TAPE2
FAQ
Where does the price come from if there is no price feed?
From the pool itself. Every Uniswap v3 pool keeps a ring of observations written in every block it trades. observe() returns any window of that ring. The contract computes realized volatility over four windows, takes the highest plus 20 points, and prices the call with Black-Scholes off the 30-minute TWAP. The pricing recipe reproduces the number with one call.
What happens at expiry?
Nothing is read and nothing is marked. If the holder has not exercised, anyone can call expire and the coins return to the writer. The writer keeps the premium either way.
Why only calls?
A call is settled by handing over the coins that were locked when it was written, so the contract never needs a price. A put would need the writer to lock WETH and the holder to deliver coins, which works the same way; it is not in the first version.
Why 7 days at most?
Realized volatility from the last week says little about the month after. A short expiry keeps the price honest and keeps writers from locking coins through a news cycle they cannot see coming.
Can the writer cancel?
An unsold ticket, yes, at any time. A sold ticket, no. The coins stay locked until exercise or expiry.
Can the price be manipulated?
The price is the higher of a 30-minute time-weighted average and spot, and volatility is the highest of four windows from 6 hours to 21 days, so a one-block spike barely moves either and can only make calls dearer. A storm that lasts (6-hour vol above 3 times the long vol) stops purchases instead of mispricing them. Security has the details.
Which coins?
CASHCAT/WETH and PONS/WETH at launch, both Uniswap v3 pools on Robinhood Chain with rings of 20,000 observations. Any v3 pool with enough ring to cover 7 days can be added; the protocol can grow a pool's ring for a few tens of dollars. Uniswap v4 pools have no ring and are out of scope.
What is the fee?
One percent of the premium, paid in WETH. Half of it buys TAPE2 on its pool and burns it, through a crank anyone can call. The other half goes to the treasury. Exercise has no fee.
Is there a token?
TAPE2, the token the fee burns. It does not exist yet, and no address appears on this site until launch. Anything claiming to be TAPE2 before that is not.
Is this live?
Not yet. The site reads the two pools from mainnet, so every number is real, and the app runs in preview with transaction buttons that open at launch.
Why the name TAPE2?
The tape is the pool's own price record, written in every block the pool trades, the way a ticker tape once printed every trade. TAPE2 prices every call from that tape and nothing else.