OptiChain

Peer-to-peer weekly covered calls on tokenized stocks, settled by an audited clearing engine on OptiChain Network.

OptiChain is an interface to a peer-to-peer market for weekly covered calls on tokenized stocks. One side writes a call against stock tokens it already holds and asks a premium for it. The other side fills that listing, pays the premium, and holds the right to buy those tokens at the strike until the option expires.

There is no pool, no shared balance, no counterparty in the middle. Every position is one writer's collateral against one option series, fully collateralised on-chain from the moment it is written until it is exercised or reclaimed.

What the protocol is made of

OptiChain writes almost no on-chain code. The settlement engine and the premium market both existed before the product did.

The registry is a record, not a router: it holds nothing and moves nothing, which is asserted by test on the deployed runtime bytecode and by a CI check on the ABI. Its only job is to say which five option ids ops created for the current week.

Users call the clearinghouse directly. The writer holds its own claim NFT and reclaims its own collateral. Nothing of OptiChain's sits between a user and their funds.

The lifecycle

Who holds what, at each moment:

• Before the write — the writer holds the stock tokens.
• After the write — the clearinghouse holds the collateral. The writer holds n option tokens and one claim NFT.
• After a fill — the buyer holds the option tokens. The writer holds the premium in USDG and the claim NFT.
• After exercise — the buyer holds the stock tokens. The clearinghouse holds the USDG paid, waiting for the writer to reclaim.
• After reclaim — the claim NFT is burned. The writer holds whatever the claim was worth.

What OptiChain does not do

• No pool and no shared collateral. Your collateral backs your contracts and nobody else's.
• No keeper, no bot, no scheduled roll. A cycle is created by hand by an operator; writing, listing, exercising and reclaiming are four transactions users send themselves.
• No oracle in any path that moves funds. Chainlink is read to display a price, a moneyness and an implied premium, and nowhere else.
• No admin power over collateral. The clearinghouse has exactly one privileged role, feeTo. There is no pause, no upgrade, and no path to a user's funds.
• No custody by the interface. Hiding a row does not cancel anything — only cancelling on Seaport does.

Honesty principles

These are editorial constraints on this documentation and on the interface, not aspirations.

Only realised numbers. No projected return is displayed anywhere. What the interface publishes is what was actually paid: premiums realised, net of fees. The implied annualised figure is labelled as implied. Every week gets published, including the empty ones.