How Realise works
Realise is a compliant protocol for financing real-world businesses. Every market issued here is paired with a benchmark that tracks a real asset — gold, crude, corn, a tokenised equity, a currency — instead of a bare stablecoin, and every position is a legal claim on the cash flows of an operating business held through a bankruptcy-remote SPV.
{{ c.desc }}
Benchmark coins
A benchmark coin is an ERC-20 held at the reference price of the thing it names. One GLD is one troy ounce of gold, one ZC is one bushel of corn, one AAPLx is one Apple share. Markets denominate their subscription in these units, so an issuer financing a timber operation can raise in lumber and an issuer financing trade receivables can raise in the currency those receivables settle in.
How the peg holds
Each coin has an entry in the price feed contract and a single-sided pool against USDC: an ask of protocol-minted coin one tick above the feed price, and a bid holding every dollar that ask has collected one tick below it. A buyer never pays below the oracle and a seller never receives above it. When the reference moves across a tick line, or one side is used up, the keeper withdraws both ranges, repositions the pool at the new price and places them again. The pool address never changes, so the coin is always buyable and sellable at the feed price plus the pool fee.
Where prices come from
Exchange-traded commodities follow front-month futures quotes, converted to USD per catalogue unit. Tokenised equities and index wrappers follow the primary listing's consolidated last price during market hours and the official close outside them. Currencies follow live FX rates, refreshed each minute while markets trade; weaker currencies are quoted in round lots so every coin has a workable price. Water follows the published California water rights index. Fast food and car benchmarks are statically priced at current list price and change only when the menu or manufacturer price does. Collectible benchmarks follow the prevailing marketplace price for the graded item.
A stablecoin pair makes a position a dollar figure and nothing more. A benchmark pair aligns the denomination with the business: a feedlot's revenue moves with cattle, a refinery's with crude, an exporter's with FX. Holders are distributed in the pair, so the yield arrives in the same unit the risk is taken in.
Issuance & the SPV
Every market is issued by a bankruptcy-remote special purpose vehicle, not by the operating business directly. The SPV holds the revenue assignment, security interest or loan agreement that backs the token, and a trustee acts for holders. If the operating company fails, the SPV's assets are outside its estate.
Launching a market
One form, then review. The issuer names the market, uploads an image, picks what it is paired with, sets the trading fee and target raise, and nominates the vault the raise rolls into at close. The contract mints the supply and opens the subscription curve once the compliance gate clears.
Open the launch form →The subscription curve
A market opens as a real pool with liquidity from the block it is created. The whole supply goes in as the protocol's own positions: the curve range runs from the opening price to the cap, and a reserve range sits above it so the market keeps quoting past the cap with no cliff and no relaunch. Nothing is held back and nothing migrates.
Because the caps are fixed in the pair coin at creation, a rally in the benchmark lifts the market's dollar value without moving where it sits on its curve. Subscriptions walk the price up the curve range and leave the pair coin inside the pool, which is what pays redemptions on the way back down. Progress to close is the share of curve supply subscribed.
Baskets
A market can be paired with up to five benchmarks at once. The issuer picks the coins and their weights, and the curve is denominated in a basket unit made of those coins in those proportions — useful when a business has mixed input and revenue exposure.
At creation one basket unit is worth exactly one dollar: a 40% gold, 60% corn basket holds forty cents of gold and sixty cents of corn at that moment's prices. A subscription can arrive through any leg — paying in corn converts to basket units at current prices and buys the same curve as paying in gold, so every leg sees the same dollar price. Distributions are paid in every coin of the basket, in proportion to what each leg collected.
Vaults & distributions
At close the raise is released to the issuer against agreed milestones and the position rolls into its nominated vault. Vaults aggregate closed launches by asset type, so holders get diversified exposure rather than single-deal concentration. Business revenue flows back through the SPV, into the vault, and out to holders on-chain. There is nothing to claim.
How a distribution cycle works
Compliance layer
Eligibility is enforced in the token contract, not in the interface. A transfer to an unverified or ineligible address reverts on-chain, so the rules hold however the token is traded.
{{ c.desc }}
Fees
The issuer picks a trading fee of 1% to 3% at launch. It is charged by the pool as its LP fee from the first trade and split the same way everywhere.
{{ f.desc }}
Holder fees are taken in the pair coin on subscriptions and in the market's own token on redemptions; the token share is sold for the pair at payout so distributions always arrive in the benchmark. There is no creator share — issuers earn from their business, not from their holders' trading.
Oracles & the keeper
Every benchmark needs two independent price feeds before it can be paired. An off-chain keeper run by the protocol keeps on-chain state current. It never holds user funds and every action it takes is a public transaction.
Risk & default
Target APY is underwriting at listing, not a promise. Businesses miss forecasts, commodities reprice, and borrowers default. What the protocol guarantees is the process, not the return.
{{ r.desc }}
Contracts
Addresses are published at mainnet deployment and mirrored here. Audit reports for each contract are linked from the same page.