$CALL and staking

A fixed-issuance token and a staking contract that discounts your margin rate, funded by a reserve that can only ever shrink.

Minted once, never again

$CALL is a plain ERC-20. All 1,000,000,000 tokens are minted in the constructor, split across five allocation buckets, and the contract has no mint function, no burn, no owner and no upgrade path. The token is deliberately inert: it is not margin collateral, staked or not, and it is never sold to backstop the cash vault.

Staking and the rate discount

Stake $CALL into the Staking contract and your margin rate drops by a tier discount. The tier is read at every daily charge, so a stake is effective for the very next charge. Unstaking is request then claim: the requested amount leaves your tier and stops earning rewards immediately, and becomes claimable after 7 days, one pending request per account.

The discount never compounds into your debit. Everyone accrues at the same gross rate, and the discount arrives as a cash rebate applied at each daily charge, funded strictly from the protocol's own share of the skim. It exists only while the skim is On, and it is capped at the protocol share of that charge's skim, so the vault depositors' share of interest and the insurance top-up are never touched, whatever the tiers say. See the cash vault for how the skim splits.

Where protocol revenue goes

It does not come back to $CALL. Protocol revenue accrues inside the cash vault as the skim, fills the insurance line until it reaches target, and after that a permissionless sweep moves the whole protocol balance to the foundation treasury pinned write-once in the vault. There is no buy of $CALL anywhere in the protocol, no fund holding it and no allocation of revenue to the token. The token's only economic link into the desk is the rate discount above, and settled revenue is listed with its transaction hashes on the protocol page.

Staking rewards and the reserve

Rewards accrue per second toward a 2.50% annual target and are paid in $CALL when you claim. They are paid out of the staking reserve, which sits inside the Staking contract itself: the reserve is simply whatever $CALL the contract holds above the stakes and pending unstake requests it owes, so staked principal can never be spent on rewards. Draws are capped at 25,000,000 $CALL per rolling year, and nothing is ever minted to cover a claim, because no mint path exists.

When the cap and the reserve together cannot cover an accrued claim, the shortfall is forfeited and the effective reward rate floats down. The target is a ceiling, not a debt: the protocol carries no reward liability forward, and the reserve is finite and shrinks with every claim it pays. As it empties, the realised APY drifts below the target rather than the protocol owing anyone the difference.