Demo build — mock protocol data. No chain, no ABIs yet.
Two buckets, one floor
NAV is what a token is backed by. RFV is what it is guaranteed by. They are not the same number and the protocol treats them differently — the buyback bids at RFV, never at NAV.
The gap between the gold line and the cyan line is the premium — that is what the emission curve reads. The gap between cyan and green is the equity bucket: real upside, but not part of the guarantee.
Every OHM fork that died, died the same way: it kept minting into a market that had already fallen below its own backing. Here the rate is a clamp on the premium, so it is structurally impossible to emit at or below NAV.
The 5% transfer fee is immutable and applies only on transfers to or from mapped AMM pairs. Wallet-to-wallet is zero. Whitelisted protocol contracts are zero.
50%
Stock Desk
buys equities for vested Seats
30%
Treasury
straight into backing
15%
LP / POL
protocol-owned liquidity
5%
Buyback
standing bid at RFV − 1.5%
The team share starts at 40% of the fee stream and decays linearly to zero over 30 days, taken pro-rata from all four buckets. After day 30 it is zero forever — there is no switch to turn it back on.