CAPITAL FOR
THE ENGINE.
Bonds are gated financing instruments: USDG can fund liquidity and Reserve assets in exchange for inventory DIVIS. New circulating claims, vesting, pricing and inventory limits must be assessed alongside the capital raised. Bond proceeds are financing rather than earned divis; no active offer follows from a calendar threshold alone.
This epoch.
Capacity, price, floor and clocks, read from the depository. The next bond opens the next epoch on its own once the current one is filled and a day old, or a week old.
Bondable inventory 120,000,000 DIVIS = 160M inventory − 40M DSP carve-out, enforced in the contract.
Vesting, claim any time.
Each bond is a note that vests linearly over 7 days. Claim one, or everything that has vested in one transaction.
One epoch, modelled.
Start at 105% of the hub reference, decay linearly to the floor over three days. A fill lifts the anchor by up to 10%, pro rata to the share of the epoch it took, never above the ceiling, and restarts the three-day clock. Dust fills cannot move it; a whale pays for the lift it causes.
Bond a stock, once the hub is deep.
One market per stock token with a fresh feed and a spoke. The bonder pays the stock at its Chainlink price, receives DIVIS priced against total backing per DIVIS, and the stock sits in the Reserve: redeemable in kind, coupon inventory for DSP, and movable into that stock's spoke by the timelock. A lifetime budget bounds the USDG-floor dilution.
| stock | market | floor |
|---|---|---|
| NVDA NVIDIA | designed · opens when the gates hold | total backing per DIVIS |
| AAPL Apple | designed · opens when the gates hold | total backing per DIVIS |
| MSFT Microsoft | designed · opens when the gates hold | total backing per DIVIS |
| META Meta Platforms | designed · opens when the gates hold | total backing per DIVIS |
| TSLA Tesla | designed · opens when the gates hold | total backing per DIVIS |
| GLD SPDR Gold Trust | designed · opens when the gates hold | total backing per DIVIS |
- the stock is allowed by the network (Chainlink feed set by the timelock)
- its DIVIS/stock spoke exists
- the timelock has listed it as a Reserve asset (48-hour delay)
- its feed is fresh: market hours, sequencer up, token oracle not paused
- the hub's USDG side is at least 500,000 USDG
- lifetime budget remaining
Pay NVDA, AAPL, GLD… at the fresh feed price, receive inventory DIVIS priced against total backing per DIVIS, vesting 7 days. The stock sits in the Reserve: redeemable in kind, coupon inventory for DSP, and movable into that stock's spoke by the timelock.
Every parameter, and who can change it: nobody.
Two one-shot timelock calls exist: the DSP stopper slot and the stock-market budget (up only, at most 40M). There is no open, close, pause, price, capacity or split setter.
| Quote assets | USDG, live with the network. Stock tokens (NVDA, AAPL, GLD…) in their own markets once the hub is deep, a feed is fresh and the timelock has listed the stock as a Reserve asset. |
| Capacity | 180M bondable DIVIS: the 220M inventory minus the 40M DSP conversion carve-out, enforced in the contract. 2% of what remains per epoch (1% per stock market), at most one epoch a day. |
| Epochs | No governance. bond() opens the next epoch on its own once the last one is filled and a day old, or a week old; anyone may call roll() too. Start price 105% of the hub's block-start reference, 3-day linear decay to the floor. |
| Fills | Each fill lifts the anchor by up to 10%, pro rata to the share of the epoch it took, never above 105% of the reference. Minimum 10 USDG. No sequence of fills can price the market out of reach. |
| Floor | USDG market: the USDG backing per DIVIS, high-water marked; a dump into the hub can never lower it. Stock markets: total backing per DIVIS (USDG floor plus priced Reserve assets, net of senior claims). |
| Proceeds | USDG: 60% paired with inventory DIVIS into the hub POL position, 40% to the Reserve as USDG, both backing. Stock: 100% to the Reserve as the stock, redeemable in kind and available for that stock's spoke and DSP coupons. |
| Vesting | 7-day linear; claim any time, one note or all at once. No lockups, no NFTs, not transferable. |
| Invariants | USDG backing per DIVIS never falls through a USDG bond; total backing per DIVIS never falls through a stock bond; stock markets are capped at 20M DIVIS lifetime (timelock may raise to 40M). |
Two percent of what remains, per epoch.
If every epoch fills. Weekly cadence unless demand fills an epoch sooner, in which case at most one epoch a day. The paired POL share of each fill never circulates.