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Talis

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How Talis
works.

Deposit a Stock Token into a series. Receive one Income position and one Upside position per unit. At settlement, Upside pays the amount of one unit's value above the cap price K, in Stock Tokens; its maximum loss is the price paid for it. Income keeps everything up to K plus whatever the auction paid for Upside. Income is not protected: if the Stock Token falls, Income falls with it. One Income position plus one Upside position of the same series merge back into one Stock Token at any time, free.

Mechanism

  1. 01

    Deposit a Stock Token

    Into a series: one Stock Token, one epoch, one cap. The vault holds it.

  2. 02

    Split into Income + Upside

    One Income position and one Upside position per unit, as two ERC-20s.

  3. 03

    Auction Upside

    Subscribers' Upside is sold in a descending-clock auction; the proceeds are their premium.

  4. 04

    Trade the epoch

    Both positions are plain ERC-20s. Talis runs no venue; pools are third-party.

  5. 05

    Settle or recompose

    At settlement Upside takes the amount above K, Income the rest. Or merge Income + Upside back, any time, free.

Income

Keeps the Stock Token up to K and receives the auction proceeds.

Income is not protected. If the Stock Token falls, Income falls with it. The premium is the auction proceeds, not a guarantee.

Upside

Receives the value above K at settlement, in Stock Tokens.

Fully prefunded by the Stock Tokens in the vault. No borrowing, no funding rate, no liquidation engine. Maximum loss is the price paid.

Concepts

One card per concept; each links to the section with the detail.

  • Backed by the underlying.

    01Asset Backing

    The Stock Token is locked in the series vault to back the payoff. No margin, no funding rate, no liquidation engine.

    Mechanism
  • One protocol. Distinct roles.

    02Asset Distinction

    Positions are created from Stock Tokens and carry Income or Upside exposure. The protocol token is separate from them.

    Token
  • A defined level. A clear split.

    03Defined Cap

    K = P0 × (1 + cap). Upside pays nothing at or below K and the amount above it.

    Settlement
  • Keep the asset. Earn the premium.

    04Income Position

    Accept an upside cap for a defined period. Receive the premium paid by the upside buyer. Underlying downside exposure remains.

    Mechanism
  • Start. Position. Settle.

    05Market Epochs

    Each epoch records a starting price and a cap. Monthly, settling on the third Friday; 28 or 35 days each.

    Oracle
  • One asset. Two market views.

    06Market Structure

    One Stock Token, one epoch, one cap per series. Income earns the premium; Upside buys the move above the cap.

    Mechanism
  • Settlement starts with a price.

    07Oracle Settlement

    A 30-minute average of the Chainlink feed inside the regular session sets the value allocated to each side.

    Oracle
  • Same asset. Different outcomes.

    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.

    Settlement
  • Two positions. One asset again.

    09Position Redemption

    One Income position plus one Upside position of the same series merge back into one Stock Token at any time, free.

    Settlement
  • Your conviction. Their income.

    10Premium Exchange

    The upside buyer pays a premium in a descending-clock auction. The proceeds are credited to the Income side.

    Fees
  • Activity first. Revenue follows.

    11Protocol Revenue

    One fee: 5 % of gross auction proceeds, in USDG. Split, merge and settlement claims are free.

    Fees
  • Premium is income. Not a shield.

    12Risk Perspective

    Income still bears the downside of the Stock Token. The upside buyer can lose the premium paid.

    Risks
  • Familiar assets. Different exposure.

    13Tokenized Markets

    Stock Tokens on Robinhood Chain. A token with a Chainlink feed and a USDG pool can be listed.

    Listing
  • A role in the protocol.

    14Token Utility

    TALI launches on Pons after counsel clears it. Fixed supply, no emissions; utility subject to final design.

    Token
  • Buy the move above the cap.

    15Upside Position

    Pay a premium for exposure above a defined level. The position can expire without a payoff.

