# Target Calls: fixed-term covered options with physical delivery Version 1.0 · September 27, 2026 · Robinhood Chain, chain ID 4663 ## Purpose Target Calls lets a seller commit a selected amount of AAPL stock tokens to an option with a fixed premium, total exercise payment and exercise window. A buyer pays the premium for the right, but not the obligation, to buy that amount. The product is a covered option, not a limit order: the buyer may decline to exercise even when the price is attractive. No buyer or yield is guaranteed. Target Calls has no platform token. It composes existing issuer-controlled AAPL and USDG assets. Robinhood Stock Tokens are tokenized debt securities providing economic exposure to underlying securities; they do not convey ownership rights in the underlying company. Target Calls is an independent application, not an official Robinhood product or endorsement. ## Assets and deployment - Network: Robinhood Chain mainnet (4663), gas paid in ETH. - Collateral: AAPL, `0xaF3D76f1834A1d425780943C99Ea8A608f8a93f9`, 18 decimals. - Payment: USDG, `0x5fc5360D0400a0Fd4f2af552ADD042D716F1d168`, 6 decimals. - Market: `0xda43251bfb0953d6b7b61b951fd7c805bedfe341`. Deployment transaction: `0x5c9d43a54ae088d1651be950cb3f70f6ce185e5b3d6c624f5f8b092ba1a797c7`. Block: 73311375. Source verification: Sourcify exact match. Treasury: `0xd0f36F34eD3B665C5001663ECFb7764468525bdf`. Complete machine-readable record: `/contracts/deployment.json`. - Source: `/contracts/ArcwakeMarket.sol`; complete ABI: `/contracts/ArcwakeMarket.abi.json`. Amounts describe raw ERC-20 token units, not a promise of one underlying share per token. Issuer multipliers and corporate actions can change share exposure while raw balances stay unchanged. Target Calls does not adjust contractual quantities or prices for those events. ## An offer An offer stores one seller, at most one buyer, the full collateral amount, the premium total, the strike total, purchase deadline, exercise start, expiry and state. IDs increase monotonically from 1. The strike total is the USDG amount due for the entire offered lot. A displayed per-token target is only a helper for calculating that total. All USDG values must resolve to six decimal places; users review the exact total before signing. There are no partial fills or transferable position tokens. At creation, the seller transfers the entire offered amount to the market contract. Assets outside the offer remain outside its control. The purchase deadline must be in the future; exercise start must be at or after that deadline; expiry must follow exercise start and be no later than 365 days after creation. Terms cannot be edited after creation. An unsold offer can be cancelled and replaced. ## Lifecycle and cash flows 1. **Create:** the seller approves only the intended AAPL amount and calls `createOffer`. Actual collateral moves into escrow. Failed transfers roll back creation. 2. **Purchase:** another address approves the full premium and calls `takeOffer` before the purchase deadline. The entire USDG premium moves into the contract. The seller receives a USDG claim after the fixed protocol fee. The buyer's identity becomes fixed; the seller can no longer cancel. 3. **Exercise:** only the buyer may call `exerciseOffer` during `[exerciseStart, expiry)`. It transfers the entire strike total in USDG into the contract, credits the seller's USDG claim and transfers the entire offered AAPL amount directly to the buyer. Both asset movements succeed or the transaction reverts. A buyer needs enough USDG and a fresh adequate allowance for this separate payment. 4. **Non-exercise:** from expiry onward, anyone can process `expireOffer` for an open or taken offer. The collateral becomes claimable by the seller. A previously paid premium is not refunded, regardless of whether the buyer failed to act or deliberately declined. 5. **Cancellation:** only the seller may cancel an offer that has not been taken, including after the purchase deadline. Collateral becomes a seller claim. 