# Table of Contents - [What is Tessera? | Documentation](#what-is-tessera-documentation) - [How do Tessera Token Work? | Documentation](#how-do-tessera-token-work-documentation) - [Creating & Sharing Referral | Documentation](#creating-sharing-referral-documentation) - [Referral Dashboard | Documentation](#referral-dashboard-documentation) - [Referral Systems | Documentation](#referral-systems-documentation) - [How Referral Works | Documentation](#how-referral-works-documentation) - [Transfer | Documentation](#transfer-documentation) - [Token System & Fees | Documentation](#token-system-fees-documentation) - [Official Links | Documentation](#official-links-documentation) - [Redemption | Documentation](#redemption-documentation) - [Trade | Documentation](#trade-documentation) - [Auction | Documentation](#auction-documentation) - [Supported Wallets & Chains | Documentation](#supported-wallets-chains-documentation) - [Buy/Sell | Documentation](#buy-sell-documentation) - [Proof-of-Reserve (PoR) | Documentation](#proof-of-reserve-por-documentation) - [What is Tessera? | Documentation](#what-is-tessera-documentation) - [Referral Systems | Documentation](#referral-systems-documentation) - [My Dashboard | Documentation](#my-dashboard-documentation) - [Official Links | Documentation](#official-links-documentation) - [Supported Wallets & Chains | Documentation](#supported-wallets-chains-documentation) --- # What is Tessera? | Documentation ![Page cover](https://docs.tessera.pe/~gitbook/image?url=https%3A%2F%2F1743948248-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F0ee7CteO3eXoVCpJ37op%252Fuploads%252FZzKnOF6hAhslMsnCGOBx%252Fbanner.png%3Falt%3Dmedia%26token%3D5838d7f4-01c7-436d-ad0d-e5663edf0a82&width=1248&dpr=3&quality=100&sign=d9728be7&sv=2) circle-info **Disclaimer:** This article provides general information to help explain Tessera's Terms and Conditions in simpler language. It is for informational purposes only and should not be relied upon as legal, financial, investment, or tax advice. T-Tokens represent loan participation rights, not securities, though regulatory treatment may vary by jurisdiction. This is not a substitute for the official Terms and Conditions at [https://terms.tessera.pearrow-up-right](https://terms.tessera.pe/) , which shall prevail in all respects in case of any discrepancy. These materials are not directed to persons in jurisdictions where such activity would be unlawful. Before using Tessera, you must read and accept the complete Terms and Conditions and consult your own legal, financial, and tax advisors. Tessera is a decentralized private-markets platform designed to make exposure to leading private companies accessible to everyone. By leveraging on-chain tokenization, Tessera allows users to obtain tokenized exposure using stablecoins, with redemption and settlement governed by the relevant terms and structure ![](https://docs.tessera.pe/~gitbook/image?url=https%3A%2F%2F1743948248-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F0ee7CteO3eXoVCpJ37op%252Fuploads%252FCwJMOeCqkdlY8oHZ8jwr%252Ftessera_gitbook_001.png%3Falt%3Dmedia%26token%3De93b6cc4-91ad-4e57-b97e-cacce91d1d70&width=768&dpr=3&quality=100&sign=c63e5cd6&sv=2) Opening access from selected fews to everyone ### [hashtag](https://docs.tessera.pe/#problem) Problem Private equity is one of the world's best-performing asset classes, yet it remains fundamentally inaccessible. * **Exclusivity:** Only accredited investors—those earning over $200K annually or with a net worth above $1M—can participate directly. * **High minimums:** Existing platforms require investments of $100K or more. * **Illiquidity:** Settlements can take weeks, and investors are often locked in for years. This structure locks 99% of the global population out of a market that consistently outperformed public equities by more than 4% per year. ### [hashtag](https://docs.tessera.pe/#opportunities) Opportunities Tessera sits at the intersection of two unstoppable trends: the tokenization of real-world assets (RWAs) and the democratization of private markets. By bringing private equity exposure on-chain, Tessera unlocks a new financial layer where: * **Liquidity becomes continuous.** Tessera tokens can trade 24/7 on decentralized exchanges, giving participants real-time price discovery instead of quarterly valuations. * **Access becomes global.** Anyone can participate permissionlessly with a wallet and as little as one dollar and no KYC required. * **Transparency becomes standard.** Every asset backing is auditable on-chain through Chainlink Proof of Reserves and verifiable custody via Fireblocks. * **Flexibility emerges.** Tokens can be freely transferred and traded on Solana DEXs like Meteora and Jupiter. For participants, Tessera provides exposure to high-growth, high-impact companies before they go public. ### [hashtag](https://docs.tessera.pe/#the-vision) The Vision Tessera envisions a future where capital markets are open by design. Private markets built the modern economy, but their structure favored exclusivity, opacity, and delay. Now it's possible to build a transparent, liquid, and borderless system of exposure that anyone can participate in. In this new model: * Private asset exposure is discoverable and tradable in real time. * Participation opportunities are shared, not reserved. * Liquidity is continuous, and transparency is infrastructure. Tessera launches on Solana and operates as a permissionless platform, connecting participants globally through a single principle: access without compromise. Private markets built the modern economy. Tessera is building the open one. [NextHow do Tessera Token Work?chevron-right](https://docs.tessera.pe/overview/how-do-tessera-token-work) Last updated 4 days ago --- # How do Tessera Token Work? | Documentation circle-info **Disclaimer:** This article provides general information to help explain Tessera's Terms and Conditions in simpler language. It is for informational purposes only and should not be relied upon as legal, financial, investment, or tax advice. T-Tokens represent loan participation rights, not securities, though regulatory treatment may vary by jurisdiction. This is not a substitute for the official Terms and Conditions at [https://terms.tessera.pearrow-up-right](https://terms.tessera.pe/) , which shall prevail in all respects in case of any discrepancy. These materials are not directed to persons in jurisdictions where such activity would be unlawful. Before using Tessera, you must read and accept the complete Terms and Conditions and consult your own legal, financial, and tax advisors. ![](https://docs.tessera.pe/~gitbook/image?url=https%3A%2F%2F1743948248-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F0ee7CteO3eXoVCpJ37op%252Fuploads%252FjNq1xly1pK8OK1JIk3eH%252Ftessera_ux_01.png%3Falt%3Dmedia%26token%3D5b540d28-12a3-470d-ba01-3f5d6118f821&width=768&dpr=3&quality=100&sign=2c286753&sv=2) How Tessera tokens work behind the scene Investing in high-value private companies like SpaceX, OpenAI, or xAI has historically been reserved for billion-dollar funds and ultra-wealthy institutions. Tessera changes that by letting everyday investors gain exposure to these companies using a tokenized structure. Here’s how Tessera tokens ("T-Tokens") work: ### [hashtag](https://docs.tessera.pe/overview/how-do-tessera-token-work#id-1.-receive-tessera-tokens) 1\. Receive Tessera Tokens To receive Tessera Tokens, you lend stablecoins (USDC/USDT) to Tessera Issuer Inc. These loans are structured so Tessera tokens are treated as non-securities, enabling broader global participation. Here’s the key difference: Your loan repayment equals whatever the underlying private shares sell for at a liquidity event (IPO, acquisition, etc.). If the company exits higher, repayment is higher. If lower, repayment is lower. Returns are tied directly to the economic outcome of those shares. Once your loan is made, you receive Tessera tokens (SPL tokens on Solana). These tokens represent: * your loan position * your right to receive repayment tied to liquidation proceeds They function like a transferable receipt for your exposure to the underlying private assets. circle-info ⚠️ Important Eligibility Notice: Tessera is not available to persons or entities in certain excluded jurisdictions, including the United States of America, People’s Republic of China, and other restricted territories. See full Terms and Conditions at [https://terms.tessera.pearrow-up-right](https://terms.tessera.pe/) for complete list. ### [hashtag](https://docs.tessera.pe/overview/how-do-tessera-token-work#id-2.