How Kobana works

01What Kobana is

Kobana is a small stock shop on Solana. It sells tokenized stocks (NVDAx, TSLAx, SPYx, GLDx) only for KOBANA, a little cheaper than the market, and burns every coin it is paid. The stock is bought with part of KOBANA's trading fee.

Said plainly: it is a buyback shaped like a shop. The treasury's asset (stock) is swapped for the project's own coin, and that coin is destroyed. This is the inverse bond idea of Olympus, in the form of a store with a restock every 3 hours. Most of the discount is paid for by KOBANA's own traders through the fee. Outside revenue (the USDC store fee and the sweep fee) goes 100% into stock.

Nothing here is a dividend, a yield or a promise of profit. The store's size is bound to KOBANA's trading volume: with little volume there is little stock, and the dashboard shows exactly how much.

02The fee, told whole

Buys and sells in the KOBANA pool pay 1.95%, in SOL. Wallet-to-wallet transfers pay nothing. For the first 60 seconds after the pool opens the fee falls from 90% to 1.95% (anti-sniper), then it is fixed. After graduation the DAMM v2 pool charges exactly the same 1.95%.

Meteora keeps a fixed 20% of every pool fee; nobody can configure it away. So 1.56% of volume reaches the Kobana fee router, a program address that is the pool's fee claimer, creator, leftover receiver and the owner of the permanently locked liquidity. The router splits what it receives: 80% to one public dev wallet (1.248% of volume) and 20% to the stock vault (0.312% of volume).

• The 80% is a compiled cap. It can only be lowered; no instruction raises it.
• The dev wallet address is set once when the program is initialized and has no setter.
• Launch boost: when the program is built with it, the split is 50 / 50 for the first 72 hours, then returns to the live cap on its own. This build's setting is shown on the Dev share page.
• The pool fee itself is fixed in the pool's configuration and cannot be raised.

This weakens the link between revenue and the coin: only 20% of what reaches the router buys stock. We say it here instead of hiding it. The Dev share page shows every lamport the dev wallet receives and, each week, what it was spent on.

03Supply and authorities

1,000,000,000 KOBANA, fixed. The pool program revokes the mint authority when the token is created, the freeze authority is never set, and the metadata is immutable. The curve's leftover is withdrawn by the router and burned, so the fixed supply can be checked on chain. The program has no instruction that mints.

CA

HS8YQKpU3UeQ9oW77Kro3YZvS5uzCygQHUpAKp8TX81B

Supply

–

Burned

–

Mint authority

–

Freeze authority

–

Metadata

–

04The dev buy

The team buys 1.0% of the supply in public, 61 seconds after the pool opens, at the same 1.95% fee as everyone (hard maximum 2%). It is locked at once on Jupiter Lock for 183 days, vesting daily. The lock is created so that nobody can cancel it or change its recipient. No presale, no bundled wallets.

not known yet

05The restock clock

Every 3 hours on the hour in Japan time (00, 03, 06, 09, 12, 15, 18 and 21 JST) a restock opens for each stock. Anyone may open it once the time has passed; the keeper does it within seconds. A red seal marks every restock on the page.

• Quantity = the stock bought since the last restock + what was carried over.
• 10% of it goes to the crash reserve (狼煙); the rest is offered.
• Each wallet may buy at most 10% of the offered quantity per restock (a limit per wallet, not per person).
• The minimum purchase is $1.
• Standing orders are filled first, at the previous restock's clearing discount, before the public auction, and never take more than 90% of the quantity.

06The discount, exactly

The discount is a Dutch auction computed from the chain clock. Nobody pushes it; the program reads the time.

The restock holds 30 minutes at the cap and then ends; it ends at once if it sells out. Specials end at the latest 2 hours after opening. Unsold stock is offered once more at the next restock. Stock left unsold twice is sold for USDC by the keeper, and that USDC buys KOBANA back to burn (source: carry buyback).

Stamp bonus: every 5 purchases take 0.25% more off the next purchase, up to 1%, on top of the clock (so a purchase can be at most 1% past the cap).

07Prices

Both prices are chosen against the buyer, so a wrong price can only make a sale dearer or stop it, never cheaper.

• Stock: the higher of a fresh Pyth price and the 30-minute DEX average (TWAP). Fresh Pyth means at most 90 seconds old, with a confidence interval of at most 2%.
• KOBANA: the lower of its 30-minute average and the pool's price at the moment of the sale. If the two differ by more than 15%, sales stop until they agree.
• Every price push is bounded: at most 5% change per minute, never from the future, and old feeds stop sales.
• Stale feed: when there is no fresh Pyth price the stock price is the DEX average alone and the cap drops to 3%. The xStock price feeds trade around the clock, so this is the exception, not nights and weekends.

