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When you invest, you deposit stablecoins and mint IX-CORE — one ERC-4626 index token that represents your fractional ownership of IX RWA’s entire compute book. You do not buy assets one at a time: IX-CORE owns the whole index, and its value tracks the net asset value (NAV) of everything inside it.

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IX-CORE at a glance

IX-CORE is currently backed ~100% by the compute sleeve, shown as a live weight — not described as “diversified.” New sectors enter the index by a published, rules-based weight as cohort vaults are onboarded.

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Share price, exactly

Price is not set by anyone — it is computed from two on-chain terms:
Both terms are readable on-chain at any time, so NAV-per-share is recomputable, never asserted. Revenue raises the cash term; hardware depreciation lowers the oracle term.

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How ownership is issued

You mint IX-CORE by depositing into the vault; shares are issued at the current NAV-per-share. Redeeming burns your shares and returns value at NAV.
1

You deposit

Approve, then deposit(assets, receiver) USDC into the IX-CORE vault.
2

Shares are minted at NAV

The vault mints IX-CORE to you at the current NAV-per-share — your slice of the whole book.
3

Your holding is your on-chain balance

balanceOf is the record of what you own; its value is shares × NAV-per-share.

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Fees

IX-CORE follows OpenZeppelin’s ERC-4626 fees pattern, so a preview* call always equals the actual result — no hidden slippage. Full schedule and redemption terms: Fees & terms. The streaming management fee accrues on every deposit, redeem, and param change (and can be poked with pokeFees()), so it dilutes at a smooth, predictable rate rather than in lumps. All four parameters are admin-settable and capped at 100%.
Suppose NAV-per-share is 1.05 and the entry fee is 0%.
  1. You deposit 1,000 USDC.
  2. Entry fee 0% → the full 1,000 is priced in.
  3. Shares minted = 1,000 ÷ 1.05 ≈ 952.38 IX-CORE.
  4. As revenue accrues, NAV-per-share rises; your 952.38 shares are worth more USDC on redeem — you never claim a separate payout.
With the testnet 0.10% exit fee, redeeming those shares later returns NAV minus 0.10%.

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What IX-CORE entitles you to

  • A pro-rata claim on the index’s NAV — the underlying compute assets plus revenue accrued into the vault. See Revenue & distributions.
  • A verifiable position reflected in live NAV, reserve coverage, and the on-chain asset registry. See Transparency & NAV.
  • Redemption at NAV — burn shares to withdraw, paid instantly when cash allows or via a FIFO queue drained from the smoothing reserve.

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Redeeming: instant or queued

Because a liquid token sits on top of illiquid hardware, redemptions are paid instantly only up to availableCash (vault balance minus the reserve floor). Larger exits burn now and queue — the request is paid FIFO by a keeper (processQueue) or pulled by you (claim) once the vault balance plus smoothing reserve can cover it. This is what stops a liquid share token from bank-running the hardware behind it.

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Supply & bootstrap

IX-CORE supply is dynamic: shares are minted on deposit and burned on redemption, ERC-4626 style. There is no fixed cap and no pre-mine. The initial supply that represents existing hardware is minted once — either by the admin seedShares bootstrap or by the migration Merkle claim — which also prevents a “zero-share trap” where hardware value exists but no shares do.

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Migrating from the old BNB token

Former holders of the retired BNB-era ownership token convert into IX-CORE once, via a one-time Merkle claim on Base, valued at NAV, value-for-value. Ongoing distributions are not Merkle-based — that mechanism now exists only for the migration airdrop, and unclaimed shares are swept to the treasury after the window closes.
All testnet figures are simulated and clearly labeled. Treat IX-CORE as an ownership instrument within IX RWA, not as a general-purpose traded currency, until mainnet launch after audit.