The market for the world’s largest asset class

We’re building the market for an asset class that already exists.

Preflop tokens pay you while you wait, and turn your early conviction in someone’s trajectory into a permanent share in their success.

People already invest in other people. The asset class exists. What’s missing is a standardized, liquid market on the underlying trajectory. That’s what Preflop is building.

Today we’re in Layer 1 · Covenant · See the 4-layer roadmap →

Jump to the pricing math →See how returns work →Read the math →Open the market →

Market overview

Live · Base Sepolia

26 covenants · 0 backers · $3884K funded

Ticker7dPrice24hScore

PRYC

$268.57▲7%93

JLIU

$391.11▼4%91

HARD

$257.00▼2%90

MBRN

$267.79▼6%89

SKIM

$220.94▲7%88

RMHT

$117.65▲7%87

TWAS

$297.76▼5%86

MYTR

$192.29▼7%85

Avg score 82Mkt cap $56395KIssuers 26Trading 12

Full market →

Spec · Ethics

Raise without giving up the company. Reward the people who believed.

Issuers raise on Preflop without giving up equity, without a board seat, and without governance over their career. Founders, researchers, creators, early-career professionals. Anyone with a trajectory worth backing. The covenant takes a defined slice of realized earnings, capped at 25% of income for a defined window. Backers hold a financial claim, not power over a life. When the contract ends, what remains is a permanent share in the issuer’s success, held by the people who actually believed. The contract is on a trajectory, not on a human. Identity is never collateral.

Read the ethics spec →

“Bloomberg for human capital. Conviction first, liquidity second. The asset class already exists. We’re giving it a market.”

Deployed in early-stage annually

Early-career individuals shut out of institutional capital

Tradeable human capital market today

One covenant, two phases

Phase 1Years 1 → T

Phase 1 · Income-linked dividend

Uncapped, fixed-term. Pays you while the perpetuity converges.

Issuer pays s% of Total Economic Benefit each quarter. Salary, bonuses, equity realizations, royalties: everything their labour creates. No cap. The structural break from prior 2–3× ISA ceilings. Tokens locked pre-IPO.

converts at→year T

Phase 2Year T → perpetual

Person Token: a permanent share in the trajectory

Tokens convert to a perpetual e%claim on the issuer’s economic trajectory. The token follows their work across every role and pivot. Distribution, liquidation, and anti-dilution rights, enforced through a Primary Economic Entity. Never expires.

See the full two-phase lifecycle →

How it works

Issue

Issuer sets four terms: principal, dividend rate, dividend duration, perpetuity stake. Covenant deploys on-chain as a two-phase contract.

Fund

Backers allocate capital and receive locked pre-IPO tokens from a fixed supply of 10,000.

Earn

Phase 1 dividends flow uncapped. Token unlocks at IPO and starts trading as conviction data accumulates.

Convert

At year T the token converts to a Person Token: a perpetual e% claim on the issuer's economic trajectory, carried across every role and pivot they take on. Distribution, liquidation, anti-dilution rights. Trades forever.

Currently: 26 covenants issued · 12 trading · 14 pre-IPO

Open covenants

trading

93/ 100

Priya Chandra

AI inference infrastructure that cuts serving costs 6x for frontier-model startups. $800K ARR, Series A term sheet in hand.

SHARE 3%EQUITY 2%TERM 8yr

100% funded$400K / $400K

trading

91/ 100

James Liu

Vertical SaaS for construction project management. Repeat founder — sold last company for $2.3M acqui-hire in 2023. 3 enterprise LOIs.

SHARE 5%EQUITY 3%TERM 8yr

100% funded$250K / $250K

trading

90/ 100

Hassan Al-Rashid

Computer-vision QA for manufacturing lines. AUB Beirut, ex-Facebook CV. $60K MRR across four factories.

SHARE 3.5%EQUITY 2%TERM 8yr

100% funded$300K / $300K

View all 26 covenants →

The infrastructure stack

01Covenant

Now → 12 mo

The instrument.

Two-phase uncapped covenant tokens. ERC-20 on Base, pre-IPO lock, fixed 10,000 supply, TEB reporting.

Live

02Origination

Now → 18 mo

The marketplace.

Issuer × backer marketplace where individuals raise against future TEB. Conviction scored, instantly allocatable.

In progress

03Pricing

12–24 mo

The AI valuation engine.

DCF + Monte Carlo over TEB paths. Regime-switching income model. Dynamic NAV as reports accrue.

Designed

04Market

18–36 mo

Secondary & derivatives.

CLOB, cap-weighted indices (FDX), Person Token perpetual trading, European options. Human capital, liquid.

Planned

See the full 4-layer roadmap →

The asset class already exists.
We’re giving it a market.

See the product →