Stock Tokens · Robinhood Chain
One asset.
Two perspectives.
Structured exposure. Different possibilities.
Deposit a Stock Token. Receive one Income position and one Upside position per unit. Income keeps the asset up to the cap and earns the premium; Upside buys the move above it.
Split
your stock.
One Stock Token becomes two positions.
Deposit a Stock Token (e.g. AAPL). Talis holds it in a vault and issues Income and Upside against it, split at the cap you choose.
Example: AAPL at $250
AAPL
$250.00
Income
$247.29
Up to the cap
Upside
$2.71
Above the cap
Cap: +5%Cap price (K): $262.50
Indicative (model) · the auction sets the price
A defined level.
A clear split.
Choose the cap. K is fixed for the epoch.
A higher cap keeps more of the move in Income. A lower cap sells more of it to Upside, for a larger premium. At settlement, Upside takes the amount above K; Income keeps the rest plus the premium.
AAPL at $250.00 · cap price (K) $262.50 · 30 days · Indicative (model) · the auction sets the price · model at 25% vol
- AAPL Stock Token
- Income
- Upside
| Settlement price S | AAPL Stock Token | Income | Upside |
|---|---|---|---|
| $175 | $175.00 | $175.00 | $0.00 |
| $177.50 | $177.50 | $177.50 | $0.00 |
| $180 | $180.00 | $180.00 | $0.00 |
| $182.50 | $182.50 | $182.50 | $0.00 |
| $185 | $185.00 | $185.00 | $0.00 |
| $187.50 | $187.50 | $187.50 | $0.00 |
| $190 | $190.00 | $190.00 | $0.00 |
| $192.50 | $192.50 | $192.50 | $0.00 |
| $195 | $195.00 | $195.00 | $0.00 |
| $197.50 | $197.50 | $197.50 | $0.00 |
| $200 | $200.00 | $200.00 | $0.00 |
| $202.50 | $202.50 | $202.50 | $0.00 |
| $205 | $205.00 | $205.00 | $0.00 |
| $207.50 | $207.50 | $207.50 | $0.00 |
| $210 | $210.00 | $210.00 | $0.00 |
| $212.50 | $212.50 | $212.50 | $0.00 |
| $215 | $215.00 | $215.00 | $0.00 |
| $217.50 | $217.50 | $217.50 | $0.00 |
| $220 | $220.00 | $220.00 | $0.00 |
| $222.50 | $222.50 | $222.50 | $0.00 |
| $225 | $225.00 | $225.00 | $0.00 |
| $227.50 | $227.50 | $227.50 | $0.00 |
| $230 | $230.00 | $230.00 | $0.00 |
| $232.50 | $232.50 | $232.50 | $0.00 |
| $235 | $235.00 | $235.00 | $0.00 |
| $237.50 | $237.50 | $237.50 | $0.00 |
| $240 | $240.00 | $240.00 | $0.00 |
| $242.50 | $242.50 | $242.50 | $0.00 |
| $245 | $245.00 | $245.00 | $0.00 |
| $247.50 | $247.50 | $247.50 | $0.00 |
| $250 | $250.00 | $250.00 | $0.00 |
| $252.50 | $252.50 | $252.50 | $0.00 |
| $255 | $255.00 | $255.00 | $0.00 |
| $257.50 | $257.50 | $257.50 | $0.00 |
| $260 | $260.00 | $260.00 | $0.00 |
| $262.50 | $262.50 | $262.50 | $0.00 |
| $265 | $265.00 | $262.50 | $2.50 |
| $267.50 | $267.50 | $262.50 | $5.00 |
| $270 | $270.00 | $262.50 | $7.50 |
| $272.50 | $272.50 | $262.50 | $10.00 |
| $275 | $275.00 | $262.50 | $12.50 |
| $277.50 | $277.50 | $262.50 | $15.00 |
| $280 | $280.00 | $262.50 | $17.50 |
| $282.50 | $282.50 | $262.50 | $20.00 |
| $285 | $285.00 | $262.50 | $22.50 |
| $287.50 | $287.50 | $262.50 | $25.00 |
| $290 | $290.00 | $262.50 | $27.50 |
| $292.50 | $292.50 | $262.50 | $30.00 |
| $295 | $295.00 | $262.50 | $32.50 |
| $297.50 | $297.50 | $262.50 | $35.00 |
| $300 | $300.00 | $262.50 | $37.50 |
| $302.50 | $302.50 | $262.50 | $40.00 |
| $305 | $305.00 | $262.50 | $42.50 |
| $307.50 | $307.50 | $262.50 | $45.00 |
| $310 | $310.00 | $262.50 | $47.50 |
| $312.50 | $312.50 | $262.50 | $50.00 |
| $315 | $315.00 | $262.50 | $52.50 |
| $317.50 | $317.50 | $262.50 | $55.00 |
| $320 | $320.00 | $262.50 | $57.50 |
| $322.50 | $322.50 | $262.50 | $60.00 |
| $325 | $325.00 | $262.50 | $62.50 |
- Settlement price S
- $250.000.0% vs P0
- Income · min(S, K)
- $250.00+ premium $2.71 if subscribed (model) = $252.71
- Upside · max(S − K, 0)
- $0.00breakeven $265.21 (model)
Indicative premium $2.71 per unit · model at 25% vol · 30 days · the auction sets the price. Values per unit; Income is paid in Stock Tokens worth min(S, K); the premium goes to subscribers only.
