WRAITH · money, unseen

CHAPTERi.

under the lenswhat the chain sees

A USDC transfer is a postcard.
A wraith is a sealed letter.

Write a payment. On the left, what any Solana explorer prints for a normal transfer. On the right, all WRAITH writes down: a nullifier and a commitment, hashed in your browser as you type. Hover a sealed row to feel what the view key would reveal.

usdc on solanapublic forever

from7pYQ…u4A · your wallet

to

amount

memo

balancereadable by anyone

historyevery payment you ever made

wusd on wraith◉ sealed

fromyou

to

amount

nullifier…

commitment…

notex25519 + aes-256-gcm, to the receiver

CHAPTERii.

the shielded poolanonymity set

Every note enters the same dark.

A shielded balance is a commitment in one Merkle tree. Spending reveals a nullifier, never which commitment it belonged to. Each person who joins makes everyone harder to find.

commitments: —

ledger · what an observer gets

CHAPTERiii.

what leakssender · receiver · amount · peg

Privacy that still holds a dollar.

senderreceiveramountstable $1

USDC on Solanaexposedexposedexposedyes

Fixed-pool mixershiddenexposedpool sizeno

Privacy coinshiddenhiddenhiddenvolatile

wUSD on Wraithhiddenhiddenhiddenyes

CHAPTERiv.

the mechanismthree moves

Mint it. Shield it. Let it go.

1

USDC in, wUSD out.

Deposit USDC on Solana. Ninety percent stays in the reserve as collateral, ten percent buys $WRAITH at market and burns it. Nothing is printed.

mint(m)
  reserve  += 0.90 · m
  burn $WRAITH ← 0.10 · m

2

Your balance goes dark.

Public wUSD becomes a note encrypted only to you and joins the pool as a commitment. To everyone else it is a shimmer where a number used to be.

C = SHA-256("cm" ‖ amount ‖ owner ‖ r)
tree.append(C)

3

Paid, unseen.

A private send spends one note and writes another. The ledger keeps a nullifier and a new commitment, and nothing that names a person or a sum.

publish N = SHA-256("nf" ‖ secret ‖ i)
append  C′ for the receiver

CHAPTERv.

the appsigned with phantom

Step behind the glass.

Connect Phantom and sign once. It is free and moves no funds. Every action below is signed by your wallet, and your shielded balance is shown to no one but you.

wraith · consolesolana · usdc◉ signed session

USDC on ledger

—

$WRAITH

—

wUSD · public

—

wUSD · unseen

revealseal

your referral link

Earn 20% of every toll paid by the people you bring in.

referred—

earned—

top referrers

CHAPTERvi.

the roomsscroll →

A private dollar with rooms in it.

i · the notepay links

Pay with a link.

Lock shielded wUSD behind a secret and send the link. Whoever opens it first claims it into their own shielded balance. No address is ever named, and the server keeps only a hash of the secret.

ii · the sealview keys

Show one person. No one else.

Make a read-only view key. It opens a statement of your shielded balance and history and can never spend. Hand it to an accountant or a partner, and keep it from everyone else.

iii · the dark pool1x · live tape

Markets, unseen.

Long or short SOL, BTC, ETH and US stocks with shielded wUSD. Ticker, size and P&L stay inside the shield.

open

—

volume

—

fees burned

—

notional

iv · bonds & forge−20% · −30%

$WRAITH below market.

USDC in, discounted $WRAITH out, vested over 5 days. Or forge it: locked 48 hours at −30% and earning 80% APY. Every bond adds to the reserve and mints no wUSD.

bond price

—

market

—

capacity

—

bonded

—

forge price

—

in the forge

—

v · the vigilends 4 dec

Staking with an ending.

Stake wUSD for a fixed APY paid in $WRAITH from a fixed pool. It closes on 4 December or when the pool runs dry, so it can never hold up the peg.

apy

—

staked

—

pool left

—

ends in

—

stakers

—

boost

vi · the burnbuyback

Every move feeds the fire.

30 bps on shield, send and unshield, 50 bps on redeem, plus the algorithmic slice of every mint. Tolls buy $WRAITH at market and burn it. The burn is public. The payer never is.

burned

—

bought back

—

next burn

—

epochs

—

vii · receiptsburn log

Every epoch, on record.

