The market under the token

The role of a market

Mint and burn give each RETF a ceiling and a floor. You can mint at basket value plus the fee, so you have no reason to pay more on a DEX. You can burn at basket value minus the fee, so you have no reason to sell for less. Between those two bounds, a market lets the token change hands without touching the reserve.

Listing on a DEX

RETF and sRETF are ordinary SPL tokens with Metaplex metadata, so any Solana DEX can list them. Three setups are common.

One pool

Pair RETF with its cash token in one pool. This is the simplest setup and the one to start with. Concentrate liquidity around NAV, and arbitrage against mint and burn holds the price there.

Staked pool

Pair sRETF with the cash token. One sRETF redeems for more RETF over time, so the pool price drifts upward with the stake pool rate. This setup suits holders who want to stay staked and still trade.

A pool for every leg

Pair RETF with each basket asset. This suits cash RETFs and baskets whose assets already have deep markets. Arbitrageurs work each pool on its own against the pro-rata quote.

Liquidity providers

The protocol owns no liquidity in this version, and bond payments go to the reserve. Creators and holders seed the DEX pools themselves, so the RETF page links to the token mints you need to create a pool.