What the keep does, and what it will not.

A charter is a lender's standing offer for one collateral token: an advance in USDG per whole share, a toll in basis points, a term in seconds, a size of USDG placed in the keep, and an optional last day. The USDG is escrowed so that a draw is atomic. A charter is an order, not a commitment: the lender may strike it at any time and take back what nobody drew.

A draw brings shares behind the walls. The principal is shares × advance. The toll is principal × toll bps, paid at the gate: a tenth of it to the keep's treasury, the rest to the lender at once. The borrower receives principal − toll and owes the principal, called the face, at maturity = now + term. A hold is opened.

During the term nothing moves. There is no function on the contract that transfers a hold's shares before maturity except settlement by the payer. There is no oracle, no health, no liquidation, no pause, and the only governed field is the treasury address.

Settle: anyone pays the face to the lender; the shares go to the borrower. Allowed while the hold is open, before or after maturity. Forfeit: the lender, at or after maturity, takes the shares of an unsettled hold. The two doors are open together after maturity; whichever is mined first closes the hold. Settling early costs the same as settling late.

The keep admits any ERC-20 a lender charters. It counts shares at the door: a token that delivers less than it says is refused. The site names the tokenized stocks below; an address pasted into a charter works too.

A charter is a written put. The lender's result per share at maturity is toll − max(advance − price, 0). The borrower's is max(price, advance) − toll. The advance should be read as a strike against the last print, and the toll as a premium for the term; both are the lender's to set, and a charter that nobody draws has priced itself out.

Robinhood's tokenized stocks pay a dividend by raising a multiplier the raw balance never sees, and the keep holds raw units. A dividend that falls in the term belongs to whoever walks out with the shares. A reverse split lowers the multiplier and is announced before it lands; it is the lender's to read before posting. The keep will not read it for them.