FAQ

General#

Is EVE live?#

No. Nothing is deployed. This site is a simulation: the simulator uses made-up prices and never sends a transaction. Every parameter marked TODO is still undecided.

What does EVE do, in one sentence?#

It lets you sell a tokenized stock while Wall Street is closed and still receive the next opening price: 90% in USDC now, the rest at the bell.

Why not just sell the token on a DEX at night?#

You can. But at night the price feed is frozen at the close, market makers cannot hedge, and liquidity is thin, so the price you get is often worse than the stock's real value. EVE does not price the stock at night at all. See Overview.

Which stocks?#

Coinbase tokenized NVDA, AAPL, META and GOOGL on Base.

Who can use it?#

Tokenized stocks are not available to US persons. See Legal.

Is this a loan against my stocks?#

No. It is a sale. You do not get the stocks back, there is nothing to repay, and nothing can be liquidated. The advance is the first part of the sale price.

Selling#

When can I sell?#

Whenever the NYSE is closed: after 4:00 PM New York time on weekdays, all weekend, on market holidays, and after 1:00 PM on early-close days. See Market hours.

How much do I receive at night?#

90% of the closing value, in USDC, in the same transaction. On an earnings night, 75%, or the ticker is blocked.

When do I receive the rest?#

At the next market open, once the settlement price is known: within roughly the first 30 minutes of the session.

What price do I end up with?#

The settlement price at the open: the lower of the Chainlink price averaged over 5 to 15 minutes and the price the pool actually realized selling over 30 minutes. Then the fee is deducted. See Settlement formula.

So I do not lock in tonight's price?#

Correct. You receive the opening price on the whole position. If the stock opens higher you get more; if it opens lower you get less. What EVE gives you is cash tonight and a fair price tomorrow, not a guaranteed price.

What if the stock crashes overnight?#

If it falls by less than the haircut can absorb (about 9.77% on a weeknight), your balance is smaller. If it falls by more, your balance is zero, you keep the advance, and the reserve covers the pool. See Risk and safeguards.

What does it cost?#

0.25% for a weeknight, 0.75% for a weekend, and one nightly fee per day across holidays. It comes out of the balance. See Fees.

Why is my ticker blocked tonight?#

One of three reasons: the company reports earnings before the open, a corporate action is pending, or tonight's volume cap for that ticker is full.

Can I buy stocks through EVE?#

No. Version one is sell-side only.

Can I cancel a sale before the open?#

Not decided. Assume not.

Depositing#

What do depositors do?#

They put USDC in the pool. The pool pays sellers their advance at night and sells the stocks at the open. See Depositing.

What do depositors earn?#

A share of the fees sellers pay, plus whatever idle USDC earns on Morpho. The amount depends on how much is sold each night. There is no fixed rate and no promise of return.

Do depositors bet on stock prices?#

No. The pool pays out against the price fixed at the open, and never more than it realized. In a normal night it recovers the advance plus the fee whatever the stock did.

Then what can go wrong?#

A gap larger than the haircut, with a reserve too small to cover it. Also execution, oracle, smart-contract, Morpho and USDC risk. They are all listed in Risk and safeguards.

Can I withdraw at any time?#

You can ask at any time. You are paid at the next settlement, because at night part of the pool's USDC is out as advances. See Depositing.

Where is my USDC during the day?#

On Morpho, until the next close.

$EVE#

What is the token for?#

Part of the fees goes to stakers of $EVE, and part funds buybacks. See $EVE.

What is the supply? When does it launch?#

Not decided. The token page lists everything that is still open.

Do I need the token to use EVE?#

Not as the design stands today.

This site#

Why does the site change colour?#

It follows the NYSE clock. While the market is closed, "EVE is awake": the red deepens, the eyes glow and the sun is lit. While the market is open, "the bell has rung" and the site brightens. A toggle in the footer previews the other mode.

Is the countdown accurate on holidays and when clocks change?#

Yes. It is computed from the exchange's rules for holidays, early closes and daylight saving time, and tested against the calendars published by NYSE Group. See Market hours.

Does the simulator do anything with my wallet?#

It reads balances, and only that. It never sends a transaction and never asks for a signature. It also works with no wallet at all, on a demo portfolio.

Are the prices in the simulator real?#

No. They are generated by a seeded random walk and labeled as simulated everywhere they appear.

Where is my simulator state stored?#

In your browser's local storage. Use "reset the simulation" to erase it. Nothing is sent to a server.