Archived: the HackCanton Season 2 Grand Final deck, 5 August 2026. Pricing, package versions and status have moved on since — current: licensing · status · committee. Firms named as example seats were candidates, not members. The pricing design it shows (a reference print × a par factor; a sealed auction) is superseded by Methodology v1.0.
Archived: the HackCanton Season 2 Grand Final deck, 5 August 2026. Pricing, package versions and status are superseded — current: etpfoundry.com/licensing and etpfoundry.com/status. Firms named as example seats were candidates, not members. The pricing design shown is superseded by Methodology v1.0.
HackCanton Season 2 · Grand Final

ETP Foundry

Price discovery, attested NAV and atomic settlement
for tokenised funds — on one ledger.

Sebastian · solo founder · ex-equities trader
HackCanton Season 2 — Winner, DeFi / Financial Applications Track
package crossdesk 2.1.0 · 125 Daml test scripts, 0 failures

1
The problem · Monday morning

You've just tokenised a fund.
Someone asks what a share is worth.

You don't know. Nothing has traded yet.

Two vendors — before you've done any business.
2
The problem · Tuesday

The shares trade 2% under what the fund holds.

The fix is meant to be automatic. An arbitrageur buys the cheap shares, redeems them for the assets inside, sells those. Except:

LEG 1
Buy the shares
on the secondary market
LEG 2
Redeem in kind
with the fund, at NAV
LEG 3
Sell the assets
somewhere else again
THE COST
Price risk between each
so he quotes wide, and only shows up when the gap is big
The discount stays. The fund's own investors pay it.
3
The problem · and the obvious fix is worse

Put the order book on a public chain
and the mempool is the book.

Every resting order is visible before it executes. Front-runners see the fund coming and eat the arbitrage.

Index funds leak an estimated
$1–2 billion a year to this.
4
Solution · the flow that matters

Three trades on three venues become one desk.

01
Mint in kind
Deliver the assets, receive shares — atomically, at the committee's signed NAV
02
Send to the close
A market-on-close order into the sealed auction. Same ledger.
03
One uniform price
The venue uncrosses the whole book. The orders decide the price — not the operator.
RESULT
No leg risk
Nothing to charge for — so he quotes it tight, and the discount closes
Plus a K-of-N committee that signs a recipe, not a number — so the ledger derives value every second between strikes.
5
The superpower · verified on the shared Canton node

Dark pre-trade. Lit post-trade.

One order book, four resting orders, four different parties looking at it:

Venue
4
the operator
Alice
1
only her own
Bob
1
only his own
Auditor
0
sees every fill · not one order
Unbuildable on a public chain. Unprovable in a private database.
Enforced by Daml signatories, not an API filter
6
Market & business model

Same computation. Two different products.

Calculating a NAV
Accounting
A commodity: nobody doubts the marks.
vs
An official price
Benchmark
The number a contract settles against.
One is accounting. One is a benchmark. ETP Foundry sells the second.
Archived deck · current: etpfoundry.com/licensing
7
Market & business model

I price like the index provider.

Archived
this deck's August pricing is withdrawn. Fund and ETP issuers take a licence, pricing on request; the committee is free — etpfoundry.com/licensing
$16.16bn
every tokenised Treasury fund on earth today — a $5–7m annual pool. It's small.
Doubted marks
where the value is. Nobody doubts a T-bill. Private credit is the same machinery.
The whole company is a bet on which side of that line I land.
I'll know when somebody pays me.
rwa.xyz, 2026-08-04 · Aetos / HedgeServ administration agreement, SEC-filed
8
Demo · running on the shared Canton node right now
Cash conserved on every settlement path · package crossdesk 2.1.0
9
What's live

Four of the six builder lanes.

LANE
Order books
continuous book with price-time priority, plus the sealed cross — live on cETH, CBTC and LX1
LANE
Private OTC
bilateral atomic delivery-versus-payment — cETH and cBTC against USDC
LANE
Leverage
cash-settled perps on the fund itself — margin, funding rate, liquidation
LANE
Treasury tools
a money-market NAV accruing like USYC, and LX1 — an index of cETH + cBTC — created and redeemed in kind

Built for the Season 2 challenge. What ETP Foundry sells is three of these: the sealed cross that discovers a price, the K-of-N committee that attests it, and in-kind creation and redemption that settles against it. The continuous order book and the leverage layer work and are tested — neither is on the price list, because operating a market and running leverage are licensed activities and publishing a number is not.

4.16
real BitSafe cBTC claimed through the CIP-56 registry flow, on their own templates — the integration, not the demo basket
38
Daml templates across 15,984 lines
121
Daml test scripts, 0 failures — every settlement path proves cash is conserved
2.1.0
package crossdesk — a legal smart-contract upgrade of 2.0.0
10
The team

It's me. Solo.

I traded this exact mechanism for a living — European closing auctions, index adds and deletes, the imbalance, merger arb.

I've been the guy on the other side of a fund everybody could see coming.

Google Cloud partner Google's first AI innovator cohort Launch (Jason Calacanis) incubator alumnus House architect · Circle's Arc Daml trained
11
The ask
One pilot fund. Ninety days. Shadow mode.
We strike the NAV alongside whoever strikes it today, and publish both. Nobody switches. Nothing is at risk. At the end you own a signed, auditable price history a regulator can read.

Your administrator keeps the mandate and the fee — they become one of the signers.
We're the venue, the official-price provider and the settlement rail at once — and that combination is what makes the arbitrage atomic and the NAV live.
BitSafe — I claimed your real cBTC through the CIP-56 registry flow. Let's talk.
12
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Sebastian Borjas · Founder hello@etpfoundry.com LinkedIn