The Pyth price is the xStock's own feed (for example NVDAX/USD), read from Pyth's Hermes service and relayed by the keeper with the same bounds. It prices the token itself, around the clock. If that service is unavailable, restocks open at the 3% cap until it returns.

08Where the stock comes from and where it stays

• The stock vault's SOL buys xStocks through Jupiter in pieces of at most $5,000 and 25% of the vault, at least 60 seconds apart per stock. The program checks that what arrives is at least the reference value minus 0.5%.
• The stock sits in token accounts owned by program addresses. There is no instruction by which an admin withdraws stock, a vault or a deposit.
• Stock leaves the vault only through sales, standing orders, gifts, baskets, the crash reserve move and the carry-over sale.
• 10% of what the stock vault receives is kept for earnings specials.

09xStocks: what the issuer can do

xStocks are issued by Backed Assets (JE) Limited (Jersey). They are Token-2022 tokens, and their issuer keeps powers that Kobana cannot remove:

• Freeze: the issuer can freeze any token account, including the shop's vaults and your own account.
• Permanent delegate: the issuer can move or burn the tokens in any account.
• Pause: the issuer can pause every transfer of a stock.
• Transfer hook: empty today. If the issuer sets one, sales of that stock stop and the admin pauses it; nothing else is affected.
• Scaled amount: one token is a little more than one share after dividends (NVDAx about 1.0009 today); prices are converted for it.

To keep this risk small the shop sells its stock every 3 hours and liquidates what does not sell twice. GLDx tracks the GLD ETF, not spot gold.

Mainnet mints, read from the chain on 2026-10-21:

10Who may buy

xStocks are not offered in the United States or the United Kingdom or to their residents, and not where it would be unlawful. The shop refuses those regions and asks every buyer to confirm the terms before the first purchase. A legal review is still pending; this page will change if it says so.

11Roadmap

The store opens at launch. The other twelve parts of the shop open one every 6 hours after launch, by a rule compiled into the program: part 2 at 6 hours after launch, part 3 at 12 hours, and so on to part 13 at 72 hours. Once a part is due, anyone can send the one transaction that opens it (our keeper sends it within a minute), and the team's operating wallet (the program admin) can open a part earlier. Each opening gets one post. The roadmap shows every part as Live, Next or Planned with its opening time.

• Opening only adds a function. It never mints, changes a fee, unlocks tokens or moves funds.
• Nothing can be closed again. A part can be paused if it misbehaves; pausing never blocks a cancel, a claim or a refund.
• The order and the times follow from the launch time. Only an earlier opening by the team changes them.
• The code of every part is already in the program on chain. What changes at an opening is one switch, visible to anyone.

The roadmap, as the machine shows it

The Day 1 report (written 24 hours after launch)

12Great Sweep safety

The sweep transaction contains only Burn and Close Account on the accounts you picked (rent back to your own wallet), one Kobana sweep instruction and the compute budget. The builder is open source and refuses anything else, and you see a simulation before signing. Kobana never asks you to approve, delegate, change an authority or transfer for a sweep. The only official address is this site.

13Contracts and authority

The program's upgrade authority and its admin are both held by the team's operating wallet: one key, with no time lock, so an upgrade takes effect as soon as it is sent. The admin's operations (opening a part on the roadmap, pausing a utility or a stock, lowering limits) never move funds; no admin instruction can. The dev share goes to a separate public dev wallet, which also holds the locked dev buy. A separate keeper key runs the restocks and price updates, and the program limits what it can do. The smart contract has not been audited yet.

Program

3QrcPe…cZW759

Cluster

Solana

Dev wallet (receives 80% of router income)

BrQiX8…Z6PsrY

Stock vault (SOL)

5iqNHJ…xhpV1D

Upgrade authority

The team's operating wallet (one key, no time lock)

Audit

not audited yet

14Risks, plainly

• This is not investment advice. Tokenized stocks can fall; KOBANA can fall to zero.
• The issuer's powers above apply to every xStock you hold.
• The engine is small: the stock vault gets 0.312% of volume. Low volume means little stock.
• Prices come from oracles and pools; the rules above limit, not remove, that risk.
• If the keeper stops, restocks wait; cancels, claims and refunds never depend on it.
• The wallet limit can be split across wallets.