A treasury of real equities, and a share of what it earns.

Three percent of every trade is taken in ETH and spent on tokenized shares. The treasury keeps them. Stake, and everything it earns between two epochs is yours.

Backing per token

—

what one STASH can be redeemed for, in kind

Index

—

what one staked token has become since day one

Your position

—

Liquid

—

Staked

—

Last epoch minted—
Total staked—
Leavingimmediate, no delay, no penalty

The rate is not a setting. Each epoch mints exactly what the treasury earned since the last one, and nothing when it earned nothing. There is no function anywhere that could promise more.

A bond is not a discount on us

Bonds sell STASH at the backing plus ten percent, never at a price read off the market. So a bond can only ever be struck above what a token is covered by, which means every bond leaves everyone else better covered than before. A deposit that would dilute reverts.

Above backing.
Always.

Bond price

—

ETH per STASH, vested over 5 days

Backing per token

—

the floor the price is built from

Your note

Vested, claimable now—
Still vesting—
Minted by bonds today—

Accepted assets are the four names the treasury already holds, and WETH. Nothing else can be deposited, and the daily mint is capped at one percent of supply.

Nobody deposits here

This is not a vault you put money into. There is no deposit button and no contract function that would accept one. It is the account the 3% lands in, and everything below is what happens to it on its own.

You hold the token.
The fee does the work.

Tolled, all time

—

ETH taken on the ETH leg

Waiting to be spent

—

ETH already earmarked for shares

Protocol

—

10%, to one immutable address

Backing

—

what the treasury is worth, in ETH

Redeem, in kind

Burning STASH returns a slice of every asset the treasury holds, pro rata, in kind. This path never asks what anything is worth, so there is no price to manipulate and no vote that can close it.

Name	Held by the treasury	Per 1M STASH

This hour

A spend cap that applies to the window, not to each call. Two calls do not make two caps.

—

The basket, and its drift

Anyone can push the button. It spends the ETH sitting in the treasury, never yours, and it cannot choose what to buy.

Nobody chooses. buy() takes a number and nothing else: no venue, no route, no recipient, not even which name. The contract spends on whichever name sits furthest below its weight. These shares trade against dollars, so it crosses USDC on the way in · each leg at its own 30 minute average, and it refuses if spot has left either by more than 5%. Two venues to move, not one.

Documentation

Stash, explained without the machinery

Stash is a token whose trading fee is not kept as profit. It is spent, immediately and automatically, on shares of real companies. The treasury keeps them, and it is not allowed to sell them.

From there, three things can happen to that value, and none of them needs our permission: it can be staked into, it can be bonded against, or it can be redeemed out. That is the whole product.

Staking · where the yield comes from

Not from you, and not from a rate we picked. Every eight hours, anyone can call an epoch. The contract measures what the treasury has earned since the last one and mints exactly that much, to the people staking.

Heavy week, more. Quiet week, less. Dead week, nothing at all: there is no function anywhere that could promise otherwise. Leaving is immediate, with no delay, no queue and no penalty.

The promise, stated exactly

You will read elsewhere that a mint never dilutes. That is false, and we would rather say so: minting always lowers backing per token at the instant it happens, because V/(S+R) is smaller than V/S. Arithmetic does not negotiate.

What is actually held, and checked on every epoch, is this: backing per token never goes back below its level at the previous epoch. What the treasury earns between two epochs goes to stakers. What it does not earn, nobody receives.

Bonds · why they are not a discount on us

A bond sells STASH at the backing plus ten percent. The price is never read off the market, so there is no oracle on STASH to manipulate and no way to bond at a price the treasury has not earned.

Because the price sits above backing, a bond always leaves everyone else better covered than before. A deposit that would dilute reverts, and when the market price falls toward backing, bonding stops being attractive on its own. There is no button to close it, because none is needed.

Redemption · the exit that cannot be closed

Burn STASH and receive a slice of every asset the treasury holds, pro rata, in kind. Not a swap, not a quote, not a valuation: a division. This path never asks what anything is worth, which is exactly why nobody can manipulate a price to close it, and why no vote can take it away.

Nobody decides what gets bought and when. The treasury always buys whichever name has fallen furthest below its weight. These shares trade against dollars, not against ether, so the toll crosses two venues on its way in · ether to USDC, then USDC to the share. Each leg is priced at its own thirty minute average and refuses to trade at all if the live price has run away from it. Moving one venue is not enough; you would have to move both.

What can go wrong

No trading, no yield. Everything is downstream of volume. If nobody trades, epochs mint nothing, and that is not a bug we can fix.
Markets fall. The treasury holds companies and is not allowed to sell them. Backing per token falls with them, and no mechanism here pretends otherwise.
Tokenized equity is not equity. It carries the issuer, the custodian and their transfer rules. A share can refuse to land in your wallet for reasons that have nothing to do with us.
New code. These contracts are tested, and untested by the world. Treat them accordingly.

What we gave up

There is no owner on the treasury, on the staking or on the bonds. No pause, no allowlist, no emergency withdrawal that can reach a share, no address we can point the money at later. The four names, their pools and the one address the protocol fee can reach are constructor arguments, frozen at deploy.

We cannot rescue you, and we cannot rescue ourselves either. Every convenience we kept would have been a door.

Contracts

token, hook, treasury, staking, bonds, router, book

Source

7 / 7

verified on Basescan

Owner

none

not a role, not an address

Deployed

Base

the pool is not open yet

Where it lives

Read them yourself. Every one of these is verified, and none of them has an owner.