MONARKFleetNarabiUkemiBellit abstains so DeFi can act.
built

While New York is closed, tokenized equities keep printing. Bell writes down what it reads, signed, and names what it could not.

A public, signed record of how tokenized U.S. equities trade on a public ledger, in particular while U.S. markets are closed, written so that anyone can recompute it. The host is served and, as read at 2026-09-25T02:44:41.407Z (UTC), its timeline holds 2 signed publications; how to check a line, and against which key set, is on the method page. The latest record carries a gap for 9 of its 9 session rows. Never a score, never a probability of being right.

served · the host, the key, the first record and the latest publication
host
https://bell.monarkgate.tech · its root redirects to this page
timeline
/timeline.jsonl · append-only, one signed line per publication, each carrying the hash of the line before it · 2 lines, schema bell-timeline-v1
state
/state.json · the latest published state, schema bell-public-state-v1 · SHA-256 4564701add6e4231a67912ef45c7db640cd76dfe88302a96bc0e7722090508b9, named by the signed line · its immutable copy
provenance
SHA-256 ad8dd9b023bdfafade328d7ada5d17ae53d0de2133fcdf808237409d136fc39b, named by the signed line; the provenance file travels beside the state (method · digest and chain)
public key
/bell/pubkey.json · key_id 30fd26e80efac0d93e1f82c5f4372354ec71e5294f36d946d5167ce0ef39c672 · active from seq 1
first record
seq 1 · published 2026-09-23T21:35:52.438Z (UTC) · TSLAx
its line hash
4a417cf02289b4968c17e7dc9f61c013bf04d62c77e541993a05a20a6965f47c
latest publication
seq 2 · published 2026-09-24T08:41:21.864Z (UTC) · TSLAx · AAPLx · SPYx · the latest as read at 2026-09-25T02:44:41.407Z (UTC) · line hash ef3b06f2ff93951e200a6559b42ab66df5ac4aa38b86d3aa763c118c766f6464
previous line hash
4a417cf02289b4968c17e7dc9f61c013bf04d62c77e541993a05a20a6965f47c
timestamp anchor
anchored: the proof file records Bitcoin block 968402, the earliest of 3; the record's line and every line before it existed before that block; read from the file when this page was built, not checked against a node here

Read from the served files at 2026-09-25T02:44:41.407Z (UTC), when this page’s data was last written: timeline body SHA-256 fba1824d9dc4a9218246dc9dd14107f89a6f14d2250c62a6cea0e3db7ccfd28b, key set SHA-256 beec868a9e7d8e396de0f0541ab20572a2159068e8102bb303cb9af368b6ef81, state body SHA-256 4564701add6e4231a67912ef45c7db640cd76dfe88302a96bc0e7722090508b9, provenance body SHA-256 ad8dd9b023bdfafade328d7ada5d17ae53d0de2133fcdf808237409d136fc39b. The timeline grows with each publication; its first line does not change.

The cash leg

A gap is computed for 9 of the latest record's 9 session rows; the others abstain with their named residual. Its provenance logs the closing-price request by its digest. Faults logged: 0 outside the read quorum (none), 0 on its operators.

What it holds is the on-chain side read from the ledger, per session: fills, volume-weighted average and base volume, and the volume-ratio periods (the ratio values are not rendered on this page); then the supply, reserve and wrapper readings, the halt census and every residual count, signed and chained.

A signature attests origin, not truth: it shows that the holder of this key published these bytes, not that they are right. How to check a line: method · public key.

what Bell measures · population and two facts latest record served · gaps in it

Population

  • +Designed for four tokenized equities. TSLAx, AAPLx, NVDAx and SPYx, traded on public automated-market-maker pools on Solana. In the latest published record: TSLAx, AAPLx, SPYx. In the counter-verification run of the multiplier history (anchors, below): TSLAx, AAPLx, NVDAx, SPYx.
  • +Not a tokenization venue. These pools are not a TSV under the Commission’s order, and Bell makes no representation that these instruments are Tokenized NMS Stock. The method, not this population, is designed to apply to TSV pools.
  • +Read from the ledger, on two operators. Fills are read from the public chain; transaction bodies are cross-read on a second operator on a deterministic sample (named residual quorum_sampled). Share read on both for the latest record: TSLAx 0.20006412311638347, AAPLx 0.2, SPYx 0.2. Fewer than two distinct answers is a named abstention, no_quorum.
  • +Not a price feed. A record carries session aggregates of on-chain fills, a gap where one is computed from a closing price and a volume ratio where its denominator is established; it has no closing-price field and no consolidated-volume field, and the ratio values it carries are not rendered on this site.
the latest record · TSLAx · seq 2read from the served files bound to the signed line

