§ 1Purpose and arrangement
OPAQUE is an automated investment arrangement deployed on the Solana network. It accepts one currency — USDC — and issues in exchange a pro-rata claim on a single pool: SOL, tokenized Bitcoin, NVIDIA, the S&P 500, Tesla, and gold. There is no portfolio manager to call, no subscription desk, and nothing to sign; the arrangement is the program, and the program is the manager.
The allocation rules are encrypted. They are computed inside an encrypted multi-node network, so that the pool can rebalance without publishing when, what, or which way it will trade. A reader of the chain sees only the walls inside which the manager is permitted to trade; those walls are set out in §4.
One pool. No manager. The rules are sealed.
- 1.Market marks marked † — asset prices and their 24-hour changes — are read live from on-chain venues via the Jupiter price feed. The arrangement's own figures (NAV, TVL, shares, acts) remain those of a simulated specimen, regenerated every four seconds; on a deployed arrangement they would be read from the pool itself. The arrangement does not warrant that the reader has finished this sentence before they change.
§ 2The pool — Schedule A
Six assets are held in one register. Tokenized equities and gold are permissioned claims on shares and bullion held by an off-chain issuer; they carry an issuer risk that a bare token does not (see §7.3).
- 1.Weights are targets under the sealed rules (§3). Marks and 24-hour changes are live from the market (†); trends and pool figures remain simulated for this specimen.
§ 3The sealed strategy
The allocation matrix is sealed. It is computed across 21 nodes of an encrypted multi-node network; each node sees only ██████, and no node — and no reader of the chain — sees the whole rule. The pool can therefore rebalance without publishing when, what, or which way it will trade.
The point is execution hygiene, not mystique. A rebalance that is readable on-chain can be front-run; a visible index is the cheapest sandwich target in the market. The seal exists so that the pool's intent never arrives ahead of its orders.
rule_payload: ██████ ██████
visibility: fragments per node · unreadable by design
- 2.The figures in the margin are quotes from public research, reproduced here as claims — not established by this document, and not verified by its author.
§ 4What is public — the guardrails
The strategy is hidden; the walls around it are not. Each of the following is written into the deployed program, where the manager itself must live with it.
Priced on-chain.
Every swap is priced from the on-chain oracle feed. No off-chain quotes, no operator discretion over marks.
Two venues only.
The program can route through Orca whirlpools or the Jupiter aggregator. Any other target reverts.
Max 20% of daily volume.
A single rebalance trade may not exceed 20% of the trailing 24-hour volume of the pool it touches.
Max 0.5% price impact.
Trades that would move the market price by more than 0.5% revert before submission.
No outbound authority.
The program exposes no instruction that moves pool assets to an arbitrary address. Withdrawals are pro-rata burns.
§ 5Fees — Schedule B
The arrangement charges one fee, and it is flat. Set against the classic fund arithmetic, the difference is not a rounding error; it is the product.
5.20.60% per year, accrued in shares — nothing else.
5.3No performance carry, no entry or exit fees, no lockups.
5.4At $10,000 and a 10% year, that is $60 — against roughly $400 at the classic 2-and-20.
§ 6Redemptions in kind
A withdrawal burns shares and delivers the underlying assets themselves. The holder's slice may leave the pool as SOL, tokenized BTC, NVIDIA, S&P 500, Tesla or gold — in any mix the slice supports. No gate and no notice period is written into the program: what the holder owns is what the holder can take.
An extract of the holder's entry, with the slice computed at present marks, is set out in Part III — Your entry in the register.
§ 7Risk factors
The arrangement is new and its machinery is ambitious. The reader should assume the following, at minimum, before relying on anything above.
The claims are unverified
Performance figures, the MEV research cited below and the security properties of the sealed network are the project's claims. Verify them against the original sources before you rely on any of them.
The program can be upgraded
Today's guardrails are only as permanent as the program's upgrade authority. If one key can upgrade the program, the same key can change every wall on this page. Check whether that authority is held by a multisig — or was thrown away.
Issuer risk on tokenized assets
Tokenized shares and gold depend on an off-chain issuer and custodian. They are permissioned claims, not bare assets: if the issuer fails, the token can fail with it.
Sealed means unverifiable
Encryption cuts both ways. You cannot read the strategy, so you cannot independently confirm what the pool does. You are trusting the encrypted-compute network and the deployed code — not your own eyes.
$OPQ is not equity
The token carries no claim on pool assets. Check holder concentration, liquidity depth, and whether the mint you are looking at matches the one announced on official channels — imitations circulate.
Contract and system risk
This is very new technology with ambitious machinery. A bug in the program, the encrypted-compute layer or an oracle can lock or lose funds. Start with an amount you can afford to lose, and never your main wallet.
OPAQUE is not a financial adviser and this sheet is not investment advice. Everything above describes a design; nothing here asks the reader for money.
Executed by the manager
— being a program, it signs in redaction —
the code is the signature