How it works
One share, split three ways.
The whole idea, the payoff math, and why it holds together, in plain terms.
The simple version
A share is really three things in one: a safe part, a middle part, and a jackpot part. Normally you have to buy all three together. Hanko splits them so you can keep just the one you want, and they always snap back into a whole share. Drag the price and watch it happen:
$100 + $50 + $0 = $150, always one whole share.
A normal price. Shield is full and safe; Core carries the ups and downs.
What Hanko is
Hanko splits a tokenized stock into three tokens you can hold on their own: Shield, the safe part, Core, the middle, and Edge, the upside. Hold one, or hold all three. Put all three back together and you get your share.
How it works
You lock one tokenized share in a vault. The vault mints three tokens against it, each a claim on part of the share's value at a set date. The three claims always add up to exactly the share, never more. Fully backed, no leverage. On the settlement date the vault reads the price and pays each token its part. Hold all three and you can recombine them into the share anytime.
The three tokens
With a floor L and a cap U, at a settlement price S:
The first, safest part. Impaired only if the stock falls below the floor.
Plain exposure through the middle band.
The upside, and it can never be liquidated.
Shield + Core + Edge = S.
Why it is possible
A tokenized share is a programmable token, so a contract can lock it and issue claim tokens whose payoffs are set in code and settled against a price feed. It is the same technique a bond desk uses to strip a bond into principal and coupons, and Pendle uses to split yield, applied to equity.
Real securities
The underlying can be a real, custody-backed tokenized security. Backpack Securities has opened a public mint and redeem API, so a real US share can be issued on Solana and redeemed back one to one. Hanko refracts that security into its three parts; recombine the parts into a whole share and redeem it for the real stock. On devnet this uses test shares in place of this.
What Hanko is not
- Not leverage. Every token is fully backed by a real share.
- Not rehypothecation. The share stays locked until you recombine or settle.
- Not financial advice.
Roadmap
- Oracle-fed settlement via Pyth, replacing the interim authority-set price
- Real underlyings and redemption via Backpack Securities
- Shield as premium collateral: the safe, senior slice is high-grade collateral other Solana lending protocols can accept, making Hanko a factory for a new safe-yield asset that composes across DeFi
- Reclaimable pool liquidity via LP tokens (single-LP withdrawal shipped)
Not financial advice.