what's Malleable Gold?

Malleable Gold is a Solana-based protocol providing fully on-chain ETF-style tokens backed 1:1 by underlying assets. Their flagship product, $BES, represents a fixed basket of 40% BTC, 30% ETH, and 30% SOL, designed for simplified exposure without managing multiple positions or rebalancing. $BES can be minted by delivering the exact basket weights or USDC (with protocol execution), and redeemed back to assets or USDC at NAV minus a small fee. Arbitrageurs maintain the peg through mint/redeem and trading in a USDC LP pool, generating protocol revenue from fees on these activities. The design emphasizes transparency, redeemability, and sustainability without emissions or leverage.