How SPICE works

The Spice Melange's one product. You buy it in rations of 100 USDC on Sui; each ration's principal is $100. It earns a stated 17% APR, a fixed rate, accrued daily at 17%/365 and counted in sats, from Oct 17, 2026. Payouts are not guaranteed. "Spice Certificate" was the old name and is retired, and the 8% product is retired too.

No. Payouts are not guaranteed. 17% APR is the fixed accrual rate, not a promise that anything will be paid, in full or on time. The desk tries its best to credit and pay every day, but a day can be late, reduced or missed, and a missed day is not owed later.

A fixed rate of 17% a year (APR), accrued daily at 17%/365, about 0.000465753 of the $100 principal per day, counted in sats and recorded in the master ledger each day at 6:00 AM Pacific. It is the product's stated rate, not a promise: payouts are not guaranteed and you can lose money.

Each day's accrual will be recorded, sealed, and posted on the desk at /records/ (Daily records). That page is coming soon; no records are published yet.

Not yet. Today SPICE only auto-compounds. Payouts open once hBTC (bitcoin on Sui, via Hashi) and the desk's hBTC vault exist; then they are made in hBTC on Sui to the holder's wallet; amounts may be counted in sats. Hashi has not launched and there is no set date.

Only once payouts open. There is no separate desk minimum: daily hBTC payouts follow hBTC's live minimum send amount, totalled across all of a holder's rations. Unpaid interest carries forward while the ration is held, and is forfeited if the ration is sold, transferred or redeemed before it is paid. If network fees would be more than 2% of a payout, it waits and keeps accruing; the desk never forces a payout through. Payouts are not guaranteed; the desk tries its best.

Anyone can buy SPICE on resale through the desk market, paying a 6% fee on top of the price (resale is not live yet; it comes with the desk marketplace launch on mainnet). Only holders of the Siaynoq Seal, which comes with the Dar es Balat Storehouse collection ($300 Siaynoq Seal: every template, now and later; the Seal lets you mint Spice, access Melange, get rebates and enter the Dar-es-Balat Storehouse (a feature of the Junction wallet, where Other-Memory is stored and sealed)), can mint new rations, at 100 USDC with no fee. The Siaynoq Seal is equity in the trading desk: one share, one vote, SPICE minting and access to Other Memory. SPICE itself is not equity. There is no per-license limit on rations. Every ration's principal is $100, whatever price it is bought or sold for. A Siaynoq Seal that carries equity may be a security; it has not been registered, and no outside counsel has reviewed it.

Redemption: $61.80 flat per ration. You redeem a ration yourself, on-chain, from the wallet that holds it; the contract burns it and pays $61.80 in USDC from the redemption vault in the same transaction. If the vault is short, your redemption joins a first-come, first-served queue and is paid in full, in order. Unpaid interest is forfeited; sats already paid out are kept. Redemptions open at mainnet launch and can be paused for security.

Its unpaid interest goes back to the treasury and does not pass to the new holder.

No. SPICE is not a bank deposit, is not insured and is not registered with any regulator. Crypto is volatile and you can lose some or all of what you pay. Payouts are not guaranteed: 17% APR is the fixed accrual rate, not a promise that anything will be paid, in full or on time, and payout timing depends on hBTC's launch. Interest accrues daily, counted in sats. Auto-compound is the default; each holder can switch a ration to daily payouts, which go out in hBTC on days the accrued total reaches hBTC's minimum. See §7 of the Spice terms.