Refract

Lock a share, hold its three parts.

One share becomes Shield, Core and Edge. Recombine them into a whole share anytime. How it works

Model the economics

Asset

Tesla · 1 TSLAx

$420.00

Floor L70.0%

Cap U115.0%

Vol σ60.0%

Maturity

Deposit 1 TSLAx, mint the spectrumΣ = $420.00

Shield

Core

Shield

Senior · safety

$292.64

70% of share

Redeems at$294.00

Implied APY5.8%

Buffer−30.0% before impaired

Wants equity-backed yield, impaired only in a deep crash.

Core

Mezzanine · exposure

$117.98

28% of share

Band$294.00 → $483.00

Width45.0%

RolePlain exposure, mid-band

Wants plain exposure through the middle band, cheaper entry.

Edge

Junior · upside

$9.39

2% of share

Strike$483.00

Breakeven$492.39 · +17.2%

Cost2.2% of a share · no liquidation

Wants leveraged upside that can never be liquidated.

Payoff at maturity · drag to set settlement price

Shield1.00×

paid $292.64 → $294.00

Core1.60×

paid $117.98 → $189.00

Edge6.71×

paid $9.39 → $63.00

SHIELD $294.00 + CORE $189.00 + EDGE $63.00 = $546.00 · one share, conserved

Refract

Lock one share and receive its three tokens in your wallet: Shield, Core and Edge.