Documentation
THE FIRM, EXPLAINED
$401K is a rebasing DN404 reserve currency on Robinhood Chain. One whole token is one Seat NFT. The protocol runs a two-bucket treasury, emits only above backing, and buys real tokenized equities for the Seats that stay vested.
THE SHORT VERSION
- 1 token = 1 Seat. DN404 keeps an ERC20 and an ERC721 mirror in sync. Whole balances mint Seats; fractions hold none.
- Your liquid balance never rebases. Emission accrues as a per-user index inside staking. You mint the new Seat yourself, with your own gas, when your accrual crosses 1.0.
- Every Seat picks one job. On the clock it earns rebase. Vested it earns tokenized stock into its own ERC-6551 account. Never both.
- The floor is a revert, not a promise.
rfvPerToken() >= 1e18holds after every operation, and the equity bucket means NAV rises with the market. - Emission stops at backing. When market price is at or below NAV the rate is exactly zero.
THE NUMBERS THAT MATTER
nav() = (rfvUSDG + equityMarkUSDG) / totalSupply
rfv() = rfvUSDG / totalSupply <- the buyback bids HERE
P = twapPrice / nav()
rate = R_MAX * clamp((P - 1) / (K - 1), 0, 1) R_MAX = 45bps, K = 1.75NAV and RFV are not the same number and the protocol never confuses them. NAV includes the marked value of the equity bucket; RFV is USDG only. Bonds are floored at NAV. The buyback bids at RFV minus 1.5%.
KEY PARAMETERS
EPOCH LENGTH
8 hours
3 paydays a day
R_MAX
45 bps
0.45% per epoch, hard cap
K_PREMIUM
1.75x
premium at which the rate saturates
REBASE BOUNTY
0.5%
of the epoch mint, to whoever calls it
TRANSFER FEE
5%
AMM pairs only, immutable
WITHDRAW FEE
0%
from a Seat's TBA, forever
CLOCK-OUT COOLDOWN
24 hours
before a Seat can punch back in
BOND VESTING
5 days
linear
KEEP READING
Not investment advice
This documentation describes mechanism, not expected returns. Displayed APY is the current epoch rate extrapolated over 1095 epochs and assumes nothing about price. Read the risk factors.