§4 · The protocol
The pods
cCORE, cMAG7, cDUO and cHALT: what each holds, and why those components passed the liquidity screen.
Anyone can create a pod from allowlisted components. The devnet deployment has four: three built from the most liquid xStocks on Solana, and cHALT, a demonstration pod. All four are marked verified there. "Verified" is a label the protocol admin sets with set_pod_verified, and it has no effect on how a pod works.
- Network
- Solana devnet · live
- Program
- 6uRisJz3Naz2cRmXmDWkCHtoGdNWnx6Hg42rxRy5aqeD
- Mock issuer
- EgtPNwuiNwBHLAWPfv6kdm36Ah2PMm7rji4eszXEp7ih
- Recorded
- 2026-11-06 07:57 UTC · deployments/devnet.json
The liquidity screen§
A pod is only as tradable as its thinnest component. Arbitrage needs to buy every component to wrap and sell every component after an unwrap, and an unwrap can't leave one out. So a component that can't be traded at size widens the price band for the whole pod.
Cohort's economics study measured every candidate's on-chain liquidity and set three admission rules for a verified pod:
- at least $100k of DEX liquidity;
- a $10,000 round trip (buy, then sell) costing about 60 bps or less;
- a $1k route on at least two venues.
The ten components below pass the first two: their $10k round trips cost 17–54 bps, though GLDx ($115k) and GOOGLx ($147k) clear the liquidity floor narrowly. The study's third candidate pod, AI silicon, failed. AMDx, TSMx and MUx had no route at all for a $10k trade, AVGOx cost 95–139 bps at $1k, and one unroutable leg is enough to break the unwrap side of the arbitrage. It was shelved.
Liquidity figures are for the real xStocks on Solana mainnet, from one snapshot taken overnight on 2026-11-06 (Friday, about 02:00 ET), so treat them as indicative. On devnet the pods hold mock mints with the same extensions. "Per cohort" is the recipe: the amount of each component behind one cohort at genesis, read from the deployment at build time. A pod holds fixed units, not fixed weights, so each component's share of the value drifts with its price.
The four pods§
cCORE Cohort CORE
Verified · 30/30 bpsLaunch first. The deepest, cheapest legs (SPYx round-trips $10k for 19 bps), only three of them so an arbitrage fits a three-transaction bundle, the lowest volatility, and GLDx for diversification.
| Component | Per cohort | DEX liquidity | $10k round trip | Screen |
|---|---|---|---|---|
| SPYx | 0.08403361 | $371k | 19 bps | passes |
| QQQx | 0.05003292 | $2.34M | 36 bps | passes |
| GLDx | 0.0311493 | $115k | 18 bps | passes |
- Cohort mint
- FNBTUc4CmfxwDZvAPY2kxzp8g91Rs2aZWCVGqStCJwZj
- Lookup table
- none
cMAG7 Cohort Magnificent 7
Verified · 30/30 bpsSecond. The same fee economics as cCORE and the strongest story, but seven legs, so it needs a lookup table and arbitrage needs a five-transaction bundle.
| Component | Per cohort | DEX liquidity | $10k round trip | Screen |
|---|---|---|---|---|
| NVDAx | 0.11086475 | $2.60M | 17 bps | passes |
| AAPLx | 0.06734007 | $341k | 35 bps | passes |
| MSFTx | 0.03409091 | $369k | 25 bps | passes |
| GOOGLx | 0.05519481 | $147k | 25 bps | passes |
| AMZNx | 0.04823748 | $418k | 54 bps | passes |
| METAx | 0.01136364 | $834k | 32 bps | passes |
| TSLAx | 0.01549587 | $2.24M | 28 bps | passes |
- Cohort mint
- 5CFD4uDcuEcr9ggEMy6K5EkByYch6HQ2XHapH9ZKCt6U
- Lookup table
- 8qpxzgQ7kqJ9KCGnqbFriAcehgEjdLRqKVSrYpguyTXb
- GOOGLx mint
- 6naUYNbv2NhtwTZVXqbMMYHzXMUMhnynz4scH7qigcn7
cDUO Cohort NVDA + TSLA Duo
Verified · 30/30 bpsThe two deepest single stocks on Solana, NVDAx and TSLAx. Two components is the smallest pod the program allows.
| Component | Per cohort | DEX liquidity | $10k round trip | Screen |
|---|---|---|---|---|
| NVDAx | 0.37523452 | $2.60M | 17 bps | passes |
| TSLAx | 0.05244755 | $2.24M | 28 bps | passes |
- Cohort mint
- 8SmwyGu1wxEDPB7xEckkphSZnP5BjbAdeMSK1JESdXf1
- Lookup table
- none
cHALT Cohort HALT (demo)
Verified · 30/30 bpsNot a product. A demonstration pod with one component that can't move, so anyone can try a partial unwrap and a claim ticket end to end.
Demo pod: the issuer froze this pod's MSFTx vault (component 1). Wraps fail; full unwraps fail; unwrap_partial with skip=[1] pays AAPLx and issues a ClaimTicket for MSFTx that becomes redeemable if the vault is thawed.
| Component | Per cohort | DEX liquidity | $10k round trip | Screen |
|---|---|---|---|---|
| AAPLx | 0.1875293 | $341k | 35 bps | passes |
| MSFTxvault frozen | 0.09493671 | $369k | 25 bps | passes |
- Cohort mint
- DbJBdCjqyeFt1BigiJHM9HmMw6tSqdVtmLmEoBHYehqA
- Lookup table
- none
Creating your own§
create_pod is permissionless, within these limits enforced by the program:
- 2 to 10 components, all different, each with a non-zero recipe amount;
- every component mint owned by SPL Token or Token-2022, with no transfer fee, no extension outside the allowed set and not paused at creation;
- every freeze authority, permanent delegate, pause authority and transfer-hook key on a component present in the issuer allowlist;
- fees of at most 200 bps each and a creator share of at most 1,000 bps;
- a genesis wrap of at least one whole cohort.
The new pod starts unverified. The program reference lists every check, and §5 Issuer powers and risk explains why the allowlist exists.