Fully vaulted
Every stock token sits in the series vault. No rehypothecation, no counterparty — each leg is a claim on real inventory.
Robinhood Chain · Testnet
Every stock splits in two
at K.
Deposit a stock token. The vault mints two independently tradable positions — an Income leg that keeps everything below K and earns the auction premium, and an Upside leg that owns everything above it. Merge back to the underlying any moment, for free.
Payoff at settlement · mNVDA
INCOME ≤ K UPSIDE > K
Try a cap
Oracle spot · mNVDA—chainlink-style feed · 15s
Vault ratio0%1:1 locked onchain
Clock price · live—descending auction · 30s steps
Settlement18 daysTHU, OCT 15, 2026 · 30-MIN TWAP
01 — The Split
One asset. Two legs.
A stock token walks into a vault; two plain ERC-20s walk out. Trade either side — or merge them back, any moment, for free.
1 Stock Token
vaulted · ERC-20
Income
ERC-20 · capped at K
Upside
ERC-20 · all above K
Incomelike selling a call
Collects the auction premium every month. Keeps all value below K, capped upside, carries the downside — the yield side of the split.
Upsidelike buying a call
Pays the premium, owns every dollar above K. Leveraged exposure with max loss known up front — the breakout side.
02 — Live Board
Markets on the clock.
Oracle quotes and leg prices read directly from Robinhood Chain testnet — refresh every 15 seconds. Indicative (model) · the auction sets the price.
| Market | Oracle | Δ round | Cap | K | Income prem | Upside | Epoch | Status |
|---|---|---|---|---|---|---|---|---|
| mNVDANVIDIA Corp. | — | — | +5% | — | — | — | 18d left | Created |
| mMSFTMicrosoft Corp. | — | — | +5% | — | — | — | 18d left | Created |
| mTSLATesla, Inc. | — | — | +5% | — | — | — | 18d left | Created |
03 — Mechanism
Split. Auction. Settle.
/01
Split at K
Deposit 1 stock token, the vault locks it and mints 1 INCOME + 1 UPSIDE. Both legs are plain ERC-20s — trade either side, any DEX, any time.
MINT
stock in1.00
income out1.00
upside out1.00
/02
The auction sets the premium
A monthly descending-clock auction prices the Income premium: the clock ticks down every 30 seconds, bidders take lots, the clearing price becomes real onchain income. No oracle guessing, no model quotes.
CLOCK
$3.20 → clearing$2.41
lots filled8,412 / 12,000
step length30s · ½ every 20 min
/03
Settle & merge free
On the third Friday, a 30-minute TWAP settles the epoch and each leg redeems at its formula value. Or skip all of it: 1 + 1 → 1 merge back to the stock token any moment, free — the invariant that pins both legs to the underlying.
SETTLE
S − K, flooredupside / unit
min(S, K) + premincome / unit
mergefree · permissionless
04 — Why It Holds
Built on guarantees, not trust.
drag or scroll sideways
Zero liquidations
No borrowed money anywhere in the loop. There is nothing to liquidate and no funding rate to bleed.
Free merge, forever
The 1+1→1 merge is permissionless and free. Arbitrage keeps the two legs pinned to the underlying price.
Auction-priced truth
Premiums come from a descending-clock auction with real bids — the market sets the price, a model only hints.
Calendar certainty
Monthly epochs, third-Friday settlement, 30-minute TWAP. The schedule is the protocol, known a month ahead.
Plain ERC-20 legs
Positions are ordinary tokens. List them, pool them, collateralize them — the structure composes with everything.
Split. Earn. Merge.
cap at K — break above it.
1 Income + 1 Upside → 1 stock · free merge · permissionless · forever
Kloven · kloven.funThe split is live.
The split is live.
Take a side of K.
Open the terminal, pick a market, choose your leg. Testnet today — mainnet when the clock strikes.