Rebalancing is an auction, not a swap. The usual way to rebalance onchain is a swap: someone calls a DEX. That puts two things on the execution path — whoever picks the route, and whatever price the pool happens to show at that moment. Quadrix index vaults have no swap function. When membership changes, the only way an asset leaves the vault is a public dutch auction: · The change is announced first, with the hash of an anchored decision. · The auction opens above the reference price and decays over time. · It has a floor: no fill can clear more than 1% below reference. Unfilled at the floor, it expires and must be announced again. · A daily loss budget of 3% against reference caps the total, whoever the bidders are. · No role can move the price of an open auction. These limits are contract invariants, fuzzed against arbitrary bidder behavior. Even the worst-case bidder cannot cost the vault more than the policy allows. Stated plainly: bidding is currently whitelisted to a single bidder we operate. Opening it to anyone is a one-way switch in the contract — once opened, it cannot be closed. We flip it when there is enough outside liquidity for an open auction to beat a closed one. The reasoning is in Docs §08.

A number that starts over gives you no reason to trust it. On September 3, while moving the testnet to a new contract version, we created seventeen single-use wallets to check the flow end to end. The dashboard counted them. Our holder figure jumped — on a page that said, in plain text, that our own wallets were excluded. Anyone comparing the page with the explorer would have caught it. So we fixed the count, not the chain: · Every wallet we control — deployer, rehearsal, demo recordings, test burners, our own clicks — is excluded from user counts. · So the explorer will always show more activity than our dashboard. That gap is intentional. · Onchain events cannot be deleted. The only honest fix is exclusion plus disclosure. The same rule applies to history. Two rails ran before the current indexes — the QBV demo and the v2 rail. Their records stay on the same page, as they were. We could have launched the indexes on a clean slate. A clean slate is exactly what we would not trust from anyone else.

The three index vaults Quadrix runs — what they hold, how the rules were chosen, and what they do not promise. Quadrix runs one managed vault (N1Q, own capital) and three index vaults that run on rules alone. This is about the three. For each, the rules are published, the backtests that chose them download as CSV, and every day's level is hash-chained and anchored onchain. qX20 — Top-20 Index The top 20 by market cap, after excluding stablecoins, wrappers, staking derivatives and exchange tokens. Cap-weighted with a 60% single-asset cap, reconstituted monthly, with rank buffers so a name does not flicker in and out at the boundary. A 5-point drift band applies here and only here — the one index where it earned its place under the regime test. A keeper has marked the level onchain since 2026-07-21; the simulation before that is labelled as a backtest, separately. qDEFI — DeFi Index Fifteen governance and utility tokens of protocols that two independent classification sources both call DeFi. Chains out, oracles in (decided by the numbers). Cap-weighted, 35% cap, quarterly reconstitution, no drift band — a band, when tested, raised turnover and sold the winners. On record since 2026-09-16. qREV — Revenue Index Ten tokens of protocols whose revenue actually reaches the holder (plus chains with positive net burn), ranked cheapest-first on price to trailing holder revenue. Weighted by that revenue net of onchain issuance — a protocol that hands its earnings back out as new tokens is discounted by exactly that. The 35% cap is cut at every reconstitution; quarterly; a name exits only after two consecutive failed quarters, so one bad quarter does not sell it at the bottom. Issuance is counted onchain — total supply less the balances of protocol-controlled addresses — not from a third-party circulating figure. One finding from the backtests, stated as found: most of this index's return came from the net-revenue weighting picking the leader, and with the weights shuffled it does not beat bitcoin. Which is why the record comes first. On record since 2026-09-16. What they share No discretion. Membership changes are announced, anchored decisions; execution is code. Index vaults charge no performance fee (0.5%/yr on qX20, 1%/yr on qDEFI and qREV, and the contract refuses increases). Redemption is in kind, reads no price and has no limit. Today all three run as @GIWA_by_Upbit Sepolia testnet vaults anyone can create and redeem on; no real capital is involved. What they do not promise Returns. A short record shows one thing — that the rule runs as written — and says nothing about returns until it is long. Until then, what is public is the rules, the evidence and the record.

