Copy Desk
The core SEAT primitive — one leader, one vault, one risk configuration.
Plain English
A copy desk is a pool of money that follows one trader. You put USDG in; the desk copies that trader's Stock Token trades under a strict set of risk rules; you hold shares of the pool and can leave by redeeming them. It is closer to a small, transparent, rules-bound fund than to a trading bot.
The name is deliberate: a desk (as in a trading desk) is capital plus a mandate plus limits. The leader supplies the trading judgment; the desk supplies the capital, the limits, and the accounting.
Technically
A desk is the composition of:
| Piece | Contract / component | Fixed or configurable |
|---|---|---|
| Leader binding | DeskVault.leader (immutable) | Fixed at deployment |
| Vault | DeskVault | Holds USDG + allowlisted Stock Tokens; issues seat shares |
| Risk configuration | RiskModule.deskConfig[desk] + token allowlist + session multipliers | Owner-configured |
| Swap path | SwapAdapter router + token allowlist | Owner-configured; router = 0 means no execution |
| Fee parameters | FeeModule.params | Owner-configured |
| Keeper binding | DeskVault.keeper | Owner-set; the only caller of executeCopy |
Desks are created by the DeskFactory, which enforces one vault per leader:
createDesk(leader)— owner only, no bond. Used for bootstrap leaders.listDesk(leader)— anyone, by posting the$SEATlisting bond (Phase 2; inert untilsetListingParamsis called at TGE).
Each deployed vault is a full DeskVault with the factory's shared riskModule and swapAdapter, and the factory records deskOf[leader], allDesks[], and (for listed desks) the bond.
What a desk can and cannot do
Can: hold USDG and allowlisted Stock Tokens; mint/burn seat shares; execute keeper-submitted copies that pass risk; accrue and pay fees; queue withdrawals when cash is deployed.
Cannot: trade assets outside the allowlist; trade when the session is closed; exceed its caps; be traded by anyone other than its keeper; be upgraded (there is no proxy or admin upgrade path); mint $SEAT.
The two piles
The essential safety property is that the leader's money and the desk's money are separate piles:
- The leader trades their own wallet. Their balance is untouched by the desk.
- Depositor funds sit in the vault. The leader has no withdrawal path to them; their economic exposure is the 70% share of performance fees.
- The desk can still lose money on copies — separation is about custody, not about the leader being right.
See Security → Security model for the full trust matrix.