Seametry opens the ETF creation and redemption function to any capable wallet, while preserving the fact that each tokenized equity still answers to its own issuer.
ETF shares trade in a secondary market while their underlying basket has a separate value. Institutional APs create shares when the ETF trades rich and redeem them when it trades cheap, subject to costs and settlement constraints.
Any wallet that can source the Formula can Strike shares. Any holder can Melt shares into constituent claims. Permissionless participation removes an approval list; it does not remove capital, liquidity, execution or issuer constraints.
A Strike deposits the exact raw constituent quantities required by an Alloy Formula and mints the corresponding Alloy shares. The Hall does not need to know their dollar value.
A Melt burns Alloy shares and records the holder's quantity entitlement to every constituent. Each claim is then withdrawn independently when that issuer permits delivery.
The Hall is the keyless on-chain machine that turns a fixed basket of constituent quantities into Alloy shares, and Alloy shares back into constituent claims.
Once Alloy shares trade in an AMM or order book, buyers and sellers determine the executable share price. Seametry does not set it.
The Office can combine the Formula quantities with attributed reference prices to estimate NAV. Those prices may come from oracle or market-data sources and remain outside Strike and Melt.
Reference NAV = Σ constituent quantity × reference price.
Strike spread = Alloy market price − executable assembly cost.
Melt spread = executable constituent proceeds − Alloy market price.
Wallets may display similar values when they consume similar market data. That does not force the Alloy to trade there, nor guarantee that every constituent can be bought or sold at the displayed reference price.
Assembly cost and melt proceeds come from executable routes at a stated size, with slippage, fees, quote age and venue conditions. The Terminal compares those numbers against both NAV and the Alloy's market price.
Without buyers and sellers in a secondary venue, there is no independent market price for the Alloy to drift away from NAV. The meaningful numbers are the Formula's reference NAV and the executable cost of assembling or unwinding its constituents.
Allocations let a wallet acquire and hold the constituents directly. They can produce real execution data, user behavior and demand evidence before Seametry has the capital or counterparties needed to seed a liquid Alloy share market.
1. The Hall syncs the Alloy's constituent accounting.
2. The holder signs redeem; Alloy shares are burned and one claim balance is credited for every constituent. No constituent mint is invoked here.
3. The holder calls withdraw for each deliverable leg. Each withdrawal touches only that constituent.
4. If an issuer freezes, pauses or otherwise refuses a leg, that leg remains a Claim and can be retried later.
The economic redemption is established in the redeem instruction; physical token delivery can require separate withdraw transactions per constituent.
Show the Alloy's traded price beside attributed constituent reference prices, source age, current Formula quantities and any delivery restrictions.
Show executable depth at size, quote freshness, venue concentration, fees and the spread that remains after actual execution costs rather than headline NAV alone.
Seametry still has to prove that market makers or other capable wallets will repeatedly Strike and Melt when spreads justify the work, and that share liquidity can become deep enough for the mechanism to matter.
Early Allocations, wallet behavior, operator feedback and eventual share-market activity are evidence. The thesis should change when those observations contradict its assumptions.
