Some days the wire stays empty.

A synthetic dollar on Solana. Collateral is SOL or a liquid staking token, and against every unit of it an equal-notional perpetual short is opened. The long and the short move against each other, so the pair holds a dollar value while neither leg does on its own. What that pair earns or costs is perpetual carry, a market rate with a sign, and the protocol publishes it rather than converting it into a headline return.

From carry paid to the short leg while the market is net long. Whether there is any right now depends on the window you measure, and on this book the short windows and the long ones have been disagreeing: recent carry negative, the longer averages positive. That is why no single figure is quoted here. Every window the protocol holds is published with its sign and with how much of it has actually been observed, and the current signed figure is in the header next to the issuance state. It is also the reason the protocol gates issuance instead of advertising a number.

Because the alternative designs do not stop. A protocol that mints regardless of carry hands its holders a cost and reports it as a yield until the buffer runs out. Poyz publishes the signed rate on every page, refuses new issuance below its threshold, and keeps redemption open throughout. When carry turns positive the gate opens on its own. The product is the discipline, not a prediction about when the market turns.

The buffer is drawn down first, and the interface publishes how many days of carry it covers at the current rate. Distributions to stakers floor at zero. As the buffer drains further, the protocol deleverages on published thresholds, cutting the carry cost at the price of reintroducing bounded and disclosed directional exposure. Below the last threshold, issuance is fully closed and the book unwinds toward a lower-leverage posture. Redemption stays open the entire way down, which means the exit is available while the loss is still small. Bitcoin funding stayed negative for roughly 46 to 50 days after the November 2022 FTX collapse, so the buffer is sized in days against that precedent rather than against a comfortable one.

Three Solana perpetual venues have already died or been drained in eighteen months, so this question is not hypothetical. Zeta Markets ended perpetual operations on 2025-05-01. Mango v4 finished liquidating on 2025-01-13. Drift, the largest order-book venue on the chain, was exploited for 285 to 295 million dollars in 2026-04 and relaunched as Velocity DEX on 2026-07-01. Poyz routes through a venue-adapter interface, which makes the venue set a configuration decision rather than an architectural one, and caps notional per venue so no single one carries the whole hedge. What that does not fix: margin stranded at a failed venue is not recoverable by re-hedging, and auto-deleveraging can close the short during exactly the crash where it is most needed. Both are realised losses and both are reported as such.

Not large, at present. Open interest on the primary venue measured four figures of dollars on 2026-08-09, and a hedge cannot exceed the book that absorbs it. Issuance is capped at what can actually be hedged, and the venue capacity figure is published next to that cap rather than discovered at mint time. A capacity ceiling is a real limit on this product's size, not a temporary condition being worked around.

Yes, and while carry is negative that is the expected direction rather than the unlucky one, because a negative rate is a cost incurred simply by holding the hedge. Beyond that, backing per unit falls if a negative regime outlasts the buffer, if a venue strands margin, if the short is auto-deleveraged or liquidated during a gap, if an LST trades below the asset it tracks, or if the program has a defect. There is also a case that is not about backing at all: the token can trade on a secondary market below what it redeems for, and selling there returns less than redeeming at the protocol.

Three independent paths. The header publishes delta against its threshold, net carry with its sign, and the issuance state, live. Every rebalance commits venue, notional change, price, and the deviation before and after to the Anchor program, which recomputes the delta rather than trusting the submitted number, and each row links to its signature. The delta command prints the same figures from a terminal and exits non-zero when the book is outside its threshold, which makes it usable as a monitor rather than a page you have to remember to open.