A futarchy-governed yield treasury on Solana. The eight positions it deploys into blended about 6.7% realized as of 2026-09-28 — measured from what they actually paid, not from advertised rates. Phase 1 is this treasury. Later it becomes the junior layer behind bullUSD, a stablecoin. Yield is variable and not guaranteed.
[FUTARD RAISE LINK]
The idea
Yield-bearing stablecoins bear yield. They earn on your dollars, pass on a base rate and keep the rest. Higher-paying vaults exist, but the dollars themselves don't pay you much, so holding them barely makes sense.
We don't want bear. We want bull.
bullUSD starts where the others end: with a treasury. $BU holders own a DAO treasury, governed by a decision market (futarchy), that deploys into the highest-yielding on-chain venues on Solana that it can enter and leave without anyone's permission. First it compounds for itself. Then it becomes the junior layer behind a stablecoin: it takes the risk and passes the yield on to bullUSD holders.
Two layers, one treasury
$BU — the junior layer (this raise)
You hold a share of the DAO treasury.
You earn everything the vaults make above the bullUSD rate, plus mint and redeem fees.
You absorb losses first. That's what earns you the spread.
bullUSD — the senior layer (Phase 2)
You hold a dollar, and can stake it for a version whose value rises.
You earn a senior rate, set by decision market.
You absorb losses only after the junior layer is gone.
The treasury is the engine. $BU is the bull.
Roadmap
Phase 1: grow the treasury (this raise)
The raise goes into the treasury and is deployed across the venues below.
Yield compounds into the treasury. Trading fees do not: the DAO owns both LP legs and MetaDAO collects the fees on both, so yield and inventory are the only income we claim.
A public NAV dashboard tracks every dollar and the realized APY of every venue.
Goal: a real track record and a treasury big enough to back a stablecoin.
Phase 2: pack it into bullUSD
Once the treasury has 6–12 months of track record and a decision market approves it:
Mint bullUSD 1:1 with USDC. Your USDC joins the capital the treasury deploys, so every mint grows the base the treasury earns on.
Stake bullUSD to get sbullUSD. Its value rises at the senior rate: stake 1,000 and redeem more later.
$BU earns the spread between what the vaults make and what sbullUSD pays, plus mint and redeem fees.
Coverage floor. Minting pauses automatically if the junior treasury falls below [20]% of bullUSD supply.
Redemption queue. bullUSD redeems after [T+3], matched to the lock-ups of the underlying vaults.
Phase 2 needs its own decision market and a legal review. The staked version will likely be unavailable in some jurisdictions (e.g. the US). It's where this is going, not a promise.
Where the yield comes from
The treasury deploys into venues chosen on one test: can the DAO get its USDC back without asking anyone's permission? Eight of the thirteen venues we researched failed it and were dropped, including the two highest-paying. Realized APY is measured as growth in each receipt token's value, or accrual rebuilt from the venue's own rate history — never an advertised APY. Per-venue figures, dated and sourced, are in the raise text: [FUTARD RAISE LINK].
Realized yield of the current mix, measured 2026-09-28: about 6.7% a year — 6.5% on the lower of each venue's two windows. Eight positions across four protocols:
Kamino Lend USDC, four separate isolated markets: 4.3%, 4.4%, 5.8% and 7.0% over 30 days. One program, four different sets of borrowers and collateral. The 7.0% market is held small because its borrowers post ONyc — the token we dropped on custody grounds — as collateral.
Jupiter Lend USDC (jlUSDC): 4.5% over 30 days, 5.0% over 90.
Hylo eHYUSD: 13.3% over 30 days, and provisional — a 46-day hole in its price history, so no clean 90-day figure, and about $1.2k of routable liquidity. We hold it small on purpose.
Neutral Trade, two delta-neutral vaults: 11.0% and 8.0% over 30 days. Both hedge on Hyperliquid, off Solana, where our policies cannot reach, and both are held at half their cap until we can demonstrate the exit on chain.
