Wall Street, unbundled.
Tokenized stocks become collateral, credit lines, perps, dividend streams, and votes. Every dollar of protocol revenue burns SPYFI.
Tokenized stocks solved custody. SpyDefi is the market structure.
Every share is a bundle. Keep scrolling. Watch it come apart.
Redeems one full share at maturity. Trades at a discount that implies the market's dividend forecast.
Collects every dividend until maturity. Sell four years of payouts today, or buy them at a discount.
The vote, separated from the economic claim and priced by auction at each record date.
THREE CLAIMS / THREE MARKETS / THREE PRICES, DISCOVERED INDEPENDENTLY
Eight modules. One balance sheet. Every fee ends in the burn.
Hover any module. Collateral flows down the wires; revenue flows into M05 and leaves as burned supply.
sDSPY, sDTSLA and peers fold dividend and lending yield back into the underlying. ERC-4626, composable everywhere.
WIRED TO M01 M03 M07Any supported tokenized equity as collateral, USDC borrowing, per-asset LTV from liquidity and gap risk.
WIRED TO M02 M06Perps on the same equities, funding anchored to spot. Margin computed across credit and perp positions in one account.
WIRED TO M01 M04One yield pool, two risk appetites. Senior takes first claim at a capped rate; junior levers the residual.
WIRED TO M02 M04Lending spread, dividends, covered calls, basis carry, T-bill float. Independent, visible, severable.
WIRED TO M02 M06Split any yield-bearing position into PT and YT at fixed maturity. The dividend stream becomes priced fixed income.
WIRED TO M02 M08The vote, wrapped as a transferable token with auction price discovery, settled through issuer rails at record date.
WIRED TO M07All protocol revenue terminates here: TWAP buybacks burn supply and pay veSPYFI stakers. No inflation lever exists.
WIRED TO ALLOne billion. Fixed forever. Shrinking from day one.
Lock SPYFI for one week to four years. Longer locks earn boosted voting power and a larger share of protocol revenue. The lock is the only claim on the cash flow.
A burn is a buyback that benefits every holder pro rata, executes without a claim transaction, and leaves nothing in a treasury to be governed, lobbied, or stolen.
The most important number on this site. The team holds zero genesis supply and buys SPYFI the way anyone does: on the open market, at the market price.
NO ADMIN KEYS
No pause switch, no parameter override, no allowlist. Risk parameters move only through time-locked on-chain governance, visible days before execution.
NO UPGRADE PATH
Contracts are not proxies. The audited code is the deployed code, forever. Successor versions are separate deployments users opt into, or do not.
NO TREASURY DISCRETION
Revenue routes to the buyback contract by code. Nobody schedules it, nobody redirects it, and anyone can trigger execution.
NO QUARTERLY PDFs
Every liability and every unit of collateral is a public contract balance. Solvency is checkable by anyone, at any block, without attestations.
Credit and yield
- Multi-collateral credit market
- Auto-compounding wrappers
- SPYFI genesis and burn engine
- veSPYFI locking
Derivatives
- Equity perpetuals exchange
- Cross-margin risk engine
- Senior / junior tranching
- Covered-call and carry layers
Unbundling
- Dividend stream tokenization
- Voting rights tokenization
- Fixed-income markets for YT
- Governance auctions
The questions a careful reader asks.
Anything missing belongs in the whitepaper's risk section, which names the failure modes we cannot engineer away.
Q01What actually backs the tokenized stocks?+
SpyDefi does not issue equities. It integrates tokenized stocks from regulated issuers that hold the underlying shares with licensed custodians and support on-chain minting and redemption. The protocol treats them as collateral assets, each with its own risk parameters. Issuer risk is real and is priced into the LTV: an asset with weaker redemption guarantees gets a lower LTV or is not listed.
Q02How does the dividend pass-through work?+
When the underlying company pays a dividend, the issuer reflects it on-chain, typically as a rebase or a claimable distribution. SpyDefi's wrappers harvest that distribution and either credit it to your position in USDC or auto-compound it into more of the underlying, depending on the vault you chose. You keep the dividend even while the asset is pledged as collateral.
