SEAT
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SEAT · Copy desks for Stock Tokens

Alex's wallet and the desk vault are separateA trade signal leaves Alex's wallet, passes asset, session and size gates, and a smaller copy lands in the desk vault, which holds USDG cash and copied positions. The vault's NAV is split into seat shares. Some signals are skipped at a gate.ALEX · HIS CUSTODYDESK · YOUR CAPITALALEX'S WALLEThis key · his moneyASSETSESSIONSIZEDESK VAULTyour USDG + copiesUSDGNVDANAV = cash + positions÷ SEAT SHARES = your claimRESIZEDSKIPPED

Copy desk,not sniper bot.

You don't copy someone's wallet. You join a separate desk. Your USDG buys seat shares, the desk copies selected trades — smaller, filtered, capped — and your shares claim its NAV.

Understand the deskOpen product Launching soonRead docs
Books
NVDA · AAPL · SPY
Accounting
USDG
Chain
Robinhood Chain
Status
Testnet shipped · mainnet capped

01 The hook

Everyone knows how wallet copy trading works.

Pick a wallet you trust. Mirror what it does. It's a good idea, and it's familiar.

But what if you stopped copying a wallet…

…and started joining a desk?

02 The problem

What happens when copying becomes a portfolio?

01 Leader wallet
02 Follower wallet
03 Copied trades
The familiar model. A wallet shows you what someone trades. Copying it doesn't, on its own, give you a risk structure, custody separation, portfolio construction or a redemption model.
  1. Q1

    Who controls the capital?

    A desk vault contract holds it — not the leader.
  2. Q2

    How is risk sized?

    Session multiplier first, then fill, position and gross caps.
  3. Q3

    What happens when markets close?

    Closed session means skip. Uncertain means do not trade.
  4. Q4

    What happens when a follower wants to leave?

    Redeem shares at NAV — paid from cash, or queued.
  5. Q5

    What does ownership actually mean?

    Seat shares: a pro-rata claim on the desk's NAV.
  6. Q6

    How do the leader's wallet and the follower's capital stay separate?

    They never share custody. The signal crosses over; the money doesn't.

03 The new primitive

SEAT changes the primitive.

Wallet copy

You follow a wallet.

Its trades are replicated into your wallet.

Desk participation

You join a desk.

You deposit into a vault. You receive shares. Shares represent a claim on NAV.

  1. 01

    Leader wallet

    Alex trades from his own wallet. His key stays with him.

  2. 02

    Trade signal

    The keeper observes his fills. Information, not money.

  3. 03

    Risk engine

    Asset, session, price, drawdown and size are checked. Uncertain = skip.

  4. 04

    Desk vault

    The desk trades its own USDG — a smaller copy, by design.

  5. 05

    NAV

    Cash plus the value of copied positions. It can go down.

  6. 06

    Seat shares

    Your pro-rata claim on NAV. Redeem them to leave.

04 The story

Two piles.

Alex leads. You and Sam join the desk. Watch one example run end to end — deposits, a filtered copy, a price move, a fee, a loss, and a way out.

Example numbers — not a live desk or forecast.

  1. 01 — Two pools

    Two piles. Never one.

    Alex trades NVDA, AAPL and SPY from his own wallet. His private key stays with Alex.

    The desk vault is a separate contract. It starts empty. You never receive Alex's key, and Alex can't withdraw from the vault.

    Separate custody

    Nothing flows between the piles.

    Later, only one thing will cross this line: a signal about what Alex traded.

    Desk state at this step

    Alex's wallet

    his key, his money

    Private key
    With Alex
    Balance
    Private — not part of the desk

    Trading his own money

    you cannot spend this

    Desk vault

    your USDG + copies

    NAV / share

    — USDG

    Cash
    0 USDG
    NVDA
    0 USDG
    NAV
    0 USDG
    Seat shares
    0

    You 0%Sam 0%

    your shares claim this NAV

  2. 02 — Deposits

    You deposit 10,000 USDG.

    The vault mints 10,000 seat shares to you at 1.00 USDG per share.

    Your USDG now sits in the desk — not in Alex's wallet.