Two disclosures that matter more than the headline. At most 60% of the treasury sits behind any one program, and Kamino is at that limit today — the largest single concentration in the book. And the Neutral Trade vaults' exit is not yet demonstrated on chain, which is why they are held at half their cap: 6.4% if they end up gated to zero, 7.4% if a wider trace clears them and they go to the full delta-neutral cap. That range is the honest one to hold us to.
The list was thirteen venues. Eight came out — OnRe ONyc, Unitas sUSDu, Solstice eUSX, Huma PST, Maple syrupUSDC, Syntropia synUSD, Perena USD* and Backyard Finance — and none of them for paying badly: each is a venue we could not enter, leave or constrain using only instructions our own key may call, or whose return we could not measure. Those drops cost about 2.0pp of blended yield, and the fall is real rather than rate compression: Unitas (12.7%) and OnRe (9.8%) were the two highest measured rates in the set. The reasons, venue by venue, are in the raise text.
Allocation rules, enforced on-chain:
Realized yield only. Venues are judged on share-price growth, not advertised APY.
At most [TBD]% in any single venue, and [TBD]% across delta-neutral venues, which fail together when funding flips.
At least [TBD]% in the liquidity sleeve, for redemptions and emergencies.
At most 60% across all positions of one program. Kamino is at that limit today. Without this clause a per-venue cap alone would let the whole treasury sit behind one upgrade authority.
At most 10% in any venue whose issuer can freeze or move our receipt token without our signature. None of the eight is in that position today — the two that were, ONyc and sUSDu, are dropped. The clause stays because no policy of ours could prevent it, so the only control left would be size.
At most 15% in any venue whose realized yield we cannot measure over a full 90-day window. Two of the eight: eHYUSD, and the newest Kamino market, whose rate history is 59 days long.
Nothing at all in a venue until we have demonstrated the exit on chain. A gate, not a cap. The two Neutral Trade vaults are the open case, held at half their cap rather than zero because the trace against them is thinner than the ones that dropped three venues. If a wider trace shows the same pattern, they go to zero.
No stacked wrappers. We hold venues directly, not yield dollars built on other yield dollars.
Off-chain legs disclosed. Both Neutral Trade vaults hedge on Hyperliquid, outside Solana. We say so, and the cap is how we price it.
We are not claiming 10%. The most any allocation of these venues could pay is 8.9%, and that would mean holding three venues only — a corner, not a portfolio. Nothing left in the book both pays over 10% and has a demonstrated exit. A book paying 8.1% does exist from exactly these venues, and it would put roughly three quarters of the treasury in positions with a named serious defect; we publish the 6.7% book instead, and publish what the other one would have paid. The yield is variable and not guaranteed. Yield on dollars always comes from somewhere: credit, basis, funding or incentives. See Risks.
Managed by rules, not by people
Rebalancing through a decision market every time is too slow. Handing a multisig to someone defeats the point.
The treasury deploys through a Squads Smart Account with on-chain policies. Squads Smart Accounts are audited by OtterSec and Certora (formal verification) and live on mainnet.
Rebalancing bot. It can only call the deposit and withdraw instructions of approved venues. Every account that holds or receives funds is pinned to the Yield Account, and a weekly spending limit caps flows. It cannot send a dollar anywhere else.
Guardian ([2-of-3]). It has one power: pull everything out of the vaults and back to the DAO treasury in USDC.
The DAO treasury is the only signer. New venues, new caps, and bot or guardian changes all go through a decision market.
Built, tested and handed over before launch. The Yield Account was run with real funds, including attempts to redirect funds with the bot key, which all failed. Then control went to the DAO treasury. Verify it yourself:
Yield Account [ADDRESS]: sole signer = DAO treasury, threshold 1, timelock 0
No settings authority, no archival authority, no leftover spending limits
Exactly two policies (rebalance, unwind), each with a non-empty instruction allowlist
The monthly spending allowance is 0 and there is no team allocation. Not because nobody works on this, but because the treasury is here to grow, not to be spent.
