An index fund is a list of companies and a set of weights.
Tessera is an ETF launchpad on Solana. Pick up to eight tokenised stocks and pre-IPO companies such as OpenAI and SpaceX, set the weights, and launch them as one token. Every share is backed by the real tokens in an on-chain vault and can be redeemed for them at any time. You earn a fee on every share created.
Nothing is priced by an oracle. A share is created by handing the vault the exact tokens the recipe names, and redeemed by taking them back.
- Tokens you can compose
- —
- every one a Token-2022 mint on mainnet
- Components per basket
- up to 8
- the program's own ceiling, not a plan tier
- Paying dividends on chain
- —
- through the mint's scaled-amount multiplier
- Widest gap to the listed share
- —
- premium or discount
From a recipe to a market, and none of it trusts us.
1Tessera program
Write the recipe
Pick up to eight tokenised equities, xStocks or PreStocks SPVs over OpenAI, Anthropic and SpaceX, and weigh them. The program stores the exact raw units per share and gives up the power to change them.
2Meteora DBC
Open a market
A basket with no holders has no market. Its creator opens a bonding curve priced from the basket's own NAV, so people can buy in before anyone has assembled a share. It graduates into a locked Meteora pool.
See the live one3Token-2022 vault
Create shares in kind
A share is minted by handing the vault exactly what the recipe names and redeemed by taking exactly that back. No oracle is read, so there is no price to push. PreStocks transfer fees are grossed up, so the vault never falls short.
4Any Solana wallet
Hold one token
The share is an ordinary Token-2022 mint: it transfers, sits in a wallet and can be sold. Dividends on the components accrue to the vault, and so to every holder. The creator earns a fee in shares on every creation.
Deposits round up and redemptions round down, so every rounding remainder stays in the vault. The vault can therefore only ever hold more than the outstanding shares claim, never less. How the program is built · every creation and redemption it has ever settled is on the ledger.
Meteora Dynamic Bonding Curve
A basket can trade before anyone has built a share.
A new basket starts with no shares, and nobody wants to be first to assemble every component. So a bonding curve opens in front of it: a token priced along a curve that starts at half the basket’s NAV and graduates into a permanent Meteora pool at twenty times it. The curve opens on a shelf, so early money gets nearly the same price, and steepens only once a basket has proven it has takers.
Any basket’s creator can open one from the basket page in a single signature, and earns half of its trading fees. This one stands in front of the Frontier Labs basket: buy a little and the dot moves, because every figure here is read from the pool account on each load.
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 Tessera shows it on every component and values a share both ways.
A dividend is a number going up.
Tokenised equities 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. Tessera 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 tokenised 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 Tessera 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
Nothing is charged for a basket. The markets pay.
Creating a basket, creating shares and redeeming them cost nothing beyond Solana’s fee, and the creator fee is the creator’s in full. Tessera’s treasury is the Meteora partner on every launch curve instead, and is paid for as long as the token trades.
Treasury 9uuYuC…JnuF: it claims fees and does nothing else.
½
of every curve's trading fees
From the 4% opening fee down to the settled 1%. The basket's creator earns the other half, which is why creators open one.
1%
of the SOL raised when a curve graduates
Taken as the migration fee at the moment the launch market becomes a permanent Meteora pool.
½
of the graduated pool's fees, for good
Half of the migrated liquidity is locked forever in a position the treasury owns, so every basket that trades keeps paying.
Who holds which key.
The whole trust model, in one table. The program never prices anything and nobody can edit a recipe, so there is very little a key could do even if it wanted to.
| What | Held by | Can | Cannot |
|---|---|---|---|
| A basket's recipe | Nobody | Be read by anyone, on every page load. | Be edited, paused or drained. No instruction exists for it. |
| A share mint | The program, as sole mint authority | Mint on a creation, burn on a redemption. | Freeze a holder: the mint has no freeze authority. |
| The vault's tokens | The program | Leave only against a burned share, in the recipe's exact units. | Be priced, lent or moved by any wallet. |
| A launch market's keys | Derived from the basket's address, public by design | Sign once to create the curve's accounts. | Own anything afterwards; the launch token is immutable and the migrated liquidity is locked. |
| The faucet key | Tessera's server | Mint the devnet mirror tokens for a visitor. | Touch a basket, a vault or anything on mainnet. |
| The treasury key | Tessera | Claim the partner fees from launch markets. | Change a fee, a curve or a basket. |
| The program's upgrade authority | The deploy wallet, on devnet | Ship a new build while the program is still changing. | Stay that way on mainnet: it moves to a multisig and is then burned, after an audit. |
Not yet audited. Tessera runs on devnet, holds no real assets, and will not hold real tokenised equities before an audit. How the program is built
Baskets on Tessera
Read straight from the program. Open one to see its vault, or create shares in it.