    You → desk

    +10,000 USDG

    Desk → you

    +10,000 shares

    shares = deposit ÷ NAV/share = 10,000 ÷ 1.00

    Desk state at this step

    Alex's wallet

    his key, his money

    Private key
    With Alex
    Balance
    Private — not part of the desk

    Not involved

    you cannot spend this

    Desk vault

    your USDG + copies

    NAV / share

    1.00 USDG

    Cash
    10,000 USDG
    NVDA
    0 USDG
    NAV
    10,000 USDG
    Seat shares
    10,000

    You 100%Sam 0%

    your shares claim this NAV

  3. 02 — Deposits

    Sam deposits 10,000 USDG.

    Sam receives 10,000 shares at the same 1.00 NAV/share.

    20,000 USDG cash. 20,000 shares. Each of you owns 50%.

    Sam → desk

    +10,000 USDG

    Desk → Sam

    +10,000 shares

    shares = deposit ÷ NAV/share = 10,000 ÷ 1.00

    Desk state at this step

    Alex's wallet

    his key, his money

    Private key
    With Alex
    Balance
    Private — not part of the desk

    Not involved

    you cannot spend this

    Desk vault

    your USDG + copies

    NAV / share

    1.00 USDG

    Cash
    20,000 USDG
    NVDA
    0 USDG
    NAV
    20,000 USDG
    Seat shares
    20,000

    You 50%Sam 50%

    your shares claim this NAV

  4. 03 — What gets copied

    Alex trades. The desk decides.

    The keeper watches Alex's fills. Each one is a signal — information, not money.

    Rules decide what reaches the vault. Two of these three signals stop at a gate.

    Alex's tape → keeper → rules

    1. BUY AAPLPrice feed stale — fail closedSKIPPED
    2. BUY NVDAAllowlisted · session open · inside capsCOPIED
    3. SELL SPYDesk holds no SPY to sellSKIPPED

    Signals cross the custody line. Money doesn't.

    Desk state at this step

    Alex's wallet

    his key, his money

    Private key
    With Alex
    Balance
    Private — not part of the desk

    3 trades on his tape

    you cannot spend this

    Desk vault

    your USDG + copies

    NAV / share

    1.00 USDG

    Cash
    20,000 USDG
    NVDA
    0 USDG
    NAV
    20,000 USDG
    Seat shares
    20,000

    You 50%Sam 50%

    your shares claim this NAV

  5. 03 — What gets copied

    The copy is smaller by design.

    Alex's NVDA buy is large. The desk copies a fraction of it, capped per fill and per position.

    The vault spends 12,000 of its own USDG over several capped fills. 8,000 stays in cash.

    Buying NVDA doesn't change NAV — it changes what NAV is made of.

    Alex's NVDA buy60,000 USDG · illustrative

    Desk copy12,000 USDG

    3 fills ≤ 5,000 · position cap 20,000 · 60% of cash deployed

    Illustrative sizes. The copy is smaller by design.

    Desk state at this step

    Alex's wallet

    his key, his money

    Private key
    With Alex
    Balance
    Private — not part of the desk

    BUY NVDA · large

    you cannot spend this

    Desk vault

    your USDG + copies

    NAV / share

    1.00 USDG

    NVDA at cost

    Cash
    8,000 USDG
    NVDA
    12,000 USDG
    NAV
    20,000 USDG
    Seat shares
    20,000

    You 50%Sam 50%

    your shares claim this NAV

  6. 04 — The clock

    Same signal. Different hour. Different size.

    Copy size depends on the US market session. After-hours size is always smaller than cash-session size.

    When the session or the price can't be determined, the desk doesn't trade.

    00061218ET
    • Regular 09:30–16:00100% size
    • Pre-market 04:00–09:3030% size
    • After hours 16:00–20:0030% size
    • Closed · weekendsSKIP
    • Drawdown ≥ 20% from HWMHALT

    Default policy in the repo (keeper/src/session.ts, deploy scripts). Configurable per desk. Holidays not modeled yet.

