Best
Autocalled at Q1
Worst ETF closes at or above its entry at the first quarterly observation. The note ends, capital freed in 3 months.
$103.13
principal + 3 monthly coupons
Live on Solana devnetEquity Autocall · 18 mo
TradFi's most popular structured product, finally on Solana.
Buy a worst-of equity autocall: conditional monthly coupons, quarterly early redemption, and a tokenized receipt that lenders can value live as collateral on chain.
Why on-chain
The price lives in the program, not a dealer spreadsheet.
Structured notes usually arrive as a dealer quote and a later desk mark. In Halcyon, every quote is a Solana transaction preview: the program prices the note from live state, and the same path can value the receipt later for lenders.
Every quote is a Solana transaction
The quote is built as a transaction and simulated against the deployed program. The coupon, NAV, and exit value come back from Solana, not from a webpage formula.
Reusable collateral price
The same pricing path can mark the tokenized receipt after issuance, so a lender can value the note live before accepting it as collateral.
Verifiable before signing
A buyer or lender can simulate the transaction, inspect the returned numbers, and then sign only the terms the program will enforce.
Pyth feed
SPY · QQQ · IWM
On-chain pricer
deterministic · fixed-point
Signed transaction
verifiable on Solscan
452 / 0
liquidations · failures
Four payoff scenarios · $100 invested
Base
Autocalled at maturity
Worst ETF dips below entry through the term but recovers at the Q6 observation. You bank every monthly coupon.
$122.50
principal + 18 monthly coupons
Sleep
Never autocalls, KI safe
Worst ETF spends some months above entry, some below. Memory coupons accrue when in zone. At maturity above the 80% KI, you get principal back plus whatever coupons paid.
$100 – $122.50
depends on months in zone
Bear
Knock-in breached
Worst ETF closes below the 80% barrier at maturity. You take that loss one-for-one on principal, plus any monthly coupons that paid during the term.
$60 – $78
if worst ETF closes at −40%
Monthly coupons accrue with memory when the worst ETF is at or above entry. Quarterly autocall observations end the note and pay any unpaid coupons. The live quote sets the actual coupon.
How it works
1
Buy
Deposit USDC into a note whose payoff references SPY, QQQ, and IWM. The weakest ETF controls the coupon and downside checks.
Get a quote
2
Earn
Each month, earn the quoted coupon if all three ETFs are at or above their entry levels. Quarterly checks can return principal early.
See coupon terms
3
Borrow
Your position is a 1-supply SPL receipt. A lender can reprice it from on-chain state instead of trusting an issuer mark.
See the demo
Proof — the borrow path holds
Collateral mark
Live on-chain
Lenders can simulate the same pricing program against the receipt before issuing debt.
Primary replay
452 / 0liquidations · failures
Every buyback closed cleanly in the checked-in run.
Stress replay
124.6%min coverage
708 adversarial liquidations; lender stays whole through every exit.
While the note pays, you can borrow against it.
You don't have to choose between earning the structured-product yield and accessing the principal. Because the pricing runs on chain, a lender can value the receipt live instead of trusting a PDF statement or a desk mark.