Why $DVR / stock pools exist
Each protocol pool is a market that would not otherwise exist: $DVR against a tokenized stock. The liquidity leg buys the stock side with the same Pyth-guarded flash-fill the payout leg uses, pairs it with $DVR, and opens or increases one concentrated-liquidity position per market. That position is buy-side depth for holders who want to sell stock for $DVR, and it earns fees.
Why Raydium, not Meteora
Every xStock is a Token-2022 mint with a permanent delegate. Meteora’s pools require an operator-issued token badge for such mints and none exists, so a Meteora xStock pair cannot be created. Raydium CLMM has whitelisted the xStocks, so every protocol stock pool is a Raydium CLMM pool. The launch pool is Meteora, per the venue.
Who owns what
The protocol’s position NFT is held by a program-derived address. The keeper is a delegate that can claim fees into program vaults and nothing else. The position cannot be withdrawn except through a governance path that pauses for seven days first. A pool the protocol created is not thereby protocol-owned; only its own position is.
| Owner | Capital | Fees |
|---|---|---|
| Protocol | The liquidity leg of the split (1% of volume) | Stock side joins the holder pot in kind; token side is burned |
| You | Both tokens from your own wallet | Yours, claimed through Raydium, never counted by the protocol |
The rollout
Markets open in order, each gated on verified two-way depth at the intended size and on a per-asset daily cap, not on a date. New capital is directed to whichever open market sits furthest below its target. There is no automatic rebalancing or liquidation.
| Step | Market | Share of new liquidity capital |
|---|---|---|
| 1 | $DVR / SPYx | 40% |
| 2 | $DVR / NVDAx | 25% |
| 3 | $DVR / TSLAx | 20% |
| 4 | $DVR / GOOGLx | 15% |
How a pool is created
Raydium pools are created client-side, never by program call. The operator’s single transaction creates the pool, opens the position, adds liquidity and, in the same transaction, hands the position NFT to the treasury program. Splitting that transaction would leave a window where a wallet owns the position; it is never split. Each pool costs about 0.21 SOL of unrecoverable rent.
Where pool fees come from
- Pool income requires real swaps by third parties. Trading between protocol addresses is not revenue and is reported separately when it happens.
- Arbitrage pays fees, but a position can lose value to the arbitrageur. Fee income and inventory loss are reported side by side.
- Volume is derived exactly from fee counters, or not shown. It is never estimated.
Primary sources
Provider and issuer documentation. Addresses are verified on chain again before activation.