The platform's cut flows in, buys eight assets, and funds buybacks of Pieces of Eight. The chest is not redeemable and carries no claim on the assets. This page holds all three sides: what it owns, what comes in, and what goes out.
| Gem | What it is | Weight | Earns | Slippage on $250k | Why it's aboard |
|---|---|---|---|---|---|
| The hard half — 60% · ballast, not income | |||||
| cbBTCbitcoin | Coinbase-wrapped BTC | 25% |
— | 0.03% | The anchor, and the only holding deep enough to move at size. |
| USDCdollars | Cash | 15% |
— | nil | Dry powder. The chest can buy while the rest of the book is down. |
| GoldPAXG only | Allocated bullion | 12.5% |
— | 0.43%73.25% at $1M | Held via PAXG only; the XAUt ticker on Solana resolves to an unrelated token with $3k of liquidity. Total depth is $349,511 across five pools, so a $250k clip is most of the market. |
| SPYxthe S&P 500 | Tokenized index | 7.5% |
~1.2% | 0.36% | Equity exposure alongside the hard assets. |
| The working half — 40% · these earn while they sit | |||||
| JitoSOLstaked SOL | Liquid staking token | 20% |
~7% | 0.04% | $1B of depth and 0.13% at a $1M clip. Carries the weight USDY cannot. |
| USDYT-bills | Tokenized Treasuries | 7.5% |
~4.5% | 0.34% at $50k55% at $250k | Dollar yield with no market beta. Exits in $50k clips, so weighted at 7.5% rather than 12.5%. |
| USDC lendingKamino vault | Supplied liquidity | 7.5% |
~6–9% | n/a · not traded | Yield with no additional price exposure, and uncorrelated to the JitoSOL position. |
| Letters of Marqueour own fleet | Fee streams we bought | 5% |
varies | illiquid | Lets the chest stock a hold the crowd has not filled, deepening markets the platform earns from. Capped at 5%. |
The cbBTC, gold, SPYx and JitoSOL figures were measured against Jupiter on 10 September 2026 between 18:37 and 19:04 UTC, quoted by mint with live USDC clips rather than read off a reported liquidity number. The USDY figure is not from that scan and has not been re-measured since. Two holdings carry size limits: USDY routes cleanly to about $50,000 and degrades sharply above it, and PAXG has $349,511 of total depth on Solana across five pools. Both are weighted to stay inside what they can exit. The lending vault is not traded, so its constraint is vault utilization at withdrawal rather than slippage.
Gross pool fees across all mutinies, last eight weeks.
Every figure in this section and the next is illustrative. No ship has sailed, so there is no measured revenue yet; these show the shape the page takes once the first crank runs. Live numbers replace them ship by ship.
The chest converts the platform's share into Pieces of Eight on the open market. Every conversion is a public transaction, and each row links to its signature.
| Time | Platform share in | Pieces of Eight bought | Then | Tx |
|---|
The crank is permissionless: conversions run hourly, called by anyone, tipped by the protocol. What the log records does not depend on the open decision — fees in, coins bought, and the signature that proves it are the same either way, and the last column names the route once the operator sets it.
The chest buys Pieces of Eight on the open market. It is not redeemable for a slice of the assets. Same economic support, far lighter legal shape — a redeemable claim on a pooled basket is a fund share.
The coin goes to the people who did the work: Letter holders and early wrappers. We buy ours on the open market like anyone else, using the chest.
Locking Pieces of Eight earns first refusal on a new ship's Letters — the best rate that ship will ever offer — and a boost to your bagworking score. It never pays a dividend.
Rewards already accrue every second to whoever holds them. A lock would break the exit-any-time promise and give nothing back. Locking is what protocols do when they can't pay you otherwise.
Three things are genuinely undecided, and this page will say so until they aren't: whether buybacks burn or are retained by the treasury; which lending vault, and at what utilization cap; and how the chest rebalances, given that gold and the S&P both stop working above a quarter million a clip.
The chest fills from the first crank of the first ship. The coin follows, once there are measurable fees behind it.