Observation window (ledger time) 2026-09-16 08:00:00 → 2026-09-17 07:59:59 UTC · collection started 2026-09-24T06:22:18.349Z (UTC), published 2026-09-24T08:41:21.864Z (UTC) · 3110 fills over 4 sessions on solana · quorum coverage 0.20006412311638347 (share of transaction bodies read on both operators) · bell_sha 502720e32861c74d…

instrumentsession · regimesession date (ET)first fill → last fill (UTC)fillson-chain VWAP (quote per unit)base volume (units)g = ln(Psession / Pclose)residual
TSLAxafter2026-09-162026-09-16 20:03:16 → 2026-09-16 23:59:35112359.722662582064.89301996000.0045769277— close cross-read: matched
TSLAxovernight-weekday2026-09-162026-09-17 00:00:01 → 2026-09-17 07:59:59268360.8284154216188.91038373000.0076461167— close cross-read: matched
TSLAxpre2026-09-162026-09-16 08:00:31 → 2026-09-16 13:29:26308365.7730758835162.82309690000.0254545113 · beyond 1 percent, 2 percent— close cross-read: matched
TSLAxregular2026-09-162026-09-16 13:30:01 → 2026-09-16 19:59:452422360.52372782781969.40869353000.0109991552 · beyond 1 percent— close cross-read: matched

Every value above is copied from the served files bound to the signed line: the line itself, and the state file and the provenance file it names by SHA-256, as read at 2026-09-25T02:44:41.407Z (UTC) and hashed in the site manifest; nothing is typed by hand. VWAP and base volume are session aggregates of on-chain fills, not a price feed. A gap is shown where one is computed from the closing price of the session's reference day; the other sessions abstain with their named residual. Run residuals: no_wrapper 1 · por_unavailable 1 · quorum_sampled 1; the other 16 codes count zero (every code: method · residuals).

volume ratio
per session, against the calendar month before the session date: 2026-08 (21 daily bars for 21 trading days); the formula and its unit are served with each entry (method · periods); the ratio values are not rendered on this page
supply · TSLAx
229636.69791888 units on-chain (raw 22963669791888, 8 decimals) · shares per unit 1 · not paused · the mint’s permanent-delegate authority, as read on-chain: 5aMNNLQJwAEeoemTEMkv5NVjqKwvvefRYCQ5Z67HFvEq
reserves · TSLAx
not recomputed by Bell: no public on-chain reserve feed to recompute against (por_unavailable)
wrapper or bridge contracts · TSLAx
none named (no_wrapper)
halts in the window
0 · with an empty resume: 0 · no halt delta in this run
operators
2 distinct behind the read quorum, 2 required
faults logged
none
closing-price request
logged by its digest 7683194700c5993462ce31e4b056e95bf000f83983c3625425f40065a0de08ea
schemas
run bell-state-v1 · digest bell-digest-v1
the latest record · AAPLx · seq 2read from the served files bound to the signed line

Observation window (ledger time) 2026-09-16 08:00:00 → 2026-09-17 07:59:59 UTC · collection started 2026-09-24T06:40:53.082Z (UTC), published 2026-09-24T08:41:21.864Z (UTC) · 2619 fills over 4 sessions on solana · quorum coverage 0.2 (share of transaction bodies read on both operators) · bell_sha 5fbb856db73eed59…

instrumentsession · regimesession date (ET)first fill → last fill (UTC)fillson-chain VWAP (quote per unit)base volume (units)g = ln(Psession / Pclose)residual
AAPLxafter2026-09-162026-09-16 20:00:27 → 2026-09-16 23:58:17588322.079918738187.9116853200-0.0348331181 · beyond 1 percent, 2 percent— close cross-read: matched
AAPLxovernight-weekday2026-09-162026-09-17 00:01:04 → 2026-09-17 07:59:42901334.8181365612197.55677283000.0039546808— close cross-read: matched
AAPLxpre2026-09-162026-09-16 08:00:49 → 2026-09-16 13:29:43360332.747850469846.93283165000.0009762779— close cross-read: matched
AAPLxregular2026-09-162026-09-16 13:30:03 → 2026-09-16 19:59:26770334.3785364973119.85496088000.0058649746— close cross-read: matched

