SBELM — Crypto ATH

1. Premise

Crypto ATH is an on-chain investment protocol operating within the SBELM ecosystem.

It is designed to provide deterministic exposure to a dynamic basket of cryptocurrencies that have recently demonstrated the strongest structural price behavior through the achievement of new all-time highs.

Crypto ATH is not a discretionary managed fund. It is not a trading interface. It is not a governance-driven protocol. It is not an upgradeable product.

It is an immutable on-chain ruleset.

2. Core Philosophy

Crypto ATH follows the canonical SBELM principles:

• no upgradeable proxies
• no governance
• no pause
• no admin rescue
• no hidden overrides
• no discretionary asset management
• no off-chain custody of user capital
• deterministic and verifiable behavior
• irreversible structural freeze after setup

The protocol must be trusted only after code, deployment, verification, and immutability are visible on-chain.

3. Product Objective

Crypto ATH allows a user to acquire a single token representing proportional ownership of a dynamically maintained on-chain crypto basket.

The basket:

• always contains exactly 10 assets
• is drawn from a frozen predefined universe
• selects the assets with the most recent all-time highs
• updates according to deterministic rules
• is held directly on-chain by the protocol

The result is a rules-based, immutable, momentum-oriented crypto index structure.

4. Eligible Universe

The universe is derived from a top-100 market-cap snapshot, with stablecoins excluded.

However, the protocol does not freeze the raw top-100 ranking. It freezes only the subset of assets that are technically compatible with the protocol.

An asset may enter the Crypto ATH universe only if it satisfies all of the following:

• ERC20-compatible on Ethereum
• no rebasing behavior
• no fee-on-transfer behavior
• a deterministic on-chain pricing path
• a valid primary or fallback oracle path compatible with immutable execution
• usable Uniswap V3 execution path against USDC
• operational compatibility with immutable on-chain accounting

Stablecoins are excluded from the universe because the protocol is intended to express directional momentum among volatile crypto assets.

5. Current Operational Universe

The current operational universe used by the deployed protocol consists of 19 assets.

This universe is not the full theoretical candidate set. It is the final subset selected for operational robustness under the protocol's immutability, oracle reliability, and execution constraints.

In practice, the usable universe had to be defined not only by market relevance, but by the ability to sustain deterministic pricing under real on-chain runtime conditions.

The universe may expand only in future protocol versions through new deployments, never through mutation of the current deployed system.

6. Oracle Architecture

Crypto ATH does not rely on a single oracle path.

The deployed system uses a deterministic dual-oracle architecture routed through a dedicated on-chain Oracle Router.

Resolution order is fixed:

1. primary oracle path
2. secondary fallback oracle path
3. revert if both fail

This preserves determinism while removing the structural fragility of a single-point oracle dependency.

No governance override, no admin intervention, and no off-chain discretionary pricing path exists.

7. Primary Oracle

The primary oracle source is Chainlink.

Where a valid Chainlink feed exists and remains callable under real runtime conditions, the protocol prefers that source first.

Chainlink paths may be:

• direct USD feeds
• ETH-quoted feeds converted through ETH/USD

If an asset uses a direct USD feed, the price is read directly in USD. If an asset uses an ETH-denominated path, the protocol derives USD through the immutable ETH/USD feed.

8. Secondary Oracle

The secondary oracle source is an immutable Uniswap V3 pool-based fallback path.

This fallback is not discretionary. The pool path is fixed in the immutable oracle configuration at deployment time.

Depending on the asset, the fallback path may resolve through:

• a token/USDC pool
• a token/WETH pool with deterministic conversion through ETH/USD

The purpose of the fallback path is not to override market reality, but to preserve protocol operability when the primary feed is not usable at runtime.

9. Freshness and Runtime Validity

A Chainlink feed is not considered acceptable merely because it exists.

It must satisfy two independent conditions:

• it must be fresh
• it must be callable and usable on-chain at runtime

This distinction is critical. The protocol design was revised after it became clear that freshness validation alone is insufficient to guarantee real oracle usability.

Maximum staleness is fixed at 24 hours.

If a primary feed is stale or unusable:

• the primary path is rejected
• the router attempts the fallback path
• the request reverts only if both paths fail

This design prefers safety first, while materially improving liveness relative to a Chainlink-only architecture.

10. All-Time High Logic

For each asset in the universe, Crypto ATH stores the highest observed valid price and the timestamp at which that ATH was recorded.

An ATH is updated when a router-derived valid USD price exceeds the prior recorded ATH.

ATH updates are permissionless and deterministic.

11. Basket Selection Logic

The basket always contains exactly 10 assets.

Assets are ranked primarily by:

1. most recent ATH timestamp
2. tie-break by lowest index in the frozen universe ordering

An ATH is considered valid if it occurred within 730 days.

If fewer than 10 assets have valid ATHs within 730 days, the protocol still fills the basket with the 10 best available assets using the same deterministic ordering logic.

12. Basket Weights

The basket uses fixed equal-style weighting:

• 9% target weight per asset
• 10 assets
• 90% total invested exposure

The remaining 10% is held as a liquidity buffer.