-behind-the-scenes-segregated-portfolios) 2\. Behind the Scenes: Segregated Portfolios Tessera Issuer Inc lends your stablecoins into segregated portfolios inside a Cayman Islands foundation. Each portfolio corresponds to a single company: * Portfolio 1 → SpaceX * Portfolio 2 → OpenAI * Portfolio 3 → xAI … and so on. These portfolios are legally ring-fenced, so a shortfall in one doesn’t impact the others. ### [hashtag](https://docs.tessera.pe/overview/how-do-tessera-token-work#id-3.-portfolios-acquire-real-exposure) 3\. Portfolios Acquire Real Exposure Each portfolio uses the loaned stablecoins to acquire actual economic exposure to the private company shares, through: * direct shares * contracts for shares * or similar instruments tracking company value This is what turns your loan into a form of private-equity exposure. ### [hashtag](https://docs.tessera.pe/overview/how-do-tessera-token-work#id-4.-independent-verification-and-proof-of-reserve) 4\. Independent Verification & Proof-of-Reserve Transparency is a core design principle. Here’s how verification works: 1. Portfolios produce audited financial statements showing what assets they hold. 2. The data is fed into Chainlink, a trusted blockchain oracle. 3. Chainlink publishes Proof-of-Reserve data on-chain. Anyone can verify that tokens in circulation match the assets held in portfolios. ### [hashtag](https://docs.tessera.pe/overview/how-do-tessera-token-work#id-5.-institutional-grade-security) 5\. Institutional-Grade Security Operational security is handled by Fireblocks, a platform used by leading financial institutions for secure token minting, transfers, and burning. Fireblocks use multi-party computation (MPC), a military-grade cryptographic system. ### [hashtag](https://docs.tessera.pe/overview/how-do-tessera-token-work#id-6.-the-golden-rule-1-1-backing) 6\. The Golden Rule: 1:1 Backing Tessera can never issue more tokens than there are assets backing them. Example: If a SpaceX portfolio has exposure to shares worth 1,000 units, only 1,000 tokens can exist. This ensures: * no dilution * no fractional re-hypothecation * no excess minting The 1:1 ratio is continuously validated through the Proof-of-Reserve mechanism. ### [hashtag](https://docs.tessera.pe/overview/how-do-tessera-token-work#id-7.-platform-growth-engine) 7\. Platform Growth Engine As tokens are distributed through Alpha Vault sales and liquidity pools, we reinvest proceeds to source additional high-demand private assets. This inventory management approach enables continuous platform expansion. **The Growth Cycle:** Token distribution → Capital reinvestment → New asset sourcing → Expanded catalog → Higher TVL → Better liquidity **Your Benefit:** * Access multiple private companies (SpaceX, OpenAI, xAI, and more) * Deeper liquidity as platform TVL grows * Continuous pipeline of new tokenized opportunities This is standard marketplace economics - we source inventory, distribute to buyers, and recycle capital to scale the platform. Each asset we tokenize strengthens the marketplace for all participants. ### [hashtag](https://docs.tessera.pe/overview/how-do-tessera-token-work#id-8.-what-you-can-do-with-tokens) 8\. What You Can Do With Tokens Unlike traditional private equity, Tessera tokens are liquid from day one and compatible with DeFi. You can: * trade on DEXs (e.g., Meteora on Solana) * lend/borrow via DeFi protocols * provide liquidity to earn fees * transfer freely to anyone This bridges private market access with public market liquidity which is a major unlock for investors. ### [hashtag](https://docs.tessera.pe/overview/how-do-tessera-token-work#id-9.-liquidity-events-how-you-get-paid-back) 9\. Liquidity Events: How You Get Paid Back Private companies eventually face a liquidity event: * IPO * acquisition * secondary sale * or equivalent corporate actions When that happens: 1. Portfolio liquidates the underlying exposure 2. Proceeds flow back to Tessera Issuer Inc 3. Tessera opens a Redemption Period 4. You return your tokens 5. You receive your loan repayment equal to the liquidation proceeds Important detail: If you miss the redemption window, the claim expires. ### [hashtag](https://docs.tessera.pe/overview/how-do-tessera-token-work#id-10.-key-advantages-for-participants) 10\. Key Advantages for Participants Access: Exposure to private companies normally requiring millions+ Liquidity: Trade anytime instead of waiting 5-10 years Transparency: On-chain proof assets actually exist DeFi Compatibility: Tokens can be used across Solana DeFi ecosystems Global Reach: Loan structure enables non-securities classification, improving access * * * ### [hashtag](https://docs.tessera.pe/overview/how-do-tessera-token-work#why-the-structure-works) Why the Structure Works Tessera's system functions due to five core design decisions: 1. **Loan structure** → Repayment tied to liquidation proceeds 2. **Segregated portfolios** → Legally isolated asset pools 3. **On-chain verification** → No hidden rehypothecation 4. **Institutional security** → Fireblocks MPC architecture 5. **1:1 backing** → Enforced via Chainlink Proof-of-Reserve Together, these create a bridge between private equity and tokenized finance, without compromising institutional standards. Token distribution through this structure enables capital recycling to source new assets, creating a growing marketplace with diverse opportunities and institutional-grade liquidity. ### [hashtag](https://docs.tessera.pe/overview/how-do-tessera-token-work#the-bigger-picture) The Bigger Picture Tessera is part of a broader shift where private markets are being tokenized, making them: * more transparent * more liquid * more accessible * more composable with DeFi If the last decade unlocked crypto-native assets, the next decade is likely to unlock tokenized TradFi assets, starting with private equity. Tessera is positioning itself at that frontier. * * * ### [hashtag](https://docs.tessera.pe/overview/how-do-tessera-token-work#platform-features) Platform Features On the platform, you'll interact with these tokens in a way that feels familiar to anyone who has used other Solana tokens. Tessera platform offers 5 key features: * **Terminal with PE Company Data:** Access in-depth analysis, charts, metrics, raise rounds, news volume data, and key information for all private equity companies available on Tessera. * **Personal Dashboard & Portfolio:** Track your current holdings, portfolio value, price charts, as well as your full history of transactions. * **Acquire & Trade:** Acquire Tessera tokens using stablecoins (USDC/USDT), or trade existing tokens on integrated Solana DEXs. A 0% fee applies on acquisitions, and a 0.2% fee (with max cap) applies on sells/transfers. * **Referral System:** Create referral links, track your referral data, check your total referral earnings, and monitor the trading volume of all your referred users. Earn 30% (Level 1), 3% (Level 2), and 2% (Level 3) of fees from your referral network. * **Redemption (Post-Liquidity Event):** After a company IPOs or is acquired, and after Tessera receives the proceeds, redeem your Tessera tokens for stablecoins during the designated Redemption Period. You receive your proportional share of whatever the underlying assets were sold for. [PreviousWhat is Tessera?chevron-left](https://docs.tessera.pe/) [NextReferral Systemschevron-right](https://docs.tessera.pe/features/referral-systems) Last updated 3 days ago This site uses cookies to deliver its service and to analyze traffic. By browsing this site, you accept the [privacy policy](https://terms.tessera.pe/privacy-policy) . close AcceptReject --- # Creating & Sharing Referral | Documentation To participate in the Tessera referral program: * Connect your Solana wallets * Verify your wallet by signing an authentication (no fee required) * Click on '+Create a New Code.' * Once your code has been generated, you can share it to start building your address's history #### [hashtag](https://docs.tessera.pe/features/referral-systems/creating-and-sharing-referral#referral-customization) Referral Customization ![](https://docs.tessera.pe/~gitbook/image?url=https%3A%2F%2F1743948248-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F0ee7CteO3eXoVCpJ37op%252Fuploads%252FGJtbkhaeAl3U5da5CCig%252FScreenshot%25202025-11-05%2520at%25204.03.17%25E2%2580%25AFPM.png%3Falt%3Dmedia%26token%3Db4721679-c8b6-48f2-8aa8-2f0b0a2b7851&width=768&dpr=3&quality=100&sign=8de97cdd&sv=2) You