BUILD THE TREASURY.
DEVELOP THE INCOME LAYER.
CARRY’s planned foundation is stock accumulation and funded USDG staking rewards, with launch infrastructure provided by Pons V2. Our proposed next chapter is a market where stock-token holders can offer future upside in exchange for an upfront premium.
02 / Introduction
YOUR STOCK EXPOSURE.
A NEW INCOME OPPORTUNITY.
We are researching covered-option vaults for supported stock tokens.
A covered call gives a buyer the right to purchase the underlying tokens at an agreed price under defined exercise and expiry rules. The seller receives a premium and commits the tokens needed to meet that obligation.
If the stock rises enough, the seller may give up further upside. If it falls, the seller still bears the decline. Premium income is not the same as investment profit.
Interactive example
Inside a covered-call vault.
Explore a covered call with a generic stock token. This educational simulation is not a functioning vault interface or a performance forecast.
Contract terms — fixed for this example.
Generic stock token / no live quotes.
- Stock tokens
- 1
- Starting token price
- $100
- Call strike
- $110
- Premium received
- $3
Fees and execution costs are excluded.
- Stock-only P&L
- $0
- Premium received
- +$3
- Call obligation Deducted from P&L
- $0
- Combined strategy P&L
- +$3
The token price is unchanged. The premium contributes $3 positively before costs.
Upside forgone: $0 — equal to the call obligation.
Settlement mechanics depend on the eventual vault design. This example does not determine settlement architecture, CARRY staking distributions, or the portion of treasury deployed into options.
03 / Proposed process
HOW IT WOULD WORK.
01 / Deposit
Users deposit a supported stock token into a vault with published strategy rules.
02 / Auction
Option buyers bid for covered exposure. An auction must meet the strategy’s conditions before a position opens. No acceptable buyer means no option sale and no premium.
03 / Settle
Collateral and payments settle under the contract’s specified exercise and expiry rules.
04 / Review and renew
Users can review premiums, total strategy performance, fees, and available withdrawals before participating in another cycle. Withdrawal windows must account for outstanding option obligations.
04 / Participants
WHO IT SERVES.
Stock-token holders
Access a defined covered-option strategy without arranging every trade themselves.
Option buyers
Bid for upside exposure through collateralized contracts.
CARRY
Earn disclosed fees for providing the market and strategy infrastructure.
CARRY stakers
Potentially receive a defined share of earned protocol fees as funded USDG rewards.
05 / Why it matters
REVENUE FROM A SERVICE PEOPLE USE.
Option buyers would pay premiums for exposure. CARRY could earn service fees from facilitating that activity, creating a potential revenue source beyond trading the CARRY token.
Demand is necessary. Quiet auctions may earn nothing, and strategy losses can exceed premiums received.
06 / Proposed roadmap
WHAT WE’RE BUILDING TOWARD.
| Stage | Direction | Scope and conditions |
|---|---|---|
| Stage 1 | Feasibility | Establish whether supported assets and buyer demand can sustain a covered-options market. |
| Stage 2 | Pilot | Explore one supported asset with fully covered obligations, subject to testing and security review. |
| Stage 3 | Strategy vaults | Offer defined strategies, clear withdrawal windows and reporting that separates premiums from total returns. |
| Stage 4 | Broader integrations | Expand assets and integrations as demand and liquidity support them. |
07 / Treasury boundary
V1 REMAINS THE FOUNDATION.
This proposal does not authorize deploying the existing CARRY treasury into options. Any future treasury strategy would require a separate allocation decision, published limits, and reviewed contracts.
User strategy deposits remain separate from the protocol treasury and staking reward funds.
08 / Research status
RESEARCH STATUS.
No options market or strategy vault is live. Supported assets, settlement terms, service fees, reward allocations, and delivery dates are not finalized.