How THEZIS works

How it works

1. 1Launch. The thesis and the agent's launch settings are compiled into a StrategyPolicy, validated against protocol limits, hashed (sha256 of canonical JSON) and attested. One transaction creates the strategy vault and the Pump token, with the vault as the token's creator.
2. 2Creator rewards. Pump creator rewards from trading the token are collected into the strategy vault, and the program splits them in the same instruction: half pays the agent's model, half is trading capital (details).
3. 3Decisions. On its interval the agent runs one cycle: budget gate, market scan, a hashed snapshot, the deployer's model through OpenRouter, an optional critic, the deterministic risk engine, the order planner and exactly-once execution on Pacifica perps or as vault swaps on Solana. The model never holds keys and cannot exceed the launch settings. How the agent trades.
4. 4Mutations and profit. Anyone can pay SOL to change the thesis; the change is compiled into a typed patch, validated and shown as a diff before payment, and the payment buys back the launch token into a lock account. The deployer's share of any profit above the high-water mark buys back and locks the token the same way.
5. 5Audit. Policy versions and hashes, input snapshots, decisions, risk verdicts, orders, fills, claims, buybacks and on-chain events are public on each strategy's page.

Venues and markets

Pacifica perps

A perpetuals exchange on Solana with an off-chain order book, margined in USDC: crypto, plus single stocks (NVDA, TSLA, META and others), the S&P 500, gold, silver, oil and FX (EUR/USD, USD/JPY). Long or short, with leverage up to the launch setting.Stock, index, commodity and FX perps trade around the clock on an oracle composite price and are thin: tens to hundreds of thousands of dollars of volume a day.Custody: the protocol (custody). Costs: fees.

Solana spot

The vault itself swaps through Jupiter: verified Solana tokens and xStocks (tokenized equities). Long only, no leverage.Custody: the strategy_vault program.

Custody

Fees and costs

Creator rewards: the 50/50 split

Profit buybacks

Risk limits

Risk presets

What a mutation can and cannot change

Keys and roles

What is live and what is SOON

Data provenance

REAL

Observed on chain or from a live market source.

PAPER

Real market data, simulated fills on a paper ledger. No transactions are sent.

MOCK

Mock market data and a deterministic, non-AI allocator (tests, demos, visual QA). Never real.

UNAVAILABLE

The source returned nothing; the UI says so instead of showing a number.

Runtime modes, shown in the header: PAPER (no transactions), DEVNET, MAINNET_DRY_RUN (builds and simulates, never signs) and MAINNET (real execution, gated by an explicit second opt-in). There is no automatic fallback to mainnet. Figures older than their source's refresh are flagged Stale.

Boundaries

• No redemption rights. A launch token is not a share, a fund unit or a claim on the vault. Holders cannot redeem it for strategy assets and receive no distributions.
• NAV does not back the token. Strategy NAV is published for transparency. The token's price is set by its own market on the bonding curve or PumpSwap and can diverge from NAV entirely.
• Pacifica capital is held by the protocol. Each strategy trades from one Pacifica account, a plain Solana key that the protocol holds, not the program; Pacifica keeps its balance off chain. The on-chain program guards the vault only. Deployers acknowledge this at launch.
• Profit buybacks tie the token to performance. They buy and lock, never distribute, but they link the token's market to the agent's results, which raises legal risk in some jurisdictions.
• xStocks are jurisdiction-restricted. Tokenized equities are feature-flagged per deployment and never offered where they are not permitted.
• Policy, not promises. The AI proposes; the policy and the risk engine bound what can happen. Requirements the policy language cannot express are rejected and shown verbatim before launch or payment, never silently dropped.
• Software and market risk. Programs, venues, oracles, routers and RPC providers can fail; trades can slip within the configured limits. Nothing here is investment advice.

Glossary

NAV

Net asset value: the strategy's cash plus its open positions valued at current prices, across the Solana vault and the Pacifica account, in USD.

High-water mark

The strategy's peak NAV, adjusted for capital flows: new creator rewards raise it and buyback outflows lower it by the same amount, so only trading gains count. Profit buybacks use only NAV above it.

Drawdown

How far NAV is below the high-water mark, as a share of the mark. At the launch limit the risk engine closes every position and pauses the agent until an operator clears the breaker.

Max drawdown

The largest peak-to-trough fall of the strategy's time-weighted return since launch.

24H return

The strategy's time-weighted return over the last 24 hours. New creator rewards are capital, not performance, so they never count as gains.

Lifetime PnL

Profit or loss since launch in USD, with the time-weighted return beside it. New creator rewards are capital, not profit.

Realized PnL

Profit or loss locked in by closed positions, after trading fees.

Unrealized PnL

Profit or loss of open positions at the current mark price. It becomes realized when the position closes.

Notional

Position size × mark price, in USD: the market exposure, whatever the leverage.

Entry price

The average price at which the position was opened.

Mark price

The price the venue uses to value positions and trigger liquidations. Pacifica marks its stock, index, commodity and FX perps on an oracle composite.

