Concepts
The $SCRIP token
1,000,000,000 $SCRIP, all of it to the public launch. The protocol fee buys it on the market and burns it.
$SCRIP is Scrip's protocol token. Every harvest pays the protocol a fixed share of its yield, and all of that fee buys $SCRIP on the market and burns it.
Supply
| Item | Value |
|---|---|
| Ticker | $SCRIP |
| Supply | 1,000,000,000, fixed |
| Public launch | 100% of the supply, on the same terms for everyone |
Every token goes to the public launch. There is no presale and no team, investor or airdrop allocation, nothing is set aside, and nothing vests.
Where the protocol fee comes from
Each Scrip's yield accrues on the reserve until the keeper harvests it. At every harvest the protocol fee comes off first: a fixed share of the harvested yield, set once when the reserve is initialized and never more than 20%. Deposits never pay it. The program pays it in USDC into the protocol's fee account, and the rest of the harvest goes down the Scrip's route. Parameters shows the share on this network.
Buy and burn
All of the protocol fee buys $SCRIP on the market, and every token it buys is burned. Nothing mints new $SCRIP, so each burn leaves the supply smaller.
Apart from the Buyback route
See Yield routes for the four routes an issuer can pick.