Solana mainnet · A USDC-backed reserve share · Mint live
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Wire Capital Management issues WIRE, a reserve-backed share in the architectural lineage of OlympusDAO v1 / NetNet — rebuilt as Solana programs, operated without a policy committee. Emissions, buybacks, premium sales, bond pricing, and the levy are formulas in immutable code. The fund's discretion at runtime is zero. This document exists so yours doesn't have to be.
NetNet proved the machine on Robinhood Chain (EVM). This page is the same machine, restated for Solana so it actually composes: no rebasing SPL balances, no fee-on-transfer token, no Uniswap v2. The economics are the same. The accounts are not.
Copy-pasting NetNet's Solidity onto Solana would break. Three constraints are non-negotiable:
OHM/NetNet sNET rebases every holder balance by shrinking gonsPerFragment. On Solana, every wallet is a token account with a stored amount. A true rebase means rewriting every account, or lying about amounts. Wire uses the share + index model NetNet already ships as wsNET:
staked WIRE → xWIRE (non-rebasing share mint) WIRE_out = xWIRE_amount × index index starts at 1.0 and only goes up
The dividend mints WIRE into the staking vault and raises index. Holders see a growing WIRE claim, not a changing token-account amount. This is how Marinade, Jito, and every serious Solana vault works. It also means xWIRE can be used as collateral (Carrier Desk) without breaking lending programs.
NetNet taxes at the ERC-20 transfer. That is why their canonical pool must be Uniswap v2 — v3 exact-output reverts on FOT tokens. On Solana, Token-2022 transfer fees poison Jupiter, Kamino, and every CPI. Wallet-to-wallet would also get taxed unless you maintain a huge exemption list.
Levy lives on the swap, not the mint. The canonical WIRE/USDC pool is program-owned (Raydium CPMM or Meteora DAMM constant-product). Buys and sells through that pool pay 5%. Wallet-to-wallet is free. Protocol instructions (stake, bond, buyback, finalize) are free. Additional pools can be mapped add-only, same as NetNet. Unmapped pools can dodge the fee — disclosed, same as theirs. Defense is depth on the canonical pool, not transfer-tax whack-a-mole.
RFV of protocol-owned liquidity is 2 · √(x · y) with the WIRE leg valued at the 1 USDC floor. That identity holds only for constant-product k = x·y. Concentrated liquidity (Orca Whirlpool, Raydium CLMM) breaks the formula. Canonical pool = Raydium CPMM or Meteora DAMM v2 constant product. TWAP is a program-owned observation account, checkpointed permissionlessly using Clock unix timestamp (not slots).
USDC only. Mainnet mint EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v. Yield sleeve (optional, post-genesis): Kamino or Save USDC vault, cap 70% of treasury USDC, 2% RFV haircut. ≥30% stays liquid for buybacks and bond payouts.
RFV = liquidUSDC
+ yieldUSDC × 0.98
+ 2·√(usdc_in_pool × wire_in_pool) × treasury_lp_share
NAV = RFV / wire_supply
floor invariant, every crank:
wire_supply × 1 USDC ≤ RFV
P = twap_price / NAV rate = 0.45% × clamp((P − 1) / (1.75 − 1), 0, 1)
| Premium P | Rate / 8h | Daily | APY (arithmetic max) |
|---|---|---|---|
| ≤ 1.00× | 0% | 0% | 0% |
| 1.10× | 0.060% | 0.180% | ~93% |
| 1.24× | 0.145% | 0.437% | ~391% |
| 1.50× | 0.300% | 0.903% | ~2,558% |
| ≥ 1.75× | 0.450% | 1.356% | ~13,552% |
APY assumes the premium holds a year and the floor cap never binds. Neither survives markets. At or below NAV the dividend is zero. The crank is permissionless once 8 hours of Clock.unix_timestamp have elapsed.
price = max(TWAP × (1 − discount), NAV)
Never sold below NAV. Every bond is accretive. Epoch capacity is a fixed bps of supply.
payout_per_WIRE = NAV × (1 − 1.5%)
Seller-initiated. WIRE received is burned. Capacity: 1% of liquid (non-yield) treasury USDC per epoch. Exists from finalize, not as a crisis patch.
When TWAP ≥ 2.0 × NAV, anyone may sell a 25 bps clip of newly minted WIRE into the canonical pool, proceeds to treasury. Minimum 1 hour between clips.
5% on canonical-pool swaps only. Split vs time since finalize:
team_bps = 400 × (1 − v) // v = elapsed / 30d treasury_bps = 500 − team_bps // always 5.00% total
Day 0: 4% team / 1% treasury. Day 30 and forever: 0% / 5%. Immutable. Wallet-to-wallet free.
