Overview
Under is a marketplace for unused cloud spend commitments. Companies pre-pay for years of AWS, Google Cloud or Azure to unlock discounts, then leave much of that capacity unused. Under lets them resell it to a company that needs it — at a price that reflects how much time is left to consume the credit.
It runs on a Uniswap v4 pool. What makes it work is a custom hook that prices the asset by its time to maturity, plus an identity layer (ENS + World) and a seller collateral bond.
The problem
Cloud commitments waste money at scale, and there's nowhere to resell them:
- ~29% of cloud spend is wasted in 2026 (Flexera State of the Cloud).
- Fewer than half of organizations fully use any given commitment-discount program.
- There is no liquid market to offload what you won't consume.
How the price works
A commitment is not worth a constant amount. A $100k credit with two years left is worth more than the same credit three months from expiry — the buyer has less time to consume it. At expiry the unconsumed credit is lost, so its value goes to zero.
A normal AMM can't express this — it treats all tokens as identical. The v4 hook sets:
→ full value with time to spare · a growing discount as expiry nears · zero at expiry.
The price moves mechanically with block time — no human, no oracle. On the Market page, the discount to face is the deal a buyer captures if they can consume the credit in time.
Identity & trust
Because this is a real-world claim (a contract with AWS), the market can't be fully anonymous — a fraudulent listing must be removable, and a buyer must be an entity that can actually use the credit. So participation is gated:
- World Selfie Check — proves a real human authorizes the sale (anti-fraud, not KYC).
- ENS identity — a portable, revocable credential. A delegated compliance role can flip
commitment.statustorevokedand eligibility drops live, without ever moving the name. - Seller bond — a seller posts collateral to list; on fraud it's slashed to a compensation pool, so a buyer is made whole on-chain. This replaces reputational trust with an economic guarantee.
Honest limit: you can never be more trustless than AWS, the party that owes the service. We reduce trust in layers (identity → collateral → future zk proofs of the credit balance) but the last mile is irreducible.
Using the app
Buy
On Market, connect a verified wallet, get test USDC, approve the router, and buy ccAWS. You pay USDC; the amount of ccAWS you receive reflects the current decayed price.
Sell
On Sell, complete World Selfie Check. On a valid proof the desk issues your ENS subname and records, and your commitment becomes tradable.
Desk
The Desk is the issuer/compliance surface: onboard an address, or revoke/reactivate a credential. Revocation is a single ENS status write by a delegated role.
Contracts
Deployed on Ethereum Sepolia (11155111). Payment/test token: MockUSDC (mintable, 6 decimals).
| Contract | Role | Address |
|---|---|---|
| TimeDecayHook | Uniswap v4 hook — prices the commitment by time to maturity | 0x94e8…4888 |
| CommitmentToken | The tokenized commitment (ccAWS) | 0x4e96…1280 |
| CommitmentRouter | Venue router — forwards the real user to the hook | 0xc036…1B6c |
| EnsSellerRegistry | Reads eligibility from ENS records | 0x05E0…f17a |
| EnsEligibilityAdapter | address → ENS node → eligibility (the hook's oracle) | 0x4B90…818A |
| SellerBond | Seller collateral, slashable on fraud | 0x9a88…Def4 |
Honest limits
- Testnet + demo asset. ccAWS is not a real security.
- Legal transferability. Cloud contracts restrict assignment; a real deployment would need provider consent. We assume and explain this rather than hide it.
- The pool is reachable only through the venue router by design; direct access is rejected.