This choice intentionally avoids market-cap dominance. The protocol is designed to express ATH momentum, not to recreate a market-cap index dominated by BTC or ETH.

13. Treasury and Custody Model

Crypto ATH keeps user capital fully on-chain.

The protocol does not use an off-chain cold treasury for user assets.

This preserves:

• on-chain user claims
• trustless withdrawals
• fully visible NAV
• deterministic accounting

Only development fees may be moved outside the protocol after receipt.

14. Deposits

Users may enter the protocol using:

• USDC
• WETH
• WBTC
• native ETH, wrapped internally into WETH

All accounting is based on USDC.

If a user deposits WETH, WBTC, or ETH, the protocol converts the deposit into USDC first and then applies the protocol allocation logic.

15. Entry Fee

Each deposit pays a deterministic entry fee of 0.5%.

The fee is transferred to the immutable development address configured at deploy time.

No fee parameter can be changed after deployment.

16. Capital Allocation Policy

After deposit and fee extraction:

• 90% of capital is invested into the current basket
• 10% remains as a liquidity buffer in USDC

This buffer is not discretionary. It is part of the protocol's deterministic treasury policy.

17. Liquidity Buffer Band

Crypto ATH does not rebalance the liquidity buffer continuously on every small variation.

Instead it uses a fixed operating band:

• target: 10%
• minimum: 8%
• maximum: 12%

Rules:

• if buffer falls below 8%, the protocol sells basket assets pro-rata to restore toward 10%
• if buffer rises above 12%, the protocol invests the excess toward the basket to restore toward 10%
• if buffer remains between 8% and 12%, no action is taken

18. Swaps and Execution

All acquisition and divestment is executed through Uniswap V3.

Execution rules are deterministic:

• route base is USDC
• slippage tolerance is fixed at deploy
• no discretionary routing changes after deploy
• no manual intervention

This preserves on-chain verifiability and limits discretionary execution behavior.

19. NAV

The protocol token NAV is calculated as total real portfolio value divided by total token supply.

Portfolio value includes:

• actual balances of the basket tokens held by the Vault
• actual USDC buffer balance
• router-derived USD pricing through the Registry

NAV is therefore based on real holdings, real balances, valid oracle resolution, and immutable accounting rules.

20. User Token

Crypto ATH issues a single ERC20 token representing proportional ownership in the Vault.

This token:

• is minted on deposit
• is burned on withdrawal
• has no discretionary mint path
• has no admin minting
• is controlled only by the Vault

It functions as a share token of the protocol treasury.

21. Withdrawals

Withdrawals are processed through token burn.

The user receives:

• pro-rata balances of the basket tokens actually held
• pro-rata share of the USDC buffer

The protocol does not force a sale to USDC on user exit.

This design reduces:

• slippage risk
• MEV exposure
• dependency on immediate DEX liquidity

22. Rotation and Updates

ATH updates and basket rotation are permissionless.

The protocol can be advanced through public calls such as targeted asset checks and full scans of the universe.

No privileged actor is required.

When a new asset earns a more recent ATH position, it enters the basket and the asset with the oldest effective basket priority exits.

23. Contract Architecture

Crypto ATH uses four primary contracts:

24. Freeze and Immutability

After setup, the protocol enters irreversible structural immutability.

This includes:

• no changes to the universe
• no changes to oracle structure
• no new assets
• no asset removals
• no new governance controls
• no emergency overrides
• no rescue rights

Behavior remains dynamic, but structure becomes fixed forever.

25. Security Posture

Crypto ATH is designed to reduce attack surface through:

• no governance
• no proxy
• no upgradability
• single custody Vault
• Registry separated from custody
• Oracle Router separated from custody
• deterministic slippage configuration
• primary + fallback oracle architecture
• anti-reentrancy protections
• no discretionary token handling

The protocol still requires careful deployment, testing, verification, and audit. Immutability is not a substitute for correctness.

26. Operational Truth

Crypto ATH must not be trusted because it is described well.

It must be trusted only if:

• the contracts are deployed
• the contracts are verified on Etherscan
• the addresses are public
• the constructor arguments are public
• the immutable wiring is public
• the behavior can be observed directly

Current deployed addresses:

• OracleRouter: 0x709C45D5538278114829E8B90Ae01F16f3fE5e15
• Registry: 0x6b75f28f6dADa7680908F8A60D2622dd56E2e630
• Vault: 0xBfDA61fc5270Cf717Bb3FaeB135a7b4021deDb1b
• Token: 0xB93F46f07CE6eab56d64e0042DEA15c620Bf316E

27. Final Definition

Crypto ATH is an immutable, on-chain, rules-based crypto basket protocol within SBELM.

It offers:

• one user token
• one fully on-chain treasury
• one deterministic universe
• one dynamic ATH selection mechanism
• one deterministic dual-oracle pricing layer
• one transparent and auditable accounting model

It is designed for users who want direct exposure to a systematically updated set of crypto assets showing the strongest recent ATH behavior, without discretionary human management and without dependence on a single fragile oracle path.