An instrument, not an advertisement
Whereas conviction is usually shown as a screenshot — here it is written down, and backed with collateral already present.
Oath is a covered-call board that lives entirely on-chain. A holder escrows OATH, names a strike in WETH, and fixes an expiry. Another party buys the bearer right to exercise for a premium the writer quotes. If exercised, strike WETH and the escrowed OATH change hands in a single transaction. No oracle decides value; no engine forces a liquidation; no fee is skimmed; no administrator may intervene. What follows are the terms.
To write a call, a holder escrows a quantity of OATH and records a fixed strike (denominated in WETH), a fixed expiry, and a quoted premium. The collateral is locked at the moment of writing and cannot be repriced. An unsold offer may be cancelled by its writer, returning the escrow in full.
A buyer pays the quoted WETH premium — non-refundable, credited to the writer — to hold the bearer right to exercise. The right is a position, not a token: it may be transferred between addresses without an NFT, and only one holder possesses it at a time.
At or before expiry, the right-holder may exercise: they pay the strike in WETH and the escrowed OATH is released to them atomically, in the same transaction. Exercise is all-or-nothing. Payouts are pull-based and liabilities never exceed the escrow present — no promise exceeds its collateral.
Should the promise expire unexercised, the writer may reclaim the escrowed OATH — permitted only strictly after expiry, never at or before. The exact boundary is written into the contract: exercise while now ≤ expiry, reclaim while now > expiry.
Exhibit A — the boardpreview
Illustrative entries — static preview. The live board is read on-chain from the OathBoard contract.
Terms written in advance. Collateral already present.