One asset.Two legs.One cap.
Deposit a stock token and Kappis splits it into an Income leg that keeps everything below the cap price K — and an Upside leg that owns everything above it. A descending-clock auction sets the premium. Merge back into the underlying at any time, for free.
- 3
- stock markets
- 4
- cap choices
- 240
- auction steps
01 — The protocol
A covered call, taken apart and put on-chain.
The vault always holds the real stock token. Payment capacity is simply cut in two — whatever happens at settlement, both legs together equal one asset.
Stock token
mNVDA · mMSFT · mTSLA
min(S, K)
Keeps the asset, earns the premium. Bears the downside.
max(S−K, 0)
Buys the move above the cap. Can expire worthless.
Arbitrage invariant: legs trade pinned to the underlying, because merge is always open.
- 01
Split
Deposit n stock tokens — receive n Income and n Upside ERC-20 positions. Free, permissionless, capped only by series limits.
- 02
Subscribe & auction
Consign your Upside to the monthly descending-clock auction. Bidders pay mUSDG; you keep 95% of the clearing premium.
- 03
Settle on the oracle
On the third Friday, a 30-minute TWAP fixes S. Upside redeems max(S−K, 0); Income redeems min(S, K) plus the premium it earned.
- 04
Merge back, always
1 Income + 1 Upside → 1 stock token at any moment, in any state. No oracle read, no admin path, nothing can stop it.
| Settlement S | Income receives | Upside receives |
|---|---|---|
| $200below cap | $200 + premium | $0 |
| $230inside band | $230 + premium | $0 |
| $300breaks cap | K = $235.63 + premium | $64.37 |
Every row sums to exactly one stock token — the vault is always fully collateralised. Alice the subscriber also keeps her $2.09 net premium in every scenario.
Value locked
$0
Premium received (net)
$0
Epochs settled
0
Active series
0
02 — Price discovery
The clock ticks down.
One price clears all.
Every subscribed Upside is pooled into one lot and sold in a two-hour descending-clock auction: 240 steps of 30 seconds, price halving every 20 minutes from 50% of P0 down to a 2% floor. The step where cumulative demand first covers supply sets the clearing price — and every fill executes at that same price.
- Per-subscriber reserve steps protect your minimum price
- Bids escrow mUSDG at the current step — unfilled amount is fully refunded
- Anyone can finalize the moment the clock crosses; no sniping, no last-second games
- 5% protocol fee — the only fee in the entire protocol
03 — The anchor
Recompose at any moment.
Nothing can stop it.
Burn one Income and one Upside, receive one stock token. The merge path has no oracle read, no quote currency, no calendar dependency and no admin route — only the burn permission of the position tokens you already hold.
Permissionless
Any holder, any state, forever
Free
No protocol fee on merge
Pause-proof
Guardian can never block it
Fully backed
Vault holds the real asset
Robinhood Chain Testnet · chain 46630
Put your stock tokens to work — or buy the breakout.
Testnet funds, real mechanics. Connect a wallet, add the network, and walk the full split → auction → settle → claim lifecycle in minutes.