/paper·baryx.xyz/docs·status: testnet MVP · unaudited
Every rule, every
number, every address.
The paper is the system's record: what the program may do, which parameters bound it, and exactly what lives on Solana Devnet today. Addresses first — verify before you interact — then the five facts, then the numbers, then the answers.
Deployment
solana devnet · 2026-09-23| Account | Address | Verify |
|---|
deployed 2026-09-23 · non-upgradeable Anchor program · gas in native SOL · deployer holds no admin keys over funds
Primer
five facts · read this, then the sources- FACT 01What it is
- A protocol for issuing tokenized index baskets on Solana: a weighted, leveraged set of synthetic exposures (stocks, ETFs, crypto) packaged into one SPL token. Mint the share, run the strategy.
- FACT 02One program
- A single non-upgradeable Anchor program: the governance singleton, oracle feeds, fee vault, backstop pool and basket vaults are PDA account families inside it. No owner withdraw keys anywhere — governance can only narrow parameters within hard caps.
- FACT 03Four states
- A basket moves Seeded → Active → Frozen → Settled. Transitions are deterministic health() outcomes, never an operator's judgment call. A frozen basket redeems at NAV and nothing else.
- FACT 04Leverage, synthetically
- Exposure comes from a counterparty pool, not borrowed assets. Actual leverage is measured from NAV and margin; a 0.25× drift triggers permissionless rebalances, 3.25× triggers emergency deleverage — anyone may call either for a bounty.
- FACT 05Native-asset collateral
- The chain's gas token is native SOL; Baryx wraps it as canonical wSOL — the protocol's unit of account. Entry/exit 10 bps each, management 1%/yr, performance 10% over high-water — declared at minting, only ever reducible.
Numbers
a worked example · not a forecastTen wrapped SOL walk the full path — deposit, entry fee, shares struck at NAV, target exposure. Every number below is a declared parameter, not a projection; nothing depends on an operator behaving well.
fees accrue per second, performance by the dilution method over a high-water mark · each bound hard-capped on-chain (≤ 50 / ≤ 50 / ≤ 2% / ≤ 20%)
Specification
every bound · one sheet| Parameter | Default | Bound |
|---|---|---|
| Weight constraint | Σ|wᵢ| = 100% | single leg ≤ 50% · long-only in Phase 1 |
| Legs per basket | 2 – 5 | hard cap 8 |
| Target leverage | 1.0× – 3.0× | creation refused above 3.0× |
| Rebalance trigger | |L_actual − L_target| ≥ 0.25× | permissionless · keeper-bountied |
| Emergency deleverage | L_actual ≥ 3.25× | anyone may call |
| Soft liquidation | NAV ≤ 15% of entry | — |
| Entry / exit fee | 10 bps / 10 bps | each ≤ 50 bps |
| Management fee | 1% / year | ≤ 2% · accrues per second |
| Performance fee | 10% over high-water mark | ≤ 20% · dilution method |
| Oracle heartbeat | 300 s (testnet) | any stale leg → protocol halt |
| Deposit asset | WSOL — wrapped native SOL | 9 decimals · protocol unit of account |
| Gas token | SOL (native) | devnet fees ~0.000005 SOL/tx |
FAQ
six questions · straight answersQ·01What exactly do I hold?+
Q·02Where does the leverage come from?+
Q·03What if an oracle goes stale?+
Q·04Can the terms change after I mint?+
Q·05What does it cost?+
Q·06Is this audited? Is there a mainnet?+
Descent
three depths · v0.3First orbit
One non-upgradeable Anchor program on Solana Devnet, eight demo baskets, twelve mock feeds on a 300 s heartbeat, permissionless rebalances with bounties.
Deeper mass
Short weights, liquidation incentives, fuzz and simulation reports published with the paper, Chainlink stock and ETF feeds mapped to the registry.
Full gravity
Compliance assessment, audited contracts, position limits ramp, and the $BYX utility evaluated against the checklist before anything ships.