Participants
The structure is held by a defined set of actors.
Each has one function and a bounded authority.
No actor holds more than its function requires, and none can reach across the boundary into another's.
The actors
| Actor | Function | Cannot |
|---|---|---|
| Contributor | Supplies capital into a pool through the Vault | Govern allocation, or reach the underlying operations |
| Architect | Governs allocation, per-pool parameters, and the direction of the Reserve | Override the support order, or alter the disclosure |
| Monetization partner | Operates the asset and stands behind the senior baseline | Write to the ledger, or hold contributor capital |
| Protocol Reserve | Supports the Stable baseline as the final tier of its support sequence | Stand ahead of any pool, or be drawn for anything but that support |
| Foundation | Holds custody and carries legal responsibility | Exercise discretion over individual positions |
Contributors
Capital enters from contributors, who take a position in one of two pools.
A contributor holds a claim on revenue, defined by the pool.
The claim is recorded on the ledger; it is never a claim on the operations themselves.
Architects
Architects are the liquidity providers; they govern.
They set allocation across pools, the parameters of each pool, and the direction of the Reserve.
Governance is structural: it shapes how capital is deployed, not the order in which a contributor's claim is settled.
The support order and the disclosure stand outside governance reach.
The monetization partner
The asset is operated off-chain by a monetization partner under contract.
The partner earns the revenue, settles it in fiat, and stands behind the senior baseline first, ahead of the Reserve.
The baseline is modeled, not assured; if realized revenue and the support sequence fall short, it can be missed.
The partner keeps ownership and operations; it never holds contributor capital and never writes to the ledger.
The Protocol Reserve
The Reserve is the final tier of the Stable Pool's baseline support, accrued from retained spread rather than pre-funded.
It supports the Stable baseline alone: it is not a first-loss buffer, it is not held ahead of the pools, and it absorbs nothing for a Single Pool. It is drawn only when realized revenue and the partner's support fall short.
It is finite; once exhausted, the baseline can be missed, and capital in any tier can be lost in part or in full.
Its capitalization and direction are described under Economics.
The Foundation
Custody is held by the Foundation, a Panamanian non-profit, which carries the legal responsibility for the protocol.
The Foundation holds the structure; it does not hold discretion over any single position.
Separation of duties
The functions are held apart deliberately, because their interests are not identical.
Governance sets where capital goes and would gain from deploying it harder; it cannot reach the support order or the disclosure, so it cannot pay for that reach with a contributor's protection. The monetization partner earns from operating the asset and would gain from its results reading better than they are; it cannot write to the ledger or hold contributor capital, so it cannot record its own performance. The Foundation custodies the structure; it holds no discretion over a position, so custody and allocation never sit in one hand.
The conflict is not denied; it is contained. Each actor is bounded so that what it would gain from bending is held by another that gains nothing from bending it. The structural protections a contributor relies on (the Stable baseline's support sequence, the disclosure, the separation of custody from allocation) stand outside the reach of any single function. This is the risk the structure manages by design rather than by trust.