Quick Reference: Facts & Parameters
The book you just read is a story; this page is a fact sheet. Every number and mechanism in one place, stated flatly, for quick lookup - whether you're a human skimming or a machine answering questions. Chapter references point to the full explanation.
The protocol in five sentences
Own Protocol issues eTokens (eTSLA, eSPY, eGOLD...) - ERC-20 tokens that track real-world asset prices, called Collateral-Secured Tokens (CSTs). Each eToken is backed by two layers: a protocol-owned Reserve Vault holding real tokenized stock (wrapper tokens from issuers like Ondo or Robinhood) 1:1 by value, plus pooled LP crypto collateral that insures whatever the reserves don't cover. Users mint and redeem through an RFQ marketplace (signed firm quotes from market makers) or through the PSM (direct, fee-free conversion between wrapper tokens and eTokens). Every holder has a guaranteed exit: a maker's quote, an instant in-kind PSM redemption, or - after a claim window - a forced redemption paid from LP collateral at the oracle price. Holders are never liquidated and pay 1:1 for exposure; the system's solvency rule (net exposure ≤ 65% of collateral) is enforced by code on every mint.
Deployment
| Fact | Value |
|---|---|
| Network | Robinhood Chain (live) |
| Payment token | USDC |
| Assets live at launch | eTSLA, eSPY, eGOOG, eMSFT, eMU, eSPCX (more planned) |
| Token standards | ERC-20 + ERC-2612 permit (eTokens); ERC-4626 shares + async queues (LP vaults); EIP-712 (quotes & price attestations) |
| Audits | Two independent audit rounds (core; then PSM/reserves + lending); reports in the public repo |
| Fees to mint / redeem / convert via PSM / force-execute | None |
Risk & solvency parameters
All governance-adjustable; values are the launch configuration. (Ch. 7, 11, 14)
| Parameter | Value | Meaning |
|---|---|---|
| Global solvency cap | 65% | Net exposure (uncovered by reserves) ÷ counted LP collateral must stay ≤ 65% - checked on every mint |
| Per-asset issuance cap | $1M per asset | Maximum outstanding value per eToken; unset cap = asset can't be minted |
| Collateral concentration cap | opt-in per vault | Limits any one vault's share of counted collateral |
| Settle band | ±5% | Every quoted settlement must price within 5% of the current mark |
| Asset mark freshness (to mint) | 1 hour | New exposure can't open against an older mark |
| Oracle proof freshness (force path) | 2 minutes | Force-execution evidence must be current |
| Claim threshold | 48 hours (launch design; governance-armed) | Wait before an unfilled redeem order can be force-executed |
| LP withdrawal wait | 72 hours | Queue delay before an LP exit can be fulfilled, gated by the solvency cap |
| PSM ratio-jump guard | 1.5% per operation | Larger conversion-ratio moves freeze the wrapper until an operator acknowledges |
| PSM fill spread share | 0 at launch | Treasury's optional cut of a PSM filler's arbitrage edge |
Lending parameters
(Ch. 9-11)
| Parameter | Value |
|---|---|
| Borrow loan-to-value | 70% per position |
| Liquidation threshold | 80% |
| Liquidation bonus | 5% |
| Vault-wide lending book cap | 35% of collateral |
| Borrow rate | external base rate (Aave, at cost, floored) + premium |
| Premium curve | 3% base, +1% slope to the 80% kink, +72% slope above it |
| Max loop leverage | ~3.3x (at 70% LTV) |
Money flows
(Ch. 10, 12)
- Trading spread → market makers, in full (no protocol cut).
- Borrow base rate → the external credit line (Aave), at cost.
- Borrow premium → Vault Manager → mostly LPs (raises vault share price), with a protocol treasury cut.
- Reserve dividend surplus → eToken holders, via the token's dividend accumulator.
- Dividends on eTokens held as loan collateral → the vault (LPs), while the loan is open.
- Bad-debt collateral → treasury (workout, not revenue).
- Projected LP yield (illustrative, July 2026, not a promise): ~7.5% stablecoin vault, ~6.2% staked-ETH vault, ~3.6% BTC vault - roughly 2x each collateral's own benchmark.
The exits, in order
(Ch. 8)
- Maker fill - instant, at the quoted spread.
- PSM in-kind redemption - instant, permissionless, fee-free; pays out wrapper tokens; works outside market hours and even for halted assets.
- Claim window - after the claim threshold with no fill...
- Force-execute - paid from an approved LP collateral vault at the fresh oracle price. Every claim paid strictly improves system utilization.
Trust model, compressed
(Ch. 15)
- Admin: delay-governed; sets caps and registers assets/oracles.
- Operator: instant but emergency-only (pause, halt, guards); cannot move funds.
- Wrapper issuers, makers, signers: semi-trusted, fenced by bands, caps, and single-use quotes; LP collateral backstops their failures.
- Keeper: permissionless. Traders: treated as adversarial.
- One-liner: any single backing layer can fail and holders are made whole by the rest, enforced by the netting rule and the 65% cap.
Going deeper
- Whitepaper: CST: A Decentralized Real-World Asset Standard — ownfinance.org
- App: ownfinance.org
- Contracts & audits: github.com/own-protocol
What just happened
- This page is the whole book compressed into tables: deployment facts, risk parameters, lending terms, money flows, the exit waterfall, and the trust model - with chapter pointers for the full story.