sheaf
Live on Solana devnet · priced from mainnet

Bind up to eight stocks into one share.

Baskets of tokenized stocks. One share holds a fixed recipe, kept in its own onchain vault. It is always backed by those stocks, and anyone can redeem it for them. Buy it in kind, with dollars, or a little every month.

Create a basketOpen the Big Five

A fixed basket, like a unit investment trust: no manager and no rebalancing. To change a recipe, create a new basket. The program reads no price; it checks backing itself, so the vault can only ever hold at least what the shares claim.

Backed today by devnet mirror tokens; on mainnet, by the real xStocks.

One backed share: in with stocks or dollars, out the same ways, or a little every month.

  1. 1One transactionWrite the recipePick up to eight tokenized stocks, such as Apple, NVIDIA and Tesla as xStocks, and set the weights. The program stores the exact units behind one share and gives up the power to change them.
  2. 2Onchain vaultCreate shares in kindA share is created by depositing exactly what the recipe names and redeemed by taking exactly that back. The program reads no price: it checks backing itself, so there is no way to create an unbacked share.
  3. 3Dollar orderOr buy with dollarsEscrow dollars for a number of shares that falls over ninety seconds. The first filler to deliver the stocks gets paid. Competition sets the price, and the vault still receives the real stocks.
  4. 4Sell orderSell for dollarsThe way in, reversed: escrow shares for dollars that fall over ninety seconds to your floor, and a filler pays and takes them. No protocol fee on a sale, and redeeming for the stocks stays free.
  5. 5Monthly planThen every monthSet a monthly amount and the plan places that dollar order on schedule, as the same auction stretched to 30 minutes so any filler has time. Anyone can run it when due. The habit behind India's SIPs, onchain.
  6. 6Beside the shareOpen a launch marketA basket's creator can open a Meteora bonding curve beside it: a separate launch token, priced from the basket's value. It is a bet on the basket, not a share, and it cannot be redeemed for the stocks.
  7. 7Beside the shareBet on itAsk whether a listed basket beats SPY this week. It settles from a published number at two week-ending closes, with every input listed so anyone can recompute it. Panta runs the market on Solana, in its sandbox today.
  8. Every step, on the chainThe first six have happened on devnet. The ledger lists every creation, order, fill, plan run and sale, each linked to its transaction.Open the ledger →

How it works walks through each step beside the transaction that proves it, and every creation and redemption the program has settled is on the ledger.

Baskets on Sheaf

Read straight from the program. Open one to see its vault, or create shares in it.

See all

A year of buying is a full sheaf.

India's investors run about 100 million monthly plans into mutual funds. A Sheaf plan does the same onchain: a fixed amount of dollars into a basket every month. The plan can spend exactly that much per run and nothing more, anyone can run it when it is due, and each run is filled by fillers competing to deliver the stocks.

The program reads no price. Each fill moves the plan's reference to where the market cleared, so next month's order starts from what this month's actually cost.

Start a planSee every plan

  1. Month 1

    1 of 12 runs

  2. Month 3

    3 of 12 runs

  3. Month 6

    6 of 12 runs

  4. Month 12

    12 of 12 runs

Paid where backed shares are made.

Holding a share and redeeming it are free. The money is in making shares: Sheaf’s 0.10% protocol fee, fixed for each basket when it is created, the creator’s fee on every creation, and the spread a filler earns delivering the stocks for a dollar order or a monthly plan. Sheaf’s house filler waits for a 0.15% margin, so any filler willing to take less fills first.

Launch markets add a second, smaller line. Their fees go to the treasury 9uuYuC…JnuF, which claims fees and does nothing else.

  1. 0.10%

    of every creation, to Sheaf

    The protocol fee, written into each basket when it is created and never changed after. Live on devnet for baskets created from October 9; the four house baskets came first and carry 0%, for good. Paid in new shares, like the creator's.

  2. up to 1%

    of every creation, to the basket's creator

    Paid in newly created shares, never out of the vault, so what each share can redeem is unchanged. It is the reason to build a basket and bring holders to it.

  3. the spread

    on every dollar order, to the filler who delivers

    A dollar order is an auction on share count that falls toward the buyer's floor, inside the band the buyer signs. The filler keeps the gap between what the auction pays and what the stocks cost. Sheaf's house filler waits for 0.15%; anyone can run another filler and take less.

