (collateralized debt position) stablecoin protocol that introduces dynamic collateral — users deposit assets into a Jigsaw box, borrow the overcollateralized native stablecoin jUSD (with 0% borrowing fees for integrated users), and freely move or swap their collateral across whitelisted protocols (Aave, Pendle, Morpho, Dinero, EtherFi, etc.) without ever repaying their loan. It is designed for DeFi users who want to unlock liquidity from their positions while keeping their collateral actively deployed in yield-generating strategies across multiple platforms.
Where Does Yield Come From?
Jigsaw lets you deposit assets into a "box," borrow its stablecoin jUSD against them, and then keep moving your deposited assets around different DeFi platforms to earn yield — all without ever paying back the loan.
How yield generation works
1. Deposit and redeploy your collateral You start by depositing collateral — this could be liquid staking tokens like wstETH or weETH, other major crypto, or stablecoins. Once inside Jigsaw, you can move that collateral around a set of approved partner protocols. For example: deposit ETH → move it to Dinero to mint apxETH (which earns native staking yield) → move the apxETH to Pendle for yield trading → then borrow jUSD against the resulting position. You can also swap collateral within the same asset class (e.g., BTC to ETH, or USDC to USDe) without unwinding your loan, letting you rebalance toward higher-yielding assets.
2. Borrowing jUSD Borrowing jUSD costs 0% in fees for users who hold jUSD or are integrated into the ecosystem. There is a global interest rate on jUSD borrowings that feeds the protocol's own liquidity reserves. If you fully exit via jUSD liquidity pools, you face a graduated fee that can go up to 20%; a portion of that exit fee is used to reward pool rebalancers who help keep jUSD's peg stable.
3. Fees on yield A 15% platform fee is taken from all yield generated by your redeployed collateral. Minting jUSD also carries a 0.50% (50 basis points) fee.
4. Governance and incentives Holders of the protocol's token, $JIG, can stake it to earn $sJIG and vote on bi-weekly incentive distributions across different pools. Pools that generate higher fees receive a proportionally larger share of the incentive rewards — so productive strategies get rewarded more than unproductive ones.
Audits
| Audit / Date | Findings | Verdict |
|---|---|---|
| The Jigsaw Protocol v1 audit report could not be located at the provided URL, which returns a 404 error, and no copy of the report was found in Halborn's public repositories, so no security assessment can be derived from this source. | |
| The Jigsaw Finance Aave Strategies V1 audit report from Halborn is unavailable (404), so no security assessment can be derived from this source. | |
| The audit document is not available at the provided URL (404), so no security assessment can be performed from this source. | |
| The Halborn audit report for Jigsaw Finance's Ion Strategies v1 is inaccessible due to a broken link (404), so no conclusions about the protocol's security posture can be drawn from this source. | |
| The audit report could not be accessed due to a broken or missing page (404 error), so no assessment of the protocol's security posture can be made from this source. | |
| The Jigsaw Finance / Jigsaw Lite audit report hosted by Halborn could not be accessed because the page returns a 404 error, so no findings or security conclusions can be drawn from this source. |
Legal
Legal form
Inc. (Incorporated)
Status and notes
The website footer states "© 2026 Jigsaw, Inc.", indicating a US incorporated entity. No imprint, legal entity address, or registration details (e.g., state of incorporation, registry number) are disclosed anywhere on the website or documentation. The footer includes "Terms" and "Privacy" links, but both point generically to the GitBook documentation homepage (https://jigsaw.gitbook.io/jigsaw-protocol) rather than dedicated legal/terms/privacy pages.