Bitcoin, by proxy
PROXY · created 10 hours ago by B8dL…9U1L
One share
—
— today
One PROXY share is a claim on 3 holdings sitting in a vault this program controls. Nobody can move them except by redeeming a share, and a share can always be redeemed.
- Everything in the vault
- —Components held against every outstanding share
- Against the real shares
- —Needs a listed price for every component
- Dividends inside
- —Share of the value that is dividends already paid on chain
- Shares outstanding
- —1 creation, 0 redemptions
No price for MSTR, COIN, HOOD, 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.
Prediction market
Will Bitcoin, by proxy 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.
Powered by PantaThe question
Will the Bitcoin, by proxy basket (PROXY) beat SPY this week?
Resolves YES if one PROXY 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.
| Holding | Per share | Price | Value | Weight |
|---|---|---|---|---|
MSTR | 0.166272 | — | 50.0% | |
COIN | 0.085663 | — | 30.0% | |
HOOD | 0.093047 | — | 20.0% |
Share mint CTX1HK…ThvjtG · vault owner FCzzVU…FSnqF8 · creator fee 0.50% 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":["CTX1HK7YVMsU5dFq11SnAG8m1vFfdauyrUzosuThvjtG"]}'Then what each vault holds:
MSTR · vault BMkfF9…mJTpbg · recipe 16627177 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":["BMkfF96FPt39CtWyLN3dm6zDMK3yiJbArbUmAimJTpbg"]}'COIN · vault 4XK5PT…duGEAJ · recipe 8566253 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":["4XK5PTHvEspuwFBQmFNmF5HcMF9WFdbirVidk4duGEAJ"]}'HOOD · vault 87CBwd…Gmqmdj · recipe 9304743 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":["87CBwdLffc4vVRrn32v2FqHquvA7ts8n2sJkhvGmqmdj"]}'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.