GLAM Mints: Tokenized Interface to Internet Capital Markets

In traditional finance, ownership and access are bundled into opaque workflows. GLAM separates asset control from participation. Vaults define how capital is managed. Mints define who can participate, when they can enter or exit, and under what conditions. Together, they enable programmable asset management in internet capital markets.

Core Concept: Mints as Tokenized Interfaces

GLAM Mints are programmable interfaces built on top of Vaults. They issue tokenized shares, enforce access constraints, and govern subscriptions and redemptions. Each Mint links to a Vault or to an offchain asset and defines how ownership is issued, transferred, and redeemed.

Vaults handle execution. Mints govern participation. Managers define who can join, when liquidity is available, and how tokens behave under compliance and reporting rules.

Key functions include:

• Subscriptions and redemptions
• Investor eligibility and access control
• Transfer permissions and compliance features
• Structured metadata and reporting formats
• Minimum thresholds and lock-up periods

Mints turn access into infrastructure. Terms are enforced through protocol logic.

Mint Configurations

GLAM supports multiple Mint types to match different custody models:

• Vault Mints are directly linked to GLAM Vaults. All permissions and flows are enforced by protocol logic.
• Hybrid Mints connect to Vaults that manage both onchain and offchain assets. Onchain logic enforces access; offchain components rely on attestations.
• Solo Mints represent external or offchain portfolios, with redemption and issuance handled by trusted operators or limited onchain authorities.

All Mints use Solana’s Token-2022 standard with Token Extensions. Policies and metadata are embedded directly in the token and persist across custody venues.

Policy Enforcement

Mints define liquidity behavior through configurable rules. Parameters include minimum subscription and redemption sizes, notice periods, settlement windows, and cancellation windows.

• Continuous models allow entry and exit at any time, subject to notice and settlement.
• Periodic models batch orders and execute on a fixed schedule.

When linked to a Vault, protocol logic governs all flows, no manual approvals required. Solo Mints may rely on delegated permissions if full enforcement is not needed.

Mint authority roles:

• Mint Authority: Issues tokens held by the investor or in the vault.
• Freeze Authority: Restricts token transfers by freezing or unfreezing token accounts.
• Permanent Delegate: Authorized to burn or reassign tokens for redemption or settlement.

Redemption logic is defined during Mint setup and enforced by the protocol. Some parameters may be mutable under time lock or with permission. Additional features like lock-up periods and emergency pause functionality enhance protection under stress conditions.

Token Extensions and Behavior

Rules are embedded directly into tokens using Token Extensions, creating consistent behavior across accounts, custodians, and protocols.

• Transfer Hooks enforce policies before tokens are moved, such as lock-up periods
• Default Account State enables KYC onboarding before tokens can be held
• Metadata adds disclosures using openfunds or custom data formats

Tokens follow the Solana token standard, so mint shares behave like any other token. Not all extensions are in use today, but we plan to expand support over time as strategy requirements evolve.

Bridging Onchain and Offchain Assets

Not all strategies are fully onchain. Some Vaults hold assets via custodians or rely on external pricing. GLAM Mints support these hybrid models while maintaining rule enforcement and transparency.

• Onchain pricing uses verified oracles
• Offchain pricing comes from data providers and may be configured by the manager

Tokens can be redeemed onchain or used as offchain claims, with redemption windows defined in the Mint. Either case follows the same rule-based approach.

Strategy Use Cases

Each Mint defines eligibility, liquidity, and transfer behavior. Example strategies include:

• Tokenized Onchain Strategy: A manager launches a vault that holds a liquid staking token index. All assets remain in the vault, enabling real-time subscriptions and redemptions with automated fee and liquidity logic.
• Hybrid Approach: A fund issues a Mint tied to a vault that stakes tokens natively and allocates to a centralized exchange. Redemptions require a 7-day notice period, enforced by the mint policy. Pricing is provided by the fund administrator.
• Private Credit Fund: An issuer tokenizes a private credit vehicle for qualified investors. Subscriptions require KYB onboarding. Redemptions are only permitted after a 6-month lock-up, with caps enforced per redemption window.

Each Mint is configured with only the permissions required for its strategy. This ensures tokens behave consistently across custody setups, protocols, and venues, without relying on discretionary enforcement.

From Vaults to Tokens

Vaults define how capital is controlled—who can act, what they can do, and under what constraints. But investors also need standardized access to these strategies. That’s the role of Mints.

Mints issue programmable tokens representing participation. They define investor eligibility, redemption logic, and compliance rules. Liquidity settings like notice and settlement periods are enforced automatically. Like Vaults, Mints require no human discretion to function.

Key Takeaways

• GLAM Mints define access terms and liquidity mechanics through protocol-enforced rules
• Program logic governs subscriptions, redemptions, transfers, and compliance
• Token Extensions embed policies directly in each token
• Mints support Vault-backed, hybrid, and offchain strategies
• Terms like lock-ups, fees, minimums, and liquidity windows are configurable
• Mints bridge strategy design and investor participation in a secure, composable interface

In the next article, we explore the GLAM Universe: how Vaults and Mints integrate with the Solana ecosystem to power programmable, cross-protocol strategies.