    Mechanism

Settlement

Cap price
K = P0 × (1 + cap)
Upside per unit
max(S − K, 0)
Income per unit
min(S, K) + premium
Merge
Income + Upside → 1 Stock Token
Cap choices
0% · 2% · 5% · 10%

Paid in Stock Tokens: an Upside unit receives (S − K) / S Stock Tokens, an Income unit min(S, K) / S. Prices are Chainlink feed prices per raw ERC-8056 unit; the feed already embeds the issuer's uiMultiplier.

Example: P0 $250.00, cap +5% → K $262.50. Per unit, before the premium.

Settlement SUpsideIncomeIncome in units
$200.00$0.00$200.001.0000
$250.00$0.00$250.001.0000
$300.00$37.50$262.500.8750

Oracle and calendar

Source

The canonical Chainlink RH<T>/USD push feed, 8 decimals, 0.5 % deviation. No other equity oracle exists on Robinhood Chain; the pool is a breaker, never a price.

Price

A 30-minute time-weighted average of the feed's own rounds inside the regular session (09:30–16:00 ET: 13:30–20:00 UTC in summer, 14:30–21:00 UTC in winter). A day is disqualified when the pool TWAP disagrees with the feed by more than 3 %; the next qualifying day is used.

Calendar

Monthly epochs settling on the third Friday; 28 or 35 days each. The settlement price of one epoch is the opening price of the next. Every transition is permissionless and re-callable.

Fees

Upside auction
5% of gross clearing proceedsUSDG · the only fee
Split
none
Merge
none
Settlement claims
none
Auction clock
50% → 2% of P0240 steps × 30s

Charged only when a premium is realised, at the one place USDG already flows. A subscriber can always unsubscribe, split and sell Upside bilaterally with no fee. No fee is Stock-Token- or ETH-denominated, so no converter or swap exists in the protocol.

Listing a Stock Token

Launchpad
  1. 01

    Live Stock Token

    An 18-decimal Stock Token on Robinhood Chain behind the issuer's beacon registry.

    stock.decimals() == 18 · registry has code and answers isBlocked() · one registration per address and uid()

  2. 02

    Chainlink RH<T>/USD feed

    The canonical Chainlink proxy for the ticker, 8 decimals, description "RH<T> / USD".

    feed.decimals() == 8 · feed.description() == "RH" ‖ label ‖ " / USD"

  3. 03

    USDG V3 pool with depth

    The Uniswap V3 <T>/USDG pool returned by the factory, with an observation buffer of at least 7,200 slots, whose spot agrees with the feed within 3 % at registration and at every series creation.

    pool == factory.getPool(USDG, stock, fee) · slot0().observationCardinalityNext ≥ 7,200 · |feed − poolSpot| ≤ 300 bps (registerTicker and createSeries revert on disagreement)

  4. 04

    Registered by the owner

    Registration is a direct call by the factory owner; no delay at launch (D78). No fee; no permissionless path at launch.

    factory.registerTicker(...) from owner() · every parameter within the bytecode bounds

  5. 05

    Active

    The first series is created at the next third-Friday window; from then on every epoch opens, auctions and settles permissionlessly.

    factory.createSeries(tickerId, capBps) · nextEpoch(tickerId) > 1 · ticker enabled

Disclosures

  • Income is not protected

    If the Stock Token falls, Income falls with it. The premium is the auction proceeds, not a guarantee; an auction can also clear at the floor or sell nothing.

  • Issuer powers

    The issuer can pause every Stock Token, blocklist an address (including a vault), burn any balance (adminBurn) and upgrade every token at once through one beacon. Talis cannot prevent this; claims are pull-based, re-callable and never expire, and losses from a burned vault are pro-rated and ledgered per position.

  • Oracle precision

    Each Chainlink round is within ±0.5 % of the observed price. Settlement uses a 30-minute window of rounds inside the regular session and can differ from the market by that much, which near K moves up to 0.5 % of notional between the two sides.

  • No venue mid-epoch

    Talis operates no exchange. Whether an Income or Upside position can be sold before settlement depends on third-party pools and their depth; there may be none.