Then, from launch markets

  1. 40%

    of every launch curve's trading fees

    Meteora keeps 20% and the rest splits evenly, so the basket's creator earns 40% too. The fee opens at 25% to make sniping expensive and falls to 1% over the first ten minutes (launches on the first curve opened at 4%).

  2. 1%

    of the SOL raised at graduation

    Taken as the migration fee when the curve becomes a permanent Meteora pool.

  3. 40%

    of the graduated pool's fees

    Half the migrated liquidity is locked in a position the treasury owns, so it keeps paying. Meteora keeps 20% of the pool's fees; the two locked positions split the rest.

A launch token is its own market and is not redeemable for the stocks. Only a basket share is backed.

How Sheaf makes money →

Who holds which key.

The whole trust model, in one table. The program reads no price and nobody can edit a recipe, so there is very little a key could do even if it wanted to.

Program GaYNg5…t8zz on Solana Explorer

  • A basket's recipe

    Held by: Nobody

    Can: Be read by anyone, on every page load.

    Cannot: Be edited, paused or drained. No instruction exists for it.

  • A share mint

    Held by: The program, as sole mint authority

    Can: Mint on a creation, burn on a redemption.

    Cannot: Freeze a holder: the mint has no freeze authority.

  • The vault's tokens

    Held by: The program

    Can: Leave only against a burned share, in the recipe's exact units.

    Cannot: Be priced, lent or moved by any wallet.

  • A launch market's keys

    Held by: Derived from the basket's address, public by design

    Can: Sign once to create the curve's accounts.

    Cannot: Own anything afterwards; the launch token is immutable and the migrated liquidity is locked.

  • The house key (B8dL…9U1L)

    Held by: Sheaf's server

    Can: Mint devnet mirror tokens for a visitor, fill dollar orders and plan runs like any other filler, and create shares in the baskets it seeded, which earns those baskets' creator fee. On devnet it is also the stand-in issuer of the mirrors, so the program accepts issuer powers from it; today's mirrors carry no delegate or pause, so that power is unused.

    Cannot: Edit a recipe, fill outside an order's auction, or touch anything on mainnet. A mainnet build leaves it out: there, only Backed's and PreStocks' own keys are trusted issuers.

  • The treasury key

    Held by: Sheaf

    Can: Receive the 0.10% protocol fee's shares when anyone claims them, and claim the partner fees from launch markets.

    Cannot: Change a fee, a curve or a basket: a basket's fees are fixed when it is created.

  • The program's upgrade authority

    Held by: The deploy wallet, on devnet

    Can: Ship a new build. Before mainnet it moves to a multisig, so new issuers can be added to the allowlist.

    Cannot: Be used to move funds. That is our promise, not a program rule: an upgrade key can change code, which is why it goes to a multisig.

Not yet audited. Sheaf runs on devnet, holds no real assets, and will not hold real tokenized equities before an audit. What could still go wrong

Beside the share.

Two markets can sit next to a basket without touching its vault: a launch token to bet on it, and a weekly question against SPY. Neither is a share, and neither can be redeemed for the stocks.

Launch market on Meteora

A launch market, priced from the basket’s own value.

A basket’s creator can open a Meteora bonding curve beside it: a separate launch token whose curve starts at half the basket’s NAV and graduates into a permanent Meteora DAMM v2 pool at 5 times it, with every LP position locked for good. The launch token is not a share. The vault does not back it, and it cannot be redeemed for the stocks.

This one stands in front of Bitcoin, by proxy. It graduates once about 1.26 times NAV in SOL has gone in, and a quarter of the supply goes into the graduated pool. Any basket’s creator can open one from the basket page in a single signature. Of every fee a trader pays, Meteora keeps 20%, the basket's creator gets 40% and Sheaf's treasury 40%. Every figure here is read from the pool account on each load, and the curve is a published preset.

Receipts

The whole life of a launch

BIG5A, the launch in front of The Big Five, went the whole way on devnet: 1.126 SOL raised from 3 wallets, graduated into a Meteora DAMM v2 pool, traded there, and every party paid. Each line is a transaction you can open.

  1. 01

    On the curve

    Three fresh wallets, funded with devnet SOL, buy and sell on the bonding curve.

  2. 02

    Graduation

    A buyer, not the creator, moves the full curve into Meteora DAMM v2.

  3. 03

    On DAMM v2

    The same token trades on the graduated pool, liquidity locked.

