# App Guide ### How to Buy a SHIFT Series Token SHIFT Series Tokens are bought and sold through Jupiter, Solana's leading liquidity aggregator. Trades are filled at RFQ prices streamed by professional market makers. The flow is identical to any other Jupiter swap. {% hint style="info" %} Trading is 24/7. There is no application, account creation, or identity verification required to swap on Jupiter a Solana wallet is sufficient. {% endhint %} #### Prerequisites * **Solana wallet:** Phantom, Backpack, Solflare, or any Web3 wallet supporting SPL tokens * **SOL balance:** small amount required for transaction fees * **Input token:** USDC or another supported Solana token to swap from Buy Shift Series Tokens only after you understand the risks and the meaning of buying and holding a Series Token - a Membership Interest as defined in the Operating Agreement of the Series. #### Step-by-step {% stepper %} {% step %} ### Open Jupiter Navigate to jup.ag. Jupiter is the primary trading venue for SHIFT Series Tokens. → jup.ag **▢ GRAPHIC** *Screenshot Jupiter homepage with Connect Wallet button highlighted* {% endstep %} {% step %} ### Connect a wallet Click Connect in the top right. Select the wallet provider (Phantom, Backpack, Solflare). Approve the connection in the wallet. **▢ GRAPHIC** *Screenshot wallet connection modal showing supported wallet options* {% endstep %} {% step %} ### Search for the Series Token In the output ("Buying") field, search for the Series ticker (e.g. TSL2L, SOX3L). Confirm the contract address against the Welcome / Contract Addresses table before swapping. {% endstep %} {% step %} ### Set the input amount Enter the USDC amount in the input field. Jupiter displays the expected output, including the live RFQ quote and the all-in spread. Spreads are tighter during U.S. market hours and wider on weekends. {% endstep %} {% step %} ### Execute the swap Click Swap. Approve the transaction in the connected wallet. The trade settles on-chain in a single transaction, typically within seconds. {% endstep %} {% step %} ### Confirm receipt Open the connected wallet. The Series Token appears in the token list as a standard SPL balance. The token is now self-custodied; the user controls it exclusively through their wallet's private key. {% endstep %} {% endstepper %} #### After buying Once held, a Series Token can be: * **Held:** tracked in any Solana wallet or block explorer * **Sold:** back to USDC any time on Jupiter or any Solana DEX * **Provided as liquidity:** paired in DEX pools (Meteora, Orca) to earn fees * **Used as collateral:** supported by lending markets that accept Series Tokens (e.g. Kamino, where listed) * **Transferred:** to any Solana address as a standard SPL token ### How to Sell Selling a SHIFT Series Token uses the same flow as buying, in reverse. The user swaps the Series Token back to USDC (or another supported token) on Jupiter. {% hint style="info" %} Trading is 24/7. There is no waiting period and no claim window sales settle on-chain in seconds. {% endhint %} #### Step-by-step {% stepper %} {% step %} ### Open Jupiter → jup.ag {% endstep %} {% step %} ### Connect the wallet that holds the Series Token Click Connect in the top right. Select the wallet provider. Approve. {% endstep %} {% step %} ### Set up the swap In the input ("Selling") field, select the Series Token. In the output ("Buying") field, select USDC. Enter the amount to sell. {% endstep %} {% step %} ### Review the quote Jupiter displays the live RFQ quote and expected USDC output. Spreads are tighter during U.S. market hours and wider on weekends. {% endstep %} {% step %} ### Execute the swap Click Swap. Approve the transaction in the wallet. USDC arrives in the wallet within seconds. At this moment you are no longer a member of the Series, and you don't have membership interest in the backing assets. {% endstep %} {% endstepper %} #### Settlement timing | **Path** | **Window** | **Typical settlement** | | --------------------------------------- | ---------- | ---------------------- | | **Sell on Jupiter (or any Solana DEX)** | 24/7 | Seconds (on-chain) | Spreads vary across the trading week. See the Solution Overview / Peg Stability page for the spread schedule. ### How to Earn Points {% hint style="info" %} Farm points earned today convert to $SHFT tokens at TGE. Earlier participation