Inspired by Vitalik's options-instead-of-debt primitive — P + N = 1, always. One solvent pool per asset. No debt, no oracle, nothing to liquidate.
One solvent pool per asset. Deposit and earn streaming premium, or take the other side with defined-risk leverage. The strategy you already know — with no expiry, no assignment, and nothing to liquidate.
Add an asset, choose your coverage, and collect premium in USDC around the clock. 90% of every premium goes to depositors. Withdraw any time, in-kind — never liquidated.
Rent the pool's upside above your entry, or short into its floor. Leverage is 1 / coverage, and your max loss is the margin you post. No margin call, no funding spiral, no 3am wick.
It behaves like writing covered calls at your brokerage — except premium streams instead of settling. No expiry Friday, no rolling, no assignment. Coverage is just your strike distance as one number.
Positions run on margin as fuel and self-close when it's spent. Nothing cascades, on either side.
Closes settle by a real swap on the asset's own Uniswap pool. Redeems read no price at all.
The pool holds the exact asset it owes and re-asserts the invariant after every action.