Securitized Bags
A certificate is a receipt, not a security
You put a bag of one coin into a vault. The vault belongs to that bag alone. You get a sheet of paper, on chain, that says which coin is in there, how much of it, and which address holds it. Whoever holds the sheet can burn it and take the coins out. That is the whole product.
It is a warehouse receipt. It is not a share, a bond, a fund or a claim on us.
The four steps
Pick
Choose the coin and the amount. The next free certificate number is reserved and its vault address is shown to you before you send anything.
Send
One transaction carries the tokens to that vault, 0.01 SOL to the keeper, and the memo SBAG wrap <number>.
Mint
The keeper checks the deposit, checks the coin has no transfer fee and no hook, checks the value is under the $5,000 cap, and mints the certificate to you.
Sell or burn
Sell the sheet on an NFT market, or burn it with the memo SBAG unwrap <number> and the keeper sends the vault's whole balance to the wallet that burned it.
Why the coin's chart does not move
A sale on the curve is a swap, and a swap is a print. Here the bag moves as an NFT: no swap, no print, no candle. The tokens sit still in the vault through every sale, and the only chain events on the coin itself are the one deposit in and the one withdrawal out.
What the numbers are
- Packing fee0.01 SOL, paid in the same transaction as the deposit.
- Collection royalty1%, enforced by Metaplex Core, paid to the keeper.
- Cap per certificate$5,000 of value at the moment of packing.
- Split of everything collected80% buys $SBAG and burns it, 20% pays for the work.
- DeadlinesNone. There is no storage period, no round, no cooldown and no expiry.
The risks, in plain words
- CustodyThe vaults are keeper wallets, not a program. Somebody with the master secret could move the tokens. That is the main risk and it is why the cap exists.
- One vault per sheetEach certificate's vault is derived from the master secret and the certificate number, so nothing is pooled and every vault can be checked on its own.
- BurningMetaplex Core lets only the owner burn an asset, and the keeper checks the signer against the last owner before it pays anything out.
- Coins we refuseAnything with a transfer fee or a transfer hook, because the vault would not receive what the sheet promises.
- MarketsA certificate is only worth what somebody will pay for it. The vault's contents are the floor, not a promise of a price.
Reading it yourself
Every claim on this site is a chain read. The Reserves page lists every certificate, its vault and the balance that vault holds right now, and marks any row where the two do not agree. The $SBAG burns are transaction signatures you can open in an explorer.