    Desk state at this step

    Alex's wallet

    his key, his money

    Private key
    With Alex
    Balance
    Private — not part of the desk

    Trades whenever he likes

    you cannot spend this

    Desk vault

    your USDG + copies

    NAV / share

    1.00 USDG

    NVDA at cost

    Cash
    8,000 USDG
    NVDA
    12,000 USDG
    NAV
    20,000 USDG
    Seat shares
    20,000

    You 50%Sam 50%

    your shares claim this NAV

  7. 05 — Price, then fee

    NVDA rises. NAV follows.

    The vault spent 12,000 USDG. The copied NVDA position later rose to 14,000 USDG.

    8,000 cash + 14,000 NVDA = 22,000 NAV. Over 20,000 shares: 1.10 NAV/share — before the performance fee.

    The gain came from the asset appreciating. The copy mechanism didn't create it.

    NVDA position value

    8,000 cash + 14,000 NVDA = 22,000 NAV

    22,000 ÷ 20,000 shares = 1.10 before performance fee

    +2,000 came from NVDA appreciating — not from the copy.

    Desk state at this step

    Alex's wallet

    his key, his money

    Private key
    With Alex
    Balance
    Private — not part of the desk

    His own position, his own result

    you cannot spend this

    Desk vault

    your USDG + copies

    NAV / share

    1.10 USDG

    before performance fee

    Cash
    8,000 USDG
    NVDA
    14,000 USDG
    NAV
    22,000 USDG
    Seat shares
    20,000

    You 50%Sam 50%

    your shares claim this NAV

  8. 05 — Price, then fee

    The fee comes from the profit.

    The desk is 2,000 USDG above its high-water mark. The performance fee is 10% of that: 200 USDG.

    70% to Alex (140), 20% to the protocol (40), 10% to stakers (20). A small annual AUM fee also accrues — left out here to keep the math readable.

    After the fee: 21,800 NAV, 1.09 NAV/share. The rise is real. The fee comes from the profit.

    1. +2,000 gain above high-water mark
    2. × 10% performance fee
    3. = 200 fee, paid from profit
    Alex 70%140
    Protocol 20%40
    Stakers 10%20

    22,000 − 200 = 21,800 NAV → 1.09/share

    The remaining NAV belongs to shareholders.

    Desk state at this step

    Alex's wallet

    his key, his money

    Private key
    With Alex
    Balance
    Private — not part of the desk

    Receives 140 USDG fee — from profit only

    you cannot spend this

    Desk vault

    your USDG + copies

    NAV / share

    1.09 USDG

    after performance fee

    Cash
    7,800 USDG
    NVDA
    14,000 USDG
    NAV
    21,800 USDG
    Seat shares
    20,000

    You 50%Sam 50%

    your shares claim this NAV

  9. 05 — Price, then fee

    Or NVDA falls.

    Same copy, other direction: the 12,000 USDG position is now worth 10,800.

    8,000 cash + 10,800 NVDA = 18,800 NAV. NAV/share falls from 1.00 to 0.94. No performance fee — the desk is below its high-water mark.

    Separation is about custody, not protection from losses.

    NVDA position value

    8,000 cash + 10,800 NVDA = 18,800 NAV

    NAV/share 1.00 → 0.94

    Separation is about custody, not protection from losses.

    Desk state at this step

    Alex's wallet

    his key, his money

    Private key
    With Alex
    Balance
    Private — not part of the desk

    His own trade lost too — in his wallet

    you cannot spend this

    Desk vault

    your USDG + copies

    NAV / share

    0.94 USDG

    market moved against the desk

    Cash
    8,000 USDG
    NVDA
    10,800 USDG
    NAV
    18,800 USDG
    Seat shares
    20,000

    You 50%Sam 50%

    your shares claim this NAV

  10. 06 — Leaving

    You redeem 5,000 shares.

    At 1.10 NAV/share (before fee), 5,000 shares claim 5,500 USDG. After the example fee, at 1.09, the claim is 5,450 USDG.

    The desk holds 7,800 USDG in cash, so the redemption is paid now.

    Alex's wallet doesn't move. Your exit is settled by the vault, from the vault.

    Redeem

    5,000 shares

    × 1.09 = 5,450 USDG claim
    (× 1.10 before fee = 5,500)

    Desk cash7,800 / 5,450

    PAYPaid now from the vault's cash.