translates to a larger allocation in the protocol's foundation. {% endhint %} #### Overview The SHIFT rewards program is now live. Every trade, every position, and every referral earns points. Points convert to $SHFT at the Token Generation Event. Your points and $SHFT are how you can influence the ecosystem's decision. → Rewards page #### Eligible actions **TO BE UPDATED**\_ Final list of point-earning actions, multipliers, and weighting\_ #### Tracking points **TO BE UPDATED**\_ Rewards Dashboard URL and tracking interface\_ #### Conversion at TGE **TO BE UPDATED**\_ Conversion ratio, claim window, and TGE date\_ ## Collateral & Custody ### Custody Overview The collateral backing every SHIFT Series Token is held off-chain through regulated brokerage and banking rails. Each token is backed 1:1 by a real position in the corresponding leveraged or inverse ETF. No synthetic exposure, no fractional reserves. {% hint style="info" %} Series Tokens are not synthetic. Behind every token in circulation, SHIFT holds a corresponding 1:1 position in the underlying ETF, in custody. {% endhint %} #### Why a regulated venue The collateral backing SHIFT consists of TradFi assets, leveraged and inverse ETFs traded on U.S. exchanges. Acquiring and holding these assets requires direct access to the regulated brokerage and banking system. SHIFT operates through institutional partners that provide this access via API, enabling fast, automated mint and burn against the underlying holdings. #### Custody flow {% stepper %} {% step %} ### A user buys a Series Token A user buys a Series Token on Jupiter; the trade is filled by a market maker. {% endstep %} {% step %} ### Inventory is depleted As market-maker inventory is depleted, the market maker mints additional Series Tokens through SHIFT's protocol endpoints. {% endstep %} {% step %} ### ETF purchase is triggered Each new mint triggers a corresponding ETF purchase through SHIFT's brokerage rails. {% endstep %} {% step %} ### ETF is held in custody The ETF is delivered into segregated custody held against the new tokens. {% endstep %} {% step %} ### Proof-of-Reserves registers the position The position is registered with the Proof-of-Reserves, which publishes the verified reserve state. {% endstep %} {% step %} ### Burn runs in reverse On burn, the process runs in reverse; tokens are burned, the ETF is sold, and proceeds settle through the brokerage rails. {% endstep %} {% endstepper %} #### Segregation and protection * **Segregated accounts:** ETF holdings are held in dedicated accounts, separate from operational balances and from other clients' assets. * **Regulatory oversight:** backing is held with FINRA-registered, SEC-regulated brokerage partners, subject to standard U.S. brokerage requirements. * **Off-balance-sheet:** the underlying ETFs are not on the protocol's balance sheet; they are held in custody on behalf of the Series. * **Mint constraints:** the SHIFT smart contract cannot issue tokens in excess of verified reserves; mint operations are gated by PoR feed. ### Transparency SHIFT publishes real-time visibility into reserves, capital deployment, and protocol metrics. Every Series Token in circulation is verifiable on-chain. #### Chainlink Proof-of-Reserves Chainlink PoR runs continuously, verifying that every Series Token in circulation is backed 1:1 by the corresponding ETF in custody. The feed publishes the verified reserve state on-chain, every block. → Proof-of-Reserves dashboard TO BE UPDATED #### App dashboard The SHIFT app provides a view into protocol-level metrics: total reserves, reserve ratios, supply by Series, and a breakdown of the underlying ETFs backing each Series. → App dashboard shift-rwa.vercel.app/app #### Dune Analytics On-chain trading volume, liquidity, and price data. → Dune dashboard TO BE UPDATED #### Third-party attestation **TO BE UPDATED**\_ Third-party accounting attestations on custody and collateral composition\_ ## Technical Overview ### Overview This section covers the technical mechanics of the SHIFT protocol: minting, redemption, oracle architecture, and contract design. #### Core components * **SHIFT Solana program:** the on-chain program that mints, burns, and tracks Series Token supply * **Series Token contracts:** individual SPL token contracts, one per Series, each tracking a specific underlying ETF * **Backing