How ALKN works — end to end

ALKN exists as a chain of legal, custodial, and technological commitments. Each link in the chain is a licensed or contracted entity performing a specific, auditable function. This page walks through the full chain — from the nickel in the vault to the token in your wallet.

End-to-end architecture

The value flow

1. Physical acquisition. The nickel wire is sourced from certified producers and transported to Helvetic Securgest's bonded vault in Switzerland.
2. Validation. NTU Singapore, IIT Delhi, IISc Bangalore, Lectromec (NASA-certified), ASACERT UK, and NSL Analytical US independently verify purity, composition, and EMI specification.
3. Valuation. Aranca performs an independent USD valuation — USD 1.64B at current Class 1 nickel pricing.
4. Legal wrapper. Alkemya Metacore SCSp acquires the nickel as its sole asset. The SCSp issues LP interests against the asset.
5. Registration. The LP interest is registered with the Luxembourg National Numbering Agency (ISIN LU3192257148) and CNAD El Salvador (EAD-0029).
6. Tokenisation. The LP interest is tokenised on two chains: Liquid Network via Tether's Hadron platform; Canton Network via HydraX / LabyrinthX.
7. Listing. ALKN tokens are listed on Bitfinex Securities, HydraX, and Archax on 10 June 2026.
8. Distribution. Proceeds from staged nickel sales fund the 6% preferred return and the 80/20 waterfall to LP holders.

Participants

Why two chains

ALKN is issued on both Liquid Network and Canton Network because each serves a distinct flow. Liquid, as a Bitcoin-native sidechain reachable from Bitfinex Securities, exposes ALKN to the Bitcoin-native institutional pool. Canton, as the dominant privacy-preserving blockchain for regulated finance (Goldman, HSBC, Broadridge), exposes ALKN to the TradFi-digital-asset pool via HydraX and Archax. A single chain would have cut one of the two audiences. Dual issuance lets the same LP interest serve both.