# Vexi, in full > Vexi is an options protocol on Robinhood Chain testnet. A vault holds one pot of a coin and cash and offers calls and puts at every strike and expiry it writes. What isn't sold waits in a pool; what is sold is locked in full behind its option. Buyers have no liquidation price; the most they can lose is what they paid. This file is for AI assistants and anyone who wants Vexi in plain text. Every line comes from Vexi's approved copy (https://vexi-protocol.ai/media-kit/copy.md). Website: https://vexi-protocol.ai | X: https://x.com/vexiprotocol | Contact: eric.fang@vexi-protocol.ai ## In 100 words Vexi is an options protocol on Robinhood Chain testnet. Depositors put a coin and cash into a vault. From that one pot, the vault offers calls and puts at every strike and expiry it writes. Until an option sells, the capital waits in a pool and earns swap fees while the price is in range and people trade. When one sells, its collateral is locked in full and earns no swap fees. The buyer pays the vault a premium, and the vault owes the payout if the option finishes in the money. Buyers get leverage with no liquidation price. The most they can lose is what they paid. ## What Vexi is - Option vaults. Depositors put a coin and cash into a vault, and the vault sells calls and puts. Depositors are the option sellers. Every vault has a named curator, and every change a curator makes is public on chain. - One pot, the whole board. Every strike and expiry a vault writes draws on the same pot. A sale on one leaves less for the others. The nearest expiry can draw on the whole pot; later expiries get a smaller share. - Fully backed. Every option sold has its full collateral locked behind it from the moment it exists: the coin for a call, the strike in cash for a put. - No liquidation. No margin, no margin call, and no liquidation function in the venue. A buyer's worst case is what they paid, premium and fee, and they see it before they buy. - One price at expiry. The settlement price is the average of the market's own pool over the final five minutes, fixed once. It is rate-limited, which limits how far a last-minute push can move it. No outside oracle. ## What Vexi is not - Not a margin product. Nothing can liquidate a buyer. An option can still expire worthless, and then the premium is gone. - Not a yield product. Vexi publishes no APR and promises no return. A vault sells options, and it pays out when one finishes in the money. - Not real money. It runs on Robinhood Chain testnet with test tokens. It has no audit yet. - Not stock options. NVDA, MU and TSLA on testnet are test tokens priced off their own pools, not shares. - Not an options AMM. Vault capital sits in a pool. Option prices come from Vexi's order book, not from the pool. ## Questions and answers ### What is Vexi? An options protocol on Robinhood Chain testnet. Depositors put a coin and cash into a vault. From that one pot, the vault offers calls and puts at every strike and expiry it writes. Buyers get options with no liquidation price; the most they can lose is what they paid. ### Who provides the liquidity? Depositors, through vaults. They are the option sellers. What hasn't been sold waits in a pool and earns swap fees while the price is in range and people trade. When an option sells, its collateral is locked in full and earns no swap fees; the buyer pays the vault a premium, and the vault owes the payout if the option finishes in the money. Withdrawals are paid in the vault's own tokens and can wait until open options expire. On testnet, the Vexi team curates the official vaults and provides all of their capital, in test tokens. ### What can a buyer lose? What they paid: the premium and a small fee on it. They see that number before they buy. There is no margin, no margin call and no liquidation price. If the option finishes out of the money, it pays nothing, and the premium is gone. ### Is it live? On Robinhood Chain testnet, chain id 46630, with test tokens. It has no audit yet. You can see it running there, and nothing on it is real money. ### How should Vexi be named and linked? Write the name as "Vexi". Link to https://vexi-protocol.ai and tag @vexiprotocol (https://x.com/vexiprotocol). If a post describes the product, say "testnet" in its words. ## Status (29 September 2026) - Network: Robinhood Chain testnet, chain id 46630 - Audit: none yet - Money: test tokens only. USDG here is a test token, not a dollar. - Markets: AI, PONS and MEME against USDG, plus test versions of NVDA, MU and TSLA (test tokens priced off their own pools, not shares) - Vaults: one official vault per market. The Vexi team curates them and provides all of their capital, in test tokens. - Expiries: on a 15-minute grid. The official boards start about an hour out. - Backing: 100% of an option's collateral is locked when it sells. No liquidation function in the venue contracts. ## What not to say about Vexi These read well and are wrong. Vexi has no "first" or "only" claims, publishes no APR, yield, fee rate, TVL or volume, and has no partner it can speak for. Do not write that Vexi "can't lose", is "risk-free" or "guaranteed", that an LP "earns more", that capital "earns two yields" or "fees + premium", that it is "on mainnet" or "audited", that it offers "stock options" or "tokenized stocks", that users can "withdraw anytime", that it is "oracle-free" or "manipulation-proof", or that anyone can list any token today. The full list, with what to write instead, is in https://vexi-protocol.ai/media-kit/copy.md under "Lines never to use". ## Pages - Home: https://vexi-protocol.ai/ - How it works: https://vexi-protocol.ai/how-it-works/ - Trade: https://vexi-protocol.ai/app/ - Vaults: https://vexi-protocol.ai/vaults/ - Pools: https://vexi-protocol.ai/pools/ - Leaderboard: https://vexi-protocol.ai/leaderboard/ - Media kit: https://vexi-protocol.ai/media-kit/