Put capital in motion.

Depositors supply USDG and receive vault shares. The vault earns trading fees, funding and trader losses, and pays trader profits. Because it backs open positions, it never lets a withdrawal reach reserved backing or an outstanding claim.

Tokens sent directly to the vault are ignored until the owner recognises them, so a donation cannot move the share price; a large virtual share offset makes the first-depositor attack uneconomic. When a market with open interest cannot be valued, deposits and withdrawals wait rather than settle at a wrong price.

Returns are not guaranteed. Trader profits reduce share value and liquidation bad debt is absorbed by the vault.

Every open, increase, decrease and close is a request. Anyone (the keeper in practice) executes it at the first level observed strictly after the request, only while the exchange session is open and the level is fresh. Market requests expire after three minutes; limit and stop requests carry their own lifetime.

Funding follows skew per second and stops while the session is closed. Liquidation is permissionless at a fresh open-session level. Positions are marked at the last close for at most five days; past that, or while the oracle breaker is active, the market cannot be valued.

These instruments are exposure to a published index level. They are not stocks, ETFs or index licences; index names belong to their operators.

A commitment binds the order to the chain, the contract, the batch, the trader, the side, the quantity, the limit, a nonce and a random salt. Buys escrow USDG, sells escrow WETH. Quantity and limit stay sealed until reveal; the escrowed asset shows the side and an upper bound on size.

After the reveal phase, anyone settles inside a fixed window at the oracle level of that block. If the feeds are stale, USDG leaves its band or the window is missed, the batch aborts and every escrow is refundable. Unrevealed orders are refunded in full. Order secrets live in the browser and can be exported and imported.

Sealing hides details until reveal. It does not anonymise wallets or the settlement.

A ladder quotes asks above and bids below a centre price. Takers fill single rungs and pay the owner an explicit fee. Spacing is volatility-based off chain and clamped on chain; the operator may only re-centre on the reference and adjust spacing, never move funds. Revocation is immediate.

Inventory invariants hold by construction: the sum of asks never exceeds the base balance, the sum of bids plus owner fees never exceeds the quote balance.

One transaction deploys the token, creates and initialises the pool, mints the locked position and sends the creator's share. Fee collection is permissionless; collected fees split on chain into the creator's claimable balance and the route's share.

The buyback & burn route swaps quote fees into the token on its own pool and burns them, bounded by a time-weighted price, a size cap and a cooldown. AI compute funding and NFT acquisition are shown unavailable with their prerequisites; they cannot be selected until a real execution path exists.