Protocol
SHEAR token
SHEAR governs Shear. One billion tokens, all of them in one public launch on the same terms for everyone, with nothing set aside and nothing vesting.
SHEAR holders vote on the role the program leaves to people: the vault admin, which approves market makers, registers market sessions and sets the bidder stake. A stake of SHEAR is also a way onto the bidder list without a vote.
At a glance#
| SHEAR | |
|---|---|
| Name | Shear |
| Ticker | SHEAR |
| Total supply | 1,000,000,000, fixed |
| Decimals | 6 |
| Token program | SPL Token |
| Mint authority | Removed once the full supply is minted |
| Freeze authority | None |
Distribution#
All 1,000,000,000 SHEAR go into one public launch, on the same terms for every buyer. Nothing is set aside before it: no presale, no share for investors, the team or contributors, no airdrop, no treasury or reward pool, and no vesting. The people who build Shear hold only the SHEAR they buy, on those same terms.
Governance#
Votes run on SPL Governance, Solana’s standard governance program, with SHEAR as the voting token. The vault admin role belongs to the governance’s treasury account, which signs whatever a passed proposal runs. The vault’s creator names that account with set_admin, and a vote accepts the role with accept_admin: the program hands the role over only when the new holder signs. See Permissions and trust.
What a vote can do#
| Decision | How it runs |
|---|---|
| Approve or revoke a market maker as a bidder | authorize_bidder |
| Register upcoming market sessions | register_session |
| Set the bidder stake for new stakes | set_bidder_stake |
| Hand the admin role to another account | set_admin, which that account accepts |
No vote can change a running vault’s strike rule, confidence limit, auction length or reserve price, move deposits or premium, choose a price, or replace a close mark. The program allows none of those to anyone, governance included.
Voting#
| Rule | |
|---|---|
| Voting power | One vote per SHEAR deposited in governance |
| To make a proposal | 1,000,000 SHEAR, 0.1% of supply |
| Voting period | 3 days |
| To pass | More yes than no, with at least 20,000,000 SHEAR voting yes, 2% of supply |
| Before it runs | 2 days |
Bidder stake#
A round’s book holds sixteen bids, one per wallet; once it is full, a new bid takes the place of the lowest only at a higher price. Approval by vote is one way in; see Bidding. A stake is the other: a wallet that locks the bidder stake with stake_bidder can bid in every round of that vault without a vote.
| Rule | |
|---|---|
| Stake | 1,000,000 SHEAR per wallet, per vault |
| Wallets approved by vote | Bid without a stake |
| Asking for it back | request_unstake; from then on the stake no longer lets the wallet bid |
| Withdrawing | withdraw_stake, 7 days after asking, once every bid placed through the stake is claimed |
The stake is never spent. It comes back in full when withdrawn, and a change to the stake amount applies only to new stakes. The program takes stakes only in a mint with a fixed supply and no freeze authority, so nobody can mint more of it or freeze it in place.
Premium and fees#
SHEAR adds no fee and takes no cut. The program charges none, every USDC of premium goes to the vault’s shares, and nothing from deposits, premium or payouts goes to SHEAR holders.
Addresses#
The SHEAR mint and the governance account are listed in Parameters once the token is created.