Silo

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How Silo works

The mechanics behind the numbers on every page.

Glossary

NAV per token
The USD value of everything the vault holds, divided by the tokens in circulation. Priced by Chainlink feeds.
Floor
NAV minus the redeem fee. This is what a token pays out if redeemed right now, so no rational seller accepts less.
Edge
Floor minus the asking price. Positive edge means buying and redeeming pays more than the purchase, before gas.
Redeem fee
A percentage kept in the vault when a token is redeemed. It goes to remaining holders, not to the protocol.
Backing
The assets a vault holds: mint proceeds in ETH plus any tokenized stocks or ETH deposited afterwards.
Redemption
Burning a token to receive its pro-rata share of every asset in the vault, in kind. It never reads a price.
GRAIN
The native coin. Required to launch and to mint; half of every fee is burned.
Silo tax
A Uniswap v4 hook that skims a small slice of every swap in a configured pool into a collection's vault.
Agent token
A token that owns its own on-chain wallet. Selling the token transfers the wallet and everything in it.
Guilloché plate
The generative artwork every token gets by default, drawn deterministically from the contract address and token id.

Questions

Can the creator take money out of the vault?

No. There is no withdrawal function. Value only leaves through redemption, and every token gets an equal share.

What happens if the price feeds go down?

Redemption keeps working because it divides raw balances rather than reading prices. Only the displayed NAV becomes incomplete, and the site marks it as such.

Why does NAV rise when someone redeems?

The redeem fee stays in the vault. Fewer tokens now share a slightly larger pool, so each remaining token is worth more.

Is a listing below the floor really free money?

Almost. Edge is calculated before gas, so thin margins may not cover transaction costs, and the price can move between seeing it and buying it.

Can I change a collection after launch?

Only the metadata base URI. Supply, price, fees and the mint window are immutable.

Who can deposit into a vault?

Anyone, as long as the asset has a registered price feed. Deposits raise NAV for every holder.

Where to go next

Browse listingsCompare collectionsFeed statusGRAIN