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Hypercall Earn

Hypercall Earn is a covered-call yield product for xStocks on Ink. It is for people who already hold an asset and would accept a defined sale price in exchange for premium today.

Yield from a choice you already have​

A covered call begins with one question: at what price would you sell?

Choose an amount, strike, and expiry for an eligible xStock. A market maker responds with a firm quote for those exact terms. If you accept it, you receive the quoted premium upfront while your collateral is committed to that one position.

There is no pooled strategy, automatic roll, or advertised fixed rate. Your potential return comes from the premium on the specific terms you choose.

The two outcomes that matter​

Buyer does not exercise

You keep the xStock

  • The writer receipt recovers the isolated collateral
  • You keep the premium paid at funding
  • The xStock returns to your control

Buyer exercises

You sell at the strike you chose

  • The fixed strike payment goes to the writer
  • The fixed xStock collateral is physically delivered
  • You still keep the premium paid at funding

Built around RFQ​

Earn uses request-for-quote, or RFQ, rather than asking you to accept a generic rate.

Indicative

Context before a request

  • Helps compare potential terms
  • Can move with market conditions
  • Cannot fund a position

Firm RFQ

The decision point

  • Binds wallet and exact terms
  • Shows the signed premium and deadline
  • Can fund only if accepted while valid
  1. Choose your terms. Select an eligible xStock, amount, strike, and expiry.
  2. Review an indicative. An indicative helps compare terms. It is not a promise to trade.
  3. Request a firm quote. The RFQ binds the wallet and exact terms. A market maker may return a short-lived signed premium or decline to quote.
  4. Decide with the premium in front of you. If you accept a valid quote, premium and collateral move together in one transaction.

Premium upfront, one position at a time​

Premium is paid to the seller when a position funds, not after expiry. Each position is isolated, with its own collateral and receipt tokens. The premium is yours whether the buyer later exercises or not.

The tradeoff is equally direct: premium can soften a loss, but it does not remove downside in the xStock. If the buyer exercises, your sale price is capped at the strike you chose.

No oracle​

Earn does not use an oracle to determine whether a position is in or out of the money. Neither Pyth nor another price feed decides the outcome.

Instead, Earn uses fixed strike and fixed collateral terms with a short exercise window after expiry. The buyer receipt holder decides whether to exercise under those position terms.

For the broader idea, read Vitalik's options-first design and Hypercall's Options are not debt.

A new kind of option​

Earn is a physically settled European option with an Asian-style exercise window. The buyer receipt holder chooses whether to exercise during the defined window, then pays the fixed strike for the fixed collateral.

Physical delivery matters. The maker can receive exposure to the collateral's dividend economics through delivery of the wrapped xStock, rather than through a separate price-oracle adjustment.

Explore Earn​

  • Open Earn, choose an eligible xStock and request a quote
  • Contracts, live addresses, explorers, contract roles, and market-maker participation
  • How Earn Is Different, no-oracle settlement, physical delivery, dividend exposure, and rewards
  • Rewards, the live Quotrons campaign and why it remains separate from option premium
  • Hypercall RFQ, the wider quoting interface Earn will join

Risks to understand​

  • Your xStock keeps its downside. Premium is not downside protection.
  • Your upside can be capped. Exercise exchanges the fixed collateral for the fixed strike.
  • Firm quotes can differ from indicatives. A maker can quote a different premium or decline the request.
  • Collateral is committed. There is no automatic roll or guaranteed early exit.
  • Software can fail. Contract, wallet, token, network, market-maker, and settlement risks remain.
  • Rewards are separate and variable. They are not option premium or guaranteed yield.
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