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() >= 1e18 holds 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 = 1.75

NAV 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

AMM pairs only, immutable

WITHDRAW FEE

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.