Issue ownershipthrough Preferred Tokens.

Projects define costs up front by choosing collateral commitment, protection level, and term. If the token performs, much of the structure is recovered at settlement; the cost is effectively tied to realized downside and campaign terms.

Deep, protocol-owned liquidity support, structured downside-aware positioning, and a class of holders aligned to your chosen term, not just opportunistic flows.

There is no hard minimum on protocol design, though practical minimums depend on campaign gas costs and liquidity economics.

Two things were missing: quant structuring expertise and an onchain tooling layer that can turn project treasury economics into a clean productized offering for long-tail tokens.

The project is the counterparty by defining and committing the backing at issuance. The same treasury-side mechanism that gives downside protection in the preferred structure also aligns project incentives over term.

The project sets them before launch. This includes protection level, duration, any conversion or call logic, and collateral mechanics. All terms are fixed and public before people enter.

From the issuer side: smart-contract risk, protocol risk, price risk, and term risk still apply. Protection can fail to meet expectations if structure, implementation, or market moves are stressed beyond modeled assumptions.

Current deployment coverage includes Ethereum and Arbitrum, with support designed to expand. Any ERC-20 token can be considered based on safety and liquidity prerequisites.

Founded by Jan Pevzner and Guyi Shen. See the team page for current leadership and operator details.