CDPs · Review
ActiveJigsaw Review 2026: jUSD CDP With Movable Collateral
Jigsaw is an Ethereum CDP protocol that lets users borrow the overcollateralized stablecoin jUSD while moving collateral between whitelisted protocols. Its TVL is tiny and no audits are listed, so it is a high-risk, early-stage product.
By the DappsAtlas editorial team · Updated
DappsAtlas score
4.5/10
Weak
Our verdict on Jigsaw
4.5/10Jigsaw suits experienced DeFi users who want to borrow a stablecoin while keeping collateral flexible across whitelisted protocols. Its main strength is the dynamic collateral idea on top of a standard overcollateralized CDP. The main caveat is size and maturity: TVL is only about $16,360, no audits are listed and fees are not published publicly. Treat it as experimental and test with small amounts at most.
Score breakdown
How Jigsaw scores
- Security
- 3.5/10
- Ease of use
- n/a
- Fees
- n/a
- Features
- 6.0/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is Jigsaw?
Jigsaw is a CDP-based stablecoin protocol on Ethereum. Users borrow jUSD, an overcollateralized stablecoin, against deposited collateral. Its homepage describes it as a way to manage collateral flexibly and capital-efficiently in DeFi.
Its main pitch is dynamic collateral management. Collateral can be moved between whitelisted protocols and assets, so it does not have to stay in one place.
Adoption is small. DefiLlama shows about $16,360 in TVL, up 4.3% over seven days, with no audits listed and no token. It has been tracked since June 2024.
How Jigsaw works
Jigsaw is a collateralized debt position (CDP) protocol. A user deposits supported collateral and borrows jUSD, a stablecoin that must be backed by more collateral value than the amount borrowed. If the collateral falls too far in value, the position can be liquidated to protect the system.
The distinguishing idea in DefiLlama's description is dynamic collateral management. Instead of leaving collateral idle, users can move it between whitelisted protocols and assets, potentially earning yield elsewhere while it still backs the loan.
The app's navigation mentions Boxes, Strategies, a Dashboard and a lite mode. The project does not explain these, so details of how they work should be confirmed in the product itself.
5 features
Key features
01
Overcollateralized jUSD
Users borrow jUSD against deposited collateral, with the loan backed by more value than is borrowed.
02
Dynamic collateral management
Collateral can be moved between whitelisted protocols and assets rather than sitting idle in one place.
03
Strategies and dashboard
The homepage navigation lists Boxes, Strategies and a Dashboard, suggesting packaged strategies and a position overview. Details are not given publicly.
04
Lite interface
A Jigsaw lite section appears in the app navigation. What it offers is not described publicly.
05
Ethereum deployment
The protocol runs on Ethereum, giving access to its wallets and tooling.
Pros and cons
What we like
- Clear CDP model with an overcollateralized stablecoin, jUSD
- Collateral can be moved between whitelisted protocols and assets
- Runs on Ethereum, the most established DeFi chain
- Offers strategies and a dashboard in the app
- Tracked by DefiLlama since June 2024
Watch out for
- Very small TVL of about $16,360 per DefiLlama, which points to limited adoption and thin liquidity
- DefiLlama lists no audits for the protocol
- No governance or native token listed, so the incentive and governance model is unclear from public sources
- Running on Ethereum only, so gas costs apply and there is no multi-chain access
- Its homepage published publicly is minimal, so documentation and risk disclosures could not be reviewed
- Moving collateral between whitelisted protocols adds extra smart-contract exposure on top of the core CDP
Jigsaw fees
Borrowing fees, interest rates, liquidation penalties and any strategy fees are not published. Users should see these in the Jigsaw app and documentation before opening a position.
On Ethereum, users also pay network gas fees for each transaction, and moving collateral between protocols means extra transactions.
Is Jigsaw safe?
DefiLlama lists no audits for Jigsaw, and the project does not describe a bug bounty, insurance or past incidents. With TVL around $16,360, the protocol has limited battle-testing.
CDP users face liquidation risk if collateral drops, peg risk on jUSD, and smart-contract risk, which is higher when collateral is routed through other whitelisted protocols. Only use funds you can afford to lose, and verify audits and contract addresses in the official documentation.
6 steps
How to get started with Jigsaw
- 1
Check that using a DeFi lending protocol is permitted where you live.
- 2
Read Jigsaw's documentation and look for audit reports and the list of accepted collateral.
- 3
Connect an Ethereum wallet in the app.
- 4
Start with a small deposit to learn how collateral and jUSD borrowing work.
- 5
Check the loan-to-value and liquidation thresholds before borrowing.
- 6
Monitor the position in the dashboard and keep a buffer against price drops.
Who Jigsaw is for
Jigsaw is for experienced DeFi users comfortable with liquidation risk who want to borrow jUSD and are willing to accept early-stage, unaudited-looking protocol risk. It is not suited to beginners or anyone who needs deep liquidity.
Jigsaw FAQs
What is Jigsaw Finance?
Jigsaw is a CDP-based stablecoin protocol on Ethereum. Users deposit collateral and borrow jUSD, an overcollateralized stablecoin, and can move that collateral between whitelisted protocols and assets.
What is jUSD?
jUSD is the overcollateralized stablecoin issued by Jigsaw. It is minted when users borrow against collateral deposited in the protocol.
Is Jigsaw audited?
DefiLlama lists no audits for Jigsaw, and the project does not mention any. Check the project's own documentation for audit reports before depositing funds.
Which blockchain does Jigsaw use?
DefiLlama lists Ethereum as the only chain. Jigsaw has been listed there since June 2024.
Does Jigsaw have a token?
DefiLlama shows no token for Jigsaw. Any future token plans are not stated publicly.
Is Jigsaw risky?
Yes. Risks include smart-contract bugs, liquidation if collateral value falls, jUSD losing its peg, and exposure to the whitelisted protocols where collateral is deployed. The very low TVL and lack of listed audits add to the risk.
Compare
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How we checked
Sources
Last updated . Spotted an error? Tell us and we will correct it.