    Alex's wallet: unchanged.

    Desk state at this step

    Alex's wallet

    his key, his money

    Private key
    With Alex
    Balance
    Private — not part of the desk

    UNCHANGED

    you cannot spend this

    Desk vault

    your USDG + copies

    NAV / share

    1.09 USDG

    after your redemption

    Cash
    2,350 USDG
    NVDA
    14,000 USDG
    NAV
    16,350 USDG
    Seat shares
    15,000

    You 33.3%Sam 66.7%

    your shares claim this NAV

  11. 06 — Leaving

    If the cash is deployed, you queue.

    Suppose more of the desk were in tokens and only 2,000 USDG sat in cash.

    Your 5,450 USDG claim is fixed at redemption and enters the withdrawal queue. It's paid in order as cash becomes available.

    Liquidity is not guaranteed. The queue is how the desk is honest about it.

    Redeem

    5,000 shares

    × 1.09 = 5,450 USDG claim
    (× 1.10 before fee = 5,500)

    Desk cash2,000 / 5,450

    QUEUEClaim waits in the withdrawal queue, paid in order as cash returns.

    1. #1 · earlier request
    2. #2 · you · 5,450 USDG

    Alex's wallet: unchanged.

    Desk state at this step

    Alex's wallet

    his key, his money

    Private key
    With Alex
    Balance
    Private — not part of the desk

    UNCHANGED

    you cannot spend this

    Desk vault alternate

    your USDG + copies

    NAV / share

    0.80 USDG

    alternate moment · cash mostly deployed

    Cash
    2,000 USDG
    NVDA
    14,000 USDG
    NAV
    16,000 USDG
    Seat shares
    20,000

    You 50%Sam 50%

    your shares claim this NAV

  12. 06 — Leaving

    Notice what never moved.

    Deposits, copies, gains, losses, fees, redemptions — all of it happened inside the desk.

    Alex's wallet was an input. Never a destination.

    Alex's wallet

    his key, his money

    you cannot spend this

    Desk vault

    your USDG + copies

    your shares claim this NAV

    The piles are separate.The desk can still lose money on the copy.Separation is about custody, not about Alex being right.
    Desk state at this step

    Alex's wallet

    his key, his money

    Private key
    With Alex
    Balance
    Private — not part of the desk

    UNCHANGED

    you cannot spend this

    Desk vault

    your USDG + copies

    NAV / share

    1.09 USDG

    after your redemption

    Cash
    2,350 USDG
    NVDA
    14,000 USDG
    NAV
    16,350 USDG
    Seat shares
    15,000

    You 33.3%Sam 66.7%

    your shares claim this NAV

05 Why a desk

Same idea of following a leader. Different ownership primitive.

Both models let a leader's activity shape your exposure. This isn't better-or-worse — it's a different architecture, with different things to trust.

Wallet copy model
  1. Leader wallet
  2. Follower wallet
  3. Trade replication
SEAT desk model
  1. Leader wallet
  2. Signal observation
  3. Risk filter
  4. Scaled execution
  5. Desk vault
  6. NAV
  7. Seat shares
  8. Redemption
Architectural comparison of wallet copying and desk participation
AspectWallet copySEAT desk
What you holdTokens in your own walletSeat shares — a claim on desk NAV
Where capital sitsYour walletThe desk vault contract
Unit of copyingIndividual tradesA portfolio: filtered, scaled, capped
LeavingSell your positionsRedeem shares at NAV — from cash, or queued
What you rely onYour wallet and the copy toolVault, risk module, keeper and price oracle

06 Risk is part of the product

Trades are filtered before they reach the vault.

The core rule is simple: uncertain means do not trade. Pick a trade and watch where it stops. This runs a TypeScript port of RiskModule.evaluate with the repo's default parameters.