CHAPTERvii.

roadmapledger → program → zero knowledge

From a private ledger to a proof.

phase i · live

Private ledger

USDC deposits verified on Solana, mint and redeem, shielded balances, signed sessions.

phase ii · live

The rooms

Notes, seals, the dark pool, bonds, the vigil and the burn.

phase iii · next

wUSD on SPL

A Solana program that mints and redeems wUSD against the USDC reserve.

phase iv

Zero-knowledge pool

Shielded transfers proved on-chain, so privacy no longer depends on the server.

phase v

Audit, then open

Independent audits, then the pool opens to every Solana wallet and app.

CHAPTERviii.

questions

Asked in the dark.

What is wUSD?

A dollar you can hold and send privately on Solana. You deposit USDC, mint wUSD at $1, and can shield it at any time. A shielded balance shows as a shimmer to everyone but you, and a shielded send hides the amount and both parties.

What backs wUSD?

USDC. Every mint is paid fully in USDC: the collateral share (90% today) stays in the reserve and the rest buys $WRAITH at market and burns it. Redeeming returns the collateral share in USDC plus the algorithmic share in $WRAITH. The reserve and the treasury's on-chain USDC balance are shown live.

How do deposits work?

Phantom builds a standard USDC transfer to the treasury and you sign it. The server reads the confirmed transaction from Solana, checks that your wallet signed it and how much USDC landed in the treasury, and credits exactly that. Minimum 50 USDC. You can also paste the signature of a transfer you already sent.

Why do I sign a message when I connect?

It proves the wallet is yours. The signature is free and moves no funds. Every action that moves value needs it, and your private balance is shown only to your own signed session. Pasting someone else's address shows nothing private.

How do I get USDC back out?

Redeem wUSD for USDC on the ledger, then Withdraw. Withdrawals enter a payout queue and the treasury pays them to your wallet within 24 hours. There is no hot key on the server, so no request can drain the treasury.

What are the Note and the Seal?

A Note is a pay link: shielded wUSD locked behind a random secret that whoever opens the link first can claim. A Seal is a read-only view key that opens a statement of your shielded balance and history and can never spend.

What is the Dark Pool?

Private exposure to SOL, BTC, ETH and US stocks. You commit shielded wUSD to a 1x long or short priced off the live exchange tape. Positions are capped per wallet and in total, shorts close at a 95% loss, and 30 bps each way goes to the burn.

What are Bonds, the Forge and the Vigil?

Bonds sell $WRAITH for USDC at 20% below market, vesting over 5 days. The Forge sells at 30% below market with a 48-hour lock and 80% APY while locked. The Vigil pays a fixed APY in $WRAITH on staked wUSD until 4 December 2026 or until its pool is spent. Bonds and the Forge open once $WRAITH has a live market price.

Which wallet do I use?

Phantom, or any wallet that injects the Solana provider (Solflare, Backpack). You need USDC on Solana to deposit and a little SOL for the network fee.

What are the risks?

wUSD is a fractional-algorithmic stablecoin. Its peg is a mechanism backed by the USDC reserve, and algorithmic designs have failed before when the reserve was thin. The ledger runs on the WRAITH server and the USDC sits in the treasury wallet until the Solana program in phase III. Deposit what you can afford to lose.

Money,
unseen.

A USDC transfer is a postcard.
A wraith is a sealed letter.

Every note enters the same dark.

Privacy that still holds a dollar.

Mint it. Shield it. Let it go.

USDC in, wUSD out.

Your balance goes dark.

Paid, unseen.

Step behind the glass.

A private dollar with rooms in it.

Pay with a link.

Show one person. No one else.

Markets, unseen.

$WRAITH below market.

Staking with an ending.

Every move feeds the fire.

Every epoch, on record.

From a private ledger to a proof.

Private ledger

The rooms

wUSD on SPL

Zero-knowledge pool

Audit, then open

Asked in the dark.

Your money is nobody's record.

A USDC transfer is a postcard.A wraith is a sealed letter.

Every note enters the same dark.

Privacy that still holds a dollar.

Mint it. Shield it. Let it go.

USDC in, wUSD out.

Your balance goes dark.

Paid, unseen.

Step behind the glass.

A private dollar with rooms in it.

Pay with a link.

Show one person. No one else.

Markets, unseen.

$WRAITH below market.

Staking with an ending.

Every move feeds the fire.

Every epoch, on record.

From a private ledger to a proof.

Private ledger

The rooms

wUSD on SPL

Zero-knowledge pool

Audit, then open

Asked in the dark.

Your money is nobody's record.

A USDC transfer is a postcard.
A wraith is a sealed letter.