One stock. One promise. One holder.
A call is the right to buy a stock lot at a fixed price before a fixed time. On ONE, that lot is already inside the call.
The writer supplies the stock. The buyer pays a premium for the choice. If the holder chooses to exercise, the strike goes to the writer and the stock goes to the holder in the same Solana transaction.
The entire stock lot is deposited before the call can be bought.
The writer’s side
Choose a tokenized stock and deposit the entire lot. Set a strike per share, a premium for the whole call and an expiry. There is no loan and no margin position.
Once bought, the premium is yours. Your stock remains committed until exercise or expiry. Before a buyer arrives, you can cancel and retrieve the lot.
The holder’s side
Buying pays the listed premium, not the strike. It gives you the right to take the stock later by paying the fixed strike before expiry.
You may exercise the remaining lot in full or in parts. Every part uses the original per-share strike. You can also transfer the call to another wallet; a transfer itself does not collect a resale payment.
Two prices, not one
The premium buys the choice and is paid once on purchase. The strike buys the stock and is paid only on exercise.
For a 0.01-share call at a $380 strike with a 0.25 USDC premium, a full exercise costs 3.80 USDC. Premium plus strike is 4.05 USDC, equivalent to $405 per share before network costs.
No automatic exercise
The displayed market price is a reference, not a trigger. ONE does not read it to decide whether your call should be exercised.
A profitable-looking call can still expire unused. The holder must submit a successful exercise before expiry; the writer can reclaim the remaining stock afterwards.