will be able to create a custom code to begin referring others to join Tessera through your invite. Rules for Referral code creation: * You can use any text or symbols * Limited to only 6-12 characters circle-info To understand how the referral works, please read '[How Referral Works](https://docs.tessera.pe/features/referral-systems/how-referral-works) '. #### [hashtag](https://docs.tessera.pe/features/referral-systems/creating-and-sharing-referral#referral-banner-customization) Referral Banner Customization ![](https://docs.tessera.pe/~gitbook/image?url=https%3A%2F%2F1743948248-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F0ee7CteO3eXoVCpJ37op%252Fuploads%252FCejnbLK5XxoEnxqHtzi7%252FScreenshot%25202025-11-05%2520at%25204.30.32%25E2%2580%25AFPM.png%3Falt%3Dmedia%26token%3D5f5d16ad-1d87-48d4-a8b5-2752e19d9581&width=768&dpr=3&quality=100&sign=e62e5802&sv=2) To enable URL-based sharing, you need to click on the "Share" button on the landing page. To change the template image, simply click "<" or ">" to scroll through the selection of available images. The image is built within the URL, so each time you share your URL, the image that you have chosen will be shown on the link preview, including the QR code of your ref code. [PreviousReferral Dashboardchevron-left](https://docs.tessera.pe/features/referral-systems/referral-dashboard) [NextHow Referral Workschevron-right](https://docs.tessera.pe/features/referral-systems/how-referral-works) Last updated 20 days ago --- # Referral Dashboard | Documentation ### [hashtag](https://docs.tessera.pe/features/referral-systems/referral-dashboard#referral-affiliate-data) Referral Affiliate Data ![](https://docs.tessera.pe/~gitbook/image?url=https%3A%2F%2F1743948248-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F0ee7CteO3eXoVCpJ37op%252Fuploads%252FBDWrJjcs24O0rZ0PblzU%252FAffiliates.png%3Falt%3Dmedia%26token%3D29a4e34d-115c-455b-a15d-10d4b94a0d1a&width=768&dpr=3&quality=100&sign=ca307292&sv=2) In the Referral dashboard, you can check how much reward you have already earned via your referee(s). This page also includes the complete breakdown of the level of referral-generated volumes based on your referral tiers, giving you an idea of how your referees are performing. You can earn up to L3, the 3rd degree referral from your generated ref code. If you need to generate a new code, you may do so by clicking '+Create New Code'. There is no limit to how many codes you can generate. ### [hashtag](https://docs.tessera.pe/features/referral-systems/referral-dashboard#referral-trader-data) Referral Trader Data ![](https://docs.tessera.pe/~gitbook/image?url=https%3A%2F%2F1743948248-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F0ee7CteO3eXoVCpJ37op%252Fuploads%252FjH0MWD0yBY12kLT3F4ys%252FTrade.png%3Falt%3Dmedia%26token%3Ddb8fc5e8-2cf9-4646-be6a-beaacfca0dfd&width=768&dpr=3&quality=100&sign=a1a5f19d&sv=2) Within the Referral Trader's data page, you can view your referral performance in-depth based on your referee's trading history. Please note that due to privacy protection, the complete address of your referee will not be clickable or fully displayed. All of your aggregated referees' earned trading points will also be shown on this page. [PreviousReferral Systemschevron-left](https://docs.tessera.pe/features/referral-systems) [NextCreating & Sharing Referralchevron-right](https://docs.tessera.pe/features/referral-systems/creating-and-sharing-referral) Last updated 20 days ago --- # Referral Systems | Documentation Tessera uses a '**3-level referral system'** for fee sharing whereby 35% of all Tessera revenue are distributed through our referral system. ![](https://docs.tessera.pe/~gitbook/image?url=https%3A%2F%2F1743948248-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F0ee7CteO3eXoVCpJ37op%252Fuploads%252F0CB1YR6dcMpGSMyZTNOT%252Fref_share.png%3Falt%3Dmedia%26token%3D307304b9-8266-4dfe-9666-e8b5803110e7&width=768&dpr=3&quality=100&sign=1052f2ef&sv=2) Our system uses **referral codes** that people can share when signing up: * If you invite a friend and they use your code, you get a share of the fee as a **reward**. * If your friend invites someone else, you get a **smaller** share of that next reward, too. Referral rewards are **multi-tiered**, which means: * Level 1 (your direct invite): You earn **30%** of the referral reward. * Level 2 (your friend’s invite): you earn **3%**. * Level 3 (your friend’s friend’s invite): you earn **2%**. circle-check For every volume traded by your referrals, you will essentially earn a percentage of it, which builds up over time as your 1st, 2nd, and 3rd degree referees trade Tessera tokens. [PreviousHow do Tessera Token Work?chevron-left](https://docs.tessera.pe/overview/how-do-tessera-token-work) [NextReferral Dashboardchevron-right](https://docs.tessera.pe/features/referral-systems/referral-dashboard) Last updated 18 days ago This site uses cookies to deliver its service and to analyze traffic. By browsing this site, you accept the [privacy policy](https://terms.tessera.pe/privacy-policy) . close AcceptReject --- # How Referral Works | Documentation A referral code is a unique 6-12-character identifier by default that you create and share with others. You may also customize the referral code. When someone registers with your code, they become part of your referral chain. **Example codes**: * `ALICE2024` * `CRYPTO123` * `SOLANA99` ### [hashtag](https://docs.tessera.pe/features/referral-systems/how-referral-works#how-the-referral-chain-works) How the Referral Chain Works ![](https://docs.tessera.pe/~gitbook/image?url=https%3A%2F%2F1743948248-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F0ee7CteO3eXoVCpJ37op%252Fuploads%252F0CB1YR6dcMpGSMyZTNOT%252Fref_share.png%3Falt%3Dmedia%26token%3D307304b9-8266-4dfe-9666-e8b5803110e7&width=768&dpr=3&quality=100&sign=1052f2ef&sv=2) Every user can have up to **3 levels of referrers** for each code they generated. When someone registers with your code: 1. **They become your Level 1 referee** (direct) 2. **Their Level 1 becomes your Level 2** (2nd tier) 3. **Their Level 2 becomes your Level 3** (3rd tier) [hashtag](https://docs.tessera.pe/features/referral-systems/how-referral-works#real-world-example) Real-World Example -------------------------------------------------------------------------------------------------------------------------- Let's follow Alice, Bob, Carol, and Dave: ### [hashtag](https://docs.tessera.pe/features/referral-systems/how-referral-works#step-1-alice-creates-a-code) Step 1: Alice Creates a Code Copy Alice creates code: ALICE123 Alice's chain: [empty] ### [hashtag](https://docs.tessera.pe/features/referral-systems/how-referral-works#step-2-bob-registers-with-alices-code) Step 2: Bob Registers with Alice's Code Copy Bob registers with: ALICE123 Alice's chain: ├─ Level 1: Bob (30% of Bob's fees) ├─ Level 2: [empty] └─ Level 3: [empty] When Bob pays 10 tokens in fees: * **Alice earns**: 3 tokens (30%) * **Protocol gets**: 7 tokens (70%) ### [hashtag](https://docs.tessera.pe/features/referral-systems/how-referral-works#step-3-carol-registers-with-bobs-code) Step 3: Carol Registers with Bob's Code Copy Carol registers with: BOB456 Alice's chain: ├─ Level 1: Bob (30% of Bob's fees) ├─ Level 2: Carol (3% of Carol's fees) └─ Level 3: [empty] Bob's chain: ├─ Level 1: Carol (30% of Carol's fees) ├─ Level 2: [empty] └─ Level 3: [empty] When Carol pays 10 tokens in fees: * **Bob earns**: 3 tokens (30%) * **Alice earns**: 0.3 tokens (3%) * **Protocol gets**: 6.7 tokens (67%) ### [hashtag](https://docs.tessera.pe/features/referral-systems/how-referral-works#step-4-dave-registers-with-carols-code) Step 4: Dave Registers with Carol's Code Copy Dave registers with: CAROL789 Alice's chain: ├─ Level 1: Bob (30% of Bob's fees) ├─ Level 2: Carol (3% of Carol's fees) └─ Level 3: Dave (2% of Dave's fees) Bob's chain: ├─ Level 1: Carol (30% of Carol's fees) ├─ Level 2: Dave (3% of Dave's fees) └─ Level 3: [empty] Carol's chain: ├─ Level 1: Dave (30% of Dave's fees) ├─ Level 2: [empty] └─ Level 3: [empty] When Dave pays 10 tokens in fees: * **Carol earns**: 3 tokens (30%) * **Bob earns**: 0.3 tokens (3%) * **Alice earns**: 0.2 tokens (2%) * **Protocol gets**: 6.5 tokens (65%) [hashtag](https://docs.tessera.pe/features/referral-systems/how-referral-works#visual-representation) Visual Representation -------------------------------------------------------------------------------------------------------------------------------- Copy