Q03What happens during a stock market crash?+
The same thing that happens on any sound credit market: positions whose health factor falls below one are liquidated, with a penalty that pays the liquidator and the protocol. LTVs are deliberately conservative because equities gap overnight and over weekends. The risk engine sizes maximum LTV per asset against its historical gap risk, not its intraday volatility.
Q04What happens when the stock market is closed?+
The protocol never closes. Borrowing, repayment, and perp trading continue around the clock. While the underlying market is closed, oracles report the last verified price, and the conservative LTVs exist precisely to absorb the gap between Friday's close and Monday's open. Perp funding rates during off-hours converge the perp price toward the expected reopening price, which gives the market a 24/7 price signal that does not exist anywhere else.
Q05What sets the borrow rate?+
A utilization curve, the same mechanism proven by Aave and Compound. When a small share of supplied USDC is borrowed, rates are low; as utilization approaches a target threshold, rates rise sharply to attract supply and encourage repayment. The curve parameters per market are public constants in the deployed contracts.
Q06What is the audit status?+
Audit reports are published in full, including findings and remediations. A standing public bug bounty covers all deployed contracts; scope and payout tiers are listed in the documentation.
Q07Is there a token sale or a team allocation?+
No sale, no team allocation, no advisor tokens. 100% of supply is split between liquidity mining (50%), the initial Uniswap V3 position (30%), and the time-locked buyback treasury (20%). The team's exposure to SPYFI is whatever it buys on the market.
Q08How does the buyback-and-burn actually execute?+
Protocol revenue accrues in USDC to a buyback contract. Anyone can call the execute function, which swaps a capped tranche through the SPYFI/USDC Uniswap V3 pool using a TWAP guard, then burns the output. The caller earns a small incentive, so execution is permissionless and does not depend on the team running a bot.
Q09What is veSPYFI and why would I lock?+
Locking SPYFI for one week to four years mints non-transferable veSPYFI, weighted by lock duration. veSPYFI carries governance power over risk parameters and asset listings, boosts your liquidity-mining rewards, and receives the staker share of protocol revenue. Unlocked SPYFI receives none of these; the burn is its only tailwind.
Q10How is this different from holding stock at a broker?+
A brokerage share is an IOU inside a closed system. A tokenized share inside SpyDefi is bearer collateral: you can borrow against it at 3am on a Sunday, hedge it with a perp on the same margin account, sell its dividend stream forward, or lend it, all without permission and all while it remains in your wallet's control. None of those actions exist at a retail broker.
Q11Why deploy on Base?+
Sub-cent transactions make the small, frequent operations this protocol depends on (dividend harvesting, funding payments, compounding) economically viable. Base also has the deepest USDC liquidity of any L2 and credible institutional on-ramps, which matters for an RWA-facing protocol.
Q12What are the main risks?+
In rough order: smart-contract risk, issuer and custody risk on the tokenized equities, oracle risk during market closures, and liquidity risk in stressed markets. The whitepaper's risk section treats each one explicitly, including the failure modes we cannot engineer away. Anyone who tells you a DeFi protocol is risk-free is selling something.
Q13Who can use the protocol?+
The contracts are permissionless. Tokenized equity issuers, however, impose their own eligibility rules on minting and redemption, which vary by jurisdiction and typically exclude certain persons. Secondary on-chain transfers follow each issuer's token rules. Nothing on this site is an offer of securities or investment advice.
Q14How did SPYFI launch?+
SPYFI genesis executed with Phase 1 deployment: the Uniswap V3 position, the locked treasury, and the emission schedule went live in one transaction sequence. There was no presale and no allowlist. Contract addresses are signed from the project's verified accounts. Treat any address from any other source as hostile.
The exchange is the contract.
BUILT ON BASE / VERIFIABLE AT ANY BLOCK