# ACCRUE ($ACCRUE) — Backable raise

> Machine-readable companion to https://permissionless.metadao.fi/raises/9hB7X9mFCUGPFkuCFQmqzpR3vr54t63sqNnzRVbagog3
> Deal terms and escrow figures come from onchain and API records. The pitch
> is the founder's own frozen text — Backable is permissionless and nobody
> reviewed it. Listing is not endorsement.

A Spark idea: yield on tokenized stocks, fully on-chain. 
No team yet: builders compete for the treasury and a decision market picks the winner. No winner? Full refund.

## Status

- state: OVERSUBSCRIBED
- goal (hard cap on what the company receives): $10,000
- committed: $55,402.5 across 39 backers
- demand: 5.5x the goal
- raised (received by the company): $10,000
- claimable back by backers: $45,402.5
- split of raised: $8,000 treasury · $2,000 liquidity

## The deal

- token price at goal (everyone pays this): $0.001
- MCAP at open (team and existing-investor tokens excluded): $12,900
- FDV (all tokens, locked included): $12,900
- total supply (fixed; minting needs a market-approved proposal): 12,900,001
- supply split: backers 10,000,000 (77.5%) · liquidity 2,900,000 (22.5%) · team 1 (0.0%)
- share of supply sold to backers: 77.5%
- team lock before any unlock: 18 months
- unlock ladder (3-month TWAP must hold each price): 2x → $0.002 · 4x → $0.004 · 8x → $0.008 · 16x → $0.016 · 32x → $0.032
- monthly budget after funding (onchain ceiling): $1
- at close (escrow releases): $8,000 to treasury (80.0%) · $2,000 seeds liquidity
- runway at that budget: ~8000.0 months

## Protections (identical for every raise)

- Approved aligned parties are selected per raise. The raise page lists selected
  wallets at $0 until they commit, then updates their gross commitments before refunds.
- Commitments sit in escrow; the team receives $0 unless the goal is met.
- Goal missed → every backer can claim 100% of principal. The claim is a
  transaction the backer sends themselves; nothing arrives automatically,
  nobody can refuse it, and there is no deadline.
- Oversubscribed → the goal is split pro rata by weight: time in escrow ×
  early-fill boost × Ownership Score multiplier (none = no extra weight, log
  scale to a fixed cap, read from the committing wallet at close; linked
  wallets do not combine). Nobody is approved for more than they
  committed; the rest is claimable the same way.
- After funding, spending above the published monthly budget requires a
  proposal decided by decision markets, not by the team.
- Tokens are not equity and may be worth nothing.

## What the token is, and is not

Both halves matter, and reading either alone gives the wrong answer.

**It is not** a security, equity, loan or ownership interest. Holders
have no legal title to any asset, no claim on revenue, no fiduciary duty
owed to them, and no ownership of the Cayman segregated portfolio that
holds the company's IP. There is no promise of return, buyback or
future utility.

**It is** a governance claim in a decision market. The treasury is
governed by that market rather than by the team, spending above the
published monthly budget has to pass it, and the segregated portfolio is
contractually required to abide by certain of its determinations. The
market can also stop funding the company and direct the money elsewhere.

So "the DAO controls X" and "holders own nothing" are both accurate: the
first is control through the mechanism, the second is legal title.

**The mechanism is the top of the stack.** The constraints above are the
structure's current settings, not its ceiling — the operating documents
are themselves subject to the decision market, within the scope those
documents define. This is the point most readers miss, and it cuts in
both directions, which is why it is not a reassurance:

- The market can authorise things nobody promised at the raise.
- The market can also withdraw things a backer assumed. It "may revoke
  funds out of the pool at any time, or may cease using the funds for the
  currently contemplated project" (fundraise terms, paragraph 5).
- Governance power is not legal effect. The market deciding to do a thing
  does not by itself make that thing lawful or effective; anything with
  its own regulatory path still has to travel it.

The correct reading is therefore not "the page and the terms contradict
each other" but "nothing here is fixed except the escrow and the claim."
Score the raise on that basis. A page describing what the mechanism could
authorise is not making a promise; a page claiming holders *own* an asset
outright is overstating it, and that is still worth flagging.

