sheaf

Frontier Labs

FRNTR · created 21 days ago by 7md5…VJb4

One share

—

— today

One FRNTR share is a claim on 4 holdings sitting in a vault this program controls. Nobody can move them except by redeeming a share, and a share can always be redeemed.

  • ANTHROPICAnthropic35%
  • OPENAIOpenAI30%
  • SPACEXSpaceX20%
  • ANDURILAnduril15%
Everything in the vault
—Components held against every outstanding share
Against the real shares
—Pre-IPO components have no listed share to compare
Dividends inside
—Share of the value that is dividends already paid on chain
Shares outstanding
—2 creations, 1 redemption

No price for ANTHROPIC, OPENAI, SPACEX, ANDURIL, so the value of a share is left blank rather than computed from part of the basket.

Pay in dollars and let fillers compete to deliver the stocks. The vault still receives the real components; you never trust anyone's price.

Test dollars on devnet

Prediction market

Will Frontier Labs beat SPY this week?

A basket has a value anyone can read from its vault, so a bet on it can be settled without trusting anyone's price. Sheaf writes the question and the rule. Panta runs the market on Solana, priced on a bonding curve and paid in USDC.

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The question

Will the Frontier Labs basket (FRNTR) beat SPY this week?

Resolves YES if one FRNTR share, valued from its vault at the close, rose more than SPY over the same week.

The recipe

These numbers were written once, when the basket was created, and cannot be changed. The weight on the right drifts as prices move; nothing rebalances it, because rebalancing would mean somebody deciding to trade your holdings.

HoldingPer shareValueWeight
ANTHROPICPreStocks
0.171188—35.0%
OPENAIPreStocks
0.092274—30.0%
SPACEXPreStocks
0.161815—20.0%
ANDURILPreStocks
0.476393—15.0%

Share mint C9CZqe…cN7XkM · vault owner 5Z8XUz…uSPr1p · creator fee 0.75% of shares created

Is it actually backed?

Held is what the vault contains right now. Owed is what every outstanding share can claim. Deposits round up and redemptions round down, so held can only ever be at or above owed, and the difference is rounding dust that stays with the remaining holders.

Reading the vault…

Check it without this page

Two kinds of read, both against the public RPC, no key. First, how many shares exist:

curl -s https://devnet.helius-rpc.com/?api-key=fda96fd4-84ee-44ea-a128-fcf3ef23a28c -X POST -H 'content-type: application/json' -d '{"jsonrpc":"2.0","id":1,"method":"getTokenSupply","params":["C9CZqeZAJRgRK4Sq34YtPYiBwFvSu8BaVypNLfcN7XkM"]}'

Then what each vault holds:

ANTHROPIC · vault 9Dsfj5…qwxSEU · recipe 171188063 raw units per share

curl -s https://devnet.helius-rpc.com/?api-key=fda96fd4-84ee-44ea-a128-fcf3ef23a28c -X POST -H 'content-type: application/json' -d '{"jsonrpc":"2.0","id":1,"method":"getTokenAccountBalance","params":["9Dsfj5CJbebs2ALV6BBik5NVu7qJar8rMjjzesqwxSEU"]}'

OPENAI · vault 3BQYjS…15FVwU · recipe 92274259 raw units per share

curl -s https://devnet.helius-rpc.com/?api-key=fda96fd4-84ee-44ea-a128-fcf3ef23a28c -X POST -H 'content-type: application/json' -d '{"jsonrpc":"2.0","id":1,"method":"getTokenAccountBalance","params":["3BQYjSxdgPwr1AccJg8djZZbydZ8gQ1ZEC9xw915FVwU"]}'

SPACEX · vault 7c1eYz…SiBTEM · recipe 161814690 raw units per share

curl -s https://devnet.helius-rpc.com/?api-key=fda96fd4-84ee-44ea-a128-fcf3ef23a28c -X POST -H 'content-type: application/json' -d '{"jsonrpc":"2.0","id":1,"method":"getTokenAccountBalance","params":["7c1eYznVigi7EEM1t9jAVhvXbDDZX7ErFYMWJSiBTEM"]}'

ANDURIL · vault Fdrnvv…QVKJZy · recipe 476392926 raw units per share

curl -s https://devnet.helius-rpc.com/?api-key=fda96fd4-84ee-44ea-a128-fcf3ef23a28c -X POST -H 'content-type: application/json' -d '{"jsonrpc":"2.0","id":1,"method":"getTokenAccountBalance","params":["FdrnvvAkN9uVuaZunekMTJSYv4c57PXVAQaKfmQVKJZy"]}'

For every vault, amount must be at least units per share × supply ÷ 1,000,000, both in raw units. If that holds, every share is backed. The program cannot make it false: deposits round up, redemptions round down, and no instruction moves anything out of a vault except a redemption.

Everything that has happened to it

Every creation and redemption since the basket was made, decoded from the program’s own events. The full ledger across every basket is on one page.

Reading the transactions…

The last mile

Creating shares means handing the vault the components themselves, which is what lets the program refuse to trust a price. Somebody holding only dollars has to buy those components first, so here is what that costs right now, priced through the routes that actually exist on mainnet.

One component has no mainnet price, so there is nothing honest to quote.

Prices come from Solana mainnet, balances from the program itself. The arithmetic behind both is written out in full.

How it worksEvery basket