Every value above is copied from the served files bound to the signed line: the line itself, and the state file and the provenance file it names by SHA-256, as read at 2026-09-25T02:44:41.407Z (UTC) and hashed in the site manifest; nothing is typed by hand. VWAP and base volume are session aggregates of on-chain fills, not a price feed. A gap is shown where one is computed from the closing price of the session's reference day; the other sessions abstain with their named residual. Run residuals: multiplier_unit 1 · no_wrapper 1 · por_unavailable 1 · quorum_sampled 1; the other 15 codes count zero (every code: method · residuals).

volume ratio
per session, against the calendar month before the session date: 2026-08 (21 daily bars for 21 trading days); the formula and its unit are served with each entry (method · periods); the ratio values are not rendered on this page
supply · AAPLx
153762.81327013 units on-chain (raw 15376281327013, 8 decimals) · shares per unit 1.0026642075893797 · not paused · the mint’s permanent-delegate authority, as read on-chain: 5aMNNLQJwAEeoemTEMkv5NVjqKwvvefRYCQ5Z67HFvEq
reserves · AAPLx
not recomputed by Bell: no public on-chain reserve feed to recompute against (por_unavailable)
wrapper or bridge contracts · AAPLx
none named (no_wrapper)
halts in the window
0 · with an empty resume: 0 · no halt delta in this run
operators
2 distinct behind the read quorum, 2 required
faults logged
none
closing-price request
logged by its digest a2adfa66040ef4f886624099c887792cb1c496c17e173384f2c4f52a398aee87
schemas
run bell-state-v1 · digest bell-digest-v1
the latest record · SPYx · seq 2read from the served files bound to the signed line

Observation window (ledger time) 2026-09-16 13:30:00 → 2026-09-16 19:59:59 UTC · collection started 2026-09-24T07:06:51.700Z (UTC), published 2026-09-24T08:41:21.864Z (UTC) · 2244 fills over 1 session on solana · quorum coverage 0.2 (share of transaction bodies read on both operators) · bell_sha 5fde676ec83b66c7…

instrumentsession · regimesession date (ET)first fill → last fill (UTC)fillson-chain VWAP (quote per unit)base volume (units)g = ln(Psession / Pclose)residual
SPYxregular2026-09-162026-09-16 13:30:19 → 2026-09-16 19:59:212244667.87302267102519.0799001200-0.1314785368 · beyond 1 percent, 2 percent, 5 percent— close cross-read: matched

Every value above is copied from the served files bound to the signed line: the line itself, and the state file and the provenance file it names by SHA-256, as read at 2026-09-25T02:44:41.407Z (UTC) and hashed in the site manifest; nothing is typed by hand. VWAP and base volume are session aggregates of on-chain fills, not a price feed. A gap is shown where one is computed from the closing price of the session's reference day; the other sessions abstain with their named residual. Run residuals: multiplier_unit 1 · no_wrapper 1 · por_unavailable 1 · quorum_sampled 1; the other 15 codes count zero (every code: method · residuals).

volume ratio
per session, against the calendar month before the session date: 2026-08 (21 daily bars for 21 trading days); the formula and its unit are served with each entry (method · periods); the ratio values are not rendered on this page
supply · SPYx
95231.29058163 units on-chain (raw 9523129058163, 8 decimals) · shares per unit 1.003909240011759 · not paused · the mint’s permanent-delegate authority, as read on-chain: 5aMNNLQJwAEeoemTEMkv5NVjqKwvvefRYCQ5Z67HFvEq
reserves · SPYx
not recomputed by Bell: no public on-chain reserve feed to recompute against (por_unavailable)
wrapper or bridge contracts · SPYx
none named (no_wrapper)
halts in the window
0 · with an empty resume: 0 · no halt delta in this run
operators
2 distinct behind the read quorum, 2 required
faults logged
none
closing-price request
logged by its digest ce96cdfa6bdfb348c1864fd072b4fdadd919318012f1a5b230491280571c96d1
schemas
run bell-state-v1 · digest bell-digest-v1

