PRIVATE CREDIT,
REIMAGINED.
Gated credit, priced on-chain.
Built on Solana for a new financial era.
Sealed-bid price discovery, not a passive AMM
Token-2022 · Token ACL · SAS on Solana devnet
One real pilot asset · NAV 1.000000
Source: DEPLOYMENTS.md / STATUS.md · Solana devnet only · no mainnet deployment
Institutional Credit on Verifiable Rails.
Tokenized private-credit funds are gated at ~5% a quarter and marked quarterly by their own managers. NUNDINA is the mechanism, not the venue — it never puts a passive LP in front of a stale NAV.
Tokenized Credit on Solana
The pilot sleeve NPCS is a Token-2022 mint, frozen by default and thawed only through Token ACL once credit-gate validates the holder's SAS attestations. Not a Delaware SPV — that is roadmap.
Three-Book Tranche Waterfall
tranche-engine runs senior / junior pools with three-book accounting and a coupon waterfall. The program is deployed on devnet; no pool has been opened yet — we say so.
On-Chain NAV, Published Weekly
mark-engine publishes the NAV on-chain with an inputs hash, and moves feeds through Fresh → Warned → Stale → Suspended so a stale appraisal can never be traded as fresh.
Where Liquidity Is Gated
Semi-liquid credit funds honor redemptions up to ~5% of NAV a quarter and pro-rate the rest. NUNDINA turns that denied request into a dated, priceable claim — proven on one real devnet asset. Side cards are independent market data, not NUNDINA figures.
Apollo Debt Solutions BDC
Capped redemptions for a third straight quarter under its contractual 5% gate.
NUNDINA Pilot Credit Sleeve
Frozen-by-default mint, gated through Token ACL → credit-gate, Squads-owned. Redemption via queue-claim; secondary trades via sealed-bid auction.
PILOT-DEMO-ASSET — NOT AN OFFER
BlackRock HPS Corporate Lending
One of seven managers that capped withdrawals in Q1 2026 as requests ran past the gate.
From Attestation to Settlement
What actually runs on devnet today. Tranche selection is roadmap.
Attest & Validate
Holders carry SAS identity and accreditation attestations; credit-gate validates them and returns a typed decision.
Permissionless Thaw
Token ACL (sRFC-37) thaws the frozen-by-default account only for admitted holders — subject to an 8-holder cap and 7-day seasoning.
NAV Deposit & Auction
Mint 1:1 at NAV, or trade in a sealed-bid uniform-price batch auction: commit, reveal, uniform clear, pro-rata, issuer ROFR.
Claim & DvP Settle
A gated redemption becomes a queue-claim to sell or pledge; payment-rails settles delivery-versus-payment in USDC and prints.
Security Posture, Stated Plainly
What is live, what is verifiable, and what is still pending — no borrowed audit badges.
Squads 2-of-2 + 48h
Mint, delegate and upgrade authority sit behind a Squads v4 multisig with a 48-hour timelock. Devnet caveat: both keys were generated on one machine.
Audited Infrastructure
Built on dependencies with published audits — Squads v4, SPL Token-2022 and SAS. These audits cover the dependencies, not NUNDINA.
On-Chain Proof
NAV publications on-chain, program dump SHA-256 matched to recorded build hashes, and a keyless verify.sh anyone can run.
Audit Roadmap
No third-party audit has been performed. An external audit is required before mainnet; the RFQ pack is ready but not yet sent.
Not a venue. Not an AMM. The mechanism that prices gated credit.
Enter the New Forum of Private Capital.
Participate in the devnet pilot — NAV 1.000000, weekly on-chain marks, Squads-governed. No yield promised; not audited.