Nobody can change a coin after it launches. Not its team, not us. So we don't try. We build a better market around the coin and pay out whatever that market earns.
You swap your coin for a wrapped version, one for one. Swap back whenever you want, same rate, nobody's permission required. The wrapped version gets its own market, paired against something real like tokenized gold or a stock. Trades there pay a small tax. The tax gets converted and handed to the people holding the wrapped coin.
Your share accrues every second. Conversions happen whenever someone runs the crank, and anyone can run it. Claim when you feel like it. One transaction collects everything you're owed. Holding is never charged.
Boarding is free and reversible, so there's no way to get stuck. The crew who fund the trading float early keep a bigger share of the fees for good, because they paid for a market nobody had built yet.
Deposit the coin, take the wrapped version one for one. Leave any time at the same rate. Boarding costs nothing.
Optional. Put capital into the float while the ship is empty and lock in a multiplier, up to five times, falling as the ship fills. You get a tradable Letter of Marque for it.
The wrapped coin trades against a real asset, and each trade pays a slice into the hold. Holding is always free. On a coin that still trades hard, sending is free too and the fee comes from the market itself; on a quiet one the wrapped coin skims a small cut each time it moves.
The takings get converted and split by weight. Accrues per second, claim whenever.
A real coin, at its real size. $ANSEM on 10 September 2026: a market cap of $159,875,387 across 998.0M coins, $4,562,352 of pool liquidity, and $9,909,616 traded in a day. It is not a dead coin and it is not treated like one — a transfer fee would be voted down on a coin this liquid, so this ship earns from the pool's own fees instead. Paired against cbBTC. Fixed at launch and never changed after: boarding multiplier up to 5×, trade fee 1%, crank tip 0.5%, platform cut 25%, and the rest split 70 / 30 between letters and holders.
299.25M ANSEM is wrapped in the opening days — $47.9M at today's price — across thousands of wallets. Anne Bonny is one of them with 1,000,000 ANSEM, and takes 1,000,000 wANSEM back. Redeemable one for one, forever.
Calico Jack wraps 600,000 ANSEM in the 30→50% span. Same free deal, same 1:1 exit. The ship is half full by now, so the span he bought into is worth less.
The crew commit $250,000 of cbBTC to the trading float. That capital becomes pool depth and stays there. Each backer gets a Letter of Marque: an NFT owning a share of the fee stream at the rate they locked. Bonny puts in $5,000.
ANSEM turns over $2.97M a day. Assume the wrapped market draws a tenth of that — $2,080,000 over the week. The pool charges its 1% and the fee accrues to the position the protocol owns. No server, no operator, nobody to ask.
A stranger's bot collects the fees, routes them to cbBTC through Jupiter, deposits the proceeds and cranks. It keeps 0.5%. First to arrive is paid, and nobody can stop them.
The platform takes 25%. Of what remains, 70% goes to the Letters by weight, and 30% spreads across every wrapped coin, flat. Bonny and Jack earn the same per coin whenever they boarded. Boarding early pays only through the Letter.
Rewards accrue per second, paid in cbBTC. One transaction collects everything earned to date. Nothing expires.
Her $5,000 earned $265.07 in the week, so Mary Read offers $9,200 for Letter #1 on an NFT marketplace. The fee stream transfers with the NFT, along with anything accrued but unclaimed. Bonny exits at a profit and the pool loses no depth. The seat is sellable. The ship cannot be dismantled.
Jack unwraps all 600,000, one for one, no penalty and no permission. His 2.5× multiplier burns on the way out and the curve rewinds, so whoever boards that span next gets the rate he had. Mary's Letter is unaffected.
ANSEM's market cap, liquidity and volume were read from DexScreener by mint on 10 September 2026 at 19:07 UTC, at a price of $0.1602 — mint 9cRCn9rGT8V2imeM2BaKs13yhMEais3ruM3rPvTGpump. Liquidity and volume are the totals across all thirty of its pools; the deepest single pool holds $2,280,797. The splits are the protocol's own, and the same sequence runs in its test suite. The volume assumption is the only estimate here, and it is the figure nobody can know in advance.
Every $1,000 the ship takes in gets cut four ways:
Each ship's percentages are set the day it launches and can't be changed after. Not by us, not by a vote. If a ship has no letters yet their share goes to the holders, and the other way round, so nothing sits stranded.
Illustrative only — every number here depends on trading volume, which nobody controls. Nothing on this page is a promise, a projection, or an offer; rewards are not guaranteed and not yield.
The obvious objection: aren't tokenized real assets too thin to trade a coin against? We quoted the routes live rather than guessing — price impact buying each with $250k:
| Buying | $10k | $50k | $250k | Verdict |
|---|---|---|---|---|
| S&P 500 token (SPYx) | 0.02% | 0.05% | 0.36% | Deep |
| Tesla token (TSLAx) | <0.01% | 0.06% (0.04 to 0.48) | 0.80% (0.66 to 2.58) | Deep, but it wanders |
| Gold token (GLDx) | 0.12% | 0.62% | 2.44% | Flagged, over 1% |
| Reference memecoin ($ANSEM) | 0.27% | 1.32% (1.24 to 1.37) | 6.26% (6.19 to 6.43) | The real limit |
Quoted USDC to asset through Jupiter on
10 September 2026, 18:37 to 19:04 UTC, mints not
tickers. Each figure is the median of the readings taken in that window, and where readings
spread by a tenth of a point or more the band follows in brackets, because one quote of a thin
route is a moment, not a price:
SPYx XsoCS1TfEyfFhfvj8EtZ528L3CaKBDBRqRapnBbDF2W
TSLAx XsDoVfqeBukxuZHWhdvWHBhgEHjGNst4MLodqsJHzoB
GLDx Xsv9hRk1z5ystj9MhnA7Lq4vjSsLwzL2nxrwmwtD3re
ANSEM 9cRCn9rGT8V2imeM2BaKs13yhMEais3ruM3rPvTGpump
The finding that matters: the real-asset side trades more easily than the coin does. The pairing was never the bottleneck. Gold is the one exception this scan turned up: GLDx costs 2.44% at $250k, past the 1% line the pair list flags on, so it stays on the table marked rather than quietly dropped. It was also the steadiest reading of the four, ten quotes inside a tenth of a point of each other. Tesla is the one that moves: eight of ten readings sat near 0.8% and two came back above 2.4%, which is what a route looks like when its best hop is briefly gone. That is the case for quoting a band and not a decimal.