Fair Launch Five
FAIR · created last month by EzF7…G1Yb
One share
—
— today
One FAIR share is a claim on 5 holdings sitting in a vault this program controls. Nobody can move them except by redeeming a share, and a share can always be redeemed.
- Everything in the vault
- —Components held against every outstanding share
- Against the real shares
- —Needs a listed price for every component
- Dividends inside
- —Share of the value that is dividends already paid on chain
- Shares outstanding
- —0 creations, 0 redemptions
No price for NVDA, AAPL, MSFT, GOOGL, META, so the value of a share is left blank rather than computed from part of the basket.
FAIR shares
You hand the vault
- NVDA0.017031
- AAPL0.011967
- MSFT0.007719
- GOOGL0.011652
- META0.005492
You receive 0.9975 FAIR. The creator receives 0.0025, which is 0.25% of the shares created. The fee never comes out of the vault, so backing per share is unchanged.
In kind, so no price is quoted and no oracle is trusted. Amounts round up in the vault's favour.
The recipe
These numbers were written once, when the basket was created, and cannot be changed. The weight on the right drifts as prices move; nothing rebalances it, because rebalancing would mean somebody deciding to trade your holdings.
| Holding | Per share | Price | Value | Weight |
|---|---|---|---|---|
NVDA | 0.017031 | — | 20.0% | |
AAPL | 0.011967 | — | 20.0% | |
MSFT | 0.007719 | — | 20.0% | |
GOOGL | 0.011652 | — | 20.0% | |
META | 0.005492 | — | 20.0% |
Share mint BZALvN…6siWgG · vault owner GSM7c7…unvGsL · creator fee 0.25% of shares created
Is it actually backed?
Held is what the vault contains right now. Owed is what every outstanding share can claim. Deposits round up and redemptions round down, so held can only ever be at or above owed, and the difference is rounding dust that stays with the remaining holders.
Reading the vault…
Check it without this page
Two kinds of read, both against the public RPC, no key. First, how many shares exist:
curl -s https://api.devnet.solana.com -X POST -H 'content-type: application/json' -d '{"jsonrpc":"2.0","id":1,"method":"getTokenSupply","params":["BZALvNPTbndZPjQXRvWf79j3stZ7Rws6X7QaDH6siWgG"]}'Then what each vault holds:
NVDA · vault 9ZDGgp…qCkqGA · recipe 1703085 raw units per share
curl -s https://api.devnet.solana.com -X POST -H 'content-type: application/json' -d '{"jsonrpc":"2.0","id":1,"method":"getTokenAccountBalance","params":["9ZDGgpp7ReNPNrGq6SyVaXhkKFkifzQXVuneZhqCkqGA"]}'AAPL · vault Hdr5da…7ZDExE · recipe 1196658 raw units per share
curl -s https://api.devnet.solana.com -X POST -H 'content-type: application/json' -d '{"jsonrpc":"2.0","id":1,"method":"getTokenAccountBalance","params":["Hdr5daoyW3DE9vaYdwKc4po2ajCz3ote9KDYm57ZDExE"]}'MSFT · vault 7ghUFD…A458Pb · recipe 771908 raw units per share
curl -s https://api.devnet.solana.com -X POST -H 'content-type: application/json' -d '{"jsonrpc":"2.0","id":1,"method":"getTokenAccountBalance","params":["7ghUFDW8PRDSTAoA1dw7DhebAaaXws8ruqH8KsA458Pb"]}'GOOGL · vault 5of7WB…qCHdzb · recipe 1165190 raw units per share
curl -s https://api.devnet.solana.com -X POST -H 'content-type: application/json' -d '{"jsonrpc":"2.0","id":1,"method":"getTokenAccountBalance","params":["5of7WBgEgKpUV7BB2rxSB397gV1gK2S3v9dqZtqCHdzb"]}'META · vault J58off…rHRRwU · recipe 549230 raw units per share
curl -s https://api.devnet.solana.com -X POST -H 'content-type: application/json' -d '{"jsonrpc":"2.0","id":1,"method":"getTokenAccountBalance","params":["J58offhEQ9zKKbsAFJGRh5T1heNo2uFsrUuLdSrHRRwU"]}'For every vault, amount must be at least units per share × supply ÷ 1,000,000, both in raw units. If that holds, every share is backed. The program cannot make it false: deposits round up, redemptions round down, and no instruction moves anything out of a vault except a redemption.
Everything that has happened to it
Every creation and redemption since the basket was made, decoded from the program’s own events. The full ledger across every basket is on one page.
Reading the transactions…
The last mile
Creating shares means handing the vault the components themselves, which is what lets the program refuse to trust a price. Somebody holding only dollars has to buy those components first, so here is what that costs right now, priced through the routes that actually exist on mainnet.
One component has no mainnet price, so there is nothing honest to quote.
Prices come from Solana mainnet, balances from the program itself. The arithmetic behind both is written out in full.