A systematic desk issued as a token. Fees fund the book on Lighter. Realised profit is paid to holders every hour.
One systematic strategy: trend following on the market's fastest names, sized to volatility and tilted by funding. No discretion, no committee.
Buy or sell the token and a fixed slice is taken at the source. It goes straight to margin.
Cross market trend following on Lighter, vol targeted and funding tilted. The model decides, nobody overrides.
Every close lands on chain and can be checked against the live book. Nothing is claimed the desk did not earn.
At each epoch, realised profit is split pro rata across holders and settled in USDG. Hold it, collect it.
The portfolio's return, less the return the market's own beta would have paid for free.
Beta is the part the market handed you for being there, up with the tide and down with it. Alpha is whatever is left once that tide is subtracted.
A desk that publishes its alpha every hour against a live book has nowhere to hide. That exposure is the discipline, and the discipline is the name.