sheaf

How Sheaf makes money

Sheaf is paid when a share is made, and never while it is held or when it is redeemed. Every fee is written into a basket when the basket is created, so the rate a buyer sees is the rate that basket will charge for as long as it exists.

0.10% of every share created goes to Sheaf. The basket’s creator sets their own fee. A filler earns whatever the buyer’s own ±2% band leaves it, and Sheaf’s filler waits for 0.15%.

Everything runs on devnet and testnets with test money today. The protocol fee is live on devnet for Solana baskets created since 9 Oct 2026. The rates are real; the revenue is not yet.

  • 0.10%

    of every share created, to Sheaf

    Solana baskets created since 9 Oct 2026, fixed for good

  • 0–1%

    to the basket's creator

    the composer suggests 0.25%

  • 0.15%

    what Sheaf's filler waits for

    any filler may fill anywhere inside the ±2% band the buyer signs

  • 0%

    to hold or redeem

    no yearly fee; redeeming hands back the stocks

1

Who pays, for what

Four lines earn money. Two are paid where backed shares are made: the protocol fee to Sheaf and the creator fee to whoever created the basket. One is paid to whoever delivers the stocks for a dollar order. The last comes from launch markets, which sit beside the backed share rather than inside it.

Fees on a creation are paid in newly made shares, so the vault always receives the full recipe and what every share can redeem for never changes.

  • Protocol fee

    0.10% of shares created

    Paid by
    Whoever creates shares: in kind, by dollar order or by a plan run
    Paid to
    Sheaf's treasury
    How
    Minted as new shares and accrued in the basket; anyone can send the claim, which pays only the treasury. The vault still receives the full recipe, so what a share redeems for is unchanged. Written into the basket when it is created and can never change.
    Status
    Live on devnet since 9 Oct 2026 for baskets created from then on. Baskets created before it carry none, for good. On EVM, the v2 desk runs the same auction with a 0.10% protocol fee on fills; in-kind EVM mints have no protocol fee, because the v1 baskets are immutable.

  • Creator fee

    0 to 1% of shares created

    Paid by
    Whoever creates shares in that basket
    Paid to
    The basket's creator
    How
    Chosen once when the basket is created (the composer suggests 0.25%) and paid in new shares, never out of the vault.
    Status
    Live on devnet and on the five EVM testnets. Sheaf earns it only on the baskets it creates itself.

  • Filler margin

    Any filler: anywhere inside the buyer's ±2% band. Sheaf's filler: 0.15% over fair.

    Paid by
    The buyer of a dollar order or a plan run
    Paid to
    Whichever filler delivers the stocks first
    How
    The auction offers a share count that starts 2% above fair and falls to the buyer's floor, 2% below it. Sheaf's filler fills once the dollars cover the stocks at fair plus 0.15%. Another filler can fill earlier for less, and the buyer gets that better count; one that waits longer earns more, up to the floor the buyer signed.
    Status
    Sheaf's 0.15% is a policy of its filler, not a program rule. It leaves orders under $5 to others. Anyone can run a filler; the script is in the repository.

  • Launch markets

    40% of curve and graduated-pool fees, 1% at graduation, 1% of supply

    Paid by
    Traders of a basket's launch token on Meteora
    Paid to
    Sheaf's treasury; the creator gets another 40% and Meteora keeps 20%
    How
    Meteora takes its share of every trading fee first and the rest is split evenly, on the curve and in the permanently locked pool it graduates into. At graduation the treasury also takes a 1% migration fee and 1% of the token's supply.
    Status
    Live on devnet. A launch token is its own market and is not a basket share.

  • Monthly plans

    Free to open and to run

    Paid by
    Nobody, beyond each run's own dollar order
    Paid to
    —
    How
    Each run is a dollar order, so the protocol fee, the creator fee and the filler's margin apply to every run exactly as to any other order. Whoever sends a due run is repaid its rent.
    Status
    Live on devnet.

  • Holding and redeeming

    Free

    Paid by
    —
    Paid to
    —
    How
    No yearly fee and no exit fee. Redeeming burns shares and returns the stocks themselves, rounded down, for Solana's network fee. There is no sell-for-dollars path yet: selling the stocks afterwards is up to you.
    Status
    Live. No yearly fee will be added without legal advice first.