qX20 · qDEFI · qREV — three index baskets are open on the @GIWA_by_Upbit Sepolia testnet. Last month this account showed a three-asset demo basket, QBV, and said we had built the exit first. From today the demo gives way to three real indexes on the same rail: qX20, the top 20 by market cap; qDEFI, fifteen DeFi protocol tokens; qREV, ten protocols whose revenue reaches the holder. Each is one vault, and each vault is the index. The flow is the same for all three. Connect a wallet and testnet gas arrives on its own. The desk creates 1,000 shares to your address onchain (999 land after the 0.1% creation fee) — or, if you prefer, you draw the constituents from the faucet and create the shares yourself, in kind. Then you redeem with your own key. No real assets, three minutes end to end. Redemption is the point. Redeem one qX20 share and the pro-rata slice of all 20 constituents lands in your wallet in a single transaction; 15 for qDEFI, 10 for qREV. Redemption reads no price, asks no permission, and has no operator in the path. There is no withdrawal limit, no pause and no redemption fee of any kind in the code — add one and the invariant suite fails the build. "Exits are always open" is a structure, not a promise. Fees are in the code too. A streaming management fee of 0.5%/yr on qX20 and 1%/yr on qDEFI and qREV. The contract refuses any increase, so the launch rate is the ceiling forever. No performance fee, no redemption fee, a 0.1% creation fee. An index holds the market rather than beating it, so an index vault does not charge for performance. Rebalancing is an auction, not a swap. When membership changes, the vault does not call a DEX. The change is announced seven days ahead with the hash of the anchored decision, and the outgoing asset is sold in public dutch auctions. How much a single fill may lose against the reference price, and how much of the book may be sold in a day, are hard ceilings in the contract; no role can move the price of an open auction. The reasoning is in Docs §08. Every number on the page comes from the chain. Shares outstanding, wallets, creations and redemptions, the leaderboard — aggregated from onchain Created/Redeemed events, not a database, and reproducible on the explorer. Our own wallets are excluded from the user counts. The two rails that ran here before — the QBV demo and the v2 rail — stay on the same page as they were; a count that starts over gives you no reason to trust it. All three vaults are source-verified; the addresses sit behind VERIFY ONCHAIN on each basket's metrics panel. The rules, the backtests that chose them (as CSV) and the daily anchored record are on each vault page and at /record. It is a testnet, so nothing here is a real asset. The structure is the one mainnet will run.

Testnet tally (Sep 2–13, our own wallets excluded) · 211 wallets · 260 creations · 252 in-kind redemptions · 512 transactions · 209 of the 211 wallets went all the way through to redemption Of those 252 redemptions, the number that needed our signature was zero. Redemption reads no price, and there is no function that can pause it. You can check this yourself with test assets. Running on @GIWA_by_Upbit Sepolia.

직접 테스트해보세요. Quadrix 바스켓 볼트가 GIWA Sepolia에서 돌아가고 있습니다. 슬라이드 대신 트랜잭션으로 보여드리는 게 맞다고 생각해서, 누구나 돌려볼 수 있게 열어뒀습니다. 흐름은 이렇습니다. 1. 지갑 연결 — GIWA Sepolia 네트워크는 버튼 하나로 추가됩니다. 2. 가스가 자동으로 들어옵니다. 파우셋 찾아다닐 필요 없습니다. 3. 데스크가 셰어 1,000개를 발행해 지갑으로 보냅니다. 4. 환매를 누르면 현물로 돌려받습니다. 세 자산이 그대로 지갑에 들어옵니다. 4번이 핵심입니다. 환매는 컨트랙트가 직접 처리하고, 가격을 읽지 않고, 멈출 수도 막을 수도 없습니다. 나가는 데 누구 허락도 필요 없다는 걸 코드로 고정해 둔 겁니다. 돌려보신 결과는 본인 주소로 대시보드에 남습니다. 저희 지갑은 집계에서 뺐으니 거기 보이는 건 전부 외부 분들이 실제로 돌린 기록입니다. 테스트 자산만 쓰고, 실제 자금은 들어가지 않습니다. 2분이면 충분합니다.