Tokenised equities

Sidereal

The same intent path pointed at tokenised equities. The reference market is open for less than a fifth of the week, halts without warning, and puts a share through corporate actions a token has no concept of. None of that is a cryptography problem, and none of it is solved here yet.

What is not specified

The arithmetic

The reference market is shut 80.7% of the week

	Open	Total	Share
Per week	32.5 h	168 h	19.3%
Per year	1,638 h	8,766 h	18.7%

6.5 hours a day, 5 days a week; 252 trading days a year once holidays are removed. A chain settles in every one of those hours. The reference market prices in fewer than one in five of them, and the gap is not evenly spread — it is one long hole every weekend and a short one every night.

Status

Not specified, which is different from not deployed

Everything else in this design is a specification waiting for code. This is not yet a specification. Naming that distinction is more useful than a diagram with the hard parts inside a box.

ClosureopenFor 80.7% of the week there is a price on-chain and nothing to check it against. Whether the pool keeps quoting, widens, or halts is undecided.

HaltsopenA halt in the reference market removes the only honest price source while the pool keeps producing one. Every option has a failure mode and none is chosen.

Corporate actionsopenSplits, dividends and mergers happen to a share and not to a token. Someone has to translate them, and that someone is a trusted party we would rather name than hide in a diagram.

Transfer restrictionsopenMost tokenised equities restrict transfer at the token level, which is in tension with both a bearer receipt and an identity-shielding router. We have no resolution.

Reference attestationopenWho signs for the off-chain price, how often, and what happens when they stop. Not specified.

Why it is phase five

A tokenised share is where a permissioned instrument meets a bearer token and an identity-shielding router, and those three things are in genuine tension. Most tokenised equities restrict transfer at the token level. A fungible receipt does not. A router that hides who is trading cannot also enforce who may hold. The reference design for this product does not acknowledge the tension at all; we do not have a resolution, so it is last and it is marked.