There is no management fee and no fee switch: each basket's fees are part of its account and no instruction edits them. Sources, read 9 Oct 2026: Meteora, DBC fees; Sheaf, the Meteora lifecycle on devnet.

Where $1,000 goes

A buyer escrows dollars and names a floor. The auction offers a share count that starts above fair and falls toward the floor. Sheaf’s filler steps in when the dollars cover the stocks at fair plus 0.15%; a faster filler gives the buyer a better count and keeps less.

The shares the stocks create are then split once: most to the buyer, the creator’s fee to the creator, 0.10% to Sheaf. Nothing is taken after that.

How the dollar auction works

A $1,000.00 dollar order into a basket with a 0.25% creator fee, filled by Sheaf’s filler

The other $4.99, drawn 200 times larger

Creator
$2.49
Filler
$1.50
Sheaf
$1.00

$995.01 + $2.49 + $1.50 + $1.00 = $1,000.00

To the cent, rounded so the parts add up. The filler’s $1.50 is gross: buying five big US stocks through Jupiter cost about $0.46 at this size when we measured it, so it keeps about $1.04 before Solana’s network fees. In a basket with no creator fee the buyer keeps $997.50.

2

What a holder pays

A Sheaf basket costs something each time shares are made, whether by one order or by every run of a plan, and nothing a year. Against smallcase that makes small monthly plans cheaper and large ones dearer. It is cheaper than a thematic ETF’s yearly fee, and dearer than a broad index ETF or five tokens bought by hand.

What the fee buys is one token, backed by the stocks and redeemable for them, held in your own wallet.

  • Sheaf, one dollar order

    up to 0.50% each buy · 0% a year

    0.10% protocol, 0.25% suggested creator fee, up to 0.15% to Sheaf's filler. With no creator fee, up to 0.25%.

  • Sheaf, a monthly plan of ₹500 or ₹5,000

    up to 0.50% every run each buy · 0% a year

    Every run is a new dollar order, so it pays the same fees every time, at any size.

  • Sheaf, in kind

    0.35% each buy · 0% a year

    For someone who already holds the stocks: no filler and no route cost.

  • smallcase, a ₹500 SIP

    1.77% every run each buy · 0% a year

    ₹10 capped at 1.5% (₹7.50), plus 18% GST: ₹8.85 a run. Broker charges on top.

  • smallcase, a ₹5,000 SIP

    0.24% every run each buy · 0% a year

    ₹10 plus 18% GST, ₹11.80 a run. Broker charges on top. Indian stocks, not US.

  • smallcase, a ₹9,688 ($100) lump sum

    1.22% each buy · 0% a year

    ₹100 per buy order plus 18% GST, capped at 1.5%.

  • A thematic ETF (ARKK, BOTZ)

    spread + brokerage each buy · 0.68–0.75% a year

    Expense ratios charged every year. The fund rebalances for you; a Sheaf basket never does.

  • A broad index ETF, or an issuer token like SPYx

    spread + brokerage each buy · 0.14% average a year

    Cheaper than Sheaf for a broad index. If that is what you want, buy it; a Sheaf basket can hold SPYx too.

  • Five tokens bought by hand on Jupiter

    about 0.03% + network fees each buy · 0% a year

    Cheapest on paper. You hold five positions and keep the weights yourself, and a monthly plan is five orders a month (Jupiter's recurring orders take 0.1% each).

On a monthly plan, Sheaf is cheaper than smallcase below about ₹2,360 a run and dearer above it (₹4,720 in a basket with no creator fee). Both charge nothing a year, where a thematic ETF charges every year.

For an Indian resident the larger cost is tax, not fees: tokenized stocks are taxed as crypto at 30% plus 1% TDS, against 12.5% on US shares held over two years through the overseas remittance route. Sheaf does not offer this to Indian residents today.