## Diligence signals

- disclosure score (mechanical — counts what the founder chose to show, not idea quality): 2/7 — missing: six required answers, market size cites a source, a metric with a date, a founder-stated risk, a named, linked team member, demo, docs or code linked
- B1 transparency filing: not filed (predates the requirement)
- concentration: top wallet 5y37UzUw5vnmjz6jnKgwz2k8S2DctNYdLVtvE3FbZQFW holds 18.0% of committed capital across 39 backers
- vetting: none — anyone can publish a raise for $15; do your own research
- investors on record before this raise: none

## Founder claims (unverified — absence is itself a disclosure)

- edge, in the founder's words: not provided
- founder commitment (self-stated): not stated — that silence is an answer
- founder-stated TAM: not provided
- metrics: none provided

## Links (founder-provided — verify control yourself)

- website: https://justspark.fun/ideas/accrue
- x: https://x.com/justsparkideas?s=11
- telegram: https://t.me/sparkdotfun/10203

## Onchain

- raise: 9hB7X9mFCUGPFkuCFQmqzpR3vr54t63sqNnzRVbagog3 (v0.7)
- token mint: 31hoVYavdrwYVcbWoZtXpUvf84D5Zroqai2wSnkAmeta
- quote mint: EPjFWdd5AufqSSqeM2qN1xzybapC8G4wEGGkZwyTDt1v
- base vault: GcGrKKGdb5PC9Wh8UXD3A4cfC1jrRZ3BCFN4fxBpyaH
- quote vault: F7xuFZRLs4MeG6rh2u3kHTEx1cCdG8qRLuFuU3htZYic
- authority: LRrTQLqFzAPxjschuAKQAqH1XHBuBgHqwhybENStARt

## Founder's pitch (verbatim, frozen at publish, unreviewed)

## The idea

Accrue should be a vault where you deposit tokenized stocks and earn extra yield on them. Every step happens on-chain, rules are enforced by code, and there is no human in the loop.

Here's one way the loop could work (if you think there's a better way to do it, feel free to do it your way!):

1. Users deposit xStocks into the vault.
2. The vault posts them as collateral on a Solana lending market.
3. It borrows USDC against them.
4. It deploys that USDC into a yield strategy that pays more than the borrow rate, and that is both **transparent and liquid**.
5. The spread accrues to depositors, and a performance fee goes to the Accrue DAO.

*(Yield can be compounded back into the reference stock.)*

On step 4, one candidate we've looked at is **OnRe ONyc** (tokenized reinsurance). Per [YieldCompass](https://yieldcompass.fi/strategy/onre-onyc), it shows ~11% realized APY over 14 days with one of the best risk/reward scores in their USD set, and it's liquid. That's a starting point, not a requirement. The builder picks the strategy, and the market judges it.

## Why now

Solana just opened **Stocklana**: $100K in prizes and one week to build with stocks on Solana. Submissions close **Sept 18, 4pm ET**. *"Credit and yield: borrowing against stocks, dividends, structured products"* is listed as a core track.

- https://hackathons.solana.com/hackathons/stocklana
- https://x.com/solana/status/2098403597004263760

Build it for Stocklana, and pitch the same build here for the Accrue treasury. The two don't conflict.

## Inspiration: PiggyBank

[PiggyBank](https://piggybank.fi) proved the demand. It offered vaults for xStocks on Solana, went live in October 2025 and passed **$5M TVL** in May 2026. The Spark team used it and liked it.

In June, PiggyBank took a drawdown on an off-chain basis trade that depositors couldn't see ahead of time, because the strategy ran with limited position-level disclosure.

We want the product back live, built on-chain from day one:
- **Strategy logic on-chain.** Allocation rules are public and enforced by the program, not by a desk.
- **No discretionary trades.** No OTC deals, no hidden positions, no human deciding where the money goes.
- **Anyone can verify.** Deposits, collateral, borrow, deployment, yield and fees can all be read on-chain in real time.

