Document 04
Governance
This page exists to be checked rather than believed. Every claim on it is a statement about bytecode at a published address, and every address is below.
Statement of immutability
- No owner
- No contract holds an owner, admin or governor role. The functions that would grant one were not written, so there is nothing to renounce and no renunciation to take on trust.
- No pause
- There is no function that halts transfers, staking, subscription or the standing bid. In an emergency, the protocol continues to operate exactly as it does at any other time.
- No upgrade path
- The contracts are not proxies. There is no implementation slot, no beacon and no delegatecall to an address that could change. The bytecode at each address is the bytecode that will always be there.
- No allowlisted keeper
- Advancing an epoch is permissionless. Any address may call it, and the call does nothing except what it would do for anyone else. No party is required to be online for the protocol to work.
- No mint
- Shares are issued only by the subscription and dividend mechanisms, on terms fixed at deployment. There is no reachable path by which any address can issue a share outside them.
- No treasury withdrawal
- Assets leave the treasury only to meet the standing bid, at backing, subject to the per-epoch limit. There is no transfer function an external caller can direct.
The cost of all of this is that nothing can be fixed. A defect in the code is permanent, a badly chosen parameter is permanent, and there is no route by which either can be corrected once the contracts are live. That trade is argued in section 8 of the prospectus and listed as a risk in section 4 of the risk factors.
Contracts
Base mainnet, chain ID 8453.
- $BUYNot deployed
The share. Fixed supply mechanics, no mint function reachable by any key.
- sBUYNot deployed
The staked share. Rebases each epoch; balance changes, claim does not.
- StakingNot deployed
Holds staked shares and advances the epoch. Anyone may call the advance.
- TreasuryNot deployed
Holds the reserve. Withdrawals are constrained by the contract, not by policy.
- Bond depositoryNot deployed
Prices and settles subscriptions. Terms are set by the curve, not by an operator.
The contracts are not deployed. Addresses appear here when they exist and not before — publishing a placeholder would make this page decorative, which would defeat its only purpose.