# Product Overview

## Series Tokens

Series Tokens are the user-facing Series’ membership interest tokens for leveraged products issued by SHIFT. Each Series Token is an SPL token on Solana that represents 1:1 economic exposure to a corresponding leveraged or inverse ETF held in regulated custody at Alpaca Markets.

{% hint style="info" %}
SHIFT does not synthesize leverage. SHIFT acquires the leveraged ETF 1:1 the ETF issuer (e.g. Direxion) manages the internal exposure of the underlying. SHIFT tokenizes the position so it can be held, transferred, and traded as a wallet-native SPL token.
{% endhint %}

### How a Series Token works

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### A user buys a SHIFT Series Token

A user buys a SHIFT Series Token (e.g. TSL2L) by swapping on Jupiter.
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### The trade is filled

The trade is filled at an RFQ (Request for Quote) price provided by a professional market maker, who maintains continuous inventory of every Series Token.
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### Backing is held 1:1

Behind every token in circulation, SHIFT holds the corresponding leveraged or inverse ETF (e.g. Direxion TSLL) on a 1:1 basis. Backing assets are acquired through regulated brokerage rails.
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### Proof-of-Reserves verifies backing

Proof-of-Reserves verifies 1:1 backing on-chain.
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### NAV tracks the ETF

The Series Token's NAV tracks the ETF's NAV. The ETF issuer manages the daily-reset leverage internally.
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### The user exits

To exit, the user sells the Series Token back through Jupiter at the prevailing RFQ price. USDC arrives in the wallet.
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### Available Series

All Series are live on Solana.

| **Series Name**                  | **Ticker** | **Underlying (Assets the series allowed to hold)** | **Solana SPL Address**                       |
| -------------------------------- | ---------- | -------------------------------------------------- | -------------------------------------------- |
| **Shift Tesla 2× Long**          | TSL2Ls     | Direxion TSLL (2× TSLA)                            | 6afjZE5Qv9WF5K1adBgTxtWyenJ7ZerH6BVAzmoSHFT  |
| **Shift Tesla 1× Short**         | TSL1Ss     | Inverse TSLA ETF                                   | bNPXng6hSVas7LWiNQyvpGcPYtY1ZmFY6WP49ymSHFT  |
| **Shift Semiconductor 3× Long**  | SOX3Ls     | 3× SOXX ETF                                        | Hyhxfb6riaqCV333GynmnCXCEQK3goTznFj7k4dSHFT  |
| **Shift Semiconductor 3× Short** | SOX3Ss     | Inverse 3× SOXX ETF                                | 7GoxZQ7gCh1mg1b3AUqd7cyPqiUp4y2NRxM9A5zSHFT  |
| **Shift S\&P500 3× Long**        | SPX3Ls     | 3× S\&P 500 ETF                                    | 12y35E6btjazuaSjjwq99MobbycbkFsFvm8s5QpaSHFT |
| **Shift S\&P500 3× Short**       | SPX3Ss     | Inverse 3× S\&P 500 ETF                            | 67ik3PpEXBJA1km29rZMMKwhgvvjrKpNMoaZyTsSHFT  |

#### Key properties

* **Wallet-native:** SPL tokens held in any Solana wallet. No exchange custody.
* **Bi-directional:** Long and short Series available on every supported underlying.
* **Zero liquidation risk:** No liquidation engine. NAV can drop, but the token cannot be auto-closed.
* **DeFi composable:** Standard SPL tokens. Trade, LP, lend, or transfer across the Solana ecosystem.
* **24/7 trading:** Always-on RFQ liquidity through Jupiter. Buy and sell any time, including weekends.
* **1:1 backed:** Every token in circulation is backed 1:1 by the underlying leveraged ETF, with no fractional reserves.
* **Proof-of-Reserves:** Proof of reserves is continuously verified with 1:1 on-chain backing.

## $SHFT

{% hint style="info" %}
$SHFT is the future protocol token of SHIFT, used for governance and rewards distribution. Farm points earned today convert to $SHFT at TGE.
{% endhint %}

#### Overview

$SHFT is the protocol token of SHIFT, representing the holder's position as a member in Shift DAO LLC. The token is currently in pre-launch, and all the rules are detailed in the Operating Agreement \[LINK]. Shift DAO LLC operates as an administrator for all the Series Stock Tokens and receives a fee for this service. Users who trade Series Tokens, hold positions, or refer new users earn farm points that convert to $SHFT at the Token Generation Event (TGE).

#### Tokenomics

<https://docs.google.com/spreadsheets/d/1xiWUez_-nZK2PrtVBKBZWJoPYdTmTLGqJZ4QrXdlxm4/edit?usp=drivesdk>

#### Utility

**TO BE UPDATED**

#### Earning $SHFT

Farm points are earned through participation in the SHIFT ecosystem. Points convert to $SHFT at TGE.

→ How to earn points: <https://www.shiftrwa.xyz/rewards>

→ Rewards page <https://loyalty.shiftrwa.xyz/loyalty>


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