Income(Up to the cap)
$247.29
~98.9% of spot
Upside(Above the cap)
$2.71
~1.1% of spot
Income position
Keep the asset.
Earn the premium.
Accept an upside cap for a defined period.
Receive the premium paid by the upside buyer.
Underlying downside exposure remains.
Upside position
Buy the move
above the cap.
Pay a premium for exposure above a defined level.
The position can expire without a payoff.
Concentrated upside exposure.
Real collateral.
Not a perp.
The vault holds the Stock Token.
Upside is prefunded by that Stock Token: no borrowing, no funding rate, no liquidation engine. Both positions are plain ERC-20s.
- Step 1: Deposit Stock Token
- Step 2: Split Income + Upside
- Step 3: Auction Upside
- Step 4: Trade the epoch
- Step 5: Settle or recompose
Live markets
One series per Stock Token, epoch and cap. Prices from the Chainlink feed.
On chain
| Asset | Cap | Income | Upside | Epoch | Status |
|---|---|---|---|---|---|
Indicative (model) · the auction sets the price
How it works
Fifteen concepts, one card each. Every card opens the detail in the docs.
01Asset Backing
The Stock Token is locked in the series vault to back the payoff. No margin, no funding rate, no liquidation engine.
02Asset Distinction
Positions are created from Stock Tokens and carry Income or Upside exposure. The protocol token is separate from them.
03Defined Cap
K = P0 × (1 + cap). Upside pays nothing at or below K and the amount above it.
04Income Position
Accept an upside cap for a defined period. Receive the premium paid by the upside buyer. Underlying downside exposure remains.
05Market Epochs
Each epoch records a starting price and a cap. Monthly, settling on the third Friday; 28 or 35 days each.
06Market Structure
One Stock Token, one epoch, one cap per series. Income earns the premium; Upside buys the move above the cap.
07Oracle Settlement
A 30-minute average of the Chainlink feed inside the regular session sets the value allocated to each side.
08Outcome Scenarios
Start $250, cap $262.50. At $200 or $250 Upside pays nothing. At $300 Upside pays $37.50; Income keeps $262.50 plus the premium.
09Position Redemption
One Income position plus one Upside position of the same series merge back into one Stock Token at any time, free.
10Premium Exchange
The upside buyer pays a premium in a descending-clock auction. The proceeds are credited to the Income side.
11Protocol Revenue
One fee: 5 % of gross auction proceeds, in USDG. Split, merge and settlement claims are free.
12Risk Perspective
Income still bears the downside of the Stock Token. The upside buyer can lose the premium paid.
13Tokenized Markets
Stock Tokens on Robinhood Chain. A token with a Chainlink feed and a USDG pool can be listed.
14Token Utility
TALI launches on Pons after counsel clears it. Fixed supply, no emissions; utility subject to final design.
15Upside Position
Pay a premium for exposure above a defined level. The position can expire without a payoff.
Recompose
Separate.
Recombine.
One Income position plus one Upside position of the same series merge back into one Stock Token.
Any time during the epoch, no fee. Income + Upside is the whole unit; either half can be held or sold on its own.
Open listing rules
Any Stock Token with a Chainlink feed and a USDG pool can qualify; the factory owner registers it directly, with no delay at launch.
Propose a marketEarn income
Hold Income: the Stock Token up to the cap, plus the auction premium.
Access upside
Hold Upside: the move above the cap price, prefunded by the vault. No borrowing.
Recompose
Merge Income + Upside back into the Stock Token. Any time, no fee.