If the community later wants to pay contributors, fund growth or set an allocation, anyone can propose it, and the decision market decides. Until then, every dollar stays deployed.
Use of funds
$15,000 raise. $12,000 goes to the treasury, with 20% to the LP.
$15,000 is also the ceiling. Anything committed above it is refunded — the size is deliberate, not a placeholder.
The budget is the allocation above. $3,000 of the raise goes into the futarchy AMM alongside $BU from the same fixed split, and that position is DAO-owned, so its USDC backs NAV too. A smaller slice of $BU is placed single-sided in a Meteora pool above the ICO price. The DAO owns that position too, and we still price those tokens as if they were already sold — they count in the float and add nothing to NAV. On that basis NAV per token at launch is about $0.00138 against an ICO price of $0.0015 — you buy at roughly 1.09× NAV. Count those tokens as treasury instead, which ownership now allows, and the same treasury is exactly 1.00× NAV. MetaDAO's API reports the float as the full 12.9M supply, which puts it at about $0.00116 per token, or 1.29×. The NAV dashboard publishes all three floats with their definitions and marks the middle one as ours. This is a starting size, not a deep market — Phase 1 exists to build a track record and a treasury big enough to back a stablecoin.
Fees and inventory
We do not claim trading-fee income. The futarchy AMM charges a trade fee — MetaDAO's docs state 0.25% — and it is MetaDAO's revenue, not the treasury's.
What the treasury earns from that pool is inventory, not fees: above the ICO price its own position sells $BU for USDC into the treasury, and below it, it buys $BU back. MetaDAO's words: “buy back tokens below the ICO price and sell them above the ICO price.”
A Meteora pool launches alongside us and the DAO owns that position — on the reference launches the position NFT sits in the DAO's own Squads treasury vault and the DAO holds 100% of the pool's liquidity, so the USDC that pool takes in is treasury USDC and the NAV dashboard counts it. Its trading fees are not ours either: MetaDAO's program claims them to its own fee collector every day. We earn inventory, not fees. We publish the position address and the collector address with the dashboard.
Buybacks only below NAV, which gives the price a soft floor. Buying back above NAV would destroy holder value.
A minimum depth stays in the futarchy AMM, so decision markets stay expensive to manipulate.
Transparency
A public NAV dashboard: [NAV DASHBOARD LINK]
Balances per venue, and realized APY per venue
NAV per token and price/NAV
Every rebalance, buyback and fee
Risks
Venue risk. A vault can be hacked, lose its peg, freeze withdrawals, or deliver less than advertised. Caps limit the damage, but they don't remove it.
Concentration, and sameness. After the drops, 60% of the treasury sits behind one lending program and most of the rest is other lending. Lending markets fail in similar ways — bad collateral, a stale oracle, a run on utilization — so this book is less diversified than eight positions makes it sound.
Delta-neutral risk. Funding rates turn negative, hedges slip, and off-chain venues like Hyperliquid can fail. Our hedged positions also have an exit we have not yet demonstrated on chain, which is why they are held at half their cap.
Yield compression. 6.7% today isn't 6.7% forever, and the number has already moved 2.0pp in a day for reasons that had nothing to do with rates. Over the four days to 2026-09-28, two of these venues paid less than they had and three paid more. Measurement moves too: eHYUSD read 6.9% four days earlier over a window that straddled the gap in its price history, and 13.3% once measured over the clean segment.
Policy risk. The Yield Account is only as safe as its allowlist. It's published so you don't have to trust us.
Junior means first loss. In Phase 2, $BU absorbs losses before bullUSD does.
Price ≠ NAV. If you buy far above NAV, your effective yield is much lower than the treasury's. The four Spark reference launches traded at 6.0x, 3.5x, 1.8x and 1.8x price-to-NAV and have since compressed to 2.8x, 1.4x, 1.7x and 1.9x (measured 2026-09-27). Premiums do not hold.
Liquidation. Any holder can propose returning the treasury to holders.