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Pixel Pups is a 1,123 piece art PFP collection on Ethereum mainnet.
The Pixel Pups are the inaugural collection of the Clutch Market NFT AMM "Anvil protocol". Through The Anvil, each Pixel Pup is backed by a dedicated AMM token with a fixed exchange ratio, creating a live two sided market between the NFT and its token. When the floor drifts below token value, buyers can sell into the AMM at a profit. When it drifts above, holders can buy NFTs at a discount. Secondary royalties route directly into the AMM, compounding liquidity with every trade.
Holders can stake to earn swap fees, borrow tokens against their NFT, and vote in onchain governance. All positions are managed from one dashboard.
Pixel Pups is built by Clutch, the laboratory for onchain markets.
The first 100 minted Pixel Pups will routed into the official $K9 token Anvil AMM, discoverable onchain at launch. The Anvil sets a fixed token to NFT exchange ratio. When the floor falls below that ratio, traders buy NFTs and sell into the AMM for a profit. When it rises above, traders buy tokens and redeem NFTs at a discount. This arbitrage loop closes automatically, no oracle needed. Secondary royalties from every sale route into the AMM, deepening K9 liquidity with each trade. More liquidity tightens the spread, supports the floor, and generates more royalties. The loop is self reinforcing. Holders can stake to earn swap fees, borrow tokens against their NFT, and vote in onchain governance, all from one dashboard.
Through The Anvil, a Pixel Pup is a productive asset from day one. Holders can stake their NFT in the staking vault to earn a continuous share of swap fees generated every time someone buys or sells K9 tokens through the AMM. They can deposit their NFT into the loan vault and receive K9 tokens immediately as collateral backed liquidity without selling. They can participate in onchain governance to vote on fee parameters and protocol upgrades that affect their market directly. All of this, staking rewards, open loans, and claimable fees, is visible and actionable from a single portfolio dashboard. The NFT is the key to the entire economic loop.
60% of every secondary sale royalty is used to purchase K9 tokens directly from the AMM. This creates consistent buy pressure on K9 with every single resale of a Pixel Pup, regardless of broader market conditions. As the collection trades more frequently, that buy pressure compounds, tightening the spread between the token price and the NFT floor. A stronger K9 price raises the AMM redemption value of each NFT, which supports the floor, which encourages more trading, which generates more royalties, which buys more K9. The remaining royalties deepen the liquidity pool itself, making the arbitrage band tighter and the entire market more resilient. Every transaction in the ecosystem works in the same direction.
The Anvil deploys a dedicated AMM vault for the Clutch Puppies market with a fixed base exchange ratio between K9 tokens and NFTs. This ratio acts as an onchain anchor. If the NFT floor trades below what the AMM would pay for it, arbitrageurs buy NFTs on the open market and sell them into the vault at the higher rate, pocketing the spread and pushing the floor back up. If the floor trades above the AMM rate, they buy K9 tokens cheaply and redeem them for NFTs, pulling the floor back down. No price feed, no oracle, no admin intervention. The math enforces it continuously.
