chapter 01

Five stocks, onchain

Every market on oPar is quoted in a stock token. Start there.

oPar is a launchpad where tokens trade against stocks. Not the shares themselves: five stock-quote tokens, each named for a listed instrument and given that instrument’s price once, at launch. Today they are Grindr, VIX, Pop Mart, Spotify and Nintendo. Each one lives in its own Uniswap v4 pool against USDG, a dollar token, so each has a live dollar price. That price runs along the ticker at the top of the home page.

fig. 1the five stock tokens a launch can be quoted in

A stock token is a unit of account, not a claim. It is not backed by, redeemable for, or affiliated with the company it is named after. What it gives you is a dollar-legible thing to price a new token in, and a name people already know.

When you launch a token here, you pick one of the five. From then on your token and that stock token share one pool: buyers pay with it, your price and market cap show in it, and the reserve behind your token is made of it.

your token

1,000,000,000 minted once

one pool

the stock token

one of five, live against the dollar

buys pay in it
price is quoted in it
market cap shows in it
reserves are made of it
the 1% tax is taken in it

fig. 2one market, and everything that flows through its stock side

chapter 02

The pool moves with the tape

A native market maker owns the liquidity. It tracks the instrument by moving the band, not by honouring a claim.

Each stock token tracks its instrument continuously. A professional oracle prints the reference price. A market maker that lives in the pool itself relocates the liquidity around that print. When the tape goes up, it mints token into the ceiling. When the tape goes down, it burns token into the floor.

There is no redemption. oPar never promises USDG for a token at oracle price. Tracking is delivered by moving where the liquidity sits. That bounds what the protocol can lose to the assets already in the pool, and makes insolvency structurally impossible.

fig. 3one band, last peg in the middle, mint and burn at the edges

The maker does not take the other side of a bet. It rearranges a pool it already owns. Holders get real price exposure, up and down, because the band they trade in is the band the oracle just printed.

Collateralization: none; no redemption
Tracking: oracle-driven band relocation
Oracle: external professional feed
Maker: native; owns the whole position

Event	Token	USDG
Repeg up	mint the shortfall	freed USDG stays in reserve, redeployed as bid depth
Repeg down	burn the excess	none required
Net buying	inventory drains	pool USDG rises
Net selling	inventory rises	pool USDG drains

chapter 03

The price, without the claim

An unbacked synthetic. Holders get the move. Nobody gets an entitlement against oPar, or against the company on the tape.

A stock token is not a share. It is an unbacked synthetic that tracks a reference price by moving where its liquidity sits. You get the exposure, up and down, delivered through the band. You do not get ownership, dividends, a vote, or a right to redeem.

That is the point, not a footnote. A protocol goes insolvent when it promised something it cannot pay. This one never promised a dollar at oracle price. The worst print still only rearranges what is already sitting in the pool.

	Is	Is not
The thing itself	an unbacked synthetic that tracks by relocating liquidity	a claim on a share, or on oPar
What holders get	real price exposure, up and down, through the band	ownership, dividends, voting, or redemption
What backs it	the assets already in the pool, and nothing else	a reserve that covers holder value at oracle price
The peg	kept by moving the band while the oracle is live	a guarantee; when the breaker trips, the price sits off until it clears

Tracking can halt. When it does, the price de-pegs and stays de-pegged until the halt clears. That is written here so it is not a surprise later: the band follows the tape when the tape is fit to follow, and it stops when it is not.

chapter 04

Pegged to the close

Equities print about 6.5 hours, five days a week. The chain does not sleep. When the tape is shut, the peg holds the last print.

US cash equities trade a short day. The token does not. From Friday close to Monday open that is 63 hours of a frozen reference and a market that is still open. During those hours, and overnight on every weekday, the peg holds the closing price. When the tape prints again, the maker walks the band to the new print.

US cash session09:30 to 16:00 ET

Montrack

Tuetrack

Wedtrack

Thutrack

Fritrack

Satclose

Sunclose

63 hoursFriday close to Monday open. The reference is frozen. The token is not. The peg holds the last print until the tape opens again.

fig. 4when the token tracks, and when it holds the last close

4.1repeg() is permissionless

repeg() is permissionless. Anyone can call it. The caller is paid nothing. The function reads the oracle, refuses a stale or out-of-hours print, clamps the move to a maximum per interval, and halts instead of relocating if the print is a gap. Then it burns the old position, measures the real balances, mints or burns inventory, and remints one band around the new peg.