Alice (ALICE123) │ │ Level 1 ▼ Bob (BOB456) │ │ Level 1 ▼ Carol (CAROL789) │ │ Level 1 ▼ Dave **When Dave makes a transfer:** * Carol: Direct referrer (Tier 1) → 30% * Bob: Grandparent (Tier 2) → 3% * Alice: Great-grandparent (Tier 3) → 2% circle-info Your address only displays the first-degree referral count; subsequent referrals beyond that are no longer counted, but the fees remain paid directly to you. ### [hashtag](https://docs.tessera.pe/features/referral-systems/how-referral-works#referral-payouts) Referral Payouts Rewards are distributed **automatically** on a periodic basis: * No manual claiming * No gas fees for you * Instant settlement * Transparent and fully on-chain [PreviousCreating & Sharing Referralchevron-left](https://docs.tessera.pe/features/referral-systems/creating-and-sharing-referral) [NextToken System & Feeschevron-right](https://docs.tessera.pe/features/token-system-and-fees) Last updated 18 days ago --- # Transfer | Documentation ![](https://docs.tessera.pe/~gitbook/image?url=https%3A%2F%2F1743948248-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F0ee7CteO3eXoVCpJ37op%252Fuploads%252FmnvQVMz1Hshv53YbzH3p%252FTessera_Transfer.png%3Falt%3Dmedia%26token%3D3f927ee2-8d98-4dc6-b5c4-15f9a8f0ee4f&width=768&dpr=3&quality=100&sign=812c0de6&sv=2) ### [hashtag](https://docs.tessera.pe/features/token-system-and-fees/transfer#base-fee-rate) Base Fee Rate The standard fee rate is set at **0.20%** per transfer. [hashtag](https://docs.tessera.pe/features/token-system-and-fees/transfer#fee-scenarios) Fee Scenarios ----------------------------------------------------------------------------------------------------------- ### [hashtag](https://docs.tessera.pe/features/token-system-and-fees/transfer#scenario-1-small-transfer) Scenario 1: Small Transfer Copy Amount: 100 $T Fee Rate: 0.2% Fee: 0.2 $T Recipient: 99.8 $T ### [hashtag](https://docs.tessera.pe/features/token-system-and-fees/transfer#scenario-2-large-transfer) Scenario 2: Large Transfer Copy Amount: 50,000 $T Fee Rate: 0.2% Maximum Fee: 1,000 $T Calculated Fee: 100 $T Actual Fee: 100 $T (under cap) Recipient: 49,900 $T ### [hashtag](https://docs.tessera.pe/features/token-system-and-fees/transfer#additional-faqs) Additional FAQs: #### [hashtag](https://docs.tessera.pe/features/token-system-and-fees/transfer#do-i-pay-fees-when-receiving-tokens) Do I pay fees when receiving tokens? No, only the sender pays transfer fees. #### [hashtag](https://docs.tessera.pe/features/token-system-and-fees/transfer#can-fees-change) Can fees change? Yes, the project can update fee rates, but all changes are transparent and visible on-chain. #### [hashtag](https://docs.tessera.pe/features/token-system-and-fees/transfer#how-can-i-check-the-fee-before-transferring) How can I check the fee before transferring? Most Solana wallets show the fee breakdown before you confirm: Copy ┌─────────────────────────────────┐ │ Transfer Preview │ ├─────────────────────────────────┤ │ Amount: 1,000 $T │ │ Transfer Fee: 2 $T (0.2%) │ │ Recipient Gets: 998 $T │ ├─────────────────────────────────┤ │ [Cancel] [Confirm] │ └─────────────────────────────────┘ #### [hashtag](https://docs.tessera.pe/features/token-system-and-fees/transfer#what-if-i-dont-have-enough-tokens-for-the-fee) What if I don't have enough tokens for the fee? The transaction will fail. Make sure you have enough tokens to cover both the amount you want to send and the fee. #### [hashtag](https://docs.tessera.pe/features/token-system-and-fees/transfer#where-does-the-fee-go) Where does the fee go? When you transfer Tessera Tokens, the fees are split to: * Your referrer * Tessera's Treasury This creates a sustainable ecosystem where fees support development, rewards, community, and referrers. [PreviousToken System & Feeschevron-left](https://docs.tessera.pe/features/token-system-and-fees) [NextBuy/Sellchevron-right](https://docs.tessera.pe/features/token-system-and-fees/buy-sell) Last updated 3 days ago This site uses cookies to deliver its service and to analyze traffic. By browsing this site, you accept the [privacy policy](https://terms.tessera.pe/privacy-policy) . close AcceptReject --- # Token System & Fees | Documentation [hashtag](https://docs.tessera.pe/features/token-system-and-fees#overview) Overview ---------------------------------------------------------------------------------------- Tessera Tokens are enhanced tokens that automatically collect fees on every transfer. These fees can be distributed to multiple recipients, creating sustainable revenue streams for projects, creators, and communities. Unlike regular tokens, Tessera Tokens use Solana's **Token-2022 standard** with built-in transfer fees, which includes: * Automated Fees * Transparent fee structure * Fees are programmable with different rates for different users * Built on Solana's native token program, providing maximum security [PreviousHow Referral Workschevron-left](https://docs.tessera.pe/features/referral-systems/how-referral-works) [NextTransferchevron-right](https://docs.tessera.pe/features/token-system-and-fees/transfer) Last updated 18 days ago This site uses cookies to deliver its service and to analyze traffic. By browsing this site, you accept the [privacy policy](https://terms.tessera.pe/privacy-policy) . close AcceptReject --- # Official Links | Documentation Website: [https://www.tessera.fun/arrow-up-right](https://www.tessera.fun/) 𝕏: [https://x.com/tessera\_pearrow-up-right](https://x.com/tessera_pe) Telegram: [https://t.me/tesseraLabsarrow-up-right](https://t.me/tesseraLabs) Terms & Conditions: [https://terms.tessera.pe/arrow-up-right](https://terms.tessera.pe/) [PreviousProof-of-Reserve (PoR)chevron-left](https://docs.tessera.pe/technicals/proof-of-reserve-por) Last updated 5 days ago This site uses cookies to deliver its service and to analyze traffic. By browsing this site, you accept the [privacy policy](https://terms.tessera.pe/privacy-policy) . close AcceptReject --- # Redemption | Documentation circle-info **Disclaimer:** This article provides general information to help explain Tessera's Terms and Conditions in simpler language. It is for informational purposes only and should not be relied upon as legal, financial, investment, or tax advice. T-Tokens represent loan participation rights, not securities, though regulatory treatment may vary by jurisdiction. This is not a substitute for the official Terms and Conditions at [https://terms.tessera.pearrow-up-right](https://terms.tessera.pe/) , which shall prevail in all respects in case of any discrepancy. These materials are not directed to persons in jurisdictions where such activity would be unlawful. Before using Tessera, you must read and accept the complete Terms and Conditions and consult your own legal, financial, and tax advisors. ![](https://docs.tessera.pe/~gitbook/image?url=https%3A%2F%2F1743948248-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F0ee7CteO3eXoVCpJ37op%252Fuploads%252Ftf5oBjCMEoVRyp9wsfRr%252FTessera_Flow%25201.png%3Falt%3Dmedia%26token%3D567cd27c-5605-4c18-bc4c-fa33f765176f&width=768&dpr=3&quality=100&sign=3c8a3177&sv=2) #### [hashtag](https://docs.tessera.pe/features/redemption#redemption-overview) Redemption overview When a Tessera-linked underlying company experiences a Liquidity Event, Tessera enables eligible token holders to redeem their tokens for proceeds derived from that event. You receive your proportional share of whatever the underlying assets were sold for. Redemption bridges real-world liquidity outcomes with on-chain settlement, subject to clearly defined terms and time windows. A company that has completed an IPO or undergone another qualifying Liquidity Event no longer retains private equity status with respect to that event. However, Tessera tokens may continue to trade on secondary markets unless and until redemption occurs, subject to the [Terms and Conditionsarrow-up-right](https://www.tessera.pe/terms) . * * * #### [hashtag](https://docs.tessera.pe/features/redemption#what-triggers-redemption) What Triggers Redemption Redemption is only available during a formally announced Redemption Period, which begins after all of the following conditions are met: **A Liquidity Event has occurred, defined as either:** * An **IPO**, where the underlying company goes public on a recognized stock exchange. * A **Change of Control**, where more than 50% of voting control is acquired, or the company is sold or merged. **Additional requirements:** * Any applicable **lock-up period** has expired (after an IPO, insiders and large shareholders typically cannot sell for a specified period). * Tessera has **received the proceeds** from that Liquidity Event. * Tessera has **announced the official Redemption Start Date.