A new protocol called TALIS has gone live on Robinhood Chain, giving holders of tokenized stocks the ability to carve each token into two separate financial positions: one designed to capture steady income, and the other to capture leveraged upside. The structure echoes traditional structured products, which have long separated an asset's return into income and appreciation components — TALIS applies that decomposition to tokenized equities, fully onchain.

At launch, TALIS has opened markets for some of the most widely held names in traditional finance — NVIDIA, Microsoft, and Tesla. Robinhood Chain itself went live on July 1, 2026.

How the Split Works

TALIS allows users to deposit a Robinhood Stock Token and split it into two ERC-20 positions: an Income token and an Upside token. The user selects a cap — say, +5% — which defines the point at which the split occurs.

The Income position captures all value up to that cap, plus a premium, while the Upside position captures any appreciation beyond it. For example, if NVDA rallies 12% and the cap was set at 5%, the Income holder receives the first 5% plus the auction premium, and the Upside holder takes the remaining 7%.

Upside positions are sold through a descending-clock auction, a format in which the price starts high and ticks down until a buyer accepts — the same descending-price mechanism long used in venues from government bond auctions to IPOs. Proceeds from those auctions flow directly to Income holders.

The underlying Stock Token stays locked as collateral throughout the entire process. Settlement relies on a 30-minute time-weighted average price sourced from Chainlink oracles.

TALIS charges a single fee: 5% of gross auction proceeds, collected in USDG. Splitting, merging, and settling positions are all free.

What Robinhood Chain Brings to the Table

Robinhood Chain operates as an Ethereum Layer-2 network built on Arbitrum Orbit, running with 100-millisecond block times. It was designed from the ground up for tokenized real-world assets.

The Stock Tokens trading on the chain are classified as tokenized debt securities. They provide economic exposure to US equities and ETFs, but carry an important caveat: holders do not receive legal ownership or voting rights in the underlying companies.

Trading of these Stock Tokens operates around the clock across more than 120 countries, though the US is excluded from that list. The tokens already integrate with established DeFi protocols, including Uniswap for trading and Morpho for lending. Because TALIS issues both of its positions as standard ERC-20 tokens, they are built to the same token standard that underpins that composability.

Structured Finance Meets DeFi Mechanics

One notable design choice is the absence of liquidation risk. Because the underlying Stock Token remains locked as collateral, neither the Income nor the Upside position can be liquidated due to price movements — a contrast with conventional DeFi lending, where borrowed positions can be force-closed when collateral values swing.

The TALIS token itself launched with a fixed supply of 1 billion tokens, with no emissions planned. The project has signaled that staking functionality will be introduced during its first phase. Between now and then, the premiums set in each descending-clock auction — which flow straight to Income holders — will build a public, onchain record of what buyers are paying for leveraged exposure.