repeg()permissionless

1
read the oracle
reverts if the feed is stale, halted, or outside market hours
price()
2
wait the interval
nothing moves until the minimum seconds since the last repeg have passed
interval
3
clamp the print
the peg can only walk so far from lastPeg, every time, no exceptions
rate limit
4
trip on a gap
a jump larger than the breaker does not relocate the band; it halts
halt
5
mint or burn
token shortfall is minted into the ceiling; excess is burned into the floor
inventory
6
remint one band
the recovered balances become a single position across the target range
one position

without the clampone stale-but-valid print relocates every unit of liquidity to a garbage price, and the pool is arbitraged out in a single block. The clamp bounds the damage. The breaker refuses to act on a gap at all.

fig. 5a repeg, start to finish

Rate limiting is not optional. Without the clamp, a single bad print relocates all liquidity to a garbage price and the entire pool is arbitraged out in one block. It is the highest-severity failure in this design, and it does not require a bad oracle: one stale-but-valid print during a halt is enough. The clamp bounds the damage of a wrong price. The breaker refuses to act on one at all.

4.2What stays true after every repeg

Positions: exactly one, after every repeg
Mint cap: outstanding never above it
USDG: never leaves except via collectFees()
lastPeg: moves at most the max repeg per interval
The band: no liquidity, and no trades, outside it
The caller: anyone; granted nothing

chapter 05

Launching against one

One signature, 0.002 ETH, and a market that is open the moment it confirms.

A launch is a single transaction. The form asks for six things, and the chain does the rest:

Name and ticker. What shows in launches and in wallets. Each name-and-ticker pair can only ever be used once on oPar.
One line about it. Optional, stored on chain with the token.
An image. Optional. Paste a link, or upload a file and it is stored on chain inside the token itself, so it can never disappear.
The stock token it’s quoted in. The one choice you cannot change later.
Your cut of the supply. 0 to 10% of the billion, sent to your wallet before the market opens. Everything else goes in the pool for people to buy.
The opening market cap. Not a choice. The form shows it, and the opening price it implies, so you see exactly what you are signing.

1
you sign once
one transaction carries the fee and your choices: the stock token, the name, the keep
0.002 ETH
2
the supply exists
every token is minted in the same moment; no way to mint more survives the launch
1,000,000,000
3
your keep leaves first
whatever share you chose lands in your wallet before the market opens
0 to 10%
4
the pool opens
the rest of the supply is priced in the stock token so the whole billion is worth the standard opening cap
$15,000
5
the liquidity is locked
the pool's ownership certificate goes into a vault with no way out
forever

if any step failsthe whole launch cancels itself, fee included. There is no half-launched state.

fig. 6a launch, start to finish

Notice what you never provide: capital. The pool opens holding only your tokens, priced so the whole billion is worth $15,000. The first stock tokens in the market come from buyers, on their own terms, and from that moment the reserve behind your token grows with every buy.

chapter 06

Priced in dollars, quoted in the stock

Your opening cap is set in dollars. Everything after that reads in the stock token you chose.

A stock token’s own price is read live from its pool against USDG. At launch the app takes that number and sets your opening price so that all 1,000,000,000 tokens together are worth $15,000, whether one oSPOT is worth hundreds of dollars or one oGRND is worth fifteen. Every launch starts on the same footing.

read live

$ per stock token

from the stock token's own pool against USDG, refreshed every 30 seconds

your pool

stock tokens per token

set by trading in your market, the way any price is

shown to everyone

$ per token

and, times a billion, the dollar market cap

at launchthe same chain runs backwards: $15,000 across 1,000,000,000 tokens, divided by the stock token’s dollar price, gives the opening price in the stock token. That is why every launch opens at the same market cap whichever stock you pick.

fig. 7how a dollar figure reaches a token page

After that, your token’s price and market cap are quoted in the stock token from the first trade on: so many oSPOT per token, so many oSPOT of market cap. The dollar figure next to it is the same number times the stock token’s live dollar price. Both can move: your token against the stock, and the stock against the dollar.

chapter 07

Every trade pays 1%

Flat, in the stock token, split in half the moment it is paid. Half of it is the creator's, for as long as the token trades.

Buying a token here means paying stock tokens into its pool. Selling pulls them back out. There is no other currency in the market and no other counterparty. The pool itself charges no liquidity fee. Instead every trade, buy or sell, pays 1% in the stock token.

a 100 oSPOT buy100.00

99.00into the pool, deepening the reserve behind the token1.00the tax

the tax, magnified

0.50to the wallet that created the token0.50to the launchpad

Always in the stock token, never in the launched token. Split by the pool itself in the same moment the trade happens: no claiming, no dashboard, no way to redirect it.

fig. 8where a buy goes, and where the tax goes

Who	Gets
Creator	Up to 10% of the tokens at launch, plus half of every 1% trade tax, in the stock token
Launchpad	0.002 ETH per launch, plus the other half of every trade tax
Holders	A market whose liquidity cannot be pulled, by anyone, ever

The creator’s half is delivered by the pool itself, in the same transaction as the trade: nothing to claim, no dashboard to visit. And it does not reward fake activity. Trading against your own token costs 1% and returns only half of it, so every wash trade burns 0.5% of its size.