** No redemption is possible before these conditions are satisfied. * * * #### [hashtag](https://docs.tessera.pe/features/redemption#redemption-mechanics) Redemption Mechanics Redemption connects off-chain liquidity events to on-chain payouts through the following process: 1. Following a Liquidity Event and expiration of any lock-up period, the relevant Segregated Portfolio sells/liquidates all or part of its equity position in the underlying company, in accordance with the applicable structure. 2. Proceeds from the exit flow back to Tessera Issuer Inc. and are converted into stablecoins. **The specific stablecoin is determined by Tessera at its discretion** and may not necessarily be the same stablecoin you originally used. 3. The stablecoin proceeds are allocated to token holders pro rata, based on their share of the total token supply for the relevant Segregated Portfolio. * For example, holding 1% of the token supply entitles you to 1% of the distributable proceeds from that portfolio. * **No fixed return is guaranteed**—if the company exits at a higher valuation, your proceeds are higher; if it exits lower, your proceeds are lower. 4. Token holders may redeem by exchanging their eligible Tessera tokens during the Redemption Period in exchange for their allocated proceeds. 5. Depending on the specific structure, tokens may be fully extinguished upon redemption or may continue to represent residual rights if the Segregated Portfolio retains other positions. * * * #### [hashtag](https://docs.tessera.pe/features/redemption#redemption-period-and-deadlines) Redemption Period and Deadlines The Redemption Period lasts for a fixed number of days, as specified in the applicable terms, starting from the Redemption Start Date. #### [hashtag](https://docs.tessera.pe/features/redemption#critical-notice) ⚠️ Critical Notice **If you do not redeem your tokens within the Redemption Period:** * Any unclaimed redemption amounts **cease to be claimable.** * Tessera reserves the right to **forfeit unclaimed proceeds.** * **You permanently lose your funds.** Token holders must actively participate in the redemption process during the designated window—redemption is NOT automatic. * * * #### [hashtag](https://docs.tessera.pe/features/redemption#trading-before-and-after-redemption) Trading Before and After Redemption * Tessera's Terms and Conditions do not prohibit secondary market trading of tokens prior to redemption. * You may sell your tokens on DEXs before redemption if you prefer immediate liquidity at market prices. * A **0.2% transfer fee** (with maximum cap) applies when tokens are transferred or sold. * Trading availability does not guarantee liquidity—liquidity depends on willing buyers and sellers. * * * ### [hashtag](https://docs.tessera.pe/features/redemption#faqs) FAQs #### [hashtag](https://docs.tessera.pe/features/redemption#id-1-can-i-redeem-my-tokens-immediately-after-an-ipo) **#1: Can I redeem my tokens immediately after an IPO?** No. Redemption only becomes available after: * (1) a Liquidity Event has occurred, * (2) any applicable lock-up period has expired, * (3) Tessera has received the proceeds, and * (4) the Redemption Start Date has been formally announced. #### [hashtag](https://docs.tessera.pe/features/redemption#id-2-how-long-do-i-have-to-redeem-my-tokens) **#2: How long do I have to redeem my tokens?** Only for the duration of the Redemption Period, which is defined in the relevant terms. Missing this window means losing your funds. #### [hashtag](https://docs.tessera.pe/features/redemption#id-3-what-happens-if-the-company-never-goes-public) **#3: What happens if the company never goes public?** Redemption will not occur unless a qualifying Liquidity Event takes place. Companies can remain private indefinitely. Tokens may continue to trade on secondary markets, subject to availability and market demand. #### [hashtag](https://docs.tessera.pe/features/redemption#id-4-can-i-sell-my-tokens-instead-of-redeeming-them) **#4: Can I sell my tokens instead of redeeming them?** Yes. You can always sell tokens on DEXs instead of waiting for redemption. This provides immediate liquidity at market prices, provided you can find a buyer. #### [hashtag](https://docs.tessera.pe/features/redemption#id-5-what-stablecoin-will-i-receive-at-redemption) **#5: What stablecoin will I receive at redemption?** You will receive stablecoins (such as USDC or USDT), but the specific stablecoin is determined by Tessera at its discretion and may not necessarily be the same stablecoin you originally used. #### [hashtag](https://docs.tessera.pe/features/redemption#id-6-are-there-tax-implications-during-redemption) **#6: Are there tax implications during redemption?** Redemption likely constitutes a taxable event depending on your jurisdiction, residency, and tax status. Proceeds may be subject to withholding taxes where applicable. You are solely responsible for determining and complying with your tax obligations. Tessera does not provide tax advice. Please consult your local qualified tax professional for guidance. [PreviousTradechevron-left](https://docs.tessera.pe/features/trade) [NextSupported Wallets & Chainschevron-right](https://docs.tessera.pe/technicals/supported-wallets-and-chains) Last updated 5 days ago This site uses cookies to deliver its service and to analyze traffic. By browsing this site, you accept the [privacy policy](https://terms.tessera.pe/privacy-policy) . close AcceptReject --- # Trade | Documentation circle-info **Disclaimer:** This article provides general information to help explain Tessera's Terms and Conditions in simpler language. It is for informational purposes only and should not be relied upon as legal, financial, investment, or tax advice. T-Tokens represent loan participation rights, not securities, though regulatory treatment may vary by jurisdiction. This is not a substitute for the official Terms and Conditions at [https://terms.tessera.pearrow-up-right](https://terms.tessera.pe/) , which shall prevail in all respects in case of any discrepancy. These materials are not directed to persons in jurisdictions where such activity would be unlawful. Before using Tessera, you must read and accept the complete Terms and Conditions and consult your own legal, financial, and tax advisors. ![](https://docs.tessera.pe/~gitbook/image?url=https%3A%2F%2F1743948248-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F0ee7CteO3eXoVCpJ37op%252Fuploads%252Fvgawwxwz9F4V4lTWpZWK%252FTrade.png%3Falt%3Dmedia%26token%3Dd195de86-270a-4915-88a4-e453a6f469b2&width=768&dpr=3&quality=100&sign=909c736b&sv=2) Tessera tokens are SOL-based tokens, which can be traded on other platforms like Solflare, Jupiter, or others, granted that you have the token address (Which can be found on the '[Market Data](https://docs.tessera.pe/features/tessera-dashboard#market-data) ' page) Any transactions that involve Tessera tokens will be shown here, even though the trades are opened elsewhere. There would be several supported DeFi operation types for 'Trade': * Buy * Sell For more complete information on every single operation, visit your '[Dashboard](https://docs.tessera.pe/features/my-dashboard) ' page. Clicking on the specific row opens the Solscan history which you can check the transaction on-chain. circle-info Tessera does not provide any buy or sell functionality other than [Redemption](https://docs.tessera.pe/features/redemption) . The website only offers a shortcut link to secondary markets that we have identified. Transaction fees may apply when tokens are transferred. [PreviousAuctionchevron-left](https://docs.tessera.pe/features/auction) [NextRedemptionchevron-right](https://docs.tessera.pe/features/redemption) Last updated 5 days ago This site uses cookies to deliver its service and to analyze traffic. By browsing this site, you accept the [privacy policy](https://terms.tessera.pe/privacy-policy) . close AcceptReject --- # Auction | Documentation [hashtag](https://docs.tessera.pe/features/auction#tessera-token-auction-leveraging-alpha-vault-pro-rata-mode) Tessera Token Auction: Leveraging Alpha Vault Pro-Rata Mode ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- circle-info **Disclaimer:** This article provides general information to help explain Tessera's