Rupees at ₹96.88 to the dollar today. Fees only: none of these counts taxes, the token's premium to the listed share, or a broker's own charges. Sources, read 9 Oct 2026: smallcase, fees and charges; Pensions & Investments, ARKK; Global X, BOTZ; ICI, fund fees in 2025; Jupiter, recurring orders; Decrypt, India keeps its crypto tax; Motilal Oswal, tax on US stocks for Indian investors; open.er-api.com, USD/INR.

What a share is, and is not

  • A fixed basket

    Like a unit investment trust, the recipe is set once and never changes. Nobody rebalances it, adds a name or drops one: you hold exactly what you chose, and nobody trades your holdings.

  • Backed in kind

    Every share is backed by the stocks in its own vault, created and redeemed for them by anyone. No price oracle is read.

  • Two ways out

    Redeem for the stocks themselves at any time, or sell the share for dollars: a sell order is an auction where the dollars you receive start 2% above fair and fall to your own floor 2% below over 90 seconds, and any filler can take it. No protocol fee on a sale.

  • In your own wallet

    A share is a token you hold yourself, not a line in someone's database. That is why it matters to wallets, and much less to a custodial exchange.

Why Sheaf’s filler waits for 0.15%

A filler has to buy every stock in the recipe before it can deliver them. On big US names that route is cheap: we measured it through Jupiter for a five-stock basket, and at $1,000 the round trip is under a tenth of a percent. One way is about half of that.

So 0.15% covers the route with a little left over, and the buyer pays far less than the 2% the band allows. Thin markets, like pre-IPO tokens, cost more to route; there the filler waits longer in the auction or does not fill, and the dollars go back.

What a filler pays to buy the stocks, measured

OrderRound tripLeft of 0.15%
$1000.057%0.121%
$1,0000.092%0.104%
$5,0000.166%0.067%

An equal-weight basket of Apple, Microsoft, NVIDIA, Alphabet and Amazon xStocks on Solana mainnet. Each leg was quoted through Jupiter with USDC in and straight back out, through this site’s fill-cost endpoint; nothing was executed. Read 9 Oct 2026. Thin pre-IPO tokens cost far more to route.

3

What Sheaf keeps

On $1M of shares made, Sheaf keeps between $1,000 and about $4,500, depending on whether the buyer paid in dollars, whether Sheaf’s filler filled it, and whether the basket is one Sheaf created. Redemptions pay nothing, so all of it comes from new shares: money coming in, and holders who leave and come back. It is a flow business, so we measure it by shares created a month, not by a forecast.

Sheaf’s take on $1M of shares created

How the shares were madeProtocolFiller, netCreatorSheaf keeps
In kind, any basket$1,000——$1,000
Dollars, someone else's basket, another filler$1,000——$1,000
Dollars, someone else's basket, Sheaf fills$1,000$1,040—$2,040
Dollars, Sheaf's own basket, Sheaf fills$1,000$1,040$2,500$4,540

Filler, net: the 0.15% margin less the measured one-way route cost at $1,000 orders (0.046%), before network fees and the cost of holding stock between fills. Creator: Sheaf earns the 0.25% only on baskets it creates; on anyone else’s it goes to them. The protocol fee arrives as basket shares; turning it into dollars means redeeming them and selling the stocks.

What covers the costs

$12–22M

of shares created a month pays for a team of four at these rates, depending on how many platforms pay a service fee. That is about 0.1% of the $15.6B traded onchain in September. Arithmetic on fixed rates, not a forecast.

At different sizes, illustrated

Protocol fee on every creation, and Sheaf filling seven in ten dollar orders.

$1M created a month
$1,728 a month
$10M created a month
$17,280 a month
$100M created a month
$172,800 a month

For comparison, Symmetry’s documented example vault charges a 0.10% host fee on deposits and another on withdrawals, with the creator’s fees on top (Symmetry, fees). Sheaf charges nothing on the way out.

4

Who it is for first

Selling a basket token to retail one wallet at a time is slow and expensive, and plenty of basket products have tried. So Sheaf starts where people already hold tokenized stocks in their own wallets.

