Documentation

How Ankh works.

Ankh is an on-chain fund on Ethereum, governed by the Ankh DAO. This page explains the token, how it is valued, how money enters and leaves, what it costs, how the portfolio is managed and who controls what. Every figure here can be checked on-chain.

The ANKH token

ANKH is an ERC-20 token. Each ANKH is a share of the fund: its price is the value of the portfolio divided by the number of ANKH in circulation. ANKH can only be held by approved wallets; transfers outside that list are refused by the contract.

Valuation

• The portfolio is valued from Chainlink oracles (Bitcoin, Ether, Aave, Uniswap, gold), from the vaults' own on-chain accounting (Morpho, Sky, Lido) and from executable on-chain prices for tokenized shares.
• A valuation publisher writes the value on-chain throughout the day. The contract refuses a valuation that moves the price by more than 2% at once, and refuses deposits and exits if the last valuation is older than two hours.
• Fees are accrued before every valuation, so the published price is always net of fees.

Deposits and exits

• Deposit: an approved wallet sends USDC (minimum $100) and receives ANKH at the current price in the same transaction. The USDC goes straight to the portfolio Safe; the token contract never holds it.
• Instant exit: ANKH is exchanged for USDC at once, up to $10,000 per exit and $25,000 per day across all holders.
• Reviewed exit: larger amounts are requested on-chain and paid at the published price once reviewed. A request can be cancelled at any time before it is paid.
• A wallet removed from the approved list can still leave; a sanctioned wallet cannot.

Fees

Management	1% a year, accrued continuously
Performance	15% of gains above the high-water mark
Exit within 30 days	1%, kept by the fund for the remaining holders
Gas for rebalancing	Not charged to the fund

Portfolio policy

• Scarce assets: tokenized shares of leading companies (47%), Bitcoin (18%), gold (12%), Ether including staked Ether (7%), on-chain savings in Morpho and Sky (8%), Aave and Uniswap (6%), and USDC for instant exits.
• Rebalancing follows a 5/25 band rule: an asset is traded only when its weight drifts five points, or a quarter of its target, from that target. New money buys what is below target. Shares are traded only with Wall Street open.
• Every trade is quoted on-chain and refused if its price strays more than 2% from the reference price.

Governance and security

• Ankh DAO. The DAO is responsible for the fund. Its Governor and non-transferable voting token (vANKH) sit behind a 48-hour timelock.
• Timelock. Changes to fees, custody, the fee receiver or the contract itself wait 48 hours in public before they can run.
• Multisig Safes. The portfolio is held in a Safe; administration and fee collection use separate Safes that need two of three signatures.
• Sanctions. The contract checks every holder against an on-chain sanctions oracle.
• Source code. All contracts are verified on Etherscan. They have not yet been externally audited.

Contracts

ANKH token & vault	0xb163909444885dDF992f8216c29A367Ee473b854
Ankh DAO (Governor)	0x7F2871068e8e83727Ff5f3B3c7F483ACE75764FC
Voting token (vANKH)	0xf13171276348966dB138a7230aF2dB4AEF4e5dDc
Timelock · 48 hours	0xda6C4071355fb54aa1c4a051A7e0db56D706b1A9
Portfolio Safe	0x6456012af56a5A52c302a49A128EAA20d84C3370
Valuation publisher	0xA2E10Bdcae2272b17017a72Bf7388A9A49c0936B

Questions: hello@ankh.one · Risks: Terms & risks