Field guide

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What is sBTC

sBTC is the settlement asset on Stacks. Notes on stx.markets are deposited and settled in sBTC. Testnet assets have no monetary value.

Why this matters: settlement and collateral use the same unit.

What is a Thesis Note

A Thesis Note is a transparent long/short position across several assets, tied to a written view about a world event. Its weights, horizon and resolution condition are fixed in a signed receipt at mint.

Why this matters: weights describe exposure, not ownership of the underlying assets.

How resolution works

Each Thesis declares an objective condition and a deadline block. Oracle-resolved Theses read Pyth or DIA feeds; committee-resolved Theses publish their decision on-chain. The Note settles when the condition is met or at the deadline, whichever is first.

Why this matters: the declared rule sets when the position settles.

Staking & yield

Idle collateral can opt in to Stacks staking (PoX-5). Staking is not yet live on testnet. Yield is variable and not guaranteed. Future versions may hedge BTC/STX legs through ALEX, Velar or Bitflow liquidity.

Why this matters: staking is optional and rewards can vary.

Receipts

A receipt records a Thesis hash. Compare that hash with the registry record and inspect its transaction on the Stacks testnet explorer.

Why this matters: a hash comparison checks the recorded identity, not the economic outcome.

How fees work

Mint fee 0%. Performance fee 10% of profit at cash-out. No profit, no fee. These are the defaults; the Fee Ledger shows current contract settings and fee splits.

Why this matters: only realised profit incurs the performance fee.

See the fee ledger

Access tiers and location

Browse, Starter, Standard and Professional determine available actions. Access passes require matching residence and current location. Country rules remain pending counsel confirmation.

Why this matters: a tier does not override current regional rules.

See access tiers

Risks

Synthetic exposure can lose value. Oracles can fail or lag. Contracts are not audited. The sBTC peg and staking rewards can vary. This is a testnet prototype and nothing here is investment advice.

Why this matters: testnet operation is not an audit or a guarantee.

Glossary

Term	Definition
Atlas	The map of world events and their signals.
Thesis	A written, falsifiable view about an event.
Note	The token you mint to take a Thesis position.
Receipt	An on-chain hash of the Thesis at mint.
Resolution	The condition and process that settles a Thesis.
Ledger	Your holdings and receipts.
Vault	Per-Note staking controls. Staking is not yet live on testnet.