Token
The CHORD token
A fixed supply, fair-launched in full, and what staked CHORD does in the protocol.
CHORD is Chord’s token, and all of it goes out in one fair launch. Staked CHORD governs the treasury and the markets the collector runs, and stands behind every registered solver. Its supply is fixed at issuance.
#At a glance
| Name | Chord |
| Ticker | CHORD |
| Total supply | 1,000,000,000 CHORD |
| Decimals | 6 |
| Token program | Classic SPL Token, the program Chord settles |
| Launch | Fair launch: the whole supply, one public launch, the same terms for everyone |
| Mint authority | Revoked at issuance. Supply can only fall, through solver stake burned on timeouts. |
| Freeze authority | None. No account holding CHORD can be frozen. |
#Fair launch
Every CHORD enters circulation at the public launch, on the same terms for every buyer. Nothing is set aside before it and nothing unlocks after it.
| Allocation | Share |
|---|---|
| Public launch | 100% |
| Team and contributors | 0% |
| Investors and presale | 0% |
| Airdrop | 0% |
| Treasury and reward pools | 0% |
- No team allocation. The people who build Chord buy CHORD at the launch or in the market, like anyone else.
- No vesting. With nothing held back, there is no schedule and no later unlock.
#Staking
Stake CHORD into the staking vault, a token account only the program can move. Staked CHORD is your voting power, and it’s the stake a solver registers with.
| Voting power | One vote per staked CHORD |
| Unstaking | A 7-day cooldown. CHORD in cooldown doesn’t vote. |
| Supply | Staking mints nothing. The supply stays fixed. |
#Governance
Staked CHORD decides what the settlement program leaves open: the treasury, the markets the collector runs, and the solver stake.
| Area | What a vote decides |
|---|---|
| Treasury | Spending from the treasury, which holds the slashed bonds the protocol receives |
| Markets | Which pairs get a market, and each market’s collection, solve and settlement windows and order cap |
| Solver stake | The minimum stake to register a solver |
Every change follows the same path.
#Propose
Any wallet with 1,000,000 staked CHORD, 0.1% of supply, can open a proposal. A proposal is the exact set of instructions it will execute.
#Vote
Voting runs for 5 days. Votes are weighted by stake at the moment the proposal opens, so stake added afterwards can’t swing it.
#Pass
A proposal passes with more votes for than against and at least 40,000,000 CHORD, 4% of supply, voting for it.
#Execute
A passed proposal waits 2 days in a timelock. Then anyone can execute it.
#Outside governance
Governance works around the settlement program’s guarantees, never through them.
- Your signed orders. Pair, amounts, limit, expiry and batch are fixed by your signature.
- The fill checks. Your signature, your limit, the committed budget, escrow sufficiency and single-use nonces are checked on every fill.
- The config. Its auctioneer, treasury, chain domain and bond size are fixed when it’s created.
- Your allowance. Only you can change or revoke it.
#Solver stake
Every registered solver stakes CHORD alongside its SOL bond. The bond covers a default in SOL; the stake ties a solver’s standing to how it finishes the batches it commits.
- Registering and every commit take at least the minimum stake set by governance.
- The stake locks while the solver has a committed batch that isn’t finished, and unlocks with the bond.
- A timeout burns 10% of the stake. The same
timeout_batchthat slashes the bond to the treasury burns a tenth of the solver’s staked CHORD. Burned CHORD leaves the supply for good. - Solver stake votes like any other staked CHORD.