HackCanton Season 2 · Grand Final

CrossDesk

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

Sebastian · solo founder · ex-equities trader
Live on the shared Canton node — package crossdesk 2.0.0

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.
Live on participant hackcanton-01 · enforced by Daml signatories, not an API filter
6
Market & business model · the number that hurts, first

Same computation. Two price tags.

Calculating a NAV
0.325 bps
What Brown Brothers charges to strike a daily NAV.
Disclosed in an SEC filing — and it fell 19% at the last renewal.
vs
An official price
3 bps + $600k/yr
What State Street pays S&P Dow Jones for SPY.
Index providers take a third of every ETF management fee on earth.
One is accounting. One is a benchmark. Ten to fifteen times the money.
BBH Trust, Form N-CSR FY2023 · An, Benetton & Song, Journal of Financial Economics
7
Market & business model

I price like the index provider.

$50–150k
flat, first design partner — anchored to Pyth Pro at $120k/yr, the only published rate card in institutional data
1–3 bps
+ a flat fee at steady state — the standard index-licensing form, deliberately under S&P and MSCI
$16.16bn
every tokenised Treasury fund on earth today — a $5–7m annual pool. It's small.
6–12 bps
where the mark is genuinely doubted. Nobody doubts a T-bill. Private credit is the same machinery, worth 20x.
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 2.0.0 · participant hackcanton-01
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
4.16
real BitSafe cBTC claimed through the CIP-56 registry flow, on their own templates — the integration, not the demo basket
30
Daml templates across ~15,700 lines
213
ledger test scenarios — every settlement path proves cash is conserved
2.0.0
package crossdesk, registered on the shared node
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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