Docs

How it works

Chipworks pays tokenized stock to Nouns holders on Base. You chip a Noun you already own — it never leaves your wallet, and nothing is wrapped, fused or transferred. A chip is a record against the token you hold.

Every 24 hours the protocol spends its pot on stock and credits it to the addresses that own chipped Nouns, split by the stocks each Noun picked. Rewards are booked to the address, not the token, so a transfer never strands what you have already earned.

Earning and claiming run on different clocks. Your Nouns earn every 24 hours, as each round credits them — but you take the accumulated stack every 7 days, when the claim window opens. Nothing is lost while it is shut; it is stacking up.

Chain

Base mainnet (8453)

You earneach round

every 24h

You claimthe accumulated stack

every 7 days

Rewards booked to

your address

The four collections

Four collections earn: Chiplets, Lil Based Nouns, Based Nouns and DarkNOUNs. What a Noun earns is its chip tier multiplied by its collection weight, so a DarkNOUN at a given tier earns twenty times what a Chiplet earns at the same tier.

A Chiplet is the small end of that ladder and the cheapest way onto it. Twenty-five of them burned in the Furnace become one Based Noun instead — the same Chiplet can forge, earn, or neither.

Weight is about rewards. It is not what the anvil pays — see the anvil below.

Chipletschip price: see Chipping and tiers

0.10× weight

Lil Based Nounchip price: see Chipping and tiers

0.50× weight

Based Nounchip price: see Chipping and tiers

1.00× weight

DarkNOUNchip price: see Chipping and tiers

2.00× weight

Chipping and tiers

Chipping burns half the fee and sends the other half to the reward pot, and sets a tier from 1 to 4. A higher tier earns more, and upgrading later costs only the difference between the two tiers.

A chip belongs to the Noun, not to you. Sell the Noun and the chip goes with it — the new owner chips it again.

Chip 1price: live table below

1.00×

Chip 2price: live table below

1.25×

Chip 3price: live table below

1.60×

Chip 4price: live table below

2.00×

Chip 5price: live table below

3.33×

COLLECTION

$CHIP TO CHIP · LIVE

Based NounChip 1 / 2 / 3 / 4 / 5

reading…

DarkNOUNChip 1 / 2 / 3 / 4 / 5

reading…

Lil Based NounChip 1 / 2 / 3 / 4 / 5

reading…

Chiplets

reading…

Chip prices are set in the contract by its owner and can change, but only through a public queue that waits 48 hours before a new price can take effect — the table above always shows the price the contract charges today. Upgrading later costs only the difference between the two tiers.

What tokenized stocks are

What you earn is Coinbase B20 tokenized stock on Base — a token that tracks a real share. It is not the share itself: you hold a token, not an entry on a broker statement, and it carries no voting rights.

One token is not always one share. Every B20 token carries a multiplier that says what one token is currently redeemable for. A corporate action moves that multiplier and leaves balances alone: your balance will not move, its meaning will. A dividend is paid by raising the multiplier rather than sending you cash — after a 2% dividend one token is redeemable for 1.02 shares. A split raises it too, in proportion. Chipworks always shows you the share count after the multiplier, never the raw token number.

A split does not make you richer, because the price falls by as much as the multiplier rises. A dividend does, because the multiplier rises on its own. Either way the balance in your wallet is the same number it was.

Around a corporate action the price feed for a stock freezes and holds its last value while the change is applied. It restarts only once both the price and the multiplier reflect the new state, so it never publishes a half-applied number. While a feed is frozen a round will skip that stock rather than buy against a stale mark — nothing is lost, the pot keeps the money and the next round buys.

Every stock is identified by its token address, not its ticker. B20 names and symbols can be changed on chain, so a ticker is a label we print and an address is the thing we mean. These tokens are built into Base rather than deployed, so Basescan shows no source code for them — every B20 shares one audited implementation.

What you hold

a token that tracks a share

Shares shown

balance × multiplier

A dividendnot paid as cash

raises the multiplier

A splitno jump in value

raises it as the price falls

Identified by

token address, not ticker

Your token balance never changes for a corporate action — only what each token is worth in shares. If you are checking a number against another app, make sure you are comparing shares to shares.

