did:orbit: identity. Onboarding is documented, transparent, and portable across every module and every asset class.Wavestar Markets · Participant directory
The enrolled roster, anchored to the registry.
Every participant on Wavestar — clearing member, observer, counterparty, regulator, station, broker — is anchored to a
- Categories
- 6 · registry-anchored
- Clearing members · live
- 38
- Observers · quorum
- 14 of 32 target
- Regulators engaged
- FinCEN · SEC · CFTC · FCC · ITU
Directory
Six categories on one registry.
Participation class determines margin posture, observer quorum weight, fee tier, and rulebook rights. Every entry resolves through the shared did:orbit identity namespace.
- Category I01
Clearing members
Operators who post margin against their cleared positions. Fleet operators, ground-station providers, ISAM servicers, bus operators, and spectrum lessors. Every clearing member posts initial margin, variation margin, and a default-fund contribution graduated by cleared notional.
- Current
- 38 live
- Target · Series A
- 120 at Series A
- Category II02
Independent observers
Observer operators who sign the BLS quorum that attests delivery on every cleared market. RF monitoring networks, SSA providers, telemetry aggregators, and fleet-telemetry mirrors. Paid per-attestation plus staking rewards for quorum participation.
- Current
- 14 live
- Target · Series A
- 32 at Series A
- Category III03
Counterparty participants
Entities that trade without posting margin directly — access to the cleared markets is intermediated by a clearing member. Smaller fleets, payload integrators, government buyers, and commercial end-users. Onboarding remains registry-anchored via did:orbit.
- Current
- 60+ prospects
- Target · Series A
- 200+ at Series A
- Category IV04
Regulator observers
FinCEN, SEC, CFTC, FCC, ITU, and equivalent national administrations receive regulator-grade read access to the cleared tape. Read access is a filed feature of Wavestar's rulebook, not a back-channel. See /regulatory for filings and filing status.
- Current
- 8 engaged
- Target · Series A
- Full five-regulator coverage
- Category V05
Ground-station providers
KSAT, AWS Ground Station, Viasat Real-Time Earth, Atlas Space Operations, and Leaf Space constitute tier-1. Tier-2 adds operator-owned station networks that list their own inventory — Planet, Capella, Iceye — alongside the major primes.
- Current
- 5 tier-1
- Target · Series A
- 12+ providers
- Category VI06
Brokers and market-makers
A new category. Traders who hold inventory — downlink windows, ISL capacity, slot pre-buys — and quote continuous bid/ask on the Wavestar books. Maker rebates, liquidity-tier fee discounts, and pre-market RFQ access are the standing incentives.
- Current
- 4 live
- Target · Series A
- 12+ at Series A
Clearing member tiers
Graduated posture across three tiers.
Tier assignment reflects cleared notional, default-fund contribution, and operational readiness. All tiers clear on the same contracts; tier differences appear in fee tier, governance rights, and maker-rebate eligibility.
Clearing member tiers
- Tier 1 · Principal
- Cleared notional > $50M / quarter · observer quorum seat
Maker-rebate eligible. Seat on the rulebook working group. Direct API access to the matching engine.
- Tier 2 · Member
- Cleared notional $5–50M / quarter
Standard fee tier. Voting seat in annual rulebook reviews. Self-service onboarding for additional asset classes.
- Tier 3 · Associate
- Cleared notional < $5M / quarter
Entry tier. Onboarding through a sponsoring tier-1 or tier-2 member with a 90-day conversion window.
- Cross-tier
- did:orbit-anchored identity
Every tier resolves through the same registry entry; tier change requires no re-papering, only a notional threshold crossing.
Observer quorum
Who signs what.
The Attest observer quorum signs delivery on every cleared market. Observer diversity — geographic, corporate, and technological — is the correctness property.
- RF
RF-monitoring observers
NSR Kratos, AGI / Ansys ComSpOC, and comparable providers monitor actual on-air occupancy and station-contact delivery. Core quorum on DLM and SPEC attestations. - SSA
SSA and tracking observers
Commercial space situational awareness providers contribute orbit-state telemetry for PROP (docking verification) and ISL (geometry reconciliation). Corroborates on-board telemetry signatures. - FLT
Fleet-telemetry observers
Operators that mirror non-classified telemetry into the observer network. In ISL markets, both Tx and Rx fleets sign bytes; divergence opens dispute. - REG
Regulator observers
Read-only observer seats for regulators who elect participation. No quorum vote; the purpose is market transparency into the cleared tape at the regulator-grade access layer. - AUD
Integration auditors
Independent environmental-test and interface-verification auditors sign the integration-milestone attestation for SLOT contracts. Auditor panel approval gates the 40% escrow tranche. - INS
Insurance-panel observers
Physical-risk carriers for PROP and SLOT (Lloyd's, Starr Aviation, and others) receive observer-grade reconciliation on force-majeure events. No clearing vote — insurance settlement is separate infrastructure.
Membership economics
What it costs to clear.
- Minimum tier-3 default contribution
- $250k
- Design-partner fee · first $10M
- $0
- Steady-state clearing fee
- 1.5% blended
- Observer stipend
- Per-attestation
Held at Wavestar's FinCEN-MSB custodial accounts, segregated from operating capital.
Zero clearing fees through first $10M notional cleared. Program runs through Q3 2027.
Blended across asset classes at 2030 mix. Downlink 1.5% · ISL 2% · Propellant 3% · Slot 2% · Spectrum 1%.
Observers earn per-attestation fees plus a quorum-staking reward. Full schedule in the Observer Operator Agreement.
Onboarding
From application to first cleared trade.
The onboarding sequence is documented in the rulebook. Wavestar is a neutral utility — every applicant runs the same path, and rejection criteria are published.
- Step 01 · Application
- Entity KYC + beneficial ownership + sanctions screen
BSA/AML and OFAC screening per /compliance/aml-kyc and /compliance/sanctions.
- Step 02 · did:orbit registration
- Identity keys generated, registry entry published
Operator controls primary key. Custody options (HSM, KMS) documented in the onboarding runbook.
- Step 03 · Tier assignment
- Based on cleared-notional projection and default-fund contribution
Applicants self-nominate tier; Wavestar confirms on operational readiness review.
- Step 04 · Collateral posting
- IM and default-fund tranche to FinCEN-MSB custodial accounts
Posted via Fedwire, SWIFT, or USDC. Evidence of collateral routes into the member's clearing wallet.
- Step 05 · Rulebook signature
- Clearing Member Agreement (see /legal/member-agreement)
Binding on signature; indemnification and dispute-resolution terms attached.
- Step 06 · First trade
- Typical time-to-first-trade: 21 business days
Median across the design-partner cohort; tier-1 principals track 35–45 days with enhanced due diligence.
Clearing houses are the definitional network-effect business. Once counterparties trust the settlement, the moat is unbreakable.
Membership · Q3 2026
Five operators. Five ground stations. Zero fees through $10M.
Design-partner cohort onboarding through Q3 2026. Tier-1 principals receive a permanent seat on the rulebook working group; observer partners share a stake in the Attest quorum from day one.