Hedged byconstruction.

Tenon turns an LP position into a hedged, tradable, yield-bearing instrument on BNB Chain — joined at the contract, never at the custodian.

EST. 20-26
BNB Chain

Two halves, cut to fit

One venue where a liquidity position is something you can trade, and a trade is something that earns. Nine contracts, four services, nothing upgradeable.

The liquidity half

Atomic swap-and-mint into a PancakeSwap v3 or Infinity range, three range presets, permissionless harvest and rebalance under a policy only you set, and limit orders that collect fees while they wait.

The trading half

Aster perps with USD1 collateral, spot through the router, a portfolio that reads LP metrics as first-class positions, and a feed where a position carries the argument for it.

The joint

The chart you draw a range on is the chart you buy from. The vault you deposit into shorts the same asset it provides. The token you track on Launch becomes a vault you can deposit into on Yield.

9Contracts, none upgradeable
4Off-chain services
25Skimmed on a zap
20%Of protocol fees to referrers

How a hedged position is cut

01

Zap in

One token goes in. The contract skims 25 bps, swaps the excess side, mints the range and refunds the dust in a single transaction. It holds nothing between calls.

02

Hedge the delta

The vault's hedger sizes a short on Aster against the range's live delta and reports it on chain. That key can fund and report. It can never withdraw.

03

Collect and rebalance

Anyone may harvest or rebalance an enrolled position, for a bounty its owner sets, under rules only its owner can change.

04

Leave whenever

Shares are ERC-4626. No admin function reaches your position, and withdrawal is not gated on anything but the vault not being paused.

What we do not hold