Split a tokenized stock into One, a capped share that earns a premium every epoch, and Convex, the upside above the cap.
Figures are testnet sample data.
Split 1 AAPL at $250.00. You get One at $247.29 and Convex at $2.71. Together they are still worth exactly one share, and they merge back for free at any time.
The senior share. Behaves like the stock up to the strike, then stops. Bought at a discount, paid a premium every epoch, and it never expires.
The junior share. Owns every dollar above the strike for one epoch. Prefunded leverage with no funding rate and no liquidation engine.
Payoff identity: One + Convex = the settlement price, for every price, with nothing left over. That is what makes merge free and the peg arbitrage-tight.
The oracle fixes P0. The strike K = P0 x (1 + C) is written once. A Convex tranche equal to the vault balance is minted.
The tranche sells in a Dutch auction for USDG. Price decays from 130% to 85% of the model premium. veDONE stakers bid first.
One and Convex trade freely in their USDG pools. Split and merge stay open the whole time.
The oracle delivers P1 as a 30-minute TWAP median of three sources. Convex receives max(P1 - K, 0) / P1 units of stock per token.
The auction premium reaches One holders in USDG or as compounded stock. The next epoch opens in the same breath.
Four cap presets per ticker, voted by veDONE. Model figures for AAPL at $250, IV 25%, 30-day epoch. The auction sets the real premium.
Wide cap, small premium. Keeps most of the upside.
Strike $275.00, One entry $249.20
Default. Sells the top 5% of each epoch for a monthly premium.
Strike $262.50, One entry $247.29
Narrow cap, larger premium. For flat markets.
Strike $255.00, One entry $245.01
At-the-money cap. Maximum premium, no upside kept.
Strike $250.00, One entry $242.85
Five fee streams flow into one router. Once an hour it converts everything to USDG and splits it. Stakers of $DONE get the biggest share, and the token gets bought back and burned with the next.
USDG to $DONE stakers, pro-rata by boosted weight
TWAP buyback in twelve slices per hour
USDG reserve for tail events
Protocol operations, on-chain reporting
Weight = staked $DONE x lockup boost. Accrual is continuous, claim any time, no windows and no penalties. Locked stakers also get veDONE: first 15 minutes of every Convex auction, dispute rights on settlement, and the vote on new tickers and cap presets.
Checked in every vault transaction, fuzzed across the full price range, and re-run on every commit. Governance sits above them; it does not get to edit them.
The vault always holds at least oneIndex x supply(oS) plus every settled Convex claim. Checked in every transaction.
Phase 1 runs three tickers with a $1M cap each and a manual keeper. Caps come off after three clean epochs and a second audit.
Payoff identity fuzzed from 0 to 4x the open price. Handler-driven invariant runs on every vault action.
Phase 0 exit requires a published report. Second audit before caps come off in phase 2.
Every governance action waits two days. The guardian multisig can pause, and only pause.
Testnet addresses. Mainnet addresses will be published with the audit report.
Open the desk, pick a ticker and a cap, and see both books before you sign.
