A call with its stock inside.
The promise is covered before it is sold. A vault owned by the call holds the tokenized stock; only the contract’s permitted transitions can release it.
Field
ONE is a Solana covered-call protocol for tokenized stocks. It separates three decisions: the writer chooses the terms, the buyer purchases the right, and the holder decides whether to exercise before expiry.
The interface quotes prices to help evaluate a call. Those quotes never authorize settlement, liquidation or automatic exercise.
Accounts & fixed terms
- Writer
- The wallet that deposits the collateral and receives premium and strike payments.
- Holder
- The single wallet entitled to exercise or transfer a purchased call.
- Stock vault
- A token account controlled by the call, containing its remaining underlying stock.
- Lot
- The original stock quantity and the remaining exercisable quantity.
- Strike
- The total USDC strike for the original lot. The per-share strike remains fixed for partial exercise.
- Premium
- The USDC amount paid to the writer when the call is first bought.
- Expiry
- The last time before which a successful exercise may occur, checked against the chain clock.
The lifecycle
The entire stock lot is deposited before the call can be bought.
| State | Permitted next action | Authorized wallet |
|---|---|---|
| Open | Buy · Cancel · Reclaim after expiry | Buyer · Writer |
| Held | Exercise · Transfer · Reclaim after expiry | Holder · Writer |
| Exercised | Final: no stock remains | — |
| Cancelled | Final: unbought stock returned | — |
| Reclaimed | Final: remainder returned after expiry | — |
Settlement, together
On purchase, the premium moves to the writer and the buyer becomes the holder atomically. On exercise, the strike payment and stock release are part of one transaction. If a required transfer fails, the transaction does not partially settle.
For a partial exercise, strike owed = original total strike × shares exercised ÷ original lot. The remainder stays in the vault. Token amounts have finite precision; the submitted transaction uses the mint’s raw-unit amounts.
After expiry, the writer reclaims the unexercised remainder. There is no cash payout instead of stock and no keeper watching prices.
Stocks on the sheet
These are tokenized exposures, not ordinary shares in a brokerage account. The quoted mainnet asset and the asset configured for trading on the current network are distinct configuration fields.
Authorities do not disappear
A vault does not remove the underlying token’s issuer, freeze, transfer or redemption restrictions. A token issuer may hold permissions that affect transfers. Availability can also depend on your jurisdiction and the issuer’s terms.
Program security, wallet security, token liquidity and network availability remain separate risks. Read Risks & settlement before committing funds.
Status of this ONE deployment
Live · mainnet-beta
The ONE program is in final deployment on this network. The sheet and ledger are already readable; write and purchase actions open as the program address is confirmed.
The original CallOnce deployment, source links, token gate and transaction history do not belong to ONE. ONE currently has no priority token requirement. A configured address alone is not evidence of an independent security audit.