Terms and Conditions in simpler language. It is for informational purposes only and should not be relied upon as legal, financial, investment, or tax advice. T-Tokens represent loan participation rights, not securities, though regulatory treatment may vary by jurisdiction. This is not a substitute for the official Terms and Conditions at [https://terms.tessera.pearrow-up-right](https://terms.tessera.pe/) , which shall prevail in all respects in case of any discrepancy. These materials are not directed to persons in jurisdictions where such activity would be unlawful. Before using Tessera, you must read and accept the complete Terms and Conditions and consult your own legal, financial, and tax advisors. Tessera is committed to providing a fair and accessible launch mechanism for new tokenized private equity assets. To achieve this, Tessera utilizes **Meteora’s Alpha Vault**, specifically operating in the Pro-Rata mode, to conduct its token auctions. This strategy is designed to democratize access, mitigate the impact of front-running bots, and ensure a level playing field for all community members. ![](https://docs.tessera.pe/~gitbook/image?url=https%3A%2F%2F1743948248-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F0ee7CteO3eXoVCpJ37op%252Fuploads%252FVbeu9ZLExP5nGc4VDFET%252Fimage.png%3Falt%3Dmedia%26token%3D7d4bca70-f8c0-4107-82e2-f6bd2733a462&width=768&dpr=3&quality=100&sign=575fb7b0&sv=2) ### [hashtag](https://docs.tessera.pe/features/auction#the-tessera-fair-launch-principle) The Tessera Fair Launch Principle The core of Tessera's auction philosophy is the **Pro-Rata distribution model**. This means that a participant's final token allocation is directly proportional to their contribution to the total capital deposited in the vault. This eliminates the need for speed, rewarding commitment over rapid execution, and is a fundamental component of our anti-sniper strategy. #### [hashtag](https://docs.tessera.pe/features/auction#key-advantages-of-tesseras-auction-model) Key Advantages of Tessera's Auction Model Feature Description Benefit to User **Pro-Rata Allocation** Allocation is based on the percentage of total funds contributed, not speed. Eliminates "gas wars" and front-running by bots. **Uniform Pricing** All participants receive tokens at the same average entry price. Ensures fairness and prevents early buyers from gaining an unfair price advantage. **Bot Mitigation** The Alpha Vault mechanism is whitelisted to purchase tokens before the public pool opens. Safeguards the launch from malicious sniper bot activity. **Community Alignment** Configurable lock-up and vesting schedules encourage long-term holding. Promotes a stable token ecosystem supported by genuine project supporters. * * * ### [hashtag](https://docs.tessera.pe/features/auction#the-tessera-auction-lifecycle) The Tessera Auction Lifecycle Tessera's token auction process is structured into three clear and transparent phases, managed by the Alpha Vault smart contract. You can monitor the progress of any live auction, such as the **tSpaceX Liquidity Auction**, directly on the Tessera platform interface. #### [hashtag](https://docs.tessera.pe/features/auction#phase-1-deposit-period-pro-rata-contribution) Phase 1: Deposit Period (Pro-Rata Contribution) This is the window during which users can commit their capital (SOL or USDC) to the auction. * **Mechanism:** The Alpha Vault accepts deposits from whitelisted or permissionless addresses, depending on the specific launch configuration. * **UI Reference:** The **Auction Status** panel displays the countdown until the auction ends, marking the close of the Deposit Period. The **Auction Progress** graph visually tracks the **Total Raised** amount against the target raised. * **Your Position:** In the **Deposit USDC** panel, you can enter your contribution and click **Confirm Deposit**. The **My Position** card will immediately update to show your **Deposited** amount. #### [hashtag](https://docs.tessera.pe/features/auction#phase-2-token-acquisition-uniform-price-execution) Phase 2: Token Acquisition (Uniform Price Execution) Immediately following the Deposit Period, the Alpha Vault executes the token purchase. * **Timing:** The **Auction Status** panel provides a separate countdown for when the **Pool starts trading**, which occurs shortly after the Deposit Period ends. The Alpha Vault uses this brief window to execute the purchase before the public market opens. * **Oversubscription Handling:** The Pro-Rata model is designed to handle oversubscription, as indicated by the **\[X\]x Oversubscribed** label. If the total funds raised exceed the maximum buy cap, your contribution is scaled down proportionally. * **UI Reference:** The **My Position** card provides real-time estimates: * **Est. Alloc:** Your estimated token allocation based on the current total raised. * **Est. Refund:** The estimated amount of your deposited capital that will be refunded if the auction remains oversubscribed. #### [hashtag](https://docs.tessera.pe/features/auction#phase-3-token-claiming-and-vesting) Phase 3: Token Claiming and Vesting Once the tokens are secured by the Alpha Vault, they are prepared for distribution to participants. * **Tessera's Configuration:** **Tessera** may implement a **Lock-up** (a period before claiming begins) and a **Vesting Schedule** (a gradual release of tokens) to promote market stability and long-term investment. * **Claiming:** After the lock-up period, participants can claim their allocated tokens via the **Vesting** tab on the Tessera platform interface, according to the pre-defined schedule. * * * ### [hashtag](https://docs.tessera.pe/features/auction#how-to-participate-in-a-tessera-auction) How to Participate in a Tessera Auction 1. **Navigate to the Auction Tab:** Select the **Auction** tab from the left-hand navigation bar. 2. **Review Auction Status:** Check the **Auction Status** panel for the remaining time in the Deposit Period and the current **Total Raised** amount. 3. **Deposit Funds:** In the **Deposit USDC** panel, enter the amount you wish to contribute and click **Confirm Deposit**. 4. **Monitor Your Position:** Use the **My Position** card to track your deposited amount and monitor the **Est. Alloc** and **Est. Refund** as the auction progresses. 5. **Claim Tokens:** Once the Claiming Period begins, navigate to the **Vesting** tab to claim your vested tokens. **Tessera** is committed to leveraging best-in-class DeFi infrastructure like Meteora's Alpha Vault to ensure our token launches are secure, fair, and accessible to our global community. [PreviousBuy/Sellchevron-left](https://docs.tessera.pe/features/token-system-and-fees/buy-sell) [NextTradechevron-right](https://docs.tessera.pe/features/trade) Last updated 5 days ago This site uses cookies to deliver its service and to analyze traffic. By browsing this site, you accept the [privacy policy](https://terms.tessera.pe/privacy-policy) . close AcceptReject --- # Supported Wallets & Chains | Documentation The wallet that we are supporting currently are: * [Phantomarrow-up-right](https://phantom.com/) * [Brave Walletenvelope](mailto:undefined) * [Metamaskarrow-up-right](https://metamask.io/en-GB) * [Solflareenvelope](mailto:undefined) Tessera currently is only available on **Solana**. [PreviousRedemptionchevron-left](https://docs.tessera.pe/features/redemption) [NextProof-of-Reserve (PoR)chevron-right](https://docs.tessera.pe/technicals/proof-of-reserve-por) Last updated 13 days ago This site uses cookies to deliver its service and to analyze traffic. By browsing this site, you accept the [privacy policy](https://terms.tessera.pe/privacy-policy) . close AcceptReject --- # Buy/Sell | Documentation ![](https://docs.tessera.pe/~gitbook/image?url=https%3A%2F%2F1743948248-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F0ee7CteO3eXoVCpJ37op%252Fuploads%252FDSd1uyIt0COoVtA4a4UO%252FTessera_Swap_TS%25201.png%3Falt%3Dmedia%26token%3D0fb9ac51-3a74-4820-97bb-0e861b3e9121&width=768&dpr=3&quality=100&sign=b1a4e667&sv=2) Similar to 'Transfer', there would be a base fee rate of 0.2% per sell initiated. [hashtag](https://docs.tessera.pe/features/token-system-and-fees/buy-sell#fee-scenarios) Fee Scenarios ----------------------------------------------------------------------------------------------------------- circle-info Assuming 1 USDC is equal to 1 Tessera token or vice versa for this 'Buy/Sell' example below. We will use $T ticker to represent Tessera