Token
TACK token
Tack's governance token, fair launched: holders set which maturities Tack lists and on what terms.
TACK is Tack's governance token. Holders decide which maturities Tack lists and on what terms. Trading never needs it: swaps are collateralized and settled in USDC, with no trading fee.
1,000,000,000TACK
- 0%Presale
- 0%Investors
- 0%Team
- 0%Airdrop
- 0%Treasury
- 0%Reward pool
At a glance
| Field | Value |
|---|---|
| Name | Tack |
| Ticker | TACK |
| Network | Solana |
| Standard | SPL token, 6 decimals |
| Total supply | 1,000,000,000 TACK, minted once |
| Launch | Fair launch: the whole supply in one public launch, on the same terms for everyone |
| Mint authority | None once the supply is minted, so no more TACK can be created |
| Freeze authority | None, so no TACK account can be frozen |
Fair launch
All of TACK's supply goes into one public launch, and everyone takes part on the same terms. Nothing is set aside before it:
| Allocation | Share of supply |
|---|---|
| Public launch | 100% |
| Presale or private round | None |
| Investors | None |
| Team and contributors | None |
| Airdrop or early users | None |
| Treasury or reward pool | None |
| Vesting | None: every TACK is free to move from launch |
The people who build Tack hold TACK only if they buy it in the market, on the same terms as anyone else.
What TACK does
Listing
Anyone can open a market on the Tack program. The maturities Tack lists come from its listing account: three weekly SOL-PERP maturities, Fridays at 08:00 UTC, all on the same terms. Anyone can open the next one the schedule calls for, and it opens on the listing's terms. TACK holders set that schedule and those terms by vote. The deployer key holds the listing's authority at launch and hands it to TACK governance, which is then its only authority. Handing the listing to another authority takes two steps, a proposal by the current authority and an acceptance signed by the new one.
| A vote sets | Listed maturities | What the program allows |
|---|---|---|
| Schedule | Three weekly maturities, Fridays 08:00 UTC, each listed while more than 36 hours away | Spacing of 1 hour to 31 days, one to eight open, every one within 31 days |
| Initial margin floor | 25% | 25% to 100%, at least twice maintenance |
| Maintenance margin floor | 10% | 10% or more |
| Shock rate | 100% a year | 100% to 1,000% a year |
| Largest fixed rate | 100% a year | Up to 500% a year |
| Rate tick | 0.01% | Up to the largest fixed rate |
| Open-interest cap | 1% of Phoenix's | 0.01% to 1% |
| Source freshness | 15 minutes | 1 to 60 minutes |
| Freeze grace | 1 day | 1 to 7 days |
The program checks every bound when a market opens, so no vote can list a maturity outside them. A vote never reaches a market that is already open either: the program fixes a market's parameters when it opens, so a change applies from the next maturity Tack lists, and every position keeps the terms it was opened on.
What a vote can't touch
The program holds traders' collateral and nothing else: there is no fee, no protocol share and no treasury. A vote can't add a fee, take a cut of a settlement, or move USDC out of a vault. Collateral moves only by the program's rules, to the two sides of a swap.
Governance
Governance runs on SPL Governance, the program Realms uses: a realm for TACK whose one governance account takes over as the listing's authority. Votes are cast with TACK deposited in the realm, one vote per TACK. After a vote ends, releasing your vote frees the deposit; you can withdraw it whenever no vote it counts in, and no proposal you opened, is still open.
Propose
Any wallet with 1,000,000 TACK deposited, 0.1% of supply, can open a proposal: a change to the listing, or to these rules.
Vote
Voting runs for five days. A proposal passes with more yes than no and at least 40,000,000 TACK, 4% of supply, voting yes.
Wait
A passed proposal waits two days before it can be executed, so everyone it affects sees it coming.
Execute
Anyone can execute it. A listing change applies from the next maturity Tack lists.
These rules change only by a vote under them.