Fact one · the off-hours gap

For each session while the U.S. market is closed (weekday overnight, weekend, holiday), a record carries g = ln(P_session / P_close) when the closing price of its reference day is read: the volume-weighted average price of the instrument’s on-chain fills, per underlying share, against the last consolidated closing price; otherwise a named abstention. The first-measurement report will give the share of sessions where the gap exceeds a threshold, with the count of sessions behind the share. Thresholds named by the served gap rows: 1 percent, 2 percent, 5 percent.

first measurement
TSLAx, window window_TSLAxupcoming
weekday overnight
beyond one percent: t4_TSLAx_wkn_gt1upcoming · beyond five percent: t4_TSLAx_wkn_gt5upcoming · of n_TSLAx_wknupcoming sessions with g computed
weekend
beyond one percent: t4_TSLAx_we_gt1upcoming · beyond five percent: t4_TSLAx_we_gt5upcoming · of n_TSLAx_weupcoming sessions with g computed

This statistic describes the size and frequency of off-hours deviations from the last close. It measures no effect on the underlying market and implies no causal link.

Fact two · pool volume against consolidated daily volume

For each session, Bell computes the ratio of the volume in its observed pools, recomputed from on-chain swaps counted once per transaction and converted to shares with the on-chain shares-per-unit multiplier, to the underlying stock’s consolidated average daily share volume over the calendar month before the session date. The ratio values are not rendered on this page.

numerator
per session, the session’s own fills, from its first fill to its last (table above)
observation window
TSLAx: 2026-09-16 08:00:00 → 2026-09-17 07:59:59 UTC · AAPLx: 2026-09-16 08:00:00 → 2026-09-17 07:59:59 UTC · SPYx: 2026-09-16 13:30:00 → 2026-09-16 19:59:59 UTC (ledger time)
denominator period
2026-08 (21 daily bars for 21 trading days)
unit
a fraction of one average trading day of the period, as the served formula states (method · formulas); a multiplier other than one raises multiplier_unit

These pools are not TSVs; the ratio describes on-chain activity in the observed pools, not whether any venue is within a limit.

four properties · what Bell applies to its own records; a part said in the future is not served yet in part upcoming
01

Recomputable from the ledger

Each published fact will identify its on-chain transactions, so that a third party can recompute price, size, time and direction from the public ledger, and every gap and ratio bit for bit with the replay code once it is exported, given the same closing price and consolidated volume read under the reader’s own licence.

02

Named abstention

When a value cannot be established, the record gives a named reason instead of an estimate, for example no_close_ref for a missing closing price, and counts such cases in the published state file: each run counts every one of the 19 codes of the closed list.

03

Signed records, anchored collection logs

Each published record is signed and carries the hash of the line before it; a later edit is detectable by recomputation. The logs of the counter-verification run of the multiplier history are chained by SHA-256, and at each start, end and resumption a manifest of their digests is submitted to a public timestamp. The latest record’s timestamp status is stated under served, above; it is read from the proof file when one is served. An anchor shows a log head existed before a Bitcoin block, not where its pages came from.

04

Dated periods

Each gap is keyed to the trading day of its closing price by the rule stated in the method; each ratio carries its session window and its denominator’s month, and the method describes the denominator’s source without naming it, so that a miscalculation in either term can be located.

Bell is neither a TSV nor a Covered Firm. It assesses compliance with no condition of any order, and its records are not a certification. Independence from the venues and issuers measured: relation_commercialeupcoming; not independence from MONARK.

