A market of positions, not assets

Every dollar of that exposure is a leveraged perpetual. It tracks the stock beautifully, but it is a position you must manage: funding every eight hours, margin to maintain, a liquidation price that does not care about your thesis. A perp cannot sit in a cold wallet, cannot be LP'd against USDC, cannot be posted as collateral on a lending market.

This is not a complaint about perps. Perps are the engine: the deepest, most liquid, oracle-priced equity book that has ever existed on chain, running 24/7 for TSLA, AAPL, NVDA, AMZN, and a synthetic Nasdaq index. The complaint is that the engine is all there is.

The missing asset

What the market forgot to build is the boring thing: a spot token that tracks the stock and behaves like an asset. Mint it, hold it, send it, LP it, lend it, redeem it. No funding tab. No liquidation price. The stock, finally composable.

The pattern is proven

Delta-backed synthetic assets are the most battle-tested design in DeFi. Synthetix ran synths for years. Ethena holds a delta-neutral reserve with an insurance buffer and prints it transparently. The design works when the backing is verifiable and the risks are named instead of hidden.

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Perps are the engine. The certificate is the asset.

What a certificate changes

Deposit tUSDG, the vault opens a fully backed long on the equity perp underneath, and uTSLA mints to your wallet at oracle price. Delta target 1.0, proven on-chain at every attestation with the age of the proof published. Burn it and tUSDG comes back at oracle price, never gated. Funding is buffered, then fee'd, never hidden. Holders are senior to stakers, always.

The honest boundary

Certificates are synthetic. Backed by perp positions and tUSDG margin, not custody of shares. No dividends, no shareholder rights. The solvency dashboard is public and the stress parameters are published, because the point of putting it on chain is that you should never have to take our word for it.