tokens. ![](https://docs.tessera.pe/~gitbook/image?url=https%3A%2F%2F1743948248-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F0ee7CteO3eXoVCpJ37op%252Fuploads%252FfTQo4p0Fz9poij2Jn9n5%252FTessera_Swap_ST%25201.png%3Falt%3Dmedia%26token%3D117aee3b-d7fa-48ed-aac6-cdafc72e0a63&width=768&dpr=3&quality=100&sign=960040c5&sv=2) ### [hashtag](https://docs.tessera.pe/features/token-system-and-fees/buy-sell#scenario-1-small-buy-sell-from-usdc-greater-than-tessera-tokens) Scenario 1: Small Buy/Sell (From USDC -> Tessera tokens) Copy Amount: 100 USDC Fee Rate: 0.0% Actual Fee: 0 $T Recipient: 100 $T ### [hashtag](https://docs.tessera.pe/features/token-system-and-fees/buy-sell#scenario-2-small-buy-sell-from-tessera-tokens-to-usdc) Scenario 2: Small Buy/Sell (From Tessera tokens to USDC) Copy Amount: 100 $T Fee Rate: 0.2% Actual Fee: 0.2 $T Recipient: 98 USDC ### [hashtag](https://docs.tessera.pe/features/token-system-and-fees/buy-sell#scenario-3-large-buy-sell) Scenario 3: Large Buy/Sell Copy Amount: 1,000,000 $T (~1,000,000 USDC) Fee Rate: 0.2% Calculated Fee: 2,000 $T Recipient: 998,000 USDC ### [hashtag](https://docs.tessera.pe/features/token-system-and-fees/buy-sell#additional-faqs) Additional FAQs: #### [hashtag](https://docs.tessera.pe/features/token-system-and-fees/buy-sell#when-trading-do-i-pay-fees-if-i-buy-or-sell) When trading, do I pay fees if I buy or sell? You only pay fees if you are swapping Tessera tokens to other assets. If you are buying from USDC to any Tessera PE tokens, there won't be any fees applied. #### [hashtag](https://docs.tessera.pe/features/token-system-and-fees/buy-sell#how-can-i-check-the-rate-before-the-trade) How can I check the rate before the trade? Most Solana wallets show the fee breakdown before you confirm: Copy ┌─────────────────────────────────┐ │ Buy/Sell Preview │ ├─────────────────────────────────┤ │ From : 100 USDC (0.0%) │ │ To : 100 $T (0.0%) │ │ You Get: 100 $T │ ├─────────────────────────────────┤ │ [Cancel] [Confirm] │ └─────────────────────────────────┘ #### [hashtag](https://docs.tessera.pe/features/token-system-and-fees/buy-sell#what-if-i-dont-have-enough-tokens-for-the-fee) What if I don't have enough tokens for the fee? The transaction will fail. Make sure you have enough tokens to cover both the amount you want to send and the fee. [PreviousTransferchevron-left](https://docs.tessera.pe/features/token-system-and-fees/transfer) [NextAuctionchevron-right](https://docs.tessera.pe/features/auction) Last updated 3 days ago This site uses cookies to deliver its service and to analyze traffic. By browsing this site, you accept the [privacy policy](https://terms.tessera.pe/privacy-policy) . close AcceptReject --- # Proof-of-Reserve (PoR) | Documentation Tessera integrates Chainlink Proof of Reserve (PoR) and Cross-Chain Interoperability Protocol (CCIP) to bring unprecedented transparency to tokenized private equity exposure. * * * ### [hashtag](https://docs.tessera.pe/technicals/proof-of-reserve-por#tessera-partnership-with-chainlink) Tessera Partnership with Chainlink By partnering with Chainlink, Tessera delivers: * **Proof of Reserve (PoR):** Real-time on-chain verification that token supply matches underlying asset holdings * **CCIP:** Secure infrastructure for multi-chain expansion This makes Tessera the first tokenized private equity platform with transparent reserve verification and native multi-chain support from launch. * * * ### [hashtag](https://docs.tessera.pe/technicals/proof-of-reserve-por#how-proof-of-reserve-works) How Proof of Reserve Works Tessera's PoR system combines traditional financial controls with blockchain transparency: #### [hashtag](https://docs.tessera.pe/technicals/proof-of-reserve-por#id-1.-secure-custody-and-independent-audit) 1\. Secure Custody & Independent Audit Private equity exposure (SpaceX, OpenAI, xAI) is held in segregated portfolios within a Cayman Islands foundation structure. Independent auditors verify the asset holdings, creating the authoritative source of truth. #### [hashtag](https://docs.tessera.pe/technicals/proof-of-reserve-por#id-2.-chainlink-oracle-network) 2\. Chainlink Oracle Network Audited asset counts feed into Chainlink's decentralized oracle network, which validates data across multiple independent nodes before publishing on-chain. #### [hashtag](https://docs.tessera.pe/technicals/proof-of-reserve-por#id-3.-on-chain-publication) 3\. On-Chain Publication Chainlink publishes real-time feeds on Solana showing: * Asset holdings in each segregated portfolio * Circulating supply of corresponding Tessera tokens * Reserve ratio confirmation **Example: Tessera-SpaceX Reserves** Copy Feed: Tessera-SpaceX-Reserves - Portfolio Holdings: 100,000 shares of SpaceX exposure - Token Supply: 100,000 Tessera-SpaceX tokens in circulation - Reserve Ratio: 1.00 (fully backed) - Last Audit: [timestamp] - Auditor: [Firm name] #### [hashtag](https://docs.tessera.pe/technicals/proof-of-reserve-por#why-asset-count-not-dollar-value) Why Asset Count (Not Dollar Value)? Unlike platforms that report fluctuating dollar values, Tessera displays actual asset counts: Approach Benefit Objective verification Asset counts are unambiguous and easily verified against portfolio records No valuation disputes Eliminates subjective debates while maintaining price discovery on DEXs Clear 1:1 mapping Token supply cannot exceed verified asset holdings Simple audits Auditors verify holdings, not complex valuation models * * * ### [hashtag](https://docs.tessera.pe/technicals/proof-of-reserve-por#ccip-multi-chain-expansion) CCIP: Multi-Chain Expansion Chainlink's CCIP enables Tessera to deploy across Ethereum, Base, Polygon, Avalanche, and other networks with: **Unified Infrastructure** * Single source of truth for reserve verification across all chains * Secure token transfers between networks * Consistent standards across blockchain environments **Enhanced DeFi Capabilities** * Cross-chain arbitrage opportunities * Aggregated liquidity from multiple ecosystems * Universal collateral acceptance across lending protocols * * * ### [hashtag](https://docs.tessera.pe/technicals/proof-of-reserve-por#benefits-for-the-defi-ecosystem) Benefits for the DeFi Ecosystem #### [hashtag](https://docs.tessera.pe/technicals/proof-of-reserve-por#for-protocols) For Protocols * **Lending platforms:** Accept Tessera tokens as collateral with real-time reserve verification * **DEXs:** New asset class with 24/7 trading and verifiable backing * **Developers:** Build cross-chain derivatives and structured products #### [hashtag](https://docs.tessera.pe/technicals/proof-of-reserve-por#for-users) For Users * Trade across DEXs on multiple chains * Access liquidity pools across Solana, Ethereum, Base, and more * Verify reserve backing in real-time on any supported chain * * * ### [hashtag](https://docs.tessera.pe/technicals/proof-of-reserve-por#why-this-matters) Why This Matters Traditional private equity markets lack transparency even for accredited investors. Compliance-based platforms like Republic and Securitize still require trust in centralized intermediaries. Tessera's Chainlink integration changes this: **permissionless access with cryptographic proof of reserves.** Anyone can verify that token supply matches actual asset holdings—no KYC, no intermediaries, no trust assumptions. * * * ### [hashtag](https://docs.tessera.pe/technicals/proof-of-reserve-por#about-the-integration) About the Integration Chainlink secures tens of billions in DeFi value. Its Proof of Reserve solution is trusted by major RWA projects, while CCIP connects 30+ blockchain networks. Tessera's integration includes: * **Proof of Reserve:** Adapted from Chainlink's established PoR feeds for private equity verification * **CCIP Exclusivity:** Tessera commits to using CCIP for all cross-chain operations * * * ### [hashtag](https://docs.tessera.pe/technicals/proof-of-reserve-por#roadmap) Roadmap Phase Milestone **Phase 1 - Solana Launch** PoR feeds go live alongside Tessera mainnet, covering SpaceX, OpenAI, xAI, and future offerings **Phase 2 - Multi-Chain** CCIP powers deployment to Ethereum, Base, Polygon, and other networks with unified PoR verification _._ [PreviousSupported Wallets & Chainschevron-left](https://docs.tessera.pe/technicals/supported-wallets-and-chains) [NextOfficial Linkschevron-right](https://docs.tessera.pe/socials/official-links) Last updated 10 days ago This site uses cookies to deliver its service and to analyze traffic. By browsing this site, you accept the [privacy