Borrowing

There are two loans on the Borrow page and they are unrelated. Taking one has no effect on the other.

$CHIP against a chipped Noun. A Chipworks loan on our own contracts, for Based Nouns only. You pick a term of 7, 14 or 30 days and pay a fee once, up front, taken out of what you receive: 0.5%, 1% or 2%. There is no interest. How much you can borrow per Noun is a cap set on the contract and shown on the page. Your Noun stays chipped and keeps earning for you the whole time it is locked.

Repaying a Noun loan. Repay by the due date and the Noun comes back. After the due date there is a grace period, free of charge: half the term, up to a week, so 3.5 days on a 7-day loan and 7 days on 14 or 30. When grace ends, a 1% late fee applies and your Noun can be liquidated from that same second. Grace is not a soft second deadline. You can still repay after it, with the fee, until someone liquidates, and from then on you are racing a liquidator.

If a Noun loan is liquidated. Anyone can liquidate once grace has ended. The Noun goes to the Chipworks treasury, the liquidator is paid a 2% bounty, and the Noun does not come back. The $CHIP you borrowed stays yours.

$USDC against your stock, on Morpho. Post AAPL, GOOGL, NVDA, META as collateral and borrow USDC from a Morpho market. It is non-custodial: the loan and the stock sit in Morpho under your own address. The first time, you authorize the Chipworks borrow helper on your Morpho account. That covers the whole account, can only act when you send a transaction, and can be revoked any time.

The cost. Chipworks takes 1% of what you borrow, once, at the moment you borrow, so borrowing $1,000 pays out $990 and you owe $1,000. Interest accrues on top at a variable rate set by the market. Repaying and withdrawing your stock are free. Because you received 99%, repaying everything costs more than the loan paid out.

Liquidation. A loan is liquidated when its loan-to-value reaches the market's liquidation line: 62.5% for AAPL, NVDA, META, and 77% for GOOGL. The helper stops new borrowing well before that, at 90% of the line (56.25%, or 69.30% for GOOGL). At the line, anyone can repay part of your debt and take your stock at a discount, about 12.7% (7.4% for GOOGL), under Morpho's rules. You keep the USDC you borrowed.

How much you can borrow is the smaller of two limits: what your collateral allows, and the USDC that is actually free in that market right now. The page shows both. In the small stock markets the free USDC is usually the tighter one.

Noun loan termsBased Nouns only

7 / 14 / 30 days

Noun loan feeonce, up front, no interest

0.5% / 1% / 2%

Gracefree

half the term, up to 7 days

After gracefrom the same second

1% late fee + liquidation

Liquidated Noun goes to2% bounty to the liquidator

the Chipworks treasury

Stock loan feeonce; interest is variable

1% of the borrow

Stock liquidation lineloan-to-value

62.5%, 77% for GOOGL

New borrowing stops at

56.25%, 69.30% for GOOGL

Both loans can take your collateral. A Noun loan past its grace period can be liquidated by anyone, and the Noun does not come back. A stock loan is liquidated if its loan-to-value reaches the line, and stock prices hold Friday’s close over the weekend and can jump at Monday’s open, faster than you can react. Repay or add collateral before the line, not at it.

Lending

Lend puts your USDC into the Chipworks USDC vault, a standard Morpho vault (MetaMorpho V1.1). The vault lends it to borrowers on a fixed list of Morpho markets, and the interest they pay is what you earn. The rate is variable: it moves with how much of each market is borrowed, and nothing on the site promises a number.

It is non-custodial. Your wallet deposits straight into the Morpho vault and withdraws straight out of it. Your USDC never passes through a Chipworks wallet, and Chipworks cannot take it. Chipworks curates the vault: it chooses which markets the vault may lend into, how much each can take, and can shift lending between those approved markets, but withdrawals only ever go back to the depositor.

The fee is 15% of the interest you earn, never of your deposit. Earn $100 of interest and you receive $85. There is no fee to deposit or to withdraw.

Where the money goes: the vault lends against tokenized stocks (AAPL, GOOGL, NVDA, META) and against crypto (cbBTC, USDe, WETH, XRP). The stock markets fill first, up to $2,000 each, so the first $8,000 deposited is lent against stocks. After that it goes to the crypto markets, which hold most of the vault's room.

