pSTOCK is a solana program that converts every transfer fee into real stocks, apple, microsoft, nvidia, johnson & johnson, coca-cola, held as tokenized shares on chain, locked in a vault that backs every coin. burn a coin and you receive actual shares. the price can do whatever it wants above that redemption value. it cannot go under it, because redemption is a permissionless instruction and arbitrage does not need permission either. nobody manages this. the entire design is drawn below, and anything that cannot be plotted or verified on chain is not on this page.
every coin claims a floor. the floor is always someone's promise, a treasury that can be voted away, a buyback that can stop, a market maker that can leave. pSTOCK's floor is not a promise, it is inventory. real shares of real companies sit in a vault, the vault backs every unit, and redemption is a permissionless function, not a favor.
pSTOCK does not inflate and does not burn on its own. supply is 1,000,000,000 forever, minus whatever holders voluntarily redeem into shares. every redemption removes coins and removes exactly the pro-rata shares behind them, which is why redemptions can never dent the floor. fees only raise it. dividends only raise it. there is no instruction in the program that lowers it. we did not restrain ourselves from building one, we made it impossible to express.
pSTOCK is not a token with a program watching it. the token 2022 standard lets a mint declare a transfer hook, and once declared, every transfer of the token executes a cross program invocation into that hook before it settles. pSTOCK's mint points at the pSTOCK anchor program, so there is no transfer path, no wallet, no exchange, no router that skips it. the program and the token are one object wearing two addresses.
the intake works through the transfer fee extension: 100 bps withheld on every transfer, on the token itself, swept into the program's vault with harvestWithheldTokensToMint. from there a slicing engine converts fees into the basket in small scheduled buys, routed through jupiter and executed inside revert protected jito bundles, hundreds of slices per conversion, so even a violent day of volume becomes shares without paying meaningful impact and without ever being sandwiched.
the floor is the redemption instruction. redeem(burn_amount) burns coins and transfers the exact pro rata share count of each of the five stocks from the stockroom, priced by per stock oracles. any market price below the floor is an arbitrage against a function that cannot say no, which is why prints below it do not survive a slot. the program's accounts hold no authority field, the upgrade authority was burned at deployment, and the vault's only outbound instruction is redemption itself.
floor, recomputed every slot: floor = V / S V = Σ shares_i · oracle_i the stockroom, marked per stock S = circulating supply redemption for burning b coins: shares_i received = b / S · shares_i for each of the 5 stocks the ratchet invariant: dV ≥ 0 from fees and dividends. redemption moves V and S in exact proportion. no instruction with dV < 0 exists.
the program's instruction surface is closed: the anchor IDL is published, no admin instructions exist in it, and the upgrade authority is burned, which anyone can check with solana program show. that output is the whole org chart.
the stockroom buys five names and nothing else, in fixed weights, forever. the selection rule was boring on purpose: businesses old enough to have survived several of crypto's entire lifetimes, paying dividends the vault can compound.
the shares are tokenized real equities held on chain, priced by per-stock oracles during market hours. when new york sleeps, the floor freezes at last close and redemptions carry a 30 bps overnight spread that stays in the vault, so gap risk is paid to the holders who remain, not by them. four times a year the dividends arrive, and the program does the only thing it knows how to do with money: buy more shares. the floor climbs while the market is closed. johnson & johnson has been raising its dividend for sixty two consecutive years and has no idea it is now load-bearing infrastructure for a coin.
| you receive 0.1000% of the stockroom | |
| AAAPL | → 30% of your claim |
| MMSFT | → 25% of your claim |
| NNVDA | → 20% of your claim |
| JJNJ | → 15% of your claim |
| KKO | → 10% of your claim |
| supply after your burn | 999,000,000 |
| floor after your burn | unchanged |
| unchanged. redemption cannot move the floor. that is the whole point. | |
run the design forward and only two futures exist. if the token trades forever, the stockroom compounds forever, and the coin becomes a slow claim on a growing pile of american equity, with a redemption value that has never once printed lower. if trading dies completely, fees stop, the ratchet stops climbing, and every holder is left holding a fully collateralized claim they can burn for real shares at any time. the failure mode of pSTOCK is that you end up owning apple.
the deployer's wallet holds no privileged position, receives no fee split, and can be checked like any other address. the program cannot be paused, upgraded, or argued with. it recognizes exactly three events, a transfer, a dividend, a redemption, and it has one reflex for each. everything else happening in the world is not its concern.