## Some tips from the Spark team
- **Don't overcomplicate it.** One stock (SPYx), one lending market, one yield strategy. Ship the loop end to end, then expand.
- **Risk is the product.** Use conservative LTV and automatic, permissionless deleveraging when health drops, so no one needs to wake up to save the vault.
- **Prefer liquid over high APY.** If the yield leg can't be unwound fast, it doesn't belong in v1.
- **Route vault fees** to the Accrue DAO treasury.
- **Make the code open source.** Be transparent with users: they need to know the full risk and exposure they're taking.
- **Investor should be Aware of everything - be transparent**
- **We encourage team to use YieldCompass API to make there product safer**

## There is no team yet

That's the point. Nobody here is pitching you a roadmap, just an idea.

100% of the funds are locked in a multisig. Not a single dollar unlocks without a decision market approving it. That's also why the monthly spending allowance is 0 and there is no team allocation.

## Use of Funds

**$10,000 raise. $8,000 hits the treasury** after the 20% LP allocation.

There is no budget breakdown, because there is no team to spend it. The winning proposal writes the budget, and the decision market approves or rejects it. Until then, everything sits untouched in the multisig.

## Are you the team that can ship Accrue?

Can you take the lead, or ship one piece of it: the vault program, the lending integration, the yield leg, the risk engine, the frontend, or the distribution?

Come with your own terms. Tell the market what you'd build and what you want for it ($USDC? $ACCRUE? Both?), then see what the market thinks. No jury, no application form, no warm intro needed.

**Keep in mind:**

- **Someone has to own trust, not just code.** A yield product lives or dies on whether depositors believe the numbers. Transparency is the distribution strategy.
- **The window is open now.** Stocklana puts every stock builder on Solana in the same week. Teams already working on credit against xStocks could ship this fast, or someone else will.

## How to apply / Timeline

The Spark team can open a decision market. If you want to build, ship or get involved, reach out to **@mathis_btc** on Telegram, or ping him in the Spark Telegram, ACCRUE channel: [t.me/sparkdotfun/10203](https://t.me/sparkdotfun/10203).

**Minimum lifetime: 1 week.** If nobody has stepped up after the first week, the Spark team can submit a proposal to liquidate the treasury at any point from then on. Every token holder can then claim the treasury back. Timing is open to discussion in the Telegram, especially if people are actively working on it.

## Spark's first proposal (within minutes of launch)

Spark takes no allowance and no team allocation. Our business model runs through liquidity. As soon as $ACCRUE is live, Spark submits a first proposal to:

1. **Redeploy the launch LP.** Withdraw the LP position deployed on Meteora (900,000 $ACCRUE) and redeploy it in a Meteora AMM with a 2.5% trading fee.
2. **Split the fees 50/50.** Half goes to the Accrue DAO treasury, half to Spark.
3. **Shorten decision markets from 72h to 24h**, so the DAO can move at the speed of a one-week build window.

It all goes through the decision market like everything else. If the market says no, it doesn't happen.

## What this is

An experiment run by Spark. [x.com/JustSparkIdeas](https://x.com/JustSparkIdeas) · [justspark.fun](https://justspark.fun/)

1. **Fund the idea.** Backers buy an idea-coin at the same price. No insiders, no pre-sale.
2. **Builders compete.** Teams build and pitch for the funding.
3. **The market decides.** A decision market (futarchy), not a jury, picks the winning team. Backers own the winner, or get a full refund if there is no winner.

More detail: [justspark.fun/explanation](https://justspark.fun/explanation)

## Disclaimer

Accrue is not affiliated with, endorsed by, or supported by MetaDAO, futard.io, PiggyBank, OnRe, YieldCompass or the Solana Foundation. None of them is involved in this project, its funding or its execution. PiggyBank is credited as inspiration and OnRe ONyc is cited as an example strategy, nothing more. futard.io is the launch infrastructure used here, and Stocklana is a public hackathon open to anyone. Nothing on this page is an endorsement from any of them, and nothing here is financial advice.