Withdrawals are usually instant. Most of the vault's room sits in Morpho's deepest markets (cbBTC, USDe, WETH and XRP), which carry millions of dollars of unborrowed USDC, so taking yours back is one transaction. The rare exception is money lent in the small stock markets: if borrowers there have taken almost everything, that part comes back as they repay, and Morpho's rates climb to pull it back faster. The Lend page always shows how much you can withdraw right now.

VaultMetaMorpho V1.1 on Base

0x6B0E…93d6

Custodynever Chipworks

your wallet and Morpho

Fee$100 earned, $85 to you

15% of interest

Fee on your deposit

none

Rate

variable

Lent against

AAPL, GOOGL, NVDA, META, cbBTC, USDe, WETH, XRP

Withdrawalssubject to market liquidity

usually instant

Risk: your USDC is lent against crypto and tokenized stocks. If a borrower's collateral falls faster than it can be liquidated, the loss can reach lenders, and you can lose part of your deposit. This is rare, but it is real. Stock prices can also jump when markets reopen after a weekend, faster than liquidations can follow. And a withdrawal can have to wait for borrowers to repay when a market is almost fully borrowed.

Earn on your stock: how it works & risks

Earn deposits a stock you were paid into its Superform SuperVault on Base. These are Superform's contracts, not ChipWorks': your wallet deposits straight into the vault and receives vault shares, and ChipWorks never holds the stock. Every Superform and Merkl contract the page calls is listed on the Contracts page. Only vaults on a fixed list are shown, and each one is re-checked on every load — the vault's stock must match a stock registered with ChipWorks, and its strategy must match the one on the list. A vault that fails is not offered.

Only deposits earn. Stock sitting in your wallet earns nothing here. While you hold vault shares, two things can pay you. The first is the vault's own yield, which is what the strategy earns by itself; these vaults are new and Superform expects it to stay near zero while they start up, so each card shows it as it reads, live. The second is promotional incentives Superform pays through Merkl, in USDC and in sUP. Each card leads with Superform's own combined incentive figure and lists the USDC and sUP parts under it, each with its end date. They are variable: the USDC one is capped, the sUP ones share a fixed budget, so the rate falls as more is deposited and moves with the UP price. They stop on their end dates or earlier, and they are not guaranteed.

sUP is not cash. It is Superform's Staked UP token, itself a vault share, and turning it back into UP has its own waiting period (shown beside every sUP figure). Its dollar value moves with the UP price. Rewards are claimed from Merkl's distributor directly by your own wallet: no ChipWorks or Superform contract sits in between and nothing is taken from the claim.

Withdrawing is a request, not a button that pays out. You request a withdrawal and your shares move into the vault's escrow. Superform's operator then processes it, and once it has, your stock is ready to claim — a second transaction. On these vaults that has recently taken about 30 to 60 minutes — the first real withdrawal was fulfilled in 36 minutes — but the timing is the operator's and no contract guarantees it. Requests are protected by a price guard: by default the vault will not fill your request more than 0.5% below the share price when you asked.

Cancelling works the same way. A cancel is itself a request: the operator processes it, then you take your shares back in a second transaction. While a cancel is waiting you cannot start a new withdrawal in that vault. A request that has already been processed cannot be cancelled — claim it instead.

The stall risk. Fulfilment is done by Superform's keepers, and Superform can pause those keepers off-chain. If it does, your request stays pending with nothing on chain to say why. Your shares are in the vault's escrow, not lost, but you cannot hurry them.

Where the share price comes from. Each vault's share price is posted on chain by a validator set Superform runs and approves (at least two-thirds must agree, in rounds every 30 minutes). Validator bonds, slashing and an insurance fund are planned for later phases and are not live today. Each strategy holds $UP that pays validators for these updates; if it ran out, updates would stop and deposits would close. At its current spend it is funded for many years.

When deposits pause. Superform's managers and guardians can pause a vault at once, and a vault also pauses itself if its price is more than 24 hours old, moves too far in one step, or its validators disagree or fall quiet. When a vault is unpaused its price counts as out of date until a fresh one is posted, so deposits stay shut for a little while after — the card says "price update pending". Pausing stops new deposits; it does not touch shares you already hold.

