Earn premiums by writing protection

Deposit tUSD into a per-underlying ERC-4626 vault. Every protection sold locks strike × tokens of collateral and pays its premium in; the premium stays unearned until its series settles, then lifts the share price. Open puts are marked to market, so a loss hits every writer at once. Positions are always fully collateralized, exits keep utilization at or below 90%, and entries and exits pause while the feed is dark with open exposure or an expired series awaits settlement.