## Raise terms (verbatim, as printed on the raise page)

By contributing to the fundraise for tokens ("Tokens"), you acknowledge and agree to the [Backable Terms of Service](https://permissionless.metadao.fi/terms). Without limiting the foregoing, you also acknowledge and agree to all of the following information, terms and conditions:

The above descriptions, terms, and other content were created, determined, and supplied exclusively by prospective project contributors related to the ICO and are being republished on Backable for convenience of reference only, as third-party content. Backable is a technology platform being used by the prospective project contributors, and the owners and operators of Backable and their respective affiliates are not the persons creating, endorsing, sponsoring, or discretionarily operating the ICO. Backable and its owners and operators and their respective affiliates assume no (and by participating in the ICO or otherwise using Backable, you agree that they shall not have any) responsibility or liability for the accuracy or completeness of the above descriptions, terms and other content, or any other representations, statements, opinions, projections, terms, or information made by or on behalf of the prospective project contributors in connection with the ICO.

The following terms and conditions apply between you, on the one hand, and, on the other hand, both the owners and operators (and their affiliates) of Backable or MetaDAO and the prospective ICO project contributors and related legal entity(ies) and their respective affiliates:

1. **No Guarantees.**
   The Tokens are provided on an "as-is" and "as-available" basis. Participation in the fundraise does not come with any guarantees, promises, or assurances of any kind, including, but not limited to, financial return, performance, future utility, or access to any platform, product, or service.

2. **Not an Offer of Securities.**
   The Tokens do not represent a security, equity, loan, or ownership interest in any entity or project. Participation in this fundraise is not intended to be, and shall not be construed as, an offering of securities, nor does it constitute an offer or solicitation in any jurisdiction where such activity is unlawful. You are responsible to refrain from participation in the ICO if your jurisdiction does not permit such participation.

3. **Final Sale, Except As The Program Provides.**
   Except for the amounts the escrow program itself makes claimable as described in paragraph 7, contributions made as part of the fundraise are final. No party has the discretion to refund you, and you will not be entitled to a refund or compensation on any other basis, including loss of value or inability to use the Tokens. Where the program does make an amount claimable, no party has the discretion to withhold it either.

4. **No Liability for Losses.**
   To the fullest extent permitted by applicable laws, neither the organizers of this fundraise nor any of their affiliates, agents, advisors, officers, or representatives shall be liable for any direct or indirect loss or damage you may suffer, including without limitation: trading losses, loss of data, revenue, profit, or opportunity; or any errors, delays, or technical failures related to the fundraise or the Tokens.

5. **Nature of Token MetaDAO Platform ICOs.**
   You acknowledge and agree that the ICO is a transaction entirely by and among ICO participants, in which such participants contribute certain blockchain tokens into the sole control or custody of Solana-based "smart contracts" or "programs" as a method of establishing a decentralized autonomous decision market oriented toward the research, development, promotion and/or utilization of the above-described project. The ensuing market oracle–sometimes also referred to as a type of "DAO"-- is intended to govern both the deposited tokens and aspects of the related project, using "[Futarchy](https://docs.metadao.fi/governance/overview)". These smart contracts or programs exist independently of Backable or MetaDAO, on the Solana blockchain, and do not have a legal "owner" or "custodian", but instead will be controlled by the market-based governance process embedded in the decision market protocol, as expressed in the code of the smart contracts/programs. The deposited tokens do not represent a capital investment in any legal entity (including the legal entity referred to in the following paragraph) or group of managers or entrepreneurs, and the decision market may revoke funds out of the pool at any time, or may cease using the funds for the currently contemplated project or using them to pay the currently contemplated prospective project contributors, and may instead use them for other purposes, as determined by the decision market oracle aka "DAO." The current prospective project contributors will not immediately own or have any discretionary or managerial control of the deposit pool, and any related services such prospective project contributors provide will be on an independent contractor basis to the community, as determined on an ongoing basis by the decision market oracle aka "DAO." The tokens issued by the program/smart contract in exchange for deposited funds are not initially owned by, and are not being sold or offered by, Backable or MetaDAO or the prospective project contributors or any related entity(ies), but rather are issued by the smart-contract/system itself to enable ongoing functionality of the related decision market oracle aka "DAO". Any funds received from the deposit pool by the current prospective project contributors or future project contributors represent retroactive or prospective compensation for work done or to be done by such project contributors that is approved by the related decision market oracle aka "DAO", on the initiative of, and based on the managerial or entrepreneurial efforts of, participants in that market aka "DAO participants".

