Capital today, against revenue you already earn.
Sell the token
Dilutes holders, and the price follows the market's mood, not the revenue.
Borrow against collateral
Needs locked assets the protocol does not have to spare.
Revenue-share token
A perpetual rent on the revenue. No capital arrives up front.
None of them trades a defined share of future revenue for a defined sum today, with a date when the obligation ends.
The fee is split where it arises.
- 01A swap on the issuer's protocol pays a fee.
- 02The issuer's fee instruction calls the split by CPI.
- 03The agreed share goes to the bond's escrow — in the same transaction. On the standing issue it is 12 %.
- 04Holders claim their share whenever they like.
No extra transactions, no external executors, no money passing through the issuer's hands.
Repayment ends by itself once face plus coupon is covered. The issuer can also buy the flow back early in one payment.
Sell before maturity. Keep what you earned.
A holder lists part of a position at a fixed price. Another wallet buys it for USDC in one instruction. What accrued before the sale stays with the seller; the buyer earns from the purchase on.
The transfer hook settles both sides before every transfer — including one sent from any wallet app, past this interface.
3.0 s
from listing to USDC in the seller's wallet, on devnet
What we measured.
| CLAIM | FIGURE | HOW |
|---|---|---|
| The split happens in the same transaction as the fee | 0 extra tx · 0 executors | a property of the path, held by tests on the CPI route |
| The money adds up to the smallest USDC unit | 0 of 1,000 | random sequences of fees, claims, transfers and sales |
| No holder takes more than their bonds earned | 0 of 1,000 | the same sequences |
| A fee costs the same however many holders there are | 10,852 CU · 0.00 % | 1 holder against 100 holders |
| Listing to USDC in the seller's wallet | 3.0 s | on devnet; 1.3 s on a local validator |
| The whole cycle, issuance to payout | 16.4 s | machine time on devnet |
| A wrong wallet claims, changes terms or drains escrow | 0 of 8 | negative scenarios |
What it does not do.
- No catalogue of issues, no risk metrics yet. Buying a bond is possible; judging whose it is, is not.
- No review of issuers. An issue opens only on revenue that has already passed through the split for the protocol's threshold — two minutes on devnet, so the demo cycle fits. Nobody judges the protocol behind it.
- One issuer, and it is our own demo issuer. No live third-party protocol is integrated.
- Devnet only. Settlement there is a test USDC of our own: you can watch the standing issue and its offers, but not get this USDC to trade.
- No collateral of any kind. The only backing is the fee stream.
- No KYC, no legal qualification, no transfer restrictions. The instrument looks like debt; its legal assessment is not part of this work.
- No proof that revenue is not diverted. We see only what passes through the split.
- The issuer changes its own code. The split is called from the issuer's fee instruction; there is no zero-integration mode.