Nothing — not dividends, not the levy, not buybacks — exists as a live market until finalize. Terms below are the intended genesis constants. If a number is not on this page, it is not a term.
| Term | Value |
|---|---|
| Price | 3 USDC per WIRE, fixed |
| Hard cap | 50,000 USDC |
| Per-wallet cap | 2,000 USDC |
| Window | 7 days (early close at cap) |
| Minimum raise | 15,000 USDC — below it, refunds, protocol never starts |
| Vesting | 5 days, linear from finalize |
| Payment | USDC only |
finalize (anyone may call, once cap or window + min raise):
Day-one NAV is ratio-based, independent of raise size, same arithmetic as NetNet:
NAV ≈ 2.41 USDC per WIRE Founders pay 3.00 → ~1.24× premium at close Partial dividend: rate ≈ 0.15% / epoch if price holds at 3
Pool opens thin on purpose (~15k USDC and 5k WIRE a side at a full 50k raise). Small trades move the tape. Disclosed, not a bug.
The terminal on this site is the shareholder UI. The fund is a set of Anchor programs plus one CPMM pool. Order of operations:
solana --version # 2.x anchor --version # 0.31+ # wallet: a hardware key for the upgrade authority, then freeze it solana config set --url https://api.mainnet-beta.solana.com
Devnet first. Mainnet only after the invariant tests pass (floor never breaks, bonds never sell below NAV, levy decay hits 0/5 at day 30).
| Program / PDA | Job |
|---|---|
| Treasury | Holds USDC + LP. Sole WIRE mint authority. Computes RFV and NAV. |
| WIRE mint | Standard SPL (not Token-2022). Mint authority = Treasury PDA. Freeze authority = none. |
| xWIRE mint | Share token. Mint/burn only from Staking PDA. |
| Staking | WIRE in, xWIRE out. Index. Unstake 1:1 at current index. |
| Distributor | 8h crank. Mints WIRE into the staking vault, raises index. Bound by RFV cap. |
| Oracle | Permissionless TWAP checkpoints from the canonical pool. Valid window 30 min–4 h. Stale → minting and buybacks revert. |
| GenesisBond | The 7-day offering. Register + optional soulbound certificate (frozen Metaplex NFT or PDA record). |
| BondDepository | Post-genesis primary offerings. |
| InverseBond | Buyback at NAV − 1.5%. |
| PremiumSeller | Clip sales above 2× NAV. |
| Levy | 5% on canonical swaps. Decay clock. Permissionless convert of accrued WIRE → USDC. |
Create a WIRE/USDC constant-product pool owned by the Treasury PDA at finalize — do not open a public pool first. Raydium CPMM (constant product) or Meteora DAMM v2 in constant-product mode. Seed in the same atomic finalize transaction: 70/30 split as above. Record the pool address as the only TWAP source. It cannot be changed.
The UI is static. After programs exist, point it at them:
window.WIRE = {
cluster: "mainnet-beta",
mint: "...", // WIRE
xMint: "...", // xWIRE
usdc: "EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v",
treasury: "...",
staking: "...",
distributor: "...",
genesis: "...",
bonds: "...",
buyback: "...",
pool: "...",
programId: "..."
}
Wallet: Phantom / Solflare via Wallet Adapter. Buy = swap USDC→WIRE through the levy-aware swap instruction (not a raw Jupiter route, or the 5% is skipped). Stake / bond / buyback = program CPIs. Reports read NAV from the Treasury account, not from a server.
deploy programs (upgrade authority = hardware key)
→ freeze / revoke upgrade authority // or the "immutable" claim is a lie
→ open GenesisBond (USDC in, register written)
→ cap hit or day 7 with ≥ 15,000
→ anyone calls finalize
70/30 split, POL seeded, staking + levy + buyback enabled
→ days 0–5: founding WIRE vests
→ day 30: levy is 0% team / 5% treasury, forever
| Piece | Use |
|---|---|
| Programs | Anchor 0.31, Solana 2 |
| Token | SPL Token (tokenkeg), 6 or 9 decimals — match USDC at 6 |
| Pool | Raydium CPMM or Meteora DAMM constant-product |
| USDC yield | Kamino / Save, 70% cap |
| Wallet | @solana/wallet-adapter-react |
| Reads | Direct account fetch + websocket; no indexer required for NAV |
| Crank | Anyone. A cheap bot calling distributor + oracle hourly is courtesy, not liveness. |
This page states an objective, not a promise. Distributions are algorithmic and may be zero. Nothing here is investment advice. Wire Capital Management is not affiliated with the Solana Foundation or with NetNet Capital Management. The NetNet prospectus is the prior art this document is translated from.