anchors · the counter-verification run of the multiplier history of TSLAx, AAPLx, NVDAx, SPYx, one line per boundary
date · UTCboundaryinstrumentmanifest digestlast entry digestcommitmanifest · prooftimestamp status · read from the proof
2026-09-22 14:07:18probe_endn/aea83d546…23e05803n/ac05e37cmanifest · proofbitcoin attestation
earliest block 968149 · 4 block records · 4 calendar records pending
2026-09-22 14:11:33mint_startTSLAx58b83d36…c86e6c7dn/ae12ee3amanifest · proofbitcoin attestation
earliest block 968150 · 4 block records · 4 calendar records pending
2026-09-22 14:22:42mint_resumeTSLAxfd7564f5…81624f25n/af7b7bc5manifest · proofbitcoin attestation
earliest block 968153 · 4 block records · 4 calendar records pending
2026-09-22 14:45:45mint_resumeTSLAx70f577a9…dc4445e3n/a34ba979nonenot timestamped
the same manifest digest is timestamped on the 2026-09-22 14:46:26 line
2026-09-22 14:46:26mint_resumeTSLAx70f577a9…dc4445e3n/aca05c1cmanifest · proofbitcoin attestation
earliest block 968158 · 4 block records · 4 calendar records pending
2026-09-22 16:51:20mint_resumeTSLAx178f879f…9950f748n/a88cb5f9manifest · proofbitcoin attestation
earliest block 968170 · 4 block records · 4 calendar records pending
2026-09-22 19:11:46mint_resumeTSLAx04c6c3bf…2d682c83n/a5a7c066manifest · proofbitcoin attestation
earliest block 968177 · 4 block records · 4 calendar records pending
2026-09-22 20:02:44mint_endTSLAxa682b3b7…ea177171a0af1f20…e32010aad5d15e6manifest · proofbitcoin attestation
earliest block 968184 · 3 block records · 4 calendar records pending
2026-09-22 20:02:56mint_startAAPLx6c66b1b3…f88ab210n/aa2bdcacmanifest · proofbitcoin attestation
earliest block 968184 · 3 block records · 4 calendar records pending
2026-09-22 20:41:27mint_resumeAAPLx9086f0e3…23885607n/af841311manifest · proofbitcoin attestation
earliest block 968184 · 3 block records · 4 calendar records pending
2026-09-22 21:45:43mint_resumeAAPLxff6b2dba…84c3af38n/a4699db9manifest · proofbitcoin attestation
earliest block 968195 · 1 block record · 3 calendar records pending
2026-09-22 22:09:36mint_endAAPLx8ba5f9c1…4c3567d2160637c5…b59af23b244a903manifest · proofbitcoin attestation
earliest block 968199 · 2 block records · 4 calendar records pending
2026-09-22 22:09:44mint_startNVDAxc605eedd…cad77ce6n/acdd0244manifest · proofbitcoin attestation
earliest block 968199 · 2 block records · 4 calendar records pending
2026-09-23 04:35:13mint_endNVDAxe2b8464b…3a6d55005fdac461…d5a692740cb07a5manifest · proofbitcoin attestation
earliest block 968225 · 2 block records · 4 calendar records pending
2026-09-23 04:35:52mint_startSPYxb9d4628e…43d1a7d0n/a571eb9bmanifest · proofbitcoin attestation
earliest block 968225 · 2 block records · 4 calendar records pending
2026-09-23 04:38:36mint_resumeSPYx0aaf72f6…6cd9ebaen/a2b28efemanifest · proofbitcoin attestation
earliest block 968225 · 2 block records · 4 calendar records pending
2026-09-23 16:42:03mint_resumeSPYx93661f9d…585dc5f3n/ac86e71bmanifest · proofbitcoin attestation
earliest block 968297 · 3 block records · 4 calendar records pending
date_mint_end_SPYxupcomingmint_endSPYxno end line in the register yet
date_final_anchorupcomingfinaln/aupcoming: the final manifest of the run, anchored at its end

Read from the anchors register; dates, digests and commit identifiers are the register’s own, sorted by time. Each manifest and each proof is served with the full register at /bell/anchors. These anchors timestamp the logs of that counter-verification run; the published records have their own register at /bell/anchors. The status column is what each proof file contains when this page was built, not a check against a Bitcoin node. An anchor shows that a log head existed before a Bitcoin block; it does not show where the pages came from, nor that the scan ran. The commit is a second, weaker witness (server date, same operator).