Wallets and front ends that already list xStocks

The first customer is a non-custodial wallet or onchain front end that already lists xStocks for people outside the US. Phantom added xStocks in the wallet, Jupiter lists them on its stocks screen, and Solflare has a page for each one. Their users hold the tokens themselves, so a basket has to be a real token in a real vault, which is exactly what Sheaf is.

A custodial exchange is a weaker fit, and we say so: it can build a basket out of its own ledger without a vault, and some already sell themes. Mudrex, for one, sells tokenized US stocks issued as bStocks on BNB Chain, which Sheaf’s vaults cannot hold today.

Sheaf earns the 0.10% protocol fee on every share created, the filler margin where its filler fills, and a service fee for running the filler, the plan keeper and the pages, priced with the first pilot. Sheaf has no agreement with any platform yet.

  • Themes its users hold themselves

    It lists single tokens today. With Sheaf it can offer a theme as one backed token in the user's own wallet, created and redeemed onchain, which is the thing a wallet cannot fake with a database row.

  • Monthly plans

    A plan into a basket in one approval, run by anyone when due, filled by competing fillers. The habit of investing every month, pointed at US stocks.

  • A revenue share with no invoice

    It creates the baskets, sets the creator fee (0–1%) and keeps it on every share created in them, paid by the program.

  • Fills it doesn't have to run

    Sheaf's filler fills its users' orders at up to 0.15% over fair, inside the band each buyer signs. It can run its own filler or bring a market maker instead.

Sources, read 9 Oct 2026: Altcoin Buzz, Phantom adds xStocks; Jupiter, tokenized stocks; Solflare, SPYx; Mudrex, AMDB issued under bStocks; The Defiant, bStocks on BNB Chain.

And creators, who bring their own audience

Creators are the supply side and the cheapest distribution there is: a research community or a newsletter that creates a basket earns on what its own audience buys, so it brings them. Sheaf pays nothing to acquire those holders.

Honestly, the fee is small: at 0.25%, a creator earns $10,000 on $4M of shares created. And where selling a portfolio to the public needs a registration, as it does in India, a paid basket has to come from a registered creator or a licensed platform.

Creator fee
0–1% of every creation in their basket, in new shares, for as long as it exists
Launch market
40% of the curve's and the locked pool's trading fees
Prediction market
Creator fees on a "will it beat SPY this week?" market on Panta, if they open one
What it costs them
Nothing to create beyond Solana's rent; the recipe is fixed once written

5

Numbers so far

These come from the program’s own events, its basket accounts and the launch pools, not from a spreadsheet. They are small, and they are honest: every wallet the team used is listed and left out of the outside count.

The protocol fee, as it is charged

1
baskets that carry the 0.10% protocol fee
0.001243
fee shares accrued and not yet claimed

Claims by the treasury

Carrying it: MAG7. Baskets created before 9 Oct 2026 carry no protocol fee, for good, so the older baskets you see on the site pay the creator fee alone. Devnet shares, worth nothing.

Use

  • 0

    Wallets that aren't ours

    0 actions by them; every team and test wallet we know of is listed and left out

  • 0

    Their orders and plan runs filled

    of 0 they placed

  • 13

    Plans opened

    0 of them by wallets that aren't ours

  • 0

    Baskets by others

    of 10 on the program, ours included

  • 82.4%

    One-off dollar orders

    filled, 14 of 17; median 55 s to fill on a 90-second auction

  • 84.9%

    Plan runs

    filled, 62 of 73; median 135 s on a 30-minute auction, by design

  • 0

    Fills by another filler

    69 by Sheaf's filler, 7 by the open reference filler

  • 219

    Actions on the program

    by 28 wallets, almost all ours: test dollars on devnet

Launch markets on Meteora

3
Launch markets on the curve
1
Graduated to a locked pool
1.201
SOL in the curves
0.0003
Treasury fees not yet claimed, SOL
0
Launches opened by others
0
Launch traders who aren't us

Read from the ledger (decoded from the program’s own events) and the launch feed (read from the pool accounts), on devnet with test money, at 9 Oct 2026, 12:56 UTC. Unfilled orders include our own tests under the $5 Sheaf’s filler leaves alone, returned by design. Our QA baskets are left out of the launch counts. A dash means the number could not be read just now. One launch has gone from first buy to a locked pool: on a 1.126 SOL curve the treasury took about 0.0206 SOL, near 1.8% of it, plus 1% of the token supply (every signature).