policy](https://terms.tessera.pe/privacy-policy) . close AcceptReject --- # What is Tessera? | Documentation ![Page cover](https://docs.tessera.pe/~gitbook/image?url=https%3A%2F%2F1743948248-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F0ee7CteO3eXoVCpJ37op%252Fuploads%252FZzKnOF6hAhslMsnCGOBx%252Fbanner.png%3Falt%3Dmedia%26token%3D5838d7f4-01c7-436d-ad0d-e5663edf0a82&width=1248&dpr=3&quality=100&sign=d9728be7&sv=2) circle-info **Disclaimer:** This article provides general information to help explain Tessera's Terms and Conditions in simpler language. It is for informational purposes only and should not be relied upon as legal, financial, investment, or tax advice. T-Tokens represent loan participation rights, not securities, though regulatory treatment may vary by jurisdiction. This is not a substitute for the official Terms and Conditions at [https://terms.tessera.pearrow-up-right](https://terms.tessera.pe/) , which shall prevail in all respects in case of any discrepancy. These materials are not directed to persons in jurisdictions where such activity would be unlawful. Before using Tessera, you must read and accept the complete Terms and Conditions and consult your own legal, financial, and tax advisors. Tessera is a decentralized private-markets platform designed to make exposure to leading private companies accessible to everyone. By leveraging on-chain tokenization, Tessera allows users to obtain tokenized exposure using stablecoins, with redemption and settlement governed by the relevant terms and structure ![](https://docs.tessera.pe/~gitbook/image?url=https%3A%2F%2F1743948248-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F0ee7CteO3eXoVCpJ37op%252Fuploads%252FCwJMOeCqkdlY8oHZ8jwr%252Ftessera_gitbook_001.png%3Falt%3Dmedia%26token%3De93b6cc4-91ad-4e57-b97e-cacce91d1d70&width=768&dpr=3&quality=100&sign=c63e5cd6&sv=2) Opening access from selected fews to everyone ### [hashtag](https://docs.tessera.pe/overview#problem) Problem Private equity is one of the world's best-performing asset classes, yet it remains fundamentally inaccessible. * **Exclusivity:** Only accredited investors—those earning over $200K annually or with a net worth above $1M—can participate directly. * **High minimums:** Existing platforms require investments of $100K or more. * **Illiquidity:** Settlements can take weeks, and investors are often locked in for years. This structure locks 99% of the global population out of a market that consistently outperformed public equities by more than 4% per year. ### [hashtag](https://docs.tessera.pe/overview#opportunities) Opportunities Tessera sits at the intersection of two unstoppable trends: the tokenization of real-world assets (RWAs) and the democratization of private markets. By bringing private equity exposure on-chain, Tessera unlocks a new financial layer where: * **Liquidity becomes continuous.** Tessera tokens can trade 24/7 on decentralized exchanges, giving participants real-time price discovery instead of quarterly valuations. * **Access becomes global.** Anyone can participate permissionlessly with a wallet and as little as one dollar and no KYC required. * **Transparency becomes standard.** Every asset backing is auditable on-chain through Chainlink Proof of Reserves and verifiable custody via Fireblocks. * **Flexibility emerges.** Tokens can be freely transferred and traded on Solana DEXs like Meteora and Jupiter. For participants, Tessera provides exposure to high-growth, high-impact companies before they go public. ### [hashtag](https://docs.tessera.pe/overview#the-vision) The Vision Tessera envisions a future where capital markets are open by design. Private markets built the modern economy, but their structure favored exclusivity, opacity, and delay. Now it's possible to build a transparent, liquid, and borderless system of exposure that anyone can participate in. In this new model: * Private asset exposure is discoverable and tradable in real time. * Participation opportunities are shared, not reserved. * Liquidity is continuous, and transparency is infrastructure. Tessera launches on Solana and operates as a permissionless platform, connecting participants globally through a single principle: access without compromise. Private markets built the modern economy. Tessera is building the open one. [NextHow do Tessera Token Work?chevron-right](https://docs.tessera.pe/overview/how-do-tessera-token-work) Last updated 5 days ago This site uses cookies to deliver its service and to analyze traffic. By browsing this site, you accept the [privacy policy](https://terms.tessera.pe/privacy-policy) . close AcceptReject --- # Referral Systems | Documentation Tessera uses a '**3-level referral system'** for fee sharing whereby 35% of all Tessera revenue are distributed through our referral system. ![](https://docs.tessera.pe/~gitbook/image?url=https%3A%2F%2F1743948248-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F0ee7CteO3eXoVCpJ37op%252Fuploads%252F0CB1YR6dcMpGSMyZTNOT%252Fref_share.png%3Falt%3Dmedia%26token%3D307304b9-8266-4dfe-9666-e8b5803110e7&width=768&dpr=3&quality=100&sign=1052f2ef&sv=2) Our system uses **referral codes** that people can share when signing up: * If you invite a friend and they use your code, you get a share of the fee as a **reward**. * If your friend invites someone else, you get a **smaller** share of that next reward, too. Referral rewards are **multi-tiered**, which means: * Level 1 (your direct invite): You earn **30%** of the referral reward. * Level 2 (your friend’s invite): you earn **3%**. * Level 3 (your friend’s friend’s invite): you earn **2%**. circle-check For every volume traded by your referrals, you will essentially earn a percentage of it, which builds up over time as your 1st, 2nd, and 3rd degree referees trade Tessera tokens. [PreviousHow do Tessera Token Work?chevron-left](https://docs.tessera.pe/overview/how-do-tessera-token-work) [NextReferral Dashboardchevron-right](https://docs.tessera.pe/features/referral-systems/referral-dashboard) Last updated 18 days ago This site uses cookies to deliver its service and to analyze traffic. By browsing this site, you accept the [privacy policy](https://terms.tessera.pe/privacy-policy) . close AcceptReject --- # My Dashboard | Documentation You can navigate to the 'My Dashboard' section to check your existing portfolio and Tessera points. ### [hashtag](https://docs.tessera.pe/features/my-dashboard#dashboard) Dashboard ![](https://docs.tessera.pe/~gitbook/image?url=https%3A%2F%2F1743948248-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F0ee7CteO3eXoVCpJ37op%252Fuploads%252FDKfXpdMFKuRBVG8KvN6a%252Fimage.png%3Falt%3Dmedia%26token%3Dd8264ee7-8910-4355-a698-bf06356ff577&width=768&dpr=3&quality=100&sign=e511e9b8&sv=2) "My Dashboard" displays all on-chain interactions that occurred on your address. Please note that only Tessera assets will be included; non-Tessera token interactions will not be shown here. Last updated 18 days ago This site uses cookies to deliver its service and to analyze traffic. By browsing this site, you accept the [privacy policy](https://terms.tessera.pe/privacy-policy) . close AcceptReject --- # Official Links | Documentation Website: [https://www.tessera.fun/arrow-up-right](https://www.tessera.fun/) 𝕏: [https://x.com/tessera\_pearrow-up-right](https://x.com/tessera_pe) Telegram: [https://t.me/tesseraLabsarrow-up-right](https://t.me/tesseraLabs) Terms & Conditions: [https://terms.tessera.pe/arrow-up-right](https://terms.tessera.pe/) [PreviousProof-of-Reserve (PoR)chevron-left](https://docs.tessera.pe/technicals/proof-of-reserve-por) Last updated 5 days ago This site uses cookies to deliver its service and to analyze traffic. By browsing this site, you accept the [privacy policy](https://terms.tessera.pe/privacy-policy) . close AcceptReject --- # Supported Wallets & Chains | Documentation The wallet that we are supporting currently are: * [Phantomarrow-up-right](https://phantom.com/) * [Brave Walletenvelope](mailto:undefined) * [Metamaskarrow-up-right](https://metamask.io/en-GB) * [Solflareenvelope](mailto:undefined) Tessera currently is only available on **Solana**. [PreviousRedemptionchevron-left](https://docs.tessera.pe/features/redemption) [NextProof-of-Reserve (PoR)chevron-right](https://docs.tessera.pe/technicals/proof-of-reserve-por) Last updated 13 days ago This site uses cookies to deliver its service and to analyze traffic. By browsing this site, you accept the [privacy policy](https://terms.tessera.pe/privacy-policy) . close AcceptReject ---