DIVIS
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phase 2 · designed

ASSETS BEHIND
YOUR DIVIS.

The Reserve is the asset foundation of the DIVIS thesis. Some earned income reaches holders as dividends; defined allocations retain eligible assets behind the coin. Available backing excludes committed funds and separate asset estates. Redemption burns eligible DIVIS for 95% of its available proportional asset share, with 5% retained.

the kpi we publish every week
backing per DIVIS
Assess earned distributions alongside native USDG backing and independently valued eligible-asset NAV per eligible DIVIS. Asset prices, obligations, circulating claims and capital decisions can all change those measures; gross assets alone do not establish holder value.
live once phase 2 deploysUSDG-denominatednon-decreasing across bonds + redemptionstotalBackingPerDivis() nets DSP liabilities
0%
of pro-rata paid on redeem; 5% stays for holders
0%
haircut on a stale or paused stock feed
0 d
bond vesting, linear, claim any time
0 h
timelock on every governance knob
the surface · designed

The redemption surface.

Burn DIVIS for 95% of its pro-rata share of every reserve asset and POL leg. The burn books a ticket; the first page pays immediately, the tail claims any time, and quarantined assets keep their entitlement.

phase 2 · designed
inflows

Three kinds of backing.

phase 2 · designed
Stock basket

Under admitted stock-spoke terms, 70% of stock-denominated fees reaches Reserve intake and 30% goes to POL. Participating stock intake funds due DSP coupons before its junior residual is available. Stock-linked creator launch settlement is separate and remains unresolved.

USDG

Earned USDG routes allocate 20% of collected hub fees, 20% of converted launch/graduation fees and 10% of new C2 creator-market quote fees to the Reserve. Accepted sale and bond proceeds can supply separate capital; conversion depends on actual received assets.

POL quote side

Sale and gated bond capital can fund core POL alongside specifically allocated trading fees. Eligible non-DIVIS quote assets and earmarks are counted once after obligations. Locked creator-launch liquidity and separately funded external strategies are excluded from junior redemption backing.

computed on-chain

Backing, in USDG, with no oracle in the loop.

The floor counts only USDG: what the Reserve holds plus the USDG side of every protocol-owned position. Stocks and WETH are extra, redeemable in kind, priced off-chain for display only.

phase 2 · designed
backingUsdg = USDG held by the Reserve + USDG side of every POL position and earmark
backingPerDivis = backingUsdg × 1e18 / circulating                  USDG raw units per whole DIVIS · the bond floor

circulating = 1B − dEaD − Reserve − EmissionsEscrow − esDIVIS − Genesis − FairLaunch
              − PoolManager − POLVault − Keeper                   protocol-held DIVIS is inventory, not supply

stocks, WETH: redeemable in kind, shown per asset, not in the floor  a frozen asset is visible, never hidden in an average

totalBackingPerDivis = (backingUsdg + stock basket at feed) − senior liabilities (pStock par + arrears)
                                                                    post-launch · DSP collateral is never counted, DSP claims are always netted
the senior layer · post-launch

What sits above the Reserve.

DSP stock preferred: one series per spoke, principal in kind in its own vault, coupon claimed from that ticker's stock inflow before the Reserve treats it as junior. The USDG floor never funds it; conversions can only add stock at ≥ 1.1× the floor per DIVIS released.

post-launch · designed
the capital stack · top pays first
SENIOR · pSTOCK
DSP
coupon in the stock, claimed from that spoke's stock inflow before it becomes junior basket · principal 1:1 in PreferredVault · put 0.98 · junior to nothing
stopper: any arrears above → everything below freezes
DIVIS holders · stakers
junior
USDG from hub and pad fees · paid from the USDG side, which DSP never touches
Emissions
junior
esDIVIS from EmissionsEscrow · frozen while any series is in arrears
Bonds
junior
USDG Dutch auctions from inventory · frozen while any series is in arrears
Ecosystem · ops
junior
capped ecosystem bucket, 10% ops split · frozen; ops share diverted to the Reserve
what DSP draws from
  • › The stock side of one spoke's hook fees (today 70% of it becomes junior basket): up to the coupon, that ticker only.
  • › A coupon reserve of the same stock, 12 months at the 8% cap, funded by the protocol at issue.
  • › 40M inventory DIVIS, reserved from the 220M bond inventory for conversions at ≥ 1.1× the USDG floor.
what it never touches
  • › USDG: the floor that prices bonds and redemptions never funds a senior claim.
  • › Any other ticker's stock, WETH, or the USDG paid to holders and stakers.
  • › Supply: DIVIS cannot be minted. No payment in kind, ever.
Two backing numbers, both published. backingPerDivis() is the USDG floor, untouched by DSP. totalBackingPerDivis() adds the stock basket and nets every senior liability. No figure on this site ignores the senior layer.
The DSP page →
redeem()

Eligible redemption, paid in kind.

  1. Burn any amount of DIVIS (sent to 0x…dEaD, which is dividend-excluded, so nothing strands).
  2. Receive, for every reserve asset and the non-DIVIS side of every protocol position, balance × amount / circulating × 95%. The 5% stays and accretes to everyone still holding. The DIVIS side of positions returns to the Reserve as inventory: you burn DIVIS for assets, never for DIVIS.
  3. Reentrancy-guarded, SafeERC20 per asset, a reverting asset is skipped, and the position leg is paginated (32 pools per call, continue any time): nothing can block or outgrow a redemption.
  4. Works from day one, needs no oracle and no admin. The market price has a floor because the exit exists.
USDG bonds
phase 4 · designed

Dutch auctions that can never sell below backing.

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).