7.1Getting out

Selling is a plain swap: your token back into the stock token, in the same block you sign. The stock token then trades against USDG in its own pool, so a position can be walked all the way back to dollars in two swaps, with nobody in between.

your tokenwhat you hold
its launch poolone swap, 1% tax in the stock token
the stock tokenoSPOT, oGRND, whichever it was quoted in
the stock token's own poolone swap, live against USDG
USDGa dollar token, in your wallet

Both hops are plain swaps that settle in the same block you sign them. Nothing is queued, nobody approves it, and you can stop at the stock token if that is what you wanted.

fig. 9from a launched token back to dollars

chapter 08

Nothing can be pulled

Not promises. Missing functions. The code that could rug a token simply does not exist.

The liquidity is locked, not promised.

The vault holding each pool has no withdraw function. The code that could pull the reserve out from under a token does not exist, so a rug is not merely forbidden, it is impossible.

At least 90% of every token is in the pool.

The creator can keep at most 10% of the supply, so the overwhelming share of every token sits in the locked market from day one. The exact number a creator kept is public on every token's page.

No admin keys.

After setup, nobody can change the tax, the rules, or the wallets. Not the creators, not the developers. Every existing token and pool would survive even a brand-new launchpad unchanged.

No side doors.

Technical gates make it impossible to launch around the front door, skip the fee, or set up a token's pool with different rules before the real launch does.

the full supply, day one1,000,000,000

≥ 90% locked in the pool

no withdraw function exists; the reserve only ever leaves through trades≤ 10%the creator’s keep

fig. 10a creator dump is capped by construction

Under all of this sits Uniswap v4’s audited infrastructure. oPar’s own contracts are small, source-verified on the chain explorer, and have no owner and no upgrade path. Nothing in this document is tunable after deploy.

chapter 09

$oPar

The launchpad's own token. Every fee the launchpad earns buys it back.

oPar has one token of its own, $oPar, and it lives on the launchpad on the same terms as every other token here: quoted in a stock token, a billion supply, liquidity locked forever, 1% on every trade.

What makes it different is where the launchpad’s revenue goes. The 0.002 ETH from every launch and the launchpad’s half of every trade tax, across every token launched here, are routed into buying $oPar back off the market.

every launch

0.002 ETH

the flat fee, paid once per token

every trade, on every token

0.5%

the launchpad's half of the 1% tax, in the stock token

routed into

buying $oPar off the market

The launchpad keeps no revenue for itself in another form. More launches and more trading across every launch mean more buying of one token.

fig. 11the launchpad's revenue, and where it goes

The contract address and the live page for $oPar sit on the home page. Check the address there before you trade it.

appendix A

Key numbers

The whole product on one plate.

cost to launch: 0.002 ETH, exact
token supply: 1,000,000,000, minted once
quoted in: oGRND / oVIX / oPMRTY / oSPOT / oNTDOY
opening market cap: $15,000, every launch
creator keep: 0 to 10% of supply
liquidity fee: 0%
trade tax: 1% per trade, in the stock token
tax split: 50 / 50 creator / launchpad, automatic
liquidity lock: permanent, no unlock exists
launchpad revenue: buys $oPar off the market

appendix B

The stock tokens

The five names, what each refers to, and the price each was given at launch.

Token	Instrument	Price at launch	Address
`oGRND`	Grindr Inc. (NYSE: GRND)	$15.25	set by deployment
`oVIX`	CBOE Volatility Index (INDEX: VIX)	$14.53	set by deployment
`oPMRTY`	Pop Mart International Group Ltd (OTC: PMRTY)	$19.59	set by deployment
`oSPOT`	Spotify Technology S.A. (NYSE: SPOT)	$542.43	set by deployment
`oNTDOY`	Nintendo Co., Ltd. (OTC: NTDOY)	$14.07	set by deployment

The price at launch is the number each token was given once, at deploy, from the instrument it is named for. After that the token trades on its own in its pool against USDG and does not follow the instrument. These tokens are not backed by, redeemable for, or affiliated with the named companies; the CBOE Volatility Index is an index level, not a share. More stock tokens are coming soon.