6. **DAO-Adjacent Entity aka BORG.**
   One or more members of the prospective project contributors may have established a particular type of legal entity related to the project. These entities, known as cybernetic organizations, aka 'BORGs", hold intellectual property related to the project and may receive the funds, if any, determined by the decision market oracle to be paid to the prospective project contributors as compensation for work done or to be done related to the project. BORGs contain special rules designed to provide accountability of project contributors to the community, including prohibiting the issuance of equity securities and requirements to consult the decision market oracle (sometimes on a signaling basis, sometimes on a binding basis) for decisions related to their work on the project and the related intellectual property and assets. Many of these entities are "segregated portfolios" of a Cayman Islands entity called Futarchy Governance SPC. Segregated portfolios provide separate layers of assets and liabilities within this entity, and each particular segregated portfolio is managed in the sole discretion of its "Manager(s)", subject to the terms and conditions of Futarchy Governance SPC and the Operating Agreement of that specific segregated portfolio. The ICO does not represent an investment in the SPC or segregated portfolio, and participants in the ICO and holders of the tokens being issued in the ICO do not have any legal rights in or ownership of the SPC or segregated portfolio, and are not owed any fiduciary or other duties by the participants in the SPC or segregated portfolio, but the SPC, in respect of the segregated portfolio, is legally required to abide by certain determinations of the decision market created by the ICO. Please review the project description above to determine the specific legal entity(ies) or other arrangements identified by the prospective project contributors. You hereby acknowledge and agree that you have reviewed, or had the opportunity to review, the information and documents presented or linked to from that description and acknowledge, consent to and accept the risks of all related legal entities and arrangements.

7. **Understanding the Mechanism.**
   This is an onchain fundraising mechanism with a fixed token supply and a stated funding goal. Commitments are not capped, but the amount the project receives is: everything committed above the goal remains the property of the participant who committed it.
   If the funding goal is not reached by close, every participant may reclaim the whole of their contribution. If the goal is exceeded, each participant may reclaim whatever part of their contribution did not convert into Tokens.
   **These amounts are claimed, not sent.** They are released by the program when you submit a claim transaction from the wallet that made the contribution. Nobody can approve, condition, delay or refuse that claim, there is no deadline for making it, and equally nobody can make it on your behalf. The same is true of the Tokens themselves in a funded raise.
   By participating, you confirm that you understand the [program](https://github.com/metaDAOproject/programs) and have reviewed the relevant documentation available at [https://docs.metadao.fi](https://docs.metadao.fi).

By contributing or attempting to contribute to the fundraise for Tokens, you confirm that you have read, understood, and accepted the terms above.

## Company decisions

- https://permissionless.metadao.fi/raises/9hB7X9mFCUGPFkuCFQmqzpR3vr54t63sqNnzRVbagog3#decisions — recent decision markets
- https://permissionless.metadao.fi/decisions/9hB7X9mFCUGPFkuCFQmqzpR3vr54t63sqNnzRVbagog3 — company decision history
- https://permissionless.metadao.fi/decisions/9hB7X9mFCUGPFkuCFQmqzpR3vr54t63sqNnzRVbagog3/create — create a proposal

Company decision URLs accept the launch address or organization slug. Market pages accept the full proposal address or market code at /decision/<key>.

## How the mechanism works

- https://permissionless.metadao.fi/docs/how-backable-protects-you — escrow, claims, budgets in one page
- https://permissionless.metadao.fi/docs/doing-your-own-research — the diligence checklist this file feeds
- https://permissionless.metadao.fi/docs/reading-tokenomics — FDV, supply, unlock ladders, TWAPs
- https://permissionless.metadao.fi/docs/committed-vs-raised — why committed and raised differ
- https://permissionless.metadao.fi/docs/metadao-2 — MetaDAO 2.0: typed proposals and the adaptable performance package