Fees. Superform takes a performance fee on profit only, never on your deposit: it is measured against the vault's previous high, so a flat or falling share price pays no fee. Each vault's fee is in the table below, read live from that vault's strategy every time this page loads — on 7 October 2026 it was 10% on AAPL, GOOGL, META and SPCX and 20% on AMZN, MSFT, TSLA and NVDA. Fees go to SuperBank, Superform's treasury. There is no fee to deposit or to withdraw today. A fee change has to be announced 7 days before it can take effect.

Custodynever ChipWorks

Superform's vault

Earnsnot stock in your wallet

vault shares only

Vault yieldnear zero while new

live on each card

Incentivesvariable, end dates on each card

USDC and sUP, via Merkl

sUPhas its own exit wait

not cash

Withdrawalno guaranteed time

request → processed → claim

Fulfilmentnot guaranteed

recently ~30–60 min

Price guard

0.5% by default

Performance feeper vault, live below

10% or 20% of profit

Fee change notice

7 days

Reading each vault’s fee…

Risk: the vaults, their price feed and their withdrawals are run by Superform, not ChipWorks. A withdrawal can take longer than you expect, or stay pending if Superform pauses its keepers. The incentives can end early and sUP's value can fall. Deposit only what you can leave in place for a while.

Rounds and claiming

A round opens at most every 24 hours and only when the pot has reached $1,000. If the pot is short after 24 hours, the round waits for it. Anyone can open one; the keeper checks every 30 minutes and opens it as soon as both are true. It then spends the WHOLE pot — there is no per-round cap and nothing is held back for next time.

Claiming runs on its own, slower clock: it opens every 7 days and stays open for 48 hours. Your rewards keep accruing while the window is shut — the cycle governs when you can take them, not when you earn them.

Round

every 24h

Minimum pot

$1,000

Round spendsno cap

the whole pot

Claims open

every 7 days

Window stays open

48 hours

Credit expires after

30 days

A credit you do not claim within 30 days goes to the treasury in full. It cannot be recovered. The site warns you from 7 days out, and every credit shows the date it goes.

The anvil

The anvil is a Clutch market that always has a price. Sell a Noun into it and you get $CHIP at the published bid; buy one off the shelf and you pay that price plus a fee. No listing, no waiting for a buyer.

What the anvil pays is not the rewards weight. A Based Noun and a DarkNOUN fetch the same amount here, because the anvil prices what it can resell rather than what a Noun earns.

Lil Based Noun

100k $CHIP

Based Noun

500k $CHIP

DarkNOUN

500k $CHIP

Swap fee

1%

Snipe feepicking a specific one

2%

Protocol feeClutch DAO

0.5%

Selling a DarkNOUN to the anvil gets you a Based Noun's price. If you hold one, you will likely do better listing it.

The Box

One price, one Noun. The Box opens whichever has been on the shelf longest — the next in line. You can see which one that is before you pay, so there is no guessing involved.

The Furnace

The Furnace turns Chiplets into Nouns. Burn 25 Chiplets and 25,000 $CHIP for a Based Noun.

Chiplets are the only thing the Furnace burns. Lils are never consumed — they are an earning collection like any other, and always were.

The Nouns it hands out come from stock the team seeded — the Furnace mints nothing. When a recipe runs out of stock it closes until it is restocked.

25 Chiplets + 25,000 $CHIP

1 Based Noun

Chiplets + 60,000 $CHIPcount set at opening

1 DarkNOUN

Lils are the only collection that can be burned, and burning is permanent. Based Nouns and DarkNOUNs are never burned. A chipped Lil can be burned, and its chip dies with it — the $CHIP already spent on that chip is not refunded.

Fees, and where every dollar goes

Every fee Chipworks collects splits the same way: 80% into the pot that buys stock for chipped Nouns, 20% to run the protocol.

Each round also holds back 15% of the stock it buys and puts it into protocol-owned liquidity, whose income flows back into the pot.

Clutch's own trading fees are separate: they go to activated Nouns in $CHIP and to the Clutch DAO. Chipworks does not touch them.

To the pot

80%

To operations

20%

Held back for POLadjustable 0–25%

15%

Arcade rake

50% pot / 50% burned