Network specification

How the ownership graph moves.

Each Parcel connects a fixed-quantity asset vault to the registry, an ERC-20 share and an in-kind settlement path.

Vault and share

Whitelisted assets enter a dedicated vault. Only that vault can mint or burn the associated 18-decimal ERC-20 share.

Oracle prices and the vault’s real component balances determine the indicative NAV. The share does not target a one-dollar price.

Users provide the published component mix. The protocol does not purchase components on their behalf or operate an internal market.

Burning shares returns each underlying asset according to the vault’s real holdings after the redemption fee.

Shares can move without transfer tax. Independent liquidity providers may create external pools, but listing is never guaranteed.

First release

Whitelist and fixed-quantity vaults

Standard ERC-20 share

NAV and transaction receipts

Mint and redemption interface

Self-service basket creation

Later phase

Creator deposits and qualification

Automatic basket discovery

Creator analytics

Outside scope

Bonding curves or internal markets

Stablecoin component purchases

Transfer taxes or guaranteed listings

Guaranteed yield or dollar redemption