Prices nobody else publishes.
A distributed attestation network for small-cap equities, and the leverage venue built on top of it.
Chainlink covers mega-caps. Nobody publishes a usable feed for thin names, which is why on-chain leverage on them does not exist.
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Every round, in the open.
Submissions, quorum, publication, deviation flags and halts as the network emits them.
Six names, six feeds.
Maximum leverage is derived from realised depth, spread and gap history, and recomputed on every published round.
One feed, one venue, one distribution surface.
The oracle
N independent operators each pull a price from their own market-data source, sign an attestation, and the feed publishes only when M of them agree. Operators post collateral and are slashed for publishing outside the consensus band. No single party, including the protocol, can decide when a user is liquidated.
The venue
Isolated margin markets and cash-settled perpetuals on the tickers the oracle feeds. The venue exists to prove the feed under real liquidation pressure before other protocols subscribe to it.
The launchpad
Tokens quoted in a fed small cap rather than a stablecoin. Highest volume of the three, and the least durable: it is treated as a distribution surface, not as the reason the protocol exists.
Engineering, not magic.
Three specific jobs sit between the market-data sources and the attestation round. Each one exists because a specific failure mode liquidates users.
Halt and gap detection
Small caps halt constantly. A feed that publishes a stale price through a halt liquidates people at a price that does not exist. A classifier on exchange status messages, quote withdrawal and volume collapse freezes the feed instead of publishing through the gap.
Manipulation flagging
Thin books get walked. Coordinated ramps are detected from order-book shape, trade clustering and cross-venue divergence before the print reaches the oracle, and the affected round is quarantined for operator review.
Liquidity-aware risk parameters
Maximum leverage per ticker is a continuously recomputed function of realised depth, spread and gap history. It is not a number a governance forum picked and then forgot about.
Three lines, in this order.
Feed subscriptions sold to other protocols; venue fees, being the interest reserve factor and liquidation penalties; launchpad fees.
The buyback and burn is funded partly by subscription revenue from other protocols, not only by the protocol’s own users. That is the point of selling the feed rather than keeping it internal.
Insurance fund, to target
Every settlement first tops the insurance fund back up to its target size. Nothing below this tier is paid until the target is met.
Buyback and burn
The remainder above the insurance target funds an on-chain TWAP buyback with published interval, slice size and slippage bound. Purchased supply is burned in the same transaction.
Operator rewards
Paid pro rata to operators that signed in-band attestations during the settlement week, weighted by uptime and inversely by deviation rate.
Stakers and referrers
The final tier is split between staked positions and referral attribution. Distribution is mechanical: no committee sets the split at settlement time.
Settlement runs weekly through this fixed order. There is no treasury discretion at any tier.