USEstratos is a non-custodial, fully collateralised options market. Sell covered calls and cash-secured puts, or buy options as transferable NFTs. No leverage, no margin, no liquidations.
You are reading the official USEstratos information site.
It explains what USEstratos is and how it works. The protocol contracts are not deployed yet, so there is nothing to connect or trade here. Testnet, audits and mainnet will be announced on X first.
Options where every position is paid for up front.
USEstratos is a peer-to-peer options market on Robinhood Chain, an Ethereum L2. Sellers lock the full collateral when they create an offer. Buyers pay a premium for the right to exercise. Nothing is borrowed, so nothing can be liquidated.
Locks ERC-20 tokens, sets a strike in ETH, an expiry and a premium.
Earns the premium. If exercised, receives the strike. Otherwise the tokens come back.
Locks the full strike in WETH, chooses the token, expiry and premium.
Earns the premium. If exercised, receives the tokens. Otherwise the WETH comes back.
Pays the premium and receives an Option NFT (ERC-721).
The right to exercise any time before expiry. The NFT can be held, transferred or sold.
Four steps. One direction.
Every option follows the same path. Status only moves forward, so an option can never be both exercised and expired.
A seller opens an offer
For a covered call, the seller locks ERC-20 tokens. For a cash-secured put, the seller locks the strike in WETH. Strike, premium, expiry and an offer deadline are fixed, and the collateral sits in escrow from this moment.
- Status
- OPEN
- Collateral
- Tokens (call) or WETH (put)
- Expiry
- 1 hour to 90 days
A buyer fills it
The buyer pays the premium and an Option NFT is minted to their wallet. Until it is filled, the seller can cancel the offer at any time and reclaim the collateral.
- Status
- FILLED
- Seller receives
- 97% of the premium
- Fee vault
- 3% of the premium
The option is an NFT
The Option NFT carries the right to exercise. It can be held, transferred to another wallet or sold. Whoever holds it at exercise time is the one who can exercise.
- Standard
- ERC-721, on-chain metadata
- Transferable
- Yes
- Exercise window
- Until expiry
Exercise or expire
Before expiry, the holder can exercise: the strike and the underlying swap hands. At or after expiry, anyone can call expire and the collateral returns to the seller. The two windows never overlap.
- Exercise
- Before expiry, 0.1% of strike
- Expire
- At or after expiry, by anyone
- Status
- EXERCISED or EXPIRED
An OPEN offer can be moved to CANCELLED by its seller at any time before it is filled. EXERCISED requires the current time to be before expiry; EXPIRED requires it to be at or after expiry. The windows never overlap.
A covered call, end to end.
ZEPH is an example token used for illustration only.
Locks 100,000 ZEPH. Strike 5 ETH, premium 0.2 ETH, expiry 7 days.
Bob pays the 0.2 ETH premium and receives the Option NFT.
Bob pays the 5 ETH strike and receives the underlying tokens.
Built for traders who read the contract.
Fully collateralised
Every option is 100% backed at creation. There is no leverage, no margin and no liquidation engine to fail.
Non-custodial
Collateral sits in the market contract and can only go to its seller or the option holder. No admin function can move it.
Options as NFTs
Each filled option is an ERC-721 with on-chain metadata. Hold it, transfer it or sell it; the holder exercises.
Exit is always open
A pause can stop new offers and buys. It never blocks cancel, exercise or expire.
Fees locked per position
Fees are snapshotted when a position is created. Later changes never touch open positions.
Seller-set pricing
Premiums are chosen by sellers and accepted by buyers. No oracle sits between you and the price you agreed to.
Two fees. Split by the contract.
No other protocol fees exist. Network gas is separate.
Paid to stakers of the planned USEstratos token, in WETH.
Used for on-chain buyback and burn.
Funds protocol operations.
Ceilings are hard-coded in the contracts. Fees are fixed per position at creation. The USEstratos token is not launched; there is no ticker, price or supply to show.
Users can always exit.
USEstratos is designed so that the people who run it have as little power over your funds as possible. The constraints are in the code, not in a promise.
- 01No admin function can move user funds. No sweep, rescue or emergency-withdraw function exists.
- 02Contracts are not upgradeable.
- 03Settings change only through a 48-hour timelock controlled by a 3-of-5 multisig, within hard-coded ceilings.
- 04A 2-of-3 guardian can only pause new offers and buys or disable a token. It cannot unpause, enable or touch funds.
- 05Pause never blocks cancel, exercise or expire.
- 06Calls and puts have separate escrows.
The rules, in one place.
- Expiry range
- 1 hour to 90 days
- Minimum premium
- 0.0005 ETH
- Listed tokens
- Up to 25
- Per-token limits
- Exposure cap and minimum strike
- Strike currency
- ETH (WETH in contracts)
- Payouts
- WETH, with unwrap to ETH
- Network
- Robinhood Chain (Ethereum L2)
- Contracts
- Solidity 0.8.28, OpenZeppelin 5
Honest about where we are.
Nothing is deployed to a public network yet. We do not promise dates. Launch announcements will be made on X.
Core contracts
Asset registry, Option NFT, call market, put market and fee vault. 71 automated tests (unit, fuzz and invariant) pass. Deploy script tested on a local chain.
Staking, burn and router
Staking pool, buyback-and-burn and a router for ETH wrapping and multicall.
Testnet
Deployment to Robinhood Chain testnet.
Indexer and keeper
An indexer for on-chain events and a keeper that handles expiries and fee splits.
Audits and a careful launch
Two independent audits, a public bug bounty, a testnet beta, then mainnet with 3 tokens and low caps.
Plain answers.
Not yet. USEstratos's contracts are built and tested but not deployed to any public network. This website is for information only. Follow @usestratosRH on X for launch announcements.
Launch news lands on X first.
Testnet, audits and mainnet will all be announced from one account. If it is not from @usestratosRH, it is not from us.