DETF means Decentralized ETF
One token
over a basket.
A DETF (Decentralized ETF) is one token for a basket you pick. That basket puts money to work in other apps. You own a piece of the assets behind the token. People can trade the token. Make it, bond to turn it on, then mint or burn.
Start here
What a DETF is
IndexedEx lets you run a money plan as one token. A DETF (Decentralized ETF) is that token. The D means decentralized. This is not a stock ETF.
The basket puts money to work in other apps. You hold that one token instead of running each app yourself.
Why DETFs
A plan you can hold as one token.
You get ETF-shaped exposure without handing the book to a fund administrator. The token is a claim on a share of the managed reserve.
strategy · primary
A basket that works in other protocols
The assets sit in other protocols as a working strategy, not a static token list.
One token over that basket
Hold, move, or exit a single token instead of managing each protocol position yourself.
The token is in the market
The DETF token lives in market liquidity. That is how the reserve is managed, not a side listing.
You pick the rules
Policy can pause mint and burn near a target price. Open never does. Fees can still apply.
The design stays put
After it goes live, nobody rewrites the rules. A bad setup means a new DETF.
The process
Three steps
Typical path: create the DETF, bond to turn it on, then mint, hold, or burn. Earn vaults are building blocks a DETF can put in its basket. They are not the strategy product.
Create
Deploy a DETF as your strategy. Pick the type and the mix. You receive an unredeemable bond that collects a cut of minted DETF. The DETF stays off until someone bonds.
Bond
Bond is the first real deposit. It turns the strategy on and funds the reserve. Later bonds add more.
Use
Hold the token, mint more, or burn to exit. The token stays in market liquidity so the reserve can be managed.
The token
What the token is a claim on
The DETF token is a claim on a share of the managed reserve. The basket usually holds vault shares: you deposit, receive a vault share, and redeem later. Those vaults can wrap a market, a lending book, or another protocol. That is how a DETF strategy reaches other venues.
The DETF token also sits in the reserve market. That liquidity is how the backing is managed, not a separate listing. Building-block vaults live under Earn. How vault legs are marked: /research/rate-providers.
Mint and burn
You pick the rules
When you create a DETF you choose whether mint and burn care about price. The reserve still shows a price either way. Only Policy uses that price to pause mint or burn.
Default
Policy
Mint when the price is clearly above target. Burn when it is clearly below. Near the target, mint and burn pause. You can still trade in the Uniswap V4 pools.
No price gate
Open
Mint and burn stay available at any price. Fees can still apply. You choose this mode at create time. A zero setting is not Open.
The two paths
Mint or bond
Mint if you want DETF tokens you can move now. Bond if you want the maker seat: you deposit one side, and matching DETF is minted into the reserve so both sides of the book get filled.
Whenever someone mints or bonds with real capital, part of the minted DETF goes to bond holders. That split runs in both modes. The creator bond and the protocol bond sit in that same seat. On Policy only, those bonds also get a portion of regular supply expansion when the unit is rich. Open never expands that way.
Full pick: /research/bond-vs-mint.
What to open
Create your own or open Protocol DETF
The platform
Create your own
Deploy your own strategy as a DETF. Types change what the basket holds in other protocols. Bond, mint, and burn stay the same steps. Type shapes: /research/detf-types.
Protocol fees
Protocol DETF
Protocol DETF uses the same design so you can take part in protocol fees. Home: /staking. Fees may apply. Amounts are not guarantees.
For creators
If you create a DETF
Creating a DETF issues you an unredeemable bond. Same idea as the protocol bond: you cannot cash the bond out, but it collects a portion of the DETF minted to bond holders.
That includes DETF minted when people mint or bond, and on Policy, a portion of regular supply expansion. You collect those DETF tokens. You do not redeem the bond itself. Amounts are not guaranteed.
FAQ
Quick answers
Is a DETF a registered stock ETF? No. It is an onchain product: one token that is a claim on a share of onchain reserve assets, not a securities fund and not legal ownership of offchain underlyings.
What is the DETF token? The token you hold. It is a claim on a share of the managed reserve. We say token, not share, unless we mean that claim, a share of protocol fees, or vault shares in the basket.
Does Open mean free yield or no fees? No. Open only removes price restrictions on mint and burn. Fees can still apply. Open also never runs regular supply expansion.
Does expansion pay everyone who holds DETF? No. Extra supply on Policy goes to bond positions when the unit is rich. Unlocked balances alone do not get an airdrop.
Do I need to create a DETF to use one? No. Open Protocol DETF on /staking for the protocol fees path, or hold any live DETF that accepts mint, burn, or bond.
What does the creator get? An unredeemable bond. It collects a cut of DETF minted to bond holders, including Policy expansion. You cannot redeem the bond itself.
Mint or bond? Mint for DETF tokens you can move. Bond for the maker seat, matching liquidity, and a cut of minted DETF. Detail: /research/bond-vs-mint.
Where next? Types: /research/detf-types. Uniswap V4 pools: /research/uniswap-v4-markets. Mark accuracy on vault legs: /research/rate-providers. Building-block vaults: /earn.
Disclaimersexpand
- A DETF is not a registered securities ETF or fund share, and holding it is not legal ownership of offchain stocks or underlyings.
- No promised APY, rebase return, or peg guarantee.
- Open removes price gates only. It does not erase fees, invent returns, or enable regular supply expansion.
- Regular supply expansion is not a yield product for unlocked DETF holders and is not available in Open mode.
- Policy thresholds are not a guarantee of peg stability or yield.
- Fee amounts, including Protocol DETF, are not guarantees.
- The creator bond cannot be redeemed for principal. Accrued DETF amounts are not guaranteed.
Research notes are educational. Smart contracts and markets involve risk of loss. Not investment, legal, or tax advice.