G-01
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 stockforks at K.
Deposit one stock token. The vault forks it into two tradable legs — Income, which keeps everything below the cap and earns the auction premium, and Upside, which owns every dollar above it. Merge back any moment, for free.
- PROTOCOL
- structured stock tokens
- AUCTION
- descending clock · 240 steps
- SETTLEMENT
- 3rd Friday · 30-min TWAP
- MERGE
- 1 + 1 → 1 · always free
- CHAIN
- Robinhood Chain testnet · 46630
Payoff at settlement · mNVDA
INCOME ≤ K UPSIDE > K
K = —INCOME · min(S, K) + PREMIUMUPSIDE · S − KSPOT —
Try a cap
Oracle spot · mNVDA—oracle feed · 15s poll
Vault ratio0%1:1 locked onchain
Clock price · live—auction clock · 30s steps
Settlement0 daysTHU, OCT 15, 2026 · 30-MIN TWAP
02 / LIVE BOARD
Read the chain, not the brochure.
Oracle quotes, caps and leg prices below are live contract reads from Robinhood Chain testnet — refreshing every 15 seconds. Quotes are indicative; the auction sets the real price.
| Market | Oracle | Session | Strike K | Income prem | Upside | Status |
|---|---|---|---|---|---|---|
| mNVDANVIDIA Corp. | —— | —cap +5% | — | — | Created18d left | |
| mMSFTMicrosoft Corp. | —— | —cap +5% | — | — | Created18d left | |
| mTSLATesla, Inc. | —— | —cap +5% | — | — | Created18d left |
03 / MECHANISM
One calendar. Four stations.
Every month runs the same track — split at the open, auction the premium, settle at the third Friday, merge whenever you like. The schedule is the protocol.
P-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
P-02
The clock sets the premium
A descending-clock auction sells the subscribed Upside for mUSDG: the price steps down every 30 seconds, half-life every 20 minutes, one uniform clearing price for every fill. No oracle guesses, no model quotes.
CLOCK
$3.20 → clearing$2.41
lots filled8,412 / 12,000
step length30s · ½ every 20 min
P-03
Settle on the third Friday
A 30-minute TWAP from the oracle feed settles the epoch. S > K → Upside pays S − K; S ≤ K → Income redeems min(S, K) + premium.
SETTLE
S − K, flooredupside / unit
min(S, K) + premincome / unit
mergefree · permissionless
P-04
Merge back, free — anytime
Skip the calendar entirely: 1 + 1 → 1 burns a pair and returns the stock token from the vault. Permissionless and free in every series state — the invariant that pins both legs to the underlying.
MERGE
burn1 income + 1 upside
redeem1 stock token
04 / INVARIANTS
Six properties with no exceptions.
Not promises — invariants written into the contracts. If any of these ever fails, the chain itself is broken.
G-02
Zero liquidations
No borrowed money anywhere in the loop. There is nothing to liquidate and no funding rate to bleed.
G-03
Free merge, forever
The 1+1→1 merge is permissionless and free. Arbitrage keeps the two legs pinned to the underlying price.
G-04
Auction-priced truth
Premiums come from a descending-clock auction with real bids — the market sets the price, a model only hints.
G-05
Calendar certainty
Monthly epochs, third-Friday settlement, 30-minute TWAP. The schedule is the protocol, known a month ahead.
G-06
Plain ERC-20 legs
Positions are ordinary tokens. List them, pool them, collateralize them — the structure composes with everything.
05 / THE LEGS
One asset. Two exposures.
Payoff · per unitat settlement
INCOME ≤ K UPSIDE > K
Income
min(S, K) + premiumlike selling a call · ERC-20
Collects the auction premium every month. Keeps all value below K, capped upside, carries the downside — the yield side of the fork.
PREMIUM PAID INmUSDG · auction clearing
Upside
max(S − K, 0)like buying a call · ERC-20
Pays the premium, owns every dollar above K. Leveraged exposure with the max loss known up front — the breakout side of the fork.
SOLD VIAdescending-clock auction
06 / FAQ
Straight answers.
A mock stock token on Robinhood Chain testnet (mNVDA, mMSFT, mTSLA). The series vault locks it 1:1 and mints one Income and one Upside position per unit — nothing is lent out or rehypothecated.
From bidders in the monthly descending-clock auction who want the Upside leg. Their mUSDG bids are escrowed onchain and settle at one uniform clearing price — the premium flows to Income holders, net of a 5% protocol fee.
On the third Friday of the month, a 30-minute TWAP of the oracle feed fixes S. Above K, Upside redeems S−K per unit; at or below K, Income redeems min(S,K) plus its premium share. Claims are pull-based and never expire.
Yes — both legs are plain ERC-20s you can sell any time. Or skip markets entirely: burn 1 Income + 1 Upside and the vault returns one stock token, in any series state, permissionless and free.
Upside can expire worthless if S settles at or below K. Income carries the full downside of the underlying below K. No liquidations exist because no borrowing exists. Testnet software — nothing here is financial advice.
Phase 2. Fixed one-billion supply, no inflation, revenue routing (55/20/15/10) and lock-weighted staking. No $BK contract exists on testnet today — the Rewards page in the terminal previews the design.
07 / OPENThe fork is open.
The fork is open.
Pick a side of K.
Open the terminal, choose a market, take your leg. Testnet today — mainnet when the clock strikes.
bifurk.online · 1 income + 1 upside → 1 stock · free merge · permissionless