Yellow paper

The specification.

1. 1Mint price

   mintPrice = backingPerToken + premium. The backing portion is routed to the reserve, the premium portion to the yield pool. Neither can be reassigned.

2. 2Floor price

   floor = reserveBalance / totalSupply. Because backing enters on every mint and only leaves on redemption at the same ratio, the floor is monotonically non-decreasing.

3. 3Redemption

   redeemValue = floor × amount, settled instantly from the reserve. No queue, no cooldown, no discretionary pause.

4. 4Yield distribution

   The yield pool streams to holders on a per-block basis, proportional to balance. If premiums stop, yield stops — it is never funded from the reserve.

5. 5Parameters

   premiumRate is bounded between 1% and 25%. Changes take effect after a timelock and cannot touch the reserve accounting logic.