How it works
Four stages turn a list of companies into a token you can trade. Every one has already happened on devnet, and each links to the account or transaction that proves it. The running example is Frontier Labs, a basket of pre-IPO companies.
1Sheaf program · create_basket
Write the recipe
Pick up to 8 tokenized equities: xStocks such as Apple and NVIDIA, or PreStocks SPVs over OpenAI, Anthropic and SpaceX. Set a weight for each.
Sheaf turns the weights into an exact number of raw token units per share at the prices on screen. The program writes that recipe into an account, then takes over the share mint for good.
One FRNTR share of Frontier Labs is exactly
- Anthropic0.171188 ANTHROPIC35%
- OpenAI0.092274 OPENAI30%
- SpaceX0.161815 SPACEX20%
- Anduril0.476393 ANDURIL15%
Stored as raw units in a program account. No instruction can change it.
2Meteora Dynamic Bonding Curve
Open a market
A new basket has no holders yet, and nobody wants to be first to assemble every component. So a bonding curve opens in front of it, and people can buy in before the first share exists.
The curve is set from the basket’s own NAV rather than round numbers. It opens at half of it and graduates at twenty times it into a Meteora DAMM v2 pool with all liquidity locked. The fee starts at 4% to deter snipers and settles at 1% within the hour.
The shape is ours. Four segments, weighted so the curve opens on a shelf: the first fifth of the SOL raised moves the price less than a quarter above the open, and half the raise is in before the price reaches a sixth of graduation. A basket is not a meme, and its early buyers should not be racing each other.
The basket’s creator opens it from the basket page in one signature and earns half of the curve’s trading fees; Sheaf earns the other half. The pool’s address is derived from the basket’s, so every basket has exactly one launch and anyone can find it. When the curve fills, anyone can graduate it from the same page, and the same card keeps buying and selling, on the DAMM v2 pool instead of the curve.
3Token-2022 vault · mint_shares, redeem_shares
Create shares in kind
To create a share you hand the vault exactly what the recipe names. To redeem one you take exactly that back. No price is consulted at any point.
Some PreStocks charge a fee on every transfer. The program reads that fee live and grosses the deposit up, so the vault always nets the full recipe.
You hand over
ANTHROPICOPENAISPACEXANDURIL
The vault
The basket’s own token accounts
rounds up on the way in
You receive
FRNTR shares, less 0.75%
the 0.75% is minted to the creator
Redeeming runs it backwards: burn FRNTR shares and every component comes back, rounded down.
4Any Solana wallet
Hold one token
Several positions become one. The share sends, sits in a wallet and can be sold like any token, and Portfolio looks through it to the companies underneath.
xStocks pay dividends by raising a multiplier on the mint rather than sending tokens. The recipe is in raw units, so the vault keeps every dividend for the people holding shares.
What a FRNTR token is · C9CZqe…cN7XkM
- Standard
- Token-2022, like any other token
- Mint authority
- the basket's program account, nobody else
- Freeze authority
- none, the program refuses one
- Transfers
- any wallet, any program
- Dividends
- raise the components' multiplier, so the vault grows
Why nobody has to trust the creator, or us
No oracle
Shares are created and redeemed against tokens, never against a price, so there is no feed to go stale or be pushed.
No edit button
The recipe is written once. There is no manager, no rebalance authority and no instruction that changes what a share holds.
Rounding favors holders
Deposits round up and redemptions round down, so the vault can only ever hold at least what the shares claim.
The fee never touches the vault
The creator earns up to 1% of each creation in new shares. The vault always receives the full recipe.
Anyone can create and redeem
In a traditional fund that right belongs to a few authorised participants. Here it belongs to whoever holds the tokens.
Buying with dollars, measured
Every basket page quotes the round trip through Jupiter for each component. A typical basket lands under a quarter of a percent.
A track record, not a promise
Every basket shows what its recipe would have done over the past year against SPY, from the listed shares' own closes, with the deepest fall beside the return.
Everything is in the log
The program emits an event for every creation and redemption. The ledger decodes them from the chain in your browser, so there is no database to trust.
Check it without us
Under every backing table are the two RPC calls that reproduce it: the share supply and each vault's balance. If the inequality holds, every share is backed.
What is live
Every price, 24-hour move, liquidity figure and dividend multiplier is read from Solana mainnet as you look at it.
Creation and redemption settle on devnet against mirrors of the same mints, with the same decimals, metadata, multipliers and transfer fees. You can try the whole thing without spending money.
Solana is what makes it worth doing: issuing the instrument, taking custody of its backing and settling the trade happen in one transaction for a fraction of a cent.
- Components per basket
- 1 to 8
- Share decimals
- 6
- Creator fee ceiling
- 1%
- Deposits
- round up
- Redemptions
- round down
- Oracles used
- none
- Recipe after creation
- immutable
- Launch market
- Meteora DBC
- Sheaf's revenue
- half of every launch curve's trading fees