Roadmap · Four layers
The first infrastructure layer for human capital markets — built one layer at a time.
Conviction first, liquidity second. We own the pre-launch honestly — every fixture on the site is badged, every layer has a date, and every ship is verifiable on-chain when it lands.
You are here
Layer 01
Covenant
Layer 02
Origination
Layer 03
Pricing
Layer 04
Market
Layer 1 · Covenant · Q2 2026
01Layer 01
Covenant
The Instrument
Now → 12 months
Live“Get listed. Raise capital. Deploy on-chain.”
- —Two-phase uncapped covenant tokens (Phase 1: income-linked dividend, Phase 2: Person Token)
- —ERC-20 smart contracts on Base with pre-IPO transfer lock
- —Fixed supply of 10,000 tokens per issuer (standardized across both paths)
- —Total Economic Benefit (TEB) income reporting
- —Conviction scoring v0 (8-component, 0–100)
Unlocks
The first covenants go live. The data corpus begins.
02Layer 02
Origination
The Marketplace
Now → 18 months
In progress“Back a founder, get paid as they grow.”
- —17-field structured founder application
- —Filterable marketplace with conviction scores and funding progress
- —Instant allocation with per-token dividend math
- —Backer P&L dashboard with cost basis and unrealized gains
- —Plaid integration for automated income verification (pending)
Unlocks
Real founders raise real capital. Backers earn uncapped dividends.
03Layer 03
Pricing
The AI Valuation Engine
12–24 months
In progress“Conviction becomes liquid — via covenant conversions AND direct listings.”
- —DCF model with Monte Carlo simulation over TEB path distributions
- —Direct Listing compresses Layer 3 supply from 5–15 years to 4–12 weeks for qualifying issuers
- —Regime-switching income model (stable / growth / decline)
- —Conviction scoring v2 (backward + forward, 60/40 weight) trained on historical TEB
- —Dynamic NAV repricing as TEB reports accrue
- —Logistic default probability calibrated to conviction score
Unlocks
Secondary market depth from day one of Reg D clearance.
04Layer 04
Market
Secondary & Derivatives
18–36 months
Planned“Trade tokens. Build indices. Price the future.”
- —Continuous limit order book (CLOB) with price-time priority
- —Cap-weighted index products (Founder Index FDX)
- —Person Token perpetual trading (Phase 2 tokens trade forever)
- —LMSR automated market maker for baseline liquidity
- —European-style options on individual tokens (Phase D)
Unlocks
Human capital becomes a liquid, tradeable asset class.
Preflop has two on-ramps converging on one market. Covenant-Originated is for pre-seed founders, creators, and researchers at the start of their arc. Direct Listing is for established individuals whose trajectory is the data, not the promise. Tokens from either path trade fungibly — origination is metadata.
COV
Covenant-originated
Phase 1 income-linked dividend (years 1..T) funded at listing, converting to a Phase 2 perpetual claim at year T. Capital now; trading begins post-IPO.
DIR
Direct listing
Enter Phase 2-equivalent directly from day one. No covenant, no principal by default; 4–12 week review, 2–8 week lockup, then trade.
The unifying math
Every token in Preflop — from either path — is a (share_rate, time_window)slice of the issuer’s future Total Economic Benefit. The Obligation Ledger enforces a ≤25% cap on total committed outflows so new listings can never impair prior ones. That single framework is what lets both paths share one market. Full derivation with worked examples in Obligation Ledger (Cross-Listing Math) and Conviction Engine (v2 hybrid).
One covenant. Two phases. The token is issued once, pays uncapped dividends for the dividend term, then converts automatically into real equity that trades forever.
Income-linked dividend period
Uncapped, fixed-term, pays you while the perpetuity converges
- —Founder pays s% of Total Economic Benefit quarterly. TEB includes salary, bonuses, equity realizations, acquisition proceeds, royalties, board fees — everything labour creates.
- —No cap. If the founder earns $10M in a year, backers receive s% of $10M.
- —Tokens locked pre-IPO; unlock at 4+ reports, score ≥ 60, funding ≥ 50%.
- —Price = PV(remaining dividends) + PV(Phase 2 equity value).
conversion→at year T
Person Token
A perpetual share in the trajectory, held through a Primary Economic Entity
- —The 10,000 tokens collectively represent a perpetual e% stake in the founder’s economic output, held through a Primary Economic Entity for enforceability.
- —Pro-rata distribution rights on any entity dividends or buybacks.
- —Liquidation rights on sale, acquisition, or merger.
- —Anti-dilution protection below the conversion rate.
- —Trades forever on the secondary market. Never expires.
You’re backing a trajectory across an entire career. The entity is the legal vehicle that makes the claim enforceable.
01 · The trajectory, not the company
You’re holding a share in the trajectory, not a cap table
You’re holding a share in the founder’s trajectory across an entire career — not one venture. The token follows their work through every company, every pivot, every career move. A Primary Economic Entity (an LLC or C-Corp controlled by the founder) ensures your e%claim is legally enforceable, and the claim is on the trajectory itself. When the founder’s company changes, the entity follows the work. Your token follows the trajectory.
02 · Distributions or growth
Cash paid or value compounded — either way, backers win
The founder can distribute profits to token holders (like a dividend-paying stock) or retain earnings and reinvest in growth (like Amazon). Either way, token holders benefit — through cash distributions or price appreciation. The choice between distribution and reinvestment is a capital allocation decision, not a signal that the equity is hollow.
03 · Financial transparency
Quarterly reporting through Preflop
The entity commits to quarterly reporting of revenue, net income, total assets, and significant transactions through the Preflop platform. This data feeds the AI pricing engine and gives the secondary market fundamental data to price the token on — the same transparency public companies provide through SEC filings, applied to a single-operator entity.
04 · Protection
Liquidation, anti-dilution, distribution
Token holders have liquidation rights (pro-rata share of net proceeds if the entity is sold, acquired, or dissolved), anti-dilution protection (the founder cannot issue new equity that dilutes the Phase 2 stake below e% without a majority vote), and distribution rights (when profits are distributed, token holders receive their pro-rata share).
The Amazon analogy
Amazon hasn’t paid a dividend in over 20 years. Its stock is worth $2 trillion.
The value isn’t in the dividend — it’s in the growth. Reinvestment compounds the founder’s earning power, and the token holder captures that through price appreciation. Person Tokens work the same way. Whether the founder distributes or reinvests, the token holder holds a legally enforceable claim on the founder’s economic output over a full career — with the Primary Economic Entity serving as the legal vehicle that carries it.
| Phase | Framework | Horizon | Status |
|---|---|---|---|
| Phase A | Reg D (accredited investors) | Now → 12 months | Counsel engaged |
| Phase B | Reg CF (up to $5M, non-accredited access) | 12–24 months | Proactive SEC engagement |
| Phase C | Reg ATS (registered secondary market) | 18–30 months | FINRA broker-dealer |
| Phase D | CFTC (derivatives classification) | 24–48 months | Engage early |
Reg D is live counsel. Reg CF requires proactive SEC engagement once the cohort is large enough to matter. Reg ATS + CFTC follow the data, not the other way around — we build the corpus first.
Step 01
Founders list
→Step 02
TEB data flows in
→Step 03
AI engine trains
→Step 04
Pricing improves
→Step 05
Better founders join
The corpus only exists by running the market. The moat deepens with every covenant.
Every income report filed, every covenant priced, every token traded produces a row of proprietary training data no incumbent has. Bloomberg terminals don’t have this data. CB Insights doesn’t. Nobody does — because the instrument that would generate it didn’t exist until now.
2
Listing paths live (Covenant + Direct)
41
Tickers on the /market terminal
14
Direct Listing profiles
27
Covenant founder profiles
10,000
Token supply per issuer (canonical)
Live
app.preflop.co
- 01✓Direct Listing spec published (2026-04-21)
- 02Obligation Ledger engine shipped (Q2 2026)
- 03Reg D counsel memo returned (Q2)
- 04Conviction engine v2 (hybrid forward + backward) in production (Q2)
- 05First Direct Listing applicant accepted (Q3)
- 06Reg D legal counsel retained
- 07First 5 real founder covenants listed
- 08Founder self-listing (Raghav Mundara — ticker RMUN)★
- 09Plaid income verification integrated
- 010MVP secondary trading enabled for IPO'd tokens
Programmable covenants are cheap now
Smart contract infrastructure is mature enough for covenant enforcement at low cost. Base L2 fees under a cent per transaction.
Individual-level DCF is viable
AI-driven DCF modelling is now viable at the single-founder level. Direct Listings provide ground-truth training data to calibrate individual-level DCF — every new listing improves the engine.
Founders want non-dilutive capital
Post-2022 equity reset means founders actively seek non-dilutive alternatives. Preflop is an explicit substitute for pre-seed dilution.
Both sides of the market exist
300M+ creators plus millions of mid-career professionals, athletes, and post-exit operators. The covenant path reaches the first group; the Direct Listing path reaches the second. We need both to build the exchange.
Earn income while they build. Own a share of who they become.
Trade it forever.
