Any carry, made into a market.
Someone knows where a return comes from. CarryWorks turns that into a vault anyone can put money into — the same contract every time, with the terms written in at launch and no way to edit them afterwards.
Open a carry · Fund it · Earn from it
- Factory
- Awaiting launch
- Launch fee
- 0.001 ETH
- Performance fee
- set by the creator, max 20%
- Charged on
- carry only
- Vault owner
- nobody
Every market the works has opened.
Everything the factory has ever deployed, in the order it was deployed. Nothing here is curated, ranked or endorsed — it is simply what exists.
Sample markets. The factory is not deployed, so none of these figures were read from a chain.
| Market | Strategy | APY | TVL | Carry paid | Depositors | Custody | Age |
|---|---|---|---|---|---|---|---|
 Gold carrycwXAUT · XAUT | Tokenized assets | too new | 0 XAUT | 0 | 0 | none out | 15m |
 test market, ignorecwUSDG · USDG | Custom strategy | too new | 0 USDG | 0 | 0 | locked | 55m |
| Overnight repo, onchaincwUSDG · USDG | RWA carry | too new | 8,000 USDG | 0 | 4 | none out | 4h |
 SPY dividend passthroughcwSPY · SPY | Tokenized assets | 0.00% | 1,180 SPY | 0 | 11 | locked | 11h |
| Idle USDG, lockedcwUSDG · USDG | Stablecoin lending | 22.22% | 61,400 USDG | 67 USDG | 19 | locked | 2d |
| Basis desk, quarterlycwUSDG · USDG | Custom strategy | 30.24% | 170,200 USDG | 495 USDG | 44 | 56% out | 4d |
Five steps, and none of them ask us for permission.
CarryWorks is a works, not a yield aggregator. It does not pick strategies, rate them or curate a list. It casts the vault and gets out of the way.
- 01
Name the carry
A title, a ticker for the shares, and a plain sentence about where the return comes from. All three are written into the factory's storage, not into a database we run.
- 02
Set the terms
Wire it to a live source or name your own strategy address. Then the ceiling on how much capital may sit there, and the fee you take on carry.
- 03
Open the vault
One transaction to the CarryWorks factory deploys a vault of its own. Nothing is shared with any other market — no pooled balance, no shared accounting.
- 04
Capital arrives
Anyone deposits the asset and receives shares. The market is open the second it exists; there is no listing to apply for and no queue to join.
- 05
Carry lifts the share price
Every token that arrives makes a share worth more. Depositors withdraw at that price whenever they like, against whatever the vault is holding idle.
Any carry. One market.
The vault does not care where the return comes from — only that more of the asset comes back than went out. That covers most of what earns onchain.
Stablecoin lending
Supply a stable asset to a lending venue and hand the borrow rate through to depositors.
2 open
Tokenized assets
Return earned on tokenized equities, ETFs and other onchain asset exposure.
3 open
LP fees
Post liquidity somewhere it gets traded against and route the fees back into the vault.
1 open
Liquidations
Capital held ready to absorb liquidations and keep the discount it buys them at.
1 open
RWA carry
Offchain cashflow — treasuries, private credit, receivables — settled back onchain.
2 open
Custom strategy
Anything else that gives back more of the asset than it was handed.
2 open
A vault that cannot lie about its own size.
Every market is the same contract with different constants. No owner, no pause switch, no upgrade path — the numbers on a market page are read straight out of it.
- Contract
- CarryVault
- Shares
- ERC-20, priced in the asset
- Owner
- none
- Pause / upgrade
- none
- Deposit
- open to anyone
- Withdraw
- anytime, against idle capital
- Creator can move capital
- only to the declared strategy
- Deploy ceiling
- fixed at launch
- Performance fee
- on carry only, max 20%
- Works' share of that fee
- 20%
- Dead shares seeded on first deposit
- 1,000
TVL only moves when tokens move
Capital at the strategy is counted from what actually left the vault. No function writes a larger number into it — a creator can mark a position down, and can never mark one up.
The fee is charged on carry, never on principal
Fee shares are minted only when the vault is worth more than the last time it looked, and they dilute holders by exactly the fee and by nothing else.
Illiquidity is stated, not hidden
A withdrawal larger than the idle balance reverts instead of queueing quietly. Every market prints how much of it is out at the strategy right now.
Point it at something that already pays.
A market can be wired to a live ERC-4626 vault on Robinhood Chain. CarryWorks deploys a small adapter you own, the market supplies its capital into the source, and anyone can bring principal and carry back.
Steakhouse USDG
An ERC-4626 vault holding roughly 450M USDG. Its share price sits above one and climbs as it accrues. The works deploys a thin adapter that you own; your market supplies into the source through it and redeems on demand.
- Standard
- ERC-4626, USDG denominated
- Held in the source
- 448.68M USDG
- Share price
- 1.005985 USDG
- Adapter
- deployed by you, owned by you
- 01You are not limited to a wired source. Any address can be a strategy — a desk, a contract, a multisig — and a market that names one says so on its page.
- 02CarryWorks has not reviewed that address, and neither has anyone else. An address you cannot identify is an address you should not fund.
- 03Capital sent to a strategy is at that strategy's risk. It may come back smaller, or not at all.
Creators bring the carry
The person who knows where the return comes from does not have to build a protocol to sell it. They describe it, set the terms, and open the market.
CarryWorks casts the vault
The factory deploys the same contract every time: shares, accounting, custody ceiling, fee. Nothing bespoke, so there is nothing bespoke to review.
Depositors bring the capital
Put money into whichever market you believe, see exactly what it holds and what it has paid, and take your shares back at their price.
Open a carry. Fund it. Earn from it.
One transaction, 0.001 ETH, and the market exists — on the chain, not on a waitlist.