6

The market

Tokenized stocks are a few billion dollars held and more than fifteen billion traded a month, spread across chains. The larger prize is the habit of investing every month, which India shows at enormous scale.

Trading has spread across chains. Robinhood led September, BNB Chain’s bStocks came second and Solana carried a little over a quarter. A basket standard has to sit where the stocks trade, which is why the same vault already runs on Robinhood Chain’s testnet and four other EVM chains beside the Solana program. Today the protocol fee is on Solana only.

The SIP figure shows the habit, not a market Sheaf can reach today. India’s fund route to US stocks is capped: SEBI’s $7B overseas limit for mutual funds is nearly used up, and fund houses paused new international SIPs this year. Tokenized stocks are no answer for residents yet: they are taxed as crypto, and whether they fit the overseas remittance rules is not settled.

Sources measure differently: rwa.xyz counts tokens distributed onchain, and CoinDesk's wider count puts tokenized stocks at $4.87B. Rupees at ₹96.88 to the dollar today. Sources, read 9 Oct 2026: Business Today, why mutual funds are stopping international SIPs; Vested, SEBI limits on overseas investment by mutual funds; open.er-api.com, USD/INR.

7

What we still have to prove

The program works. What is not proven yet is that people other than us use it and come back, that the fee is charged and claimed, and that a wallet or front end will put it in front of its users. These are the targets, counted the same way as the numbers above.

  • 01The fee, chargedA fee-carrying basket with fee shares accrued and one treasury claimShown above with its transaction, and on the ledger.
  • 02People who aren't us30 outside wallets by 18 October; 350 in eight weeksCounted on the ledger, which lists every team and test wallet and leaves them out.
  • 03They come back110 wallets with two actions a week apart, in eight weeksRetention, not sign-ups. A plan with two filled runs counts.
  • 04Plans that keep running50 outside plans with at least two filled runsRead from plan runs and fills on the ledger.
  • 05Fills that land95% or more of orders of $5 or more filled; one-off orders in under 60 secondsPlan runs are measured separately: their 30-minute auction is slower by design.
  • 06One platformA written reply from a wallet or front end that lists xStocksEven "send the SDK". It is the payer the model depends on.
  • 07Fill cost at size, on mainnet pricesUnder 0.25% round trip at $5,000 for liquid basketsMeasured today at 0.166% for five big US names.
  • 08Safe to hold real moneyAudit, multisig upgrade authority, legal opinionBefore any real token sits in a vault. Not before.

8

Trust and the law

Sheaf runs on devnet and testnets with test money, and no real token will sit in a vault before an outside audit, a multisig upgrade authority and a legal opinion. A token backed by a basket of securities can look like a fund to a regulator, so on mainnet Sheaf would serve people outside the US only, through platforms that carry their own license and checks, and may limit who can create or hold shares. xStocks are not offered in the US, the UK, Canada or Australia, and a basket inherits that. Their issuer keeps the power to pause transfers and move tokens, as regulated tokenized stocks do; the program accepts those powers only from known issuers, and if one used them on a vault, the shares backed by it would be short.

On mainnet, licensed market makers and partner platforms fill the orders and carry the license. Sheaf runs the protocol.

Sources, read 9 Oct 2026: Kraken, xStocks availability.

Where it runs
Devnet and five EVM testnets, at mainnet prices
Real money
None, and none before audit and legal opinion
Who, on mainnet
Non-US users only, through licensed platforms
Who fills, on mainnet
Licensed market makers and partner platforms
Price oracle
None, for creating, redeeming or buying
Issuer powers
Accepted only from known issuers; disclosed
Fees after creation
Fixed per basket; no instruction changes them

Everything that could still go wrong, in plain words

Check it yourself

Every fee above is either in the program or in the house filler’s published policy, and every outside figure links to where we read it on 9 Oct 2026. If a number here is wrong, tell us and we will fix it.

How it worksThe ledgerCreate a basket