Docs
The mechanism, the contracts, and the questions that come up.
- 1. Swap fee. The launch hook charges the fee in ETH on every buy and sell. The protocol's 0.30 percent is carved out of the advertised rate, never added on top.
- 2. Treasury. Fees accrue on the hook until the ownerless treasury claims them. Only the treasury can collect its slots, and it has to be asked.
- 3. Epochs. Every 6 hours anyone can trigger a pass: the claimed ETH splits into equal slices across the fixed basket, at most 0.1 ETH per stock, and the caller earns 0.0004 ETH per completed buy. Failed buys are skipped; their ETH rolls forward.
- 4. Redemption. A holder burns $ETF to the dead address and receives holding times burn over circulating supply of every position. NAV neutral, immediate, irreversible.
An ownerless treasury holding a fixed basket of 35 tokenized stocks, bought with the ETH swap fees. The treasury page lists each position with its contract address, amount, and value, plus the ETH awaiting conversion.
Burn $ETF from the dashboard. The tokens go to the dead address and you receive your share of every basket position: burning one percent of circulating supply pays one percent of each stock.
For each stock: the treasury holding times your burn divided by circulating supply, floored in the treasury favour. Circulating supply excludes burned and treasury-held tokens. Unconverted ETH is working capital and is not part of the payout.
No selecting: a full redemption draws across every position. The contract does allow redeeming a range of the basket, so one frozen stock can never block the rest.
No. The burned $ETF is gone from circulating supply for good. The received stock tokens are yours.
Redemption pays backing value per token, whatever the market price is. It is the backstop: whenever the market trades below backing, buying and burning is profitable until the gap closes, and that process cannot drain the treasury or dilute anyone. Redemption is NAV neutral: assets and circulating supply shrink by the same fraction, so everyone remaining is exactly as backed as before.
Measured in the stocks backing each token, every move points one way. Fee buys add stocks while circulating supply stands still: up. Burns remove stocks and supply by the same fraction: level. No other move exists. With 1,000,000,000 circulating and $10,000 of stocks the floor is $0.00001 per token; another $10,000 of fees doubles it; a 100,000,000 burn pays out $2,000 and leaves it at exactly $0.00002. The dollar value of the backing moves with the stock market.
Nobody in particular. Anyone can trigger an epoch after the 6 hour cooldown and earns 0.0004 ETH per completed buy. There is no owner, no keeper, no pause, and no upgrade: the basket, the parameters, and the bound token are fixed at deployment.
| $ETF token | pending deployment |
| Uniswap v4 hook | pending deployment |
| Treasury | pending deployment |
| Multicall3 | 0xcA11...CA11, deployed |
The 194 tokenized stock addresses come from the official onchain asset registry. The treasury page links every position to the explorer.