sheardocs

Getting started

Introduction

Shear is a covered-call vault for TSLAx on Solana. You deposit TSLAx. Each week the vault sells one-week calls on it at an auction and pays the USDC premium to you.

A covered call trades part of a stock’s upside for income. Every Monday the vault sells calls struck 5% above the current TSLA price, one call for each TSLAx it holds. Buyers pay for them in USDC when the auction closes, and that premium belongs to the vault’s shareholders.

If TSLA closes the week under the strike, the calls expire worthless and the vault keeps every TSLAx. If it closes above, the buyers take the gain above the strike, paid in TSLAx. Either way, the premium stays with you.

MonTueWedThuFriWeekend09:3016:00Strike set, then a five-minute auctionStrike = Pyth price × 1.05Calls live until the closeDeposits and withdrawals queue as ticketsClose markthen 15 min for disputesSettle and rollDeposits instant again
One round, in New York time. Sessions are drawn wide and closed hours hatched; the auction is drawn wider than its five minutes so it can be seen.

At a glance#

Shear
AssetTSLAx, the Token-2022 xStock for Tesla
StrikePyth’s TSLA price at the round’s start, plus 5%
AuctionFive minutes after the start, uniform price, up to sixteen approved or staked bidders
ExpiryThe close of the week’s last regular session, usually Friday 16:00 ET
Settlement pricePyth’s price for the session’s last second, then a 15-minute dispute window
Payout per call(close − strike) ÷ close in TSLAx, when the close is above the strike
PremiumUSDC, credited when the auction is finalized, collected whenever you like
FeesThe program charges none. You pay Solana transaction fees and account rent.

Where to start#

QuickstartConnect a wallet, deposit TSLAx and collect your first premium.How a round worksThe week from Monday’s strike to the weekend roll, phase by phase.BiddingFor market makers: approval, bids, clearing and claiming calls.Program referenceAccounts, instructions, events and errors of the Solana program.

What runs where#

The program
Holds every token, does every calculation and enforces every rule. Its accounts are the only record that counts. See Program reference.
The app
Reads the program’s accounts from Solana, builds transactions and asks your wallet to sign them. It never holds keys or funds. Open it at /app.
The keeper
Sends the steps that move a round along: start, finalize, observe, settle, process, close. Anyone can send them; see Running the steps.
The indexer
Reads finalized transactions into a database and serves your activity history to the app. See Indexer API.