How Vardel works
A covered call gives a buyer the right, but not the obligation, to purchase escrowed Stock Tokens at a fixed USDG price before expiry.
Seller
The seller deposits a fixed token quantity and sets the total strike payment, premium and expiry. An unsold offer can be cancelled. If a buyer pays the premium, the tokens remain escrowed until exercise or expiry.
Buyer
The buyer pays the premium directly to the seller. Before expiry, the buyer may exercise by paying the strike in USDG. If the option expires unexercised, the premium is not returned.
Settlement and risks
After expiry, the seller must reclaim the tokens in a transaction. Exercise caps the seller’s upside at the strike. A listing earns no premium unless a buyer pays it; the buyer may lose the entire premium. Contract, token, USDG and issuer risks remain. Stock Tokens are not shares of the underlying company, and corporate actions can change the shares-per-token multiplier. Check issuer terms and jurisdictional eligibility.
The contract has not received an independent security audit. Vardel does not use an oracle or exercise options automatically.
Network
Vardel is active on Robinhood Chain public testnet with no-value mock Stock Token and USDG assets. The complete call, exercise and cancellation flow has been tested. Mainnet is not launched.
Testnet contract: 0xb3f9d2ce62e316d47227e7cf6550c3d0212f3cfd