  • USDG actions

    USDG can be paused or a holder frozen by its issuer. A frozen claimant blocks only their own USDG pull; a frozen auction contract traps that series' USDG. Stock Token claims never touch USDG.

  • Status

    The contracts are unaudited and the legal classification of the positions has not been reviewed by counsel. Indicative Income and Upside values are a model; the auction sets the price. Prices are the Chainlink feed.

Token · phase 1

TALI launches on Pons after counsel clears it; nothing in phase 0 references it. Fixed supply, no emissions. Phase 1 adds a revenue router (55 / 20 / 15 / 10 to stakers, buybacks, backstop, treasury), lock-weighted staking (1.0× / 1.4× / 1.8× / 2.5× for 0 / 3 / 6 / 12 months) paid in USDG from fees only, and a rising-price procurement auction that burns what it buys.

Rewards

Protocol documents

Repository paths, relative to the Talis monorepo root. Excerpts are the documents' own status lines.

  • SPEC.md

    v1.1 · 2026-09-24 · authoritative

    The single source of truth for the Foundry implementation. Register: mechanism as fact. No outcome promises. Revised after the design review of 2026-09-24; §21 records every finding.

    docs/SPEC.md

  • DECISIONS.md

    D1–D77 · 2026-09-24

    Each entry: the decision, the alternatives rejected, why. Section J records the amendments made after the design review; D76 moves the token launch to Pons.

    docs/DECISIONS.md

  • RISKS.md

    v1.0 · 2026-09-24 · register, not legal advice

    Consolidates the regulatory landscape (R1–R20) and the design-review findings (SC-1–SC-35) with severity, owner, mitigation and status. Nothing here has been reviewed by counsel.

    docs/RISKS.md

  • TEST-REPORT.md

    v1.0 · 2026-09-24 · forge, solc 0.8.26

    Results of the BUILD-PLAN step 12 run on the phase-0 repository: 761 tests, 759 passed, 2 failed (§5.1, §5.2), fuzz 512 runs, invariants 128 runs × depth 64. Nothing is projected.

    docs/TEST-REPORT.md

  • AUDIT.md

    v1.0 · 2026-09-24 · pre-audit, unaudited, not deployed

    Audit package for five deployable contracts and two libraries under contracts/src. Out of scope: vendored TickMath, OpenZeppelin v5.6.1, forge-std, tests and scripts.

    docs/AUDIT.md

  • collateral-and-oracle.md

    research · probes of 2026-09-24, chain 4663

    Stock Tokens (ERC-8056 behind one issuer beacon), USDG, the Chainlink equity feeds and Uniswap V3 depth on Robinhood Chain, with [verified] / [likely] / [unverified] tags.

    docs/research/collateral-and-oracle.md

Terms

Interface terms · draft pending counsel review

  1. Interface only. This site is a front end to immutable contracts on Robinhood Chain (4663). It holds no funds, has no admin key over a live series and cannot reverse a transaction.
  2. No offer, no advice. Nothing here is investment, legal or tax advice, and nothing is an offer to sell or a solicitation to buy any position. Positions can lose their entire value.
  3. Eligibility. Stock Tokens are restricted from U.S. persons and other listed jurisdictions by their issuer. You are responsible for confirming that you may hold them and the positions built on them.
  4. Indicative values. Indicative Income and Upside values are a model; the auction sets the price. Prices are the Chainlink feed.
  5. Third parties. Stock Tokens, USDG, Chainlink feeds and Uniswap pools are operated by third parties whose actions (pause, freeze, burn, upgrade) Talis cannot prevent. See the disclosures above.
  6. Software. The interface and contracts are provided as they are, without warranty. The contracts are unaudited until the audit package is closed.

Privacy

  • No accounts, no analytics. The interface sets no tracking cookies and collects no personal data.
  • Wallet. Connecting a wallet exposes its address to this page in your browser only. In live mode the address is sent to the configured RPC endpoint to read balances; that operator's own policy applies.
  • Local storage. Wallet-connection state may be kept in your browser's storage. Clearing site data removes it.
  • Public chain. Every transaction you sign is public on Robinhood Chain and cannot be deleted.