Introduction

Kappis is a structured stock-token protocol. Deposit one stock token and the protocol locks it in a vault and mints two independently tradable ERC-20 positions:

  • Income — keeps everything below the cap price K, earns the premium paid by Upside buyers, and bears the downside of the underlying.
  • Upside — pays a premium once at auction and owns every cent of upside above K at settlement. It can expire worthless.

The two legs settle against an on-chain oracle price on the third Friday of each month — and at any moment before that, one Income plus one Upside can be merged back into one stock token, for free.

One asset. Two legs. One cap.

Why it exists

| Who | Problem | Kappis | | --- | --- | --- | | Holders who want yield | On-chain stock tokens just sit there — no covered-call tooling | Split and subscribe: sell the upside, collect a USD-quoted premium | | Traders who want breakout exposure | Perps carry funding rates and liquidation engines | Upside is fully prepaid by the vault — no funding, no liquidation, max loss is the premium | | Arbitrageurs | — | If Income + Upside drifts from one stock token, buy-and-merge (or split-and-sell) closes the gap |

The core formula

K = P0 × (1 + cap)              cap ∈ {0%, 2%, 5%, 10%}

At settlement price S:
  Upside pays   max(S − K, 0)
  Income pays   min(S, K) + premium earned

Whichever way S lands, Income payout + Upside payout = the underlying — the vault always holds the real asset, one-for-one. There is no lending, no funding rate and no liquidation engine anywhere in the protocol.

What you are looking at

This deployment runs on Robinhood Chain Testnet (chain id 46630) with three mock stock markets — mNVDA, mMSFT and mTSLA. The mechanics are the production design; the assets, oracle and stablecoin are testnet stand-ins. Everything you do here is with test funds.

Head to Network & wallet to get set up, or dive straight into the protocol pages: