> ## Documentation Index
> Fetch the complete documentation index at: https://getequity.io/docs/llms.txt
> Use this file to discover all available pages before exploring further.

# On-Chain Overview

> How to trade RWA (Real-World Asset) tokens directly against the smart contracts on Ethereum (Base) and Solana.

This section shows you how to **buy and sell RWA (Real-World Asset) tokens directly
against the smart contracts** — no backend API in the middle. The same product is
deployed on two chains, **Ethereum (Base)** and **Solana**, so pick the one your wallet
is on. The trading model is identical on both.

<Note>
  This reference is self-contained and safe to drop into another repo. You only need a
  wallet, the addresses on these pages, and an RPC endpoint.
</Note>

## How trading works

You trade against a **vault**, not against other users. Each asset has:

* A **token** — the ERC-20 (Base) or SPL Token-2022 (Solana) representing the asset.
* A **vault** — holds the payment token (for buy-backs) and unsold token inventory.
* A **market** — one contract/program serving all assets, with a single **admin-set
  price** per asset.

Every trade is with the vault: you **buy tokens from it** and **sell them back to it** at
a single admin-set price, minus a fee. Because this **isn't an AMM**, the price is fixed
per trade — it doesn't shift with your order size or with market depth. One token or a
million, you get the same per-token price with zero slippage from your own trade.

### Pricing & fees

* **Price** is an integer in **USD cents per whole token** (`PRICE_PRECISION = 100`). A
  price of `150` means \$1.50 per token.
* **Fees** are in **basis points** (`100 bps = 1%`), taken off your buy cost and sell
  proceeds.

### Settlement currency

Each asset settles in its own **payment token** — e.g. USDC or CNGN. Always read it per
asset (`payoutToken()` on EVM, `payout_token` in the token metadata on Solana) rather
than assuming USDC.

### Slippage protection

Every buy/sell takes a guard argument. Quote first, then pass the guard so the trade
reverts if the price moved against you:

* **Buy:** `maxCost` / `max_cost` — the most payment token you're willing to spend.
* **Sell:** `minPayout` / `min_proceeds` — the least payment token you'll accept.

### Payouts & redemption

Some tokens are debt/fund tokens that accrue interest and pay it out on a schedule; you
receive those payouts automatically (or claim them). At end-of-life a token is
**redeemed** at a final price. See each chain's page for how to claim.

<CardGroup cols={2}>
  <Card title="Ethereum (Base)" icon="ethereum" href="/docs/onchain/ethereum-addresses">
    Addresses, then the `Market` / token surface you call to trade.
  </Card>

  <Card title="Solana" icon="s" href="/docs/onchain/solana-addresses">
    Program IDs & PDAs, then the `rwa_market` instructions you call to trade.
  </Card>
</CardGroup>