| Issued to branches | |
| License burns | |
| $STANDARD trading fee burnssell-side fees, 100% burned | |
| Buyback burns70% of engine ETH in contraction | |
| Resolution fee burnshalf of exit fees | |
| Total burned over horizon | |
| Minted to walletswithdrawals after fee | |
| Float outside POL at horizon | |
| Max supply left1B minus all burns |
| Token price at horizon | |
| Branch yieldissuance ÷ branches | |
| License floorabout 2 days of yield | |
| License at assumed clearing | |
| Founding Charter, 1 branch | |
| Built-out charter, 10 branches | |
| Built-out charter earns per day | |
| Cost to build 1 to 109 licenses at clearing |
Genesis liquidity is 100M $STANDARD locked full range into the Uniswap v4 pool against an undisclosed amount of ETH, seeded by the team. Full-range pricing means spot = ETH seed ÷ 100M, so launch FDV is always exactly 10x the ETH seed. Circulating supply at genesis is the pool itself, worth exactly the seed. Everything on the Day One row follows from that single unpublished number.
The central bank issues from a 900M budget (1B cap minus the 100M pool) at a base rate scaled by a policy multiplier. Net ETH inflow through the pool raises the multiplier one step per epoch; net outflow cuts it at once. Base rate, range and epoch length are TBA, so the model asks for a runway (years the budget lasts at base rate) and derives the average multiplier from your time in contraction, assuming a 0.5x to 2x range, linear in expansion share. Issuance streams per second to every branch pro rata as a ledger balance. Tokens only mint when a banker withdraws.
Guardrails: issuance can never exceed the 900M budget, and branch growth is clamped to the license auction's 100-per-day supply cap.
Licenses (100%): every branch beyond the first 1,000 costs a license paid in $STANDARD and burned. $STANDARD trading fees (100%): the sell-side fee of every swap. Buybacks (100%): in contraction epochs, 70% of engine ETH buys $STANDARD on the pool and burns it, capped near 5% of pool depth per day. Resolution fees (50%): half of every exit fee burns; the other half pays the bankers who stayed. Max supply can only ratchet down.
A charter is a soulbound NFT: 1,000 free at genesis, one branch each, max 10 per charter. Each branch is one equal share of every epoch's issue, so branch yield = daily issuance ÷ total branches. Licenses sell in a daily Dutch auction (100 per day, max 3 per charter per day) that opens at 2x yesterday's last sale and decays to a floor of about two days of one branch's yield. The clearing slider is where you think that auction settles.
The seat premium covers what the license price misses: the right to buy 3 licenses per day, the claim on half of everyone else's exit and revocation fees, and the option value of the seat itself.
The only way to cash out is retiring branches: the branch's share of your balance mints to your wallet minus the resolution fee, and the branch is gone forever. Retire the last one and the charter burns. The fee is quadratic in system-wide 7-day exit pressure, near zero on a quiet day, steep in a run, never paused. The model's withdrawn share and average fee sliders set how much of the issued supply actually reaches wallets.
| Locked by v0.1 | 1B cap · 100M full-range POL · 900M budget · pro-rata streaming issuance · mint-on-withdraw · 1,000 genesis charters, 1 branch, max 10 · license auctions (100/day, 3/charter/day, 100% burn, floor about 2 days of yield) · 70/15/15 fee split · buyback cap near 5% of pool depth/day · resolution fee 50% burn 50% to stayers · dormancy (30d, 2% bounty, 70% revocation) |
| TBA, so you set it | ETH seed · base issuance and multiplier range · epoch length · trading fee rate · resolution fee floor and ceiling · plus market outcomes: price path, branch demand, volume, time in contraction, license clearing, withdrawal behavior |
| Deliberately ignored | Resolution fee on your own exit when valuing the seat · dormancy risk · soulbound illiquidity (no secondary market until the one-way transfer switch flips) · POL growth and gold reserve value. Outputs are upper-bound framing, not price targets. |