what this is · how to use · receipts and rent · ticket and cut · addresses

How to use the board

Home is not an ad. Every block maps to a number on chain. Below is the order your eye hits.

Top bar

• board — the board. Where you read numbers.
• docs — this handbook.
• tear soon — tear is not live. Not “you can tear now.”

Status, left to right: chain is 4663; live rhj means the book is pulled live; the time is when the quote was made; chain m is the multiplier just read from the contract, to check the registry is not making it up.

The paper

The cream card in the middle is the warehouse receipt. The three stamps are the board: left is share price with rent stripped, middle is the on-chain receipt price, right is rent already glued. Moving the pointer across the paper tilts it slightly — so you can compare, not as a spectacle page.

Pick a receipt

NVDA / SGOV / CCL / XOM / AAPL / CRWD are shortcuts. Tap one, and the three stamps switch. Any row in the table works the same.

Start with three, to get a feel:

• NVDA — the story’s lead. Rent is paper-thin (about 0.08%). Treating it as a high-yield product is wrong.
• SGOV — short-treasury ETF receipt. Rent is thicker, spread is tight. Closer to “rent actually stuck.”
• CRWD — multiplier is 4. That is a split, not a dividend. The table marks it “split.”

How to read the three stamps

Left: stripped share price

Receipt mid ÷ multiplier. In plain words: peel the glued rent off, and this is roughly what one share is worth. It is not a Nasdaq print. When the on-chain spread is wide, this number drifts on its own.

Middle: receipt price

Bid / ask on this receipt, then the midpoint. The line under it shows both sides. If it says “wide spread,” the book is thin — do not treat the mid as a price you can hit.

Right: rent already stuck

Multiplier minus 1. The extra slice one receipt now has over “1 share.” NVDA is about +0.0775% today, meaning 1 receipt ≈ 1.000775 share-equivalents. It crawls up after the company pays, and the issuer glues that rent back on.

The table below

Only receipts whose multiplier has left 1.0. Ones still at 1.0 (many that have not paid yet) stay off the table, so you do not think “missing = broken.”

Column	Meaning
receipt	Ticker + tag (glued / split) + short contract
glued	The rent slice. Splits show ×4, not +300%
multiplier	Raw multiple from chain / the registry
mid	Mid of bid and ask
spread	Ask minus bid. Wider = harder to trade at mid

What the grey “tear” will do later

You cannot tap it now. When it is live, the path is this (it has not happened; written so nobody thinks a tap turns into dollars):

1. Your wallet already holds a stock receipt (say NVDA).
2. You approve the vault to lock that receipt.
3. You pay a fee: ETH or USDG, one of the two. The quote is in dollars; ETH is converted at the moment you press.
4. You get two stubs: the price leg (you give up the rent) and the rent leg (you give up the price path).
5. With both stubs you can glue the original receipt back. Missing one, you cannot.

The fee is paid to this knife, not to NVIDIA. Whoever holds our token splits that knife — a dollar book, not a buyback. Detail in ticket and cut.