6. **Claim:** `claim(token)` sends the caller's full credited balance of that token to the caller's wallet. Premiums, strike proceeds, cancellation returns and expiry returns use this ledger. A failed claim leaves its credit intact because the transaction reverts. Successful exercise delivers AAPL immediately to the buyer and does not require a buyer claim. Each operation requires a transaction and gas. No keeper or scheduler is guaranteed to exercise or expire an offer. Exercise is voluntary and must be initiated by the buyer. Claim credits are contract liabilities, not evidence of an already completed wallet transfer. ## Fees and economics The immutable premium fee is 200 basis points (2%). In raw USDG units the fee is `floor(premiumTotal / 50)` and the seller receives the remainder. The fee accrues to the fixed treasury as a claim. No protocol fee is charged on collateral or the strike payment. Network gas is separate. Very small premiums can round the protocol fee to zero. For a lot of 0.2 AAPL with a strike total of 70 USDG and a premium of 1 USDG, a purchase credits 0.98 USDG to the seller and 0.02 USDG to treasury. If exercised, the buyer additionally pays 70 USDG and receives 0.2 AAPL; the seller receives a 70 USDG claim. If unexercised, the seller can reclaim 0.2 AAPL after expiry and retains the 0.98 USDG premium. These are arithmetic examples, not market quotes or return forecasts. The seller retains downside exposure and gives up the upside of the offered portion if the buyer exercises. The buyer can lose the entire premium and must fund the additional strike payment. No oracle is used to determine whether exercise is profitable. The protocol does not guarantee a buyer, fair pricing, liquidity, USDG parity, or any APY. ## Contract design The deployed contract fixes its two assets and treasury at construction. It has no owner role, upgrade path, administrative seizure or rescue withdrawal. It rejects a zero treasury, identical assets or asset addresses without code. The seller cannot take its own offer address, although separate addresses do not establish separate beneficial owners. The contract uses a reentrancy guard and checks exact balance changes at both ends of each transfer. It rejects taxed-transfer behavior and does not support rebasing assets. `totalLiability(token)` tracks open collateral and claims. Claims are zeroed and liabilities reduced before transfers; any failure reverts the entire state change. Direct donations are not credited and cannot be recovered through an administrative mechanism. ## Risk and access boundaries This is an early, unaudited protocol. Automated tests and source verification do not establish independent security assurance. Bugs, blockchain outages, wallet compromises, RPC failure and transaction delays may cause losses or missed deadlines. The issuer may freeze, pause, blacklist or upgrade either asset. Atomic exercise prevents a successful strike payment when the accompanying AAPL transfer fails in that transaction, but cannot make assets permanently transferable. Premiums already paid are not refunded by issuer restrictions. Collateral or claim withdrawals can remain blocked for as long as the underlying token prevents them. USDG can depeg or face issuer restrictions. AAPL token prices, corporate actions and exposure multipliers can change during the option window. Raw contractual amounts are fixed. Buyers and sellers must understand the issuer's terms and jurisdictional eligibility. A wallet connection is not an eligibility determination. This software does not establish regulatory approval or authorize restricted persons to transact. An empty market means no offers exist at the latest successful read. It does not mean a feature is simulated. RPC errors are displayed separately from zero balances. Development tests or self-funded rehearsals are not organic demand, TVL growth, or trading performance. ## Verification and operating model The frontend displays live offers and claims and uses the connected wallet for signatures. No server private key is part of the website. Users can inspect the public source, ABI and deployment record, independently compare asset addresses with issuer documentation, and interact with the contract using alternative clients if the website becomes unavailable. Version 1 uses fixed premiums and all-or-nothing lots to keep the lifecycle inspectable. It makes no claim of auctions, automatic exercise, active market making, token incentives or governance features. Any future contract is a separate deployment; this contract cannot silently upgrade. References: [Robinhood assets](https://docs.robinhood.com/chain/contracts/), [Stock Token mechanics and restrictions](https://docs.robinhood.com/chain/stock-tokens/), [Sourcify](https://sourcify.dev/). ## Deployment identity Target Calls is the current product brand. Its existing, unchanged verified implementation is named ArcwakeMarket in Solidity. The contract remains on Robinhood Chain (4663); it has no association with Arc Chain. Renaming the website does not migrate positions or change the deployed address.