  4. 04

    Everyone takes their share

    Creator and treasury claim curve fees, the migration fee, surplus, leftover supply and locked-LP fees.

The curve on ExplorerThe DAMM v2 pool on ExplorerTrade BIG5A on DAMM v2Every launch as JSON

Bet on a basket, settled at the week's close.

Every listed basket, one whose holdings have listed closes, can carry a weekly question: will it beat SPY? It settles from a published number at two week-ending US closes, with every input listed so anyone can recompute it. Sheaf writes the question and the rule. Panta runs the market on Solana, paid in USDC.

See the marketAbout Panta

This week's question

Will the Big Five beat SPY this week?

NVIDIA, Apple, Microsoft, Alphabet and Meta, bound into one share, against the index fund most people already own.

  1. Week's closeAfter trading opens, one BIG5 share is valued from its recipe at the week's last US close, normally Friday 16:00 New York.
  2. A week laterIt is valued the same way again, at the next week's close.
  3. SettlesYes if the share rose more than SPY between the same two closes, no otherwise.

On Panta's sandbox while Sheaf is on devnet: quotes are the sandbox's sample answers, labeled as such, and no USDC is spent.

Everywhere stocks are tokenized.

Tokenized stocks are spreading across chains, and so is Sheaf: the same recipe that can never change, the same vault that pays out only against a burned share, and the same dollar orders, written natively for each one.

No single venue holds the market. Of the record $15.6 billion in tokenized stocks traded onchain in September 2026, Robinhood took 42% ($6.57 billion), Binance’s bStocks $5.42 billion and xStocks $2.11 billion (CoinDesk). Solana is home, because the program, plans and auctions work best there; the vaults on the other chains are the hedge for wherever the stocks end up trading.

See every chain
  • SolanaHome: the program, dollar orders, monthly plans and launch marketsDevnet
  • Robinhood ChainRobinhood's own stock tokens are issued here.Testnet
  • TempoA payments chain where gas is paid in dollars.Testnet
  • EthereumxStocks and Ondo issue their EVM stock tokens on Ethereum mainnet.Testnet
  • ArbitrumRobinhood Chain is an Arbitrum Orbit chain, and Robinhood's EU stock tokens trade on Arbitrum One.Testnet
  • BaseDinari issues stock tokens on Base, and Coinbase brings the users.Testnet
  • HyperliquidStock perpetuals trade on HyperCore around the clock.Next

Why the numbers hold up.

What a basket is made of, read live: the tokens trading on Solana right now, the gap between a token and its listed share, dividends that arrive as a multiplier, and a market that never closes.

Tokens you can compose
—
every one a Token-2022 mint on mainnet
Components per basket
up to 8
set by the program, the same for everyone
Paying dividends onchain
—
through the mint's scaled-amount multiplier
Widest gap to the listed share
—
premium or discount

Stocks trading on Solana, right now.

Real trades in tokenized stocks on Solana mainnet, read from the chain seconds after they land: the newest few on two of ten stock mints each poll, so a sample, not every fill. Plain transfers are left out. The fill price is decoded from what the pool was paid, and set against Jupiter's price for the same token at the time of the trade. These are the tokens a Sheaf basket holds, and the market that keeps its share price honest.

Reading mainnet through Solami

Every basket's value and every Panta resolution read their dividend multipliers through Solami too: the Token-2022 config on every stock mint, in one call.

Solana mainnet· read through Solami· reading

WhenTradeValue

Open the full tape →

Two prices for one company.

Every token here has the price it trades at on Solana and the price of the listed share behind it. The gap between them is the premium. A basket cannot wish it away, so Sheaf shows it on every component and values a share both ways.

A dividend is a number going up.

Tokenized stocks pay dividends by raising a multiplier on the mint, not by sending anything. A recipe written in displayed balances would come up short by exactly the dividends already paid. Sheaf stores recipes in raw units and applies the live multiplier when it prices a share, so a share redeems for the same units before and after a dividend, and is worth more after.

The exchange keeps hours. Your basket does not.

A tokenized share trades every minute of every day, including the hours when the listing behind it is dark. That is where the gap between token and share opens up, and it is why Sheaf shows you both prices rather than one.

The exchange calendar here is the one Pyth publishes for each listing, holidays and shortened sessions included.

New York Stock Exchange

 

 

Solana

Open

No session, no holidays, no bell

Trades and settles in about 400ms