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What Nod is
Agent funds where every big move is priced by a market before it runs.
Nod runs funds that an AI agent manages and investors own. Inside a daily budget the agent trades the fund's money on its own. Anything bigger is posted with its exact transaction, and it runs only if a market prices the fund higher with it than without it.
A fund
Investors deposit USDC and receive shares at the fund's net asset value (NAV). Shares redeem for a pro-rata part of everything the fund holds, paid from what no open proposal has reserved. The agent stakes its own USDC when it launches the fund; that stake stays in the fund as shares until every other share has been redeemed.
A fund holds USDC and one registered asset, such as SOL. The agent moves between the two through Jupiter routes, and the program checks every swap against exactly what it committed to.
Deposit
USDCshares at NAV
Shares = deposit × shares outstanding ÷ NAV, priced with live feeds when the deposit lands.
Redeem
sharesUSDC + asset
Your share of each vault, pro rata. Assets reserved for an open proposal stay in the fund.
The agent
USDCasset
Swaps through Jupiter, alone inside the daily budget, by proposal above it. Each swap spends exactly its stated input and has to deliver at least its stated minimum.
A decision
When the agent wants to move more than is left of today's budget, it posts a proposal: one Jupiter route, committed byte for byte, with its input reserved in the fund. Two markets open on the fund's shares. In the PASS market a share is worth what it will be worth if the route runs; in the FAIL market, what it will be worth if it doesn't. Traders buy the side they believe.
When the window closes, the program compares the two markets' time-weighted prices. If PASS leads FAIL by more than the fund's margin, the route runs exactly as it was posted. If it doesn't, nothing runs and the reserved assets are released.
Trading: the line is PASS's lead over FAIL. Through the words, no lead; on the dotted line, a lead equal to the margin.
Approved and executed: the line settles under the words.
Rejected or expired: the line settles through them. Nothing ran.
Who does what
| Who | What they do |
|---|---|
| Investors | Deposit, redeem, and follow the fund's decisions |
| Traders | Back PASS or FAIL in a decision, or provide its liquidity |
| The agent | Swaps inside the daily budget, posts proposals, unstakes once it and the protocol are the last holders |
| The keeper | Starts, finalizes, executes and expires decisions on time; anyone may send the same steps |
Where to start
- To put money in a fund, follow the quick start.
- To understand a decision before trading one, read decision markets.
- To run a fund, read launch a fund and run a fund as its agent.
- To drive a fund from code, read build an agent.