The fund’s parties decide. ETP Foundry calculates, and never signs.
Every decision about a fund, starting with its daily value, is signed on the ledger by a set number of the fund’s own parties. This page explains who they are, why they can be trusted, where the weak points are, and how mistakes are corrected.
Today no outside party holds a seat. The only signatures on the ledger come from seats ETP Foundry runs itself, and those values are labelled indicative. The detailed rules are in the methodology, which governs where any text differs.
Each party sends what only it knows.
Nobody is asked for an opinion. The administrator sends its own calculation, a token issuer its reserves and supply, a custodian its holdings. Each is checked against a rule. If it fails, that is recorded as a refusal, with the numbers.
At least two sign
Every decision needs a set number of signatures (K of N), never fewer than two.
No one decides alone
The sponsor, or any single interest, can never reach that number by itself.
We never count
The ledger refuses a committee that includes ETP Foundry. No seat we or our affiliates run ever counts.
Seats are never paid and never charged, so nobody signs for a fee. Who holds which seat: fund committees.
“The people signing have an interest in the answer.”
True. A sponsor wants its fund to look good; a token issuer wants its token to look backed. That is why:
They send records, not estimates
Reserves, holdings and calculations from their own systems, each checked against a rule.
Their interests point different ways
No single interest can approve anything on its own.
Everything is permanent
Who sent what, and who signed, stays on the ledger with a fingerprint (SHA-256 digest) of the data.
What we concede. This reduces conflicts; it does not remove them. We cannot audit a party’s own systems. There is no independent oversight body yet. ETP Foundry is paid by fund sponsors, and today it runs every seat on DevNet; both are disclosed conflicts. See Regulatory.
What happens when a price is missing or a signature doesn’t come.
Prices fall back in a fixed order
The fund’s main feed, then a second feed, then a fair value signed by named people with evidence. A stale price is never used silently.
Not enough signatures means no value
The decision does not happen that day. The gap is published as a gap; nothing is estimated to fill it. The last good value stays visible, with its age.
Anyone can pause
Any one party can pause creations and redemptions for up to 72 hours. A pause never changes a number.
Every published value carries a label saying who stood behind it (its tier). Today every value is tier 0: indicative, signed by no outside party.
Before any value counts as more than indicative
- Oversight. An oversight body of at least three members, most of them independent of ETP Foundry and of every seat holder, has approved the rules, each from their own account.
- Own keys. Enough of the signatures come from outside parties using keys they hold themselves.
- None of ours. No seat run by ETP Foundry or its affiliates (Lucilla, Inc., CrossDesk) is counted, whatever its key.
- Venues. Where a value comes from venue trades, at least two venues run by independent operators.
None of these holds today. What a fund does when no value can be made (pause, or a declared fair-value procedure) belongs in the fund’s own documents, set before any fund relies on it. Detail: methodology §6.
A wrong number is corrected in public, never overwritten.
Same signers
A correction needs the same number of signatures as the original, and a stated reason.
The original stays
It remains on the record, with the correction pointing back to it.
Two business days
The window for a correction, counted from publication.
Complaints: in writing to committee@etpfoundry.com. Acknowledged within 2 business days, answered within 20.
Taking a seat.
A seat costs nothing and pays nothing. It needs a small program on your side that reads your own systems each day and sends nothing when it cannot read a source. If you issue, hold, administer or lend against an asset a fund could hold, let’s talk.