status · what is served, what is not
artifactwhat it isstatelocation
state.jsonthe published state: per run, the observation window, the digest (per-session aggregates, gaps where one is computed, volume-ratio periods and values, supply, reserves, wrappers, halt census) and every residual count; the ratio values are not rendered hereserved/state.json
timeline.jsonlan append-only timeline, chained line by line, each line signedserved/timeline.jsonl
public key (Ed25519)the public half of the signing key, generated on the dedicated hostserved/bell/pubkey.json
deploy checka one-off conformity check of the host by its operator, on the bodies read above: 12 of 12 controls passed, TLS certificate chain accepted; a dated act, not a continuous monitordated2026-09-24T08:41:49.208Z (UTC)
method pagesession bounds, formulas, periods, residuals, the public key, the anchors and the replay code; its definitions are pinned to the collector source by a testserved/bell/method
anchors · manifests and proofsone manifest and one timestamp proof per boundary of the counter-verification run of the multiplier history, and one per timestamped line of the published timeline; the registers rendered, the status read from each proof fileserved/bell/anchors
replay codethe publisher, the chain library, the verifier and the public keyring are in the public repository (check a line yourself); the collector core, so that a third party recomputes digests offline, is not exported yetpartialurl_replayto be exported
contacta public contact address on the domain, with a mail templatecreatedrequest a symbol / early access · bell@monarkgate.techa mail template, no form: profile (one of: Curator / DAO / Lender · TSV issuer · Market maker / venue · Reconciliation infrastructure · Researcher / press · Regulator) · organization and professional e-mail address · symbol × platform × regime × horizon requested · intended use (internal · publication-citation · redistribution) · consumption mode (files · MCP · signed export)

A line moves from upcoming to served only when its path is served and covered by an integration test that replays the composition end to end. Served today: a signed, hash-chained timeline served on its own host, checked end to end by a non-LLM reader-side verifier against the committed keyring. The other lines are not a claim about a served record.

conditions in short · they apply to Bell’s published records

This page and the facts it links to are published as a public witness: signed, recomputable records, not investment advice, a rating, or a certification.

  • ·Facts witnessed, not investment advice. What is published here is a measurement and its definition, not a recommendation to buy, sell, or hold anything, and not a suitability opinion for anyone.
  • ·A signature attests origin, not truth. Each record is signed and chained to the one before it, so that any change after publication is detectable. The signature shows who published the record and that it is intact; the publication time it carries is the publishing host’s clock. It does not show that the underlying fact is correct — recomputing it from the public inputs is how you check that.
  • ·No endorsement of or by any issuer, venue, or data provider. Being measured here is not a form of approval, and nothing here should be read as such.
  • ·Replay requires your own reference-close licence. We publish the computed gap, not the underlying reference closing price. Reproducing our computation end-to-end requires your own licensed access to that reference price.
  • ·Abstentions and residuals are published as such. Where our method cannot produce a reliable number for a given session — for example while a halt is in progress, or before enough sessions exist to calibrate a class — we publish that fact instead of an estimate. A count of abstentions and residuals is part of what we publish, not hidden from it.

Provided as is, without warranty of any kind. Publisher: the MONARK project; legal entity legal_entityto be decided, legal form legal_formto be decided, address publisher_addressto be decided. What is served as a Bell record today is listed in the status above.

Full texts: Terms of Use · Privacy Notice.

what Bell does not do

No score, no probability

A gap is a number with its residuals; a ratio is a number with its period. Neither is graded, ranked or turned into odds.

No cause, no direction

Bell measures no effect of off-hours trading on the underlying market or its opening, and colours nothing by sign.

Not a price feed, no advice

A record carries session aggregates of on-chain fills; it has no closing-price or consolidated-volume field. Bell does not trade, does not quote, and does not tell anyone to.

request a symbol / early access

Write to bell@monarkgate.tech with the subject Request a symbol / early access - MONARK Bell and the template below. No account, no form, no payment.

Profile (choose one): Curator / DAO / Lender -- TSV issuer -- Market maker / venue -- Reconciliation infrastructure -- Researcher / press -- Regulator

Organization + professional e-mail address:

Symbol x platform x regime x horizon requested:

Intended use (internal / publication-citation / redistribution):

Consumption mode (files / MCP / signed export):

----
We process the information above to answer this request and to prioritize symbol
coverage, under legitimate interest. See the Privacy Notice at
https://monarkgate.tech/bell/privacy for details, including how to object.
No account or payment is required to send this request.

· open it in your mail client