Anagram

Anagram calls itself "a modern institution for a novel technology," and the description is more precise than it sounds. Founded in 2021, the organization operates as a hybrid builder-investor on Solana: it runs one of the network's highest-performing validators, builds consumer and infrastructure products, conducts original protocol research, and uses a permanent capital structure rather than a traditional venture fund. The result is a group that is simultaneously an infrastructure operator, a product studio, and a governance participant.

Validator Operations: 2.49M SOL, 0% Commission

Anagram's validator is one of the most closely watched on the network. As of mid-2026, it holds roughly 2.49 million SOL in delegated stake, charges 0% commission, and posts a vote success rate of 99.83% with 99.96% uptime, according to data sourced from Stakewiz and Firedancer monitoring. Its base APY of 8.19% is roughly double the cluster average of 3.95%, with a boosted rate of 8.49% for stakes above 5,000 SOL. The validator ranks #24 among Firedancer validators and claims an average outperformance of 4.09 percentage points above cluster benchmarks.

The staking service targets both individual stakers with a 0.1 SOL minimum and institutional clients. Anagram works with DAOs and market makers on custom reward structures. Stakers retain custody throughout.

:::metric-cards

• label: Delegated SOL value: 2.49M sentiment: positive
• label: Base APY value: 8.19% compare_label: vs 3.95% cluster avg sentiment: positive
• label: Vote success rate value: 99.83% sentiment: positive
• label: Firedancer rank value: "#24" sentiment: positive :::

Acre: A Prediction Market for Real Estate Prices

Anagram's most prominent consumer product is Acre, a platform for trading financial instruments tied to residential real estate prices. The concept addresses a gap Anagram identifies in the market: existing home price tools like Zillow estimates and comparable sales are "lagging, sometimes inaccurate, and never tradeable in a way that reflects real-time market consensus," according to the February 2026 announcement post.

Acre operates in two layers. The first is a prediction market where users make binary calls on whether individual homes will sell above or below asking price. An aggregation system converts those predictions into forward prices, weighted by each participant's accuracy history and recency, using an automated market maker for continuous pricing across price bands. The second layer is perpetuals, letting users take leveraged positions on area-level price movements that settle against established indexes: Case-Shiller at the metro level and Zillow ZHVI at the neighborhood and ZIP code level.

The beta launched in July 2026, covering New York City, Westchester County, and Fairfield County. The free tier is live, with real-money trading on 30-, 90-, and 365-day area-level positions scheduled for fall 2026, with a $1 minimum. Acre's design explicitly avoids tokenizing property ownership. Instead, it applies prediction markets and perpetuals to price discovery, treating crypto's strengths in financial product design as separate from the friction of custody and asset transfer.

Acre's founding team includes Aaron Champagne, previously VP of New Ventures at FanDuel, as CEO, and Morgan Abel, a former Meta engineer who worked on Instagram and Amazon, as founding engineer.

SWIG Smart Wallet

Anagram built SWIG, a Solana smart wallet presented at the Accelerate 2025 conference. SWIG introduces subaccounts and fine-grained permission controls for on-chain transactions, targeting use cases where users or applications need structured access controls over funds without surrendering custody. The design enables programmable money movement across different permission levels within a single wallet.

Bonsol: Off-Chain ZK Compute on Solana

Austin Adams, associated with Anagram, presented Bonsol at Breakpoint 2024. Bonsol is a framework for off-chain compute with on-chain verification, designed to extend what Solana programs can do by enabling ZK-proven computation that executes outside the transaction runtime but settles its results on-chain. Adams framed it as "ZK plumbing" for Solana. Anagram researchers subsequently cited Bonsol Labs as developing Sombra, a post-quantum private-payments protocol that builds application-layer quantum-safe privacy on top of Bonsol's compute layer.

Post-Quantum Cryptography Research

Anagram has produced some of the most detailed public work on Solana's post-quantum migration path. In a June 2026 post by Tracy Adams and Austin Adams, the team published findings from an Agave proof-of-concept covering ML-DSA key generation, Falcon signature verification, address derivation using domain-separated BLAKE3-256, transaction encoding, and validator identity extensions.

Their analysis makes the case for Falcon-512 as the preferred post-quantum signature scheme for Solana. Falcon-512 produces 666-byte signatures with 897-byte public keys, compared to ML-DSA-65's 3,309-byte signatures and 1,952-byte public keys. Anagram is sponsoring two related governance proposals: SIMD-0461, which would add Falcon signature verification as a system call, and SIMD-0296, which targets 4,096-byte maximum transaction sizes to accommodate post-quantum credential overhead.

Governance: Active Participant on Protocol Decisions

Anagram participates in Solana protocol governance as a substantive voice rather than a passive validator. In a May 2026 post on the Constellation proposal (Multiple Concurrent Proposers), the team stated it supports the MCP direction in principle but opposed the specification advancing to a SIMD vote without five specific gaps being addressed: explicit rules preventing leader-proposer overlap, adoption of the Fox-Pai-Resnick conditional-tip fee model, a phased roadmap for cryptographic hiding, published latency benchmarks across network configurations, and operator-diversity requirements with independence metrics.

:::callout{type="quote" label="Anagram on Constellation" source="Anagram blog, May 2026"} We support Multiple Concurrent Proposers as a direction. We do not support the current specification advancing to a SIMD vote without five specific gaps being closed first. :::

Permanent Capital Structure

Anagram uses a permanent capital vehicle rather than a traditional LP-backed fund structure, a model the team presented and defended at Breakpoint 2025. Their published writing describes the approach as blending financial capital, human capital, and compute resources, with a "builder-investor model" that emphasizes involvement in company formation over check-writing alone. They have argued that AI-driven development will reduce the relative importance of financial capital, shifting early-stage advantage toward ideation support and compute access.

Team

Known team members include Tracy Adams (also known as austbot), who leads protocol research; Austin Adams, who developed Bonsol and co-authored the post-quantum research; Max Hamilton and Ryan Pripstein, who publish on compute markets and financial mechanism design; and Aaron Champagne, who leads the Acre product with a background in consumer markets from FanDuel.