STBL and CHAO
STBL and CHAO are independent PMF products tied to the Stability Index. Each product has its own vault, basket route, NAV state, AP quote surface, execution path, and capacity constraints.
Product Relationship
STBL expresses the canonical Stability Index side. CHAO expresses the inverse side of the same underlying basket where that opposite side is available. CHAO is not a leveraged short token, a perpetual short, or a claim against STBL. It is a separate vault product with its own assets and accounting.
Product Specification
| Field | Specification |
|---|---|
| Product type | ERC-4626 style PMF vault share |
| Product scope | Independent vault product with its own assets, NAV state, quote surface, and capacity controls |
| Index relationship | STBL expresses the canonical Stability Index side; CHAO expresses the opposite side where available |
| Underlying exposure | Prediction-market event positions |
| Settlement asset | pUSD |
| Primary access | AP quote |
| Redemption | AP quote, with winddown path if activated |
| NAV basis | Marked positions plus idle capital minus liabilities |
| Execution | Solver-filled bounded intents |
| Capacity | Product-specific and dynamic |
| Pilot limitation | Subject to quote gating and operational controls |
Availability
A product can be visible while quotes are unavailable or capacity constrained. Visibility means the product can be presented as a supported PMF product; it does not mean primary flow is open for every wallet, size, market condition, or settlement state.
PMF should fail closed when required inputs are stale, incomplete, or inconsistent with vault accounting.