Leverage

Notional ÷ the margin set aside for it. At 2×, $1,000 of exposure ties up $500 of collateral. Spot positions are always 1×.

Liquidation price

The mark price at which the venue closes a perp position because its margin no longer covers the loss. Spot positions have none. The percentage is the distance from the current mark.

Funding

A periodic payment between longs and shorts that keeps a perp's price near its index. Pacifica settles it every hour; a positive rate means longs pay shorts.

Stop loss / take profit

Reduce-only trigger orders placed with each new position: they close it when the mark reaches the stop (caps the loss) or the target (locks the gain).

Account value

Collateral plus unrealized PnL in a venue account.

Free collateral

Collateral in the venue account that is not tied up as margin for open positions.

Gross exposure

The notional of all positions, longs plus shorts, as a share of NAV.

Net exposure

Longs minus shorts, as a share of NAV.

Inference budget

Money for the agent's model calls through OpenRouter: half of every creator reward collected, minus the cost the provider reports for each call. When it runs out the agent sleeps instead of trading without thinking.

Daily inference cap

The most the agent may spend on model calls per UTC day, set at launch. When it is reached the agent sleeps until 00:00 UTC; stop orders stay in place.

Runway

How long the remaining inference budget lasts at the current decision interval: cycles per day × the model's estimated cost per cycle (doubled with the critic), never more than the daily cap. Tool calls and high reasoning cost more, so treat it as an upper bound.

Creator rewards split

When the vault collects creator rewards, the program sends 50% to the inference budget in the same instruction; the other 50% stays in the vault as trading capital. Rewards a third party collects directly at Pump skip the split and all become trading capital.

Creator rewards

Fees Pump pays the token's creator on every trade of the token. The strategy vault is the creator, so the rewards can only go to the strategy.

Profit buyback

The deployer's share (10–100%, chosen at launch) of each profit above the high-water mark buys back the launch token, which is locked. Nothing is paid out to anyone.

Buyback vault

A program account that receives every mutation payment and the profit buyback share. It can only buy the launch token, and every token it buys moves to the buyback lock in the same instruction, where it stays: nothing is sold or paid out.

Market cap

Launch token price × supply. The token's own market sets it; strategy NAV does not back it.

Decision interval

How often the agent runs a decision cycle, from 1 minute to 24 hours, set at launch.

Critic

An optional second model pass that reviews each decision. It can veto it (nothing trades that cycle) but cannot change it.

Liquidity floors

Protocol rules, not launch settings: a market needs at least $25,000 of 24h volume and, for perps, $15,000 of open interest before the agent may trade it.

Liquidity cap

The risk engine caps every position at 1% of the market's 24h volume and of its open interest.

Program custody

Funds in the strategy vault on Solana. Only the strategy_vault program can move them, under the policy's limits; it has no withdraw instruction.

Protocol custody

Funds on Pacifica, in an account whose key the protocol holds, not the program. Vault capital reaches it only through the program's fund_venue instruction, and withdrawals can only return to that account. The program cannot protect funds while they are there.

Execution mode

REAL: orders and transactions are sent with real funds. PAPER: real market data, simulated fills; nothing is sent. MOCK: fixture data and a rules-based allocator, for tests and demos.

vs high-water mark

NAV's distance from the high-water mark, as a share of the mark. Below it (negative) is drawdown; above it (positive) is profit, of which the deployer's share buys back the launch token.

Period return

The strategy's time-weighted return over the last 7 or 30 days, ending now. New creator rewards and buyback outflows are capital, so they never count as gains or losses. There is no figure until the history reaches back that far.

Volatility (30D)

How much the strategy's daily returns vary: the sample standard deviation of the daily time-weighted returns of the last 30 days, annualised (× √365).

Sharpe ratio

Return per unit of risk: the mean daily time-weighted return above the risk-free rate, divided by its standard deviation and annualised (× √365). Shown only from 30 daily observations; fewer would not mean anything.

Turnover (30D)

How much of the book changed hands: traded notional, buys plus sells, over the last 30 days, divided by the average NAV of that period.

Benchmark

The market the policy measures itself against, set in the thesis, with its return over the same 30 days. On the chart it is rebased to the first NAV point, so both lines start together.

Trades

Executed trades recorded in the strategy's ledger since launch.

Open positions

Positions held across the Solana vault and the Pacifica account, against the launch maximum. When the model proposes more, the risk engine keeps the highest-conviction ones and drops the rest.

Cash floor

The share of NAV the agent must leave unused. Margin (notional ÷ leverage; spot is paid in full) may not eat into it: the risk engine scales every target down until it fits.

Buybacks

Launch tokens the buyback vault has bought, with mutation payments and the profit buyback share, and moved to the buyback lock, where nothing can sell or pay them out. The SOL figure is what the vault has spent on them.

Free model

An OpenRouter “:free” model variant: no inference cost, but strict daily request limits, and its provider may log prompts.