layer:** the regulated entity that holds the underlying leveraged ETFs 1:1 against every token in circulation * **Chainlink Proof-of-Reserves:** the oracle layer that verifies 1:1 backing on-chain and gates mint operations * **Brokerage rails:** the API connections to regulated brokerage partners that execute the underlying ETF purchases and sales * **Market-maker layer:** professional market makers who stream RFQ quotes to Solana venues and replenish inventory through the protocol's mint and burn endpoints * **DeFi integrations:** Jupiter, Meteora, Kamino, Orca user-facing liquidity and composability layer #### Trust assumptions * **Backing layer:** users trust SHIFT and its brokerage partners to maintain segregated, accurate custody of the underlying ETFs * **Oracle layer:** users trust Chainlink Proof-of-Reserves to publish accurate reserve data * **ETF issuer layer:** users trust the leveraged ETF issuer (e.g. Direxion) to maintain the daily-reset leverage as designed * **Smart contract layer:** users trust the audited SHIFT Solana program to mint and burn Series Tokens correctly * **Market-maker layer:** users trust professional market makers to stream fair quotes within their KPI-bound spread schedule Each layer is verifiable independently. The brokerage layer is regulated. The oracle layer publishes on-chain. The ETF issuer is a public, regulated fund manager. The smart contracts are audited and open-source. ### Minting Minting is the process of issuing new SHIFT Series Tokens backed by verified assets. Mint operations are constrained by Proof-of-Reserves feed and gated to authorized participants. {% hint style="info" %} End users do not interact with the mint endpoint directly. Mint and burn are B2B endpoints used by professional market makers to maintain inventory. Users acquire Series Tokens by swapping on Jupiter against market-maker liquidity. {% endhint %} #### Mint flow {% stepper %} {% step %} ### A market maker submits a mint request A market maker submits a mint request through the protocol's authorized endpoint, paying USDC. {% endstep %} {% step %} ### SHIFT executes the ETF purchase SHIFT executes the corresponding ETF purchase through its brokerage rails. {% endstep %} {% step %} ### ETF is delivered into custody The ETF is delivered into segregated custody. {% endstep %} {% step %} ### Proof-of-Reserves registers backing Proof-of-Reserves registers the new backing position. {% endstep %} {% step %} ### Series Tokens are minted The SHIFT Solana program mints the corresponding SPL Series Tokens to the market maker's inventory wallet. {% endstep %} {% step %} ### Inventory is used to fill trades The market maker uses this inventory to fill subsequent user trades on Jupiter and other venues. {% endstep %} {% endstepper %} #### Mint hours Backing operations (ETF purchases) run 24/5, in line with U.S. trading hours. User-facing trading on Jupiter remains 24/7. #### Fees User-facing trading costs are reflected in the RFQ spread quoted by market makers. Spreads are tighter during U.S. market hours and wider on weekends. ### Burning Burning is the process of retiring SHIFT Series Tokens against the underlying backing. Burn operations are gated to authorized participants typically market makers reducing inventory after net user sells. {% hint style="info" %} End users do not interact with the burn endpoint directly. To exit a position, users sell their Series Tokens on Jupiter against market-maker liquidity. The market maker then burns excess inventory through the B2B endpoint as needed. {% endhint %} #### Burn flow {% stepper %} {% step %} ### A market maker submits a burn request A market maker submits a burn request through the protocol's authorized endpoint, returning Series Tokens. {% endstep %} {% step %} ### Series Tokens are burned The Series Tokens are burned on-chain by the SHIFT Solana program. {% endstep %} {% step %} ### SHIFT sells the ETF position SHIFT sells the corresponding ETF position through its brokerage rails. {% endstep %} {% step %} ### USDC is delivered USDC equal to the ETF sale value is delivered to the market maker. {% endstep %} {% step %} ### PoR updates The Proof-of-Reserves feed updates to reflect the reduced reserve position. {% endstep %} {% endstepper %} #### Burn hours Backing operations (ETF sales) run 24/5, in line with U.S. trading