Send a trade into the desk
  1. Asset?NVDA allowlisted
  2. Session?regular session · 100% of copy size
  3. Price fresh?Price 12s old
  4. Drawdown?At high-water mark
  5. Size / caps?Inside caps

COPY

Copied at requested size

requested 4,000 → desk trades 4,000 USDG

  • Asset allowlist

    Only verified, enabled Stock Tokens — never identified by symbol alone.

    docs/allowlist.md

  • Market-session awareness

    Regular 100%, pre-market and after hours 30%, closed skip.

    keeper/src/session.ts

  • Copy filtering

    Every signal is accepted, resized or rejected — with a stated reason.

    RiskModule.sol

  • Scaled execution

    Session multiplier first, then caps. The copy is smaller by design.

    RiskModule.sol

  • Position caps

    Per fill 5,000 · per position 20,000 · gross 50,000 USDG.

    DeployMainnet.s.sol defaults

  • Price freshness

    Oracle price older than 120s means skip.

    DeskVault.sol

  • Halt conditions

    Drawdown ≥ 20% from high-water NAV halts new copies. The owner can pause.

    RiskModule.sol · DeskVault.sol

  • Restricted swaps

    Allowlisted tokens only, no arbitrary calldata, minimum-out required.

    SwapAdapter.sol

  • Redemption liquidity

    Paid from the vault's cash when there is enough of it.

    DeskVault.sol

  • Queue mechanics

    Otherwise the fixed claim queues first-in, first-out.

    DeskVault.sol

  • High-water mark

    Performance fee only on NAV/share above the previous peak.

    FeeModule.sol

  • Fees

    10% performance, 2%/yr AUM. No volume fee.

    DeployPhase2.s.sol

  • Deposit cap

    50,000 USDG per desk on mainnet. No ungated AUM.

    README.md

These controls limit losses. They do not prevent them. Contracts are unaudited.

07 How value flows

Trade signals in. Risk decisions. NAV out.

Two different things move through SEAT. Information about Alex's trades. And your capital. They never share a path.

  • Signal flow
  • ≠
  • Capital flow

Signal flow — information

  1. Alex trades from his own wallet.
  2. The keeper observes the fill as a signal.
  3. The risk module accepts, resizes or rejects it.
  4. An accepted signal becomes a copy instruction to the vault.

Capital flow — money

  1. You deposit USDG into the desk vault.
  2. The vault swaps its own USDG for allowlisted assets.
  3. Cash plus asset value is the NAV.
  4. NAV divided by shares is what each seat share claims.
  5. Redeeming shares returns USDG to you — from the vault.

There is no path from Alex's wallet into the vault, and none from the vault back to Alex — except his share of desk fees: the performance fee on profit above the high-water mark, and the small AUM fee.

08 The economic engine

The rise is real. The fee comes from the profit.

High-water mark

The performance fee is 10% of profit above the desk's previous peak NAV/share. After a drawdown, the desk has to get back above that peak before any performance fee is charged again.

Illustrative NAV per share rising to 1.10, falling to 1.03, recovering to 1.08 and then 1.14. A performance fee applies only on the rise from 1.00 to 1.10 and from 1.10 to 1.14.1.10 new high1.03 · no fee1.08 · still no fee1.14 · fee on 1.10→1.14high-water markamber = the only stretches that earn a performance fee

Illustrative path — not a forecast.

One gain, followed through

  1. +2,000USDG gain above the high-water mark — NVDA went from 12,000 to 14,000
  2. × 10%performance fee
  3. = 200USDG fee, taken from the profit
Leader · Alex70% · 140
Protocol · treasury20% · 40
Stakers · $SEAT stakers10% · 20

22,000 → 21,800 NAV · 1.10 → 1.09 per share. Everything left belongs to shareholders.

Example numbers — not a live desk or forecast.

  • AUM fee

    2% a year, accrued continuously on desk equity — roughly 400 USDG a year on a 20,000 USDG desk. Split the same way.

  • No volume fee

    The desk doesn't charge per trade. Copying more often doesn't earn anyone more.

  • Leader incentive

    Alex earns 70% of desk fees — the performance fee on profit above the high-water mark, and the AUM fee. He never gets custody of the desk.

  • $SEAT staking

    Fixed supply of 1,000,000,000 $SEAT, no mint after deploy. Stakers claim USDG from the 10% fee share. Staking a bond can list a new desk.

Phase 2 desk defaults from DeployPhase2.s.sol. Phase 1 cash vaults keep the staker share at 0, so their split is 80 / 20 (leader / protocol). $SEAT TGE on mainnet has not been broadcast.

09 What makes SEAT new

Six shifts in the primitive

  1. CopybecomesParticipate

    You don't mirror trades. You hold a share of a desk.

  2. WalletbecomesDesk

    The unit is a managed vault, not someone else's address.

  3. TradebecomesNAV

    What you own is measured as net asset value, not a trade list.

  4. FollowerbecomesShareholder

    Your claim is pro-rata, and it's redeemable.

  5. MirrorbecomesRisk-adjusted exposure

    Filtered, session-sized, capped — smaller by design.

  6. Private keybecomesCustody separation

    His key stays his. Your capital stays in the desk.

10 Trust architecture

Your capital. His wallet. One separate desk.

Not “trust us”. Boundaries you can read in the contracts: who owns what, who can do what, and what nobody can do.

  • Alex

    Leader

    Owns

    • His personal wallet
    • His private keys
    • His own trades and results

    Receives

    • 70% of desk fees, paid by the vault to his payee address

    Cannot

    • Withdraw desk vault funds
    • Decide what the desk copies — the risk module does

  • You

    Depositor

    Owns

    • Seat shares — a pro-rata claim on desk NAV

    Can

    • Deposit USDG (up to the desk cap)
    • Redeem shares at NAV — paid from cash, or queued

    Cannot

    • Access Alex's private key
    • Direct the vault's trades

  • Desk vault

    DeskVault contract

    Contains

    • Depositors' USDG
    • Copied positions in allowlisted Stock Tokens

    Represents

    • Collective NAV = cash + Σ(balanceOfUI × oracle price) − fee liabilities

    Fixed at creation

    • Its leader address — immutable, one vault per leader

    Has no

    • Owner withdraw or sweep function

  • Keeper

    Off-chain operator

    Can

    • Watch the vault's leader and submit copy calls
    • Process the withdrawal queue when cash is available (anyone can)

    Cannot

    • Skip the on-chain risk check — the vault re-runs it on every copy
    • Swap into tokens that aren't allowlisted
    • Send swap proceeds anywhere but back to the vault

  • Owner / operator

    Governance in the current phase

    Can

    • Set risk caps, session sizing and allowlist
    • Set keeper, oracle, fee module and fee recipients
    • Pause deposits and copies — redemptions then queue

    Why it matters

    • This is a real trust assumption today. It's disclosed, not hidden.

11 The system

Eight layers. One boundary.

Everything above the risk engine is information. Everything below it is the desk's own capital, moved by its own contracts.

Layer 4 of 8

Risk engine

  • Allowlist, session sizing, price staleness, drawdown halt, then fill / position / gross caps.
  • Re-evaluated on-chain inside every executeCopy call.

In the repo

Explore the architecture in the docs

12 Status

Where the project actually is.

From the litepaper. No dates — nothing here is a promise.

  1. Phase 0

    Paper copy

    Shipped

    • Keeper observes fills, risk module decides, no funds move
    • Every decision explainable: copied, resized or skipped

  2. Phase 1

    Testnet desks

    Shipped on testnet 46630

    • Factory + cash vault, USDG deposit / redeem
    • Keeper bound to vault.leader()
    • 50,000 USDG-capped mainnet desk wired; broadcast is guarded

  3. Phase 2

    Open desks + $SEAT

    Code shipped · TGE not broadcast

    • Fixed 1B $SEAT, no mint
    • 70 / 20 / 10 fee split, stake-to-list, extra desks
    • 12-month LP lock

  4. Later

    Non-binding

    Not scheduled

    • Buyback-and-burn
    • Vesting and merkle airdrop
    • Ungated AUM
    • Phase 3 tools

13 From story to product

That was the desk.
Now explore the system.

The product is the desk blotter: connect a wallet, read a desk's NAV, deposit USDG for seats, redeem them, and watch the fill tape — every row labeled fixture or chain.

Enter the desk Launching soonRead the docs

The SEAT ecosystem