Introduction.
RAVA turns an index into two tokens. One gains when the index rises, the other when it falls. Both are paid in full.
How it works.
One dollar goes into escrow and creates one long and one short token. At the end of the window, the published index decides how that dollar splits between them.
No margin, no liquidation, no ISDA. The most either side can lose is what it paid.
Who uses it.
Funds hold either side, hedgers buy the side that offsets their book, and protocols build products on the tokens.