hours. User-facing sales on Jupiter remain 24/7. ### Glossary | **Series Token** | A Membership Interest SPL token that represents the membership in the Series LLC and the 1:1 economic exposure to a corresponding leveraged or inverse ETF held in custody. | | --------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Series** | A specific SHIFT DAO LLC Series product line tied to one underlying (e.g. the TSL2L Series tracks 2× long Tesla via Direxion TSLL). | | **Underlying** | The off-chain asset or assets that a Series can hold according to its Operating Agreement (typically a leveraged or inverse ETF (e.g. Direxion TSLL). | | **NAV** | Net Asset Value. The total value of the underlying asset is used to calculate the Series Token's price. | | **Daily reset / rebalance** | The end-of-day adjustment performed by the leveraged ETF issuer (e.g. Direxion) to re-target its daily leverage multiple. Performed by the ETF issuer, not by SHIFT. | | **Compounding drag** | The divergence between a leveraged product's multi-day return and a static multiple of the underlying's cumulative move, caused by daily compounding. Most pronounced in choppy, range-bound markets. | | **Proof-of-Reserves (PoR)** | The verification and publication of the backing position for every Series Token in circulation. Mint operations are gated by the PoR feed. | | **RFQ** | Request for a Quote. A liquidity model in which professional market makers stream live quotes that are matched to user orders at execution. SHIFT uses RFQ as the primary user-facing trading mechanism. | | **Market maker** | A professional liquidity provider that holds inventory of Series Tokens and quotes continuous buy and sell prices to user-facing venues like Jupiter. | | **Mint / Burn endpoint** | The protocol's B2B issuance and redemption endpoint, used by authorized market makers to maintain inventory. Not directly accessible to retail users. | | **SPL token** | The native token standard on Solana. SHIFT Series Tokens are SPL tokens. | | **$SHFT** | The future protocol token of SHIFT represents the Membership Interest in the Shift DAO and is used for governance and rewards distribution. | | **TGE** | Token Generation Event. The launch event at which farm points convert to $SHFT. | | **DAO LLC** | A decentralized autonomous organization registered as a limited liability company. SHIFT is a Marshall Islands DAO LLC. | ## Resources ### Audits All SHIFT smart contracts are audited by independent third-party security firms. Audit reports are published in full and updated as the protocol expands. **TO BE UPDATED**\_ Auditor names, audit dates, and links to published reports\_ ### Smart Contract Addresses All SHIFT contracts deployed on Solana. Always verify the address before any swap or wallet addition. #### SHIFT Solana program **TO BE UPDATED**\_ SHIFT program ID on Solana mainnet\_ #### Series Token mints | **Series** | **Ticker** | **SPL Mint Address (Solana)** | | ------------------- | ---------- | ----------------------------- | | **Tesla 2× Long** | TSL2L | TO BE UPDATED | | **Tesla 1× Short** | TSL1S | TO BE UPDATED | | **Semis 3× Long** | SOX3L | TO BE UPDATED | | **Semis 3× Short** | SOX3S | TO BE UPDATED | | **S\&P 3× Long** | SPX3L | TO BE UPDATED | | **S\&P 3× Short** | SPX3S | TO BE UPDATED | | **Uranium 2× Long** | URA2L | TO BE UPDATED | #### Chainlink Proof-of-Reserves feeds **TO BE UPDATED**\_ Per-Series PoR feed addresses on Solana\_ #### BNB Chain deployment **TO BE UPDATED**\_ BNB Chain contract addresses (deployment in progress, mainnet TBD)\_ ### Terms of Service → Terms of Use shift-rwa.vercel.app/terms → Risk Disclosure shift-rwa.vercel.app/risk-disclosure → Legal Hub shift-rwa.vercel.app/legal-hub ### Privacy Policy → Privacy Policy shift-rwa.vercel.app/privacy ### Brand Guidelines Logos, brand assets, and product screenshots. **TO BE UPDATED**\_ Brand kit URL and usage guidelines\_ ## Frequently Asked Questions ### General
What problem does SHIFT actually solve? Spot stocks move 1% per day on average limited volatility for traders seeking amplified exposure. Perpetual futures offer high leverage but carry liquidation risk: a 5% wick can wipe out a position. SHIFT established Series which hold 2× and 3× leveraged exposure that deliver real volatility through wallet-native SPL tokens, with no liquidation engine and no forced close.
What is a Series Token? A SHIFT-issued Membership Interest SPL token that represents the membership in the Series LLC and the 1:1 economic exposure to a corresponding leveraged or inverse ETF held in custody.
How is leverage delivered? SHIFT does not synthesize leverage. The leveraged exposure is delivered by the underlying ETF (e.g. Direxion TSLL, which is a 2× long Tesla ETF). SHIFT acquires the ETF on a 1:1 basis and tokenizes the position as an SPL Series Token. The ETF issuer manages the daily-reset leverage internally typically through options and other derivative instruments at the close of each trading day.
How can leverage exist with zero liquidation risk? A SHIFT Series Token is an asset the user owns outright in their wallet. There is no margin account, no collateral posted, and no liquidation engine that can close the position. The underlying ETF's NAV can decline, and the Series Token's NAV declines with it, but no third party can force-close the position. The holder decides when to exit.
### Trading
Which Series are tradable today? TSL2L (Tesla 2× long), TSL1S (Tesla 1× short), SOX3L (Semis 3× long), SOX3S (Semis 3× short), SPX3L (S\&P 500 3× long), SPX3S (S\&P 500 3× short), URA2L (Uranium 2× long). Additional Series will be added over time.
When can I trade? Trading is open 24/7 through Jupiter and other Solana DEXs. Spreads are tighter during U.S. market hours and wider on weekends and overnight, when the underlying market is closed and market makers carry more inventory risk.
What happens when the underlying stock market is closed? Trading remains open 24/7. The Series Token's market price may diverge from the most recent ETF NAV during off-hours, reflected in a wider RFQ spread. The price reconverges to NAV when the underlying market reopens.
How is the daily 2× or 3× target maintained? By the underlying ETF, not by SHIFT. Leveraged ETFs (e.g. Direxion TSLL) reset their internal exposure once per trading day at the close (typically 4 PM ET) to re-target the daily leverage multiple. SHIFT holds the ETF on a 1:1 basis, so the Series Token's NAV reflects the rebalanced ETF NAV automatically. Nothing happens inside the SHIFT protocol at 4 PM ET.
What are the fees? User-facing trading costs are reflected in the RFQ spread quoted by professional market makers on Jupiter. Spreads are tighter during U.S. market hours and wider on weekends (up to \~3%). Standard Solana DEX fees and gas apply when trading Series Tokens on-chain.
### Custody and safety
Is SHIFT custodial? The Series Token itself is non-custodial users hold SPL tokens directly in their Solana wallet. The backing asset (the underlying ETF) is held in regulated brokerage custody on behalf the respective Series. The two layers are separate by design: the user's token is self-custodied; the ETF that backs it is held in segregated brokerage accounts at FINRA-registered, SEC-regulated partners.
Is the protocol audited? Yes. All SHIFT smart contracts are audited by independent third-party security firms. Reports are published in the Resources / Audits section.
### Eligibility
Is SHIFT available in my country? SHIFT is open to participants in jurisdictions where the protocol is permitted. Series Tokens are not offered to U.S. or U.K. persons, nor to persons in certain other restricted jurisdictions. Full eligibility rules are documented in the Series Operating Agreement, Terms of Use and Risk Disclosure.
Do I need to KYC? Trading Series Tokens through a Solana DEX requires only a Solana wallet, no application, no identity verification. Specific features and primary-market access may require an onboarding process in accordance with applicable rules. Shift complies with the Marshall Islands AML rules.
### Listings and roadmap
How do I request a new listing? TO BE UPDATED listing-request process and contact channel.
When does $SHFT launch? TO BE UPDATED TGE date and conversion mechanics.
Is BNB Chain support live? BNB Chain support is in development. Solana is the only live deployment today. TO BE UPDATED BNB mainnet date.
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