A call that holds the stock it promises.

Field

[0001]This document describes once: a call option on a tokenized stock in which the stock itself is placed inside the call when the call is written, and is delivered to whoever holds the call when they pay the strike. Any tokenized stock that passes the check in [0013] can be written.

Background

[0002]A listed option has a clearinghouse between its two sides. The clearinghouse guarantees that the writer performs, takes margin to make sure of it, and works while the market is open. A cash-settled option also needs a price to settle against.

[0003]On Solana the stock now sits in the same kind of wallet as the money: xStocks are Token-2022 tokens. A call can hold the very stock it promises, so the guarantee is the stock in the vault. Prior art, as read on 14 October 2026:

[0004]None of this is claimed as invention. The difference is narrow and practical: a real xStock, held as collateral and delivered on exercise, between two wallets dealing directly.

Summary

[0005]A writer picks a stock, deposits an exact raw amount of it, and names, once, a total strike in USDC, a premium and an expiry time. A buyer pays the premium and holds the call. The holder may pay the strike once, at any slot before expiry, and the stock and the USDC change places in one transaction.

[0006]Nothing in the device reads a price, and nothing is left to clear. It enforces the terms two wallets agreed to.

[0007]For the first 151 slots of each new call, whatever the stock, only a wallet that locks ONCE against it may buy it. The ONCE is returned whole.

Brief description of the drawings

[0008]FIG. 1 is a section through one call: the stock (12) held behind the pin (18) in the housing (10), and the strike (16) entering from the holder's side. FIG. 1A shows the two after the pin has sheared. On the front page it replays each release, whatever the stock.

[0009]FIGS. 2A onward are the calls on the sheet, each drawn when it is written, each with its own gate (24) and, once bought, the holder's mark (30). Each has a detail of its own.

[0010]FIGS. 3A to 3C are the holder's end of a call, enlarged: the gate (24) shut, the gate shut with ONCE (32) placed in the lock (28) at its hinge, and the gate open with the ONCE given back. On the front page they sit under FIG. 1.

[0011]FIG. 4 is a call being written, with the strike (16) drawn in phantom lines at the place it will take.

Detailed description

[0012]Write. The writer (26) picks a stock mint and moves a lot, a whole number of raw units, into a vault owned by the call. The strike is a total in USDC for the whole lot, not a price per share. Lot and strike are fixed at writing. The screen shows shares and the per-share strike by applying the mint's current multiplier, so a dividend or split that moves the multiplier travels with the lot.

[0013]The check. At writing, the program reads the stock mint. A classic token mint passes; a Token-2022 mint passes only if it sets no transfer hook program, configures no transfer fee, and does not start new accounts frozen. No list is kept by hand: a stock token that passes can be written.

[0014]The premium. The writer names the premium P. On Write it starts at a fair value worked out in this page, F = n·(S·N(d₁) − k·N(d₂)), where d₁ = (ln(S/k) + σ²T/2) / σ√T and d₂ = d₁ − σ√T: S is the Jupiter price of one share now, n the lot in shares, k = K/n the strike per share, T the years to expiry, σ the volatility of the last 30 daily closes annualised by √252, with no rate and no dividend. A P the writer types replaces F, and a link brings F back. The program never sees F; it keeps the P that is signed.

[0015]Buy. The buyer pays the premium. It goes to the writer in the same transaction, and the buyer becomes the holder (30). A call has one holder.

[0016]The gate. For the first 151 slots after writing, the life of a recent blockhash, only a wallet that locks ONCE (32) against the call may buy it. The ONCE goes into the lock (28) at the gate (24); once those slots end, the wallet that locked it takes it back whole. Each call bought this way takes a lock of its own. When the gate opens, anyone may buy. The gate narrows the race for a new call to wallets that hold ONCE; it does not end it. Inside the gate, the first lock to land wins.

[0017]Call. The holder pays the total strike once, at any moment before expiry. The USDC moves to the writer and the lot moves to the holder in the same transaction. The pin (18) is a flag that can be set once; a second call fails.

[0018]Reclaim. Once the chain clock reaches the expiry time, the writer of a call that was not exercised takes the lot back.

[0019]Cancel. Before anyone buys, the writer may cancel and take the lot back. A bought call cannot be canceled.

[0020]What it refuses. No price feed, no oracle, no cash settlement, no partial exercise, no second exercise, no margin, no keeper, and no path by which an operator withdraws the stock behind a live call.

Examples

[0021]Example 1: writing. On Write, the writer picks the stock and types the lot in shares; the raw amount it fixes appears beneath. The strike K goes in as a total for the lot, and its per-share value and its distance from the price now appear beneath. The expiry is set in UTC, after the gate, and P starts at its fair value [0014]. Write the call moves the lot into the vault, and the call joins Calls with its gate counting. Recorded on devnet, 2026-10-17: call 0000 written with 0.01 99H8…cRk9, raw 1 000 000, K 2.00 and P 0.10 USDC, expiry 2026-10-17 00:14 UTC (tx 3vFz…62gf).

[0022]Example 2: buying inside the gate. The buyer holds the lock of ONCE and P in USDC. Under Priority, FIG. 3A lists the calls still inside their gate. Lock ONCE & buy pays the premium to the writer and makes the call the buyer's, and the ONCE waits in its lock (FIG. 3B). When the gate ends, Take back, under Priority or on Yours, returns it whole (FIG. 3C). Recorded on devnet, 2026-10-17: call 0003 bought inside its gate with 0.005 ONCE locked (tx 5SGJ…W3b1), and the ONCE taken back whole at slot 511 887 013 (tx 2EZC…YBBY).

[0023]Example 3: buying after the gate, and calling. Once the gate is open, the call's button on Calls is Buy, with its premium. Until expiry, the holder finds the call under Held by you on Yours, or on its own page; Call once, with its strike, pays K and the stock lands in the holder's wallet in the same transaction. Recorded on devnet, 2026-10-17: call 0000 bought for P 0.10 USDC, paid to its writer in the same transaction (tx 4y8C…TxDN). Recorded on devnet, 2026-10-17: call 0000 released, 2.00 USDC to its writer and 0.01 99H8…cRk9 (raw 1 000 000) to its holder (tx 2dYy…U35E).

[0024]Example 4: the writer takes the lot back. Under Written by you on Yours, Cancel · take it back returns the lot while no one has bought, and Reclaim the stock returns it once the expiry passes uncalled. Recorded on devnet, 2026-10-17: call 0001 canceled before sale, 0.01 99H8…cRk9 (raw 1 000 000) back to its writer (tx 2DgJ…zPSY). Recorded on devnet, 2026-10-17: call 0002 reclaimed after expiry, 0.01 99H8…cRk9 (raw 1 000 000) back to its writer (tx 5CJ5…JKim).

Stocks it takes

[0025]Twelve xStock mints were read on mainnet at slot 457 358 990. All twelve are Token-2022 with decimals 8, a freeze authority, a permanent delegate, a pausable configuration (none paused), ScaledUiAmount, a transfer hook field with no program, no transfer fee, and new accounts that start initialized. They differ only in multiplier.

[0026]Other xStocks were not read for this document. The check in [0013] decides at writing.

Issuer authorities

[0027]Each xStock carries a freeze authority, a pause and a permanent delegate, held by its issuer, and this device cannot remove them. A frozen vault or a paused mint stops a call from settling. A permanent delegate can move stock out of a vault; a call whose vault then holds less than its lot cannot be bought or called, and its writer takes back what is left.

Status

[0028]once is one program on Solana , at .

[0029]This page reads the program's accounts every few seconds and draws them as they stand. Slots are the chain's, and times are the chain clock's, in UTC.

[0030]This site borrows the form of a patent document: numbered parts, INID codes, numbered paragraphs, claims. Nothing here is a patent, a patent application, or a claim of priority.

Claims

What is claimed is:

1. A call option that holds, from the slot it is written, the exact raw amount of stock it promises.
2. The call of claim 1, released by a single payment of a fixed total strike in USDC, after which it cannot be released again.
3. The call of claim 1, which reads no price at any step and leaves nothing to clear.
4. The call of claim 1, in which the stock returns to the writer only when the call expires unexercised or is canceled before it is bought.
5. The call of claim 1, which for 151 slots after writing can be bought only by a wallet that locks ONCE against it, the ONCE being returned whole.
6. The call of claim 1, written on any stock token whose mint passes the check at writing.