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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.

Chipletschips from 390,000 $CHIP

0.10× weight

Lil Based Nounchips from 1,000,000 $CHIP

0.50× weight

Based Nounchips from 1,000,000 $CHIP

1.00× weight

DarkNOUNchips from 1,000,000 $CHIP

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 11,000,000 $CHIP for a Based Noun

1.00×

Chip 22,200,000 $CHIP for a Based Noun

1.25×

Chip 34,500,000 $CHIP for a Based Noun

1.60×

Chip 49,000,000 $CHIP for a Based Noun

2.00×

Chip 524,000,000 $CHIP for a Based Noun

3.33×

Chip costs are fixed in the contract. 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 against a Noun

You can borrow against a Noun without giving up what it earns. A Noun locked as collateral stays chipped: it keeps its tier, it keeps its weight, and the rewards keep accruing to you for the whole term of the loan.

The Noun has to be chipped first. The loan only takes an actively chipped Noun as collateral, so an unchipped one cannot be borrowed against at any price. Chip it, then borrow against it — and it goes on earning the whole time it is locked.

This is a Chipworks loan on our own contracts, not a link out to someone else's. Terms are short and you pick one: 7 / 14 / 30 / 90 / 180 days.

Only liquidation resets the chip. That is a real change of owner, so it falls under the same rule as a sale — the new owner chips it again.

Collateral must be

actively chipped

Termsyou pick one

7 / 14 / 30 / 90 / 180 days

Stays chipped

the whole term

Rewards go to

the borrower

Resets on

liquidation only

Rounds and claiming

A round opens at most every 24 hours and only when the pot has reached $100. Anyone can open one; a keeper does it daily. 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

$100

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