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Tokenized stocks need more than issuance. They need markets built for how their underlying assets trade. Liquidity must work across market hours, fragmented listings, and different settlement systems.

A liquidity provider (LP) supplies assets for traders to buy and sell. When a pool quotes behind the wider market, arbitrageurs trade against that stale price. The LP supplies the inventory and bears the repricing cost.

Wick combines a trading venue, an arbitrage operation, and a shared revenue model. The venue makes liquidity useful across several instruments; the desk captures price differences; their economics accrue to the same protocol. Wick is built to earn from the markets it creates and reinvest in making those markets better.

The harder problem is building onchain markets that can quote, route, and hedge these assets the way equities actually trade. That means protecting LPs from value lost to arbitrage bots and traders from sandwich attacks, while giving investors the control over execution and exposure they expect from an equity trading desk. Putting a stock onchain should expand what its holder can do with it.

wAMM (Wick AMM) is Wick's state-of-the-art AMM. It brings the control of an equity trading desk to tokenized stocks, with orderbook-style execution and familiar instruments built directly on liquidity. A trader’s working orders become part of the market’s depth, available to the same flow as any other position.

wAMM combines custom liquidity shapes with control at every price level: whether fees compound or remain claimable, and whether a fill locks in or the position continues as normal liquidity. A single position can express a strategy across the market, accumulating below spot, making a market around it, and taking profit above.

All of it appears as familiar orderbook depth. Internal arbitrage keeps prices aligned with the wider market in real time, pursuing smaller discrepancies without waiting for a move large enough to cover an outside arbitrageur’s fees. Traders get an actively priced market with direct control over how their liquidity participates.

LP protection

Fees should respond to the risk of providing liquidity. A venue cannot sustain deep markets if the capital behind them is consistently underpaid. LP protection is therefore central to execution quality: traders need liquidity that has an economic reason to stay through changing market conditions.

Wick’s predictive dynamic fee algorithm is designed to make that commitment worthwhile. By pricing risk ahead of arbitrage, it aims to keep more of the value of each market move with LPs. Liquidity can earn compensation for standing in the market, while ordinary trading stays competitive when the risk subsides.

Internal arbitrage extends that protection beyond fees. Wick captures spreads that outside bots would otherwise keep, returning value to the liquidity and protocol behind the market. The proposition is a stronger business for market makers: more of the activity they facilitate contributes to their returns.

Fee recapture and arb profit are two parts of the same total. What changes on Wick is who keeps each part. On Wick, the majority is captured as fees for LPs and internalized arb adds to that return.

Fee + Arb = IL
P&L ≈ −IL + fees (+ internalized arb on Wick)

Limit orders

An order should have access to the market’s flow. On Wick, a resting order participates as real liquidity. Aggregators can route swaps through it as they would through an ordinary pool position, bringing execution opportunities beyond the traders using Wick’s own interface.

Combined with internal arbitrage keeping prices aligned across venues, that makes the order part of an actively traded market. The objective is fair, efficient fills when its price is reached, with fees earned on execution. Traders gain the discipline of a limit order without giving up access to routed liquidity demand.

A completed fill can remain an exit, even if the market reverses. That gives traders a reliable way to express a trading decision through liquidity, rather than continuously manage a position to preserve it.

Execution and fill rules

Options

A stock market needs a market for exposure, not just ownership. Investors use options to hedge a portfolio and trade a view without simply buying or selling the underlying. US listed options cleared a record 15.2 billion contracts in 2025, up 24.4% from 2024.

Wick’s approach is to make option-like exposure part of the same productive liquidity that supports the venue. A position can earn from trading while expressing a payoff. This gives the market another use for its capital, rather than asking a separate options venue to bootstrap liquidity from scratch.

The strategic value is a more complete market around each asset: investors can shape exposure, and liquidity can serve more than spot execution. The precise payoff depends on the position and settlement rules.

Options design

Index markets

A growing equity market should not require an isolated stockpile of capital for every pair. Fragmented pools force liquidity providers to decide where their inventory will sit before demand arrives. Index markets let one basket support trading across its constituents, putting the portfolio to work wherever it is needed.

For Wick, this changes the economics of adding markets. More listings can draw on a shared capital base rather than compete for separate allocations. For LPs, the unit of participation becomes a coherent basket with many sources of trading demand.

Tokenized equities are a natural focus for this approach because portfolio construction already sits at the center of how they are owned and traded. Shared inventory brings that portfolio logic into market making.

Index-market architecture

propAMM

Execution should reflect the market an asset belongs to. For tokenized stocks, price discovery extends beyond any one pool. propAMM uses a personalized oracle optimized for flow to bring that pricing approach into onchain execution.

The purpose is to compete on the quality of the quote. By giving market makers a pricing path beyond reserve-only curves, Wick can support markets whose execution needs differ while keeping settlement onchain.

Solana offers evidence that onchain quotes can attract substantial flow in an established market. For Wick, the opportunity is to bring that competition on execution quality to tokenized stocks.

propAMM design

Wick operates the market and trades the opportunities it creates. Tokenized equities are fragmented across issuers, venues, and settlement systems. Keeping those listings priced as one market is valuable work. Wick makes that work part of its business.

Internal arbitrage turns a cost paid to outsiders into value retained within the venue. LPs receive support from the activity their liquidity enables, while the protocol earns from keeping its markets competitive. Execution quality and revenue generation reinforce each other. Protocol revenue from that activity accrues to sWICK and can fund WICK buybacks.

The wider desk extends that advantage across venues. Inventory, hedging, and access to issuance and redemption can make price differences tradable where an onchain-only bot cannot close both sides. Wick is building the operating capability to serve fragmented equity markets, alongside the venues on which they trade.

Protocol-owned active liquidity management

Wick can put its own capital behind the execution it wants to offer. Active market making improves depth where traders need it; predictive fees and internal arbitrage give the protocol more ways to earn from maintaining that depth.

This is an operating advantage, not simply another vault product. Wick coordinates liquidity, pricing, and trading within the same business. The aim is to make better execution economically sustainable, so growth can support deeper markets rather than require a permanent subsidy.

Liquidity strategy

wLIT and wLLP extend that operating base. Pooled LIT can support capacity and execution access across Wick, while liquid wrappers make the underlying capital easier to hold and use. A resource acquired for one product can improve the economics of the others.

sWICK is the shared revenue sink for the Wick business. Wick is building a brand of financial products whose success accrues to the same holders. Each product can address a different market while adding to a common source of revenue.

That gives expansion a consistent purpose. A new product can bring customers, improve the use of existing capital, and create another source of fees. Its protocol revenue joins the same sink. Holders participate in the growth of Wick as a business, rather than having to choose a new token for every product.

The products reinforce each other before revenue reaches sWICK. Trading needs liquidity; liquidity benefits from better execution; pooled LIT supports capacity and access. Building these capabilities together lets Wick carry its capital, distribution, and operating experience into the next market.

That strategy extends to future primitives enabled by holding LIT. As Lighter opens new opportunities for builders, Wick intends to leverage wLIT to be positioned to create these products. Wick's Lighter expansion will depend on the primitives available there, with new protocol revenue intended for the same sWICK sink.

Dividends and capital gains serve different holders. Someone seeking income can take revenue as rewards; someone investing in Wick’s growth can compound through WICK buybacks. sWICK brings both preferences into one asset, so the business can grow without imposing one payout policy on everyone.