Each GlazeCorp fund has a tradable fund token (Coin), an ownerless treasury, and contracts for mining, allocating capital and acquiring assets. Holding the token lets you burn it for a proportional share of the listed treasury assets.

The treasury is transparent, but its assets, liquidity and market value can change. Backing is not a guaranteed price floor or return.

The cycle

1. Mining brings in USDG. Each fund has exactly one Mine. A participant pays to take over the Mine and accrues new fund tokens until someone else takes it over. The outgoing miner receives an 80% claim on that next takeover payment. Creator and protocol fees are deducted, and the remainder goes to the Mine's configured revenue destination.
2. Holders allocate capital. Under the launch-time routing setup, USDG passes through ResonanceRouter into a seven-day Resonance stream. Holders escrow tokens to assign weight to asset strategies; in a manager-led fund, only its approved manager wallets can allocate.
3. Auctions acquire assets. Each strategy sells its collected USDG in exchange for one chosen asset. The buyer's asset payment goes to the treasury after any configured allocation reward share.
4. Withdrawal returns assets. A holder burns fund tokens and receives a proportional share of each listed treasury token.

An allocation change affects future revenue. It does not sell existing holdings or rebalance the treasury to match the allocation percentages.

Holding, selling and withdrawing

You can buy a fund token on its market without participating in mining or allocation. Its market price depends on trading liquidity and demand; its withdrawal value depends on treasury balances and effective token supply.

Sell to exchange tokens at the available market price, or withdraw to receive treasury assets in kind. A withdrawal accounts for mining emissions already accrued but not yet minted. It permanently forfeits your share of any asset left off the list for the tokens burned.

What is fixed and what can change

After launch, which mints the seed liquidity and any creator allocation, the Mine is the only source of new fund tokens. Its mining price decay, outgoing miner share and emission rules are fixed for that deployment. The treasury has no owner with a discretionary withdrawal function.

The creator retains specific controls through FundController: strategies, metadata, creator fees, trading-fee recipients, allocation settings, and the destination of future mining revenue. The default router is bound to one Resonance, but the creator can point future Mine payments elsewhere. Existing balances and positions do not move automatically.

Creator and protocol mining fees are independent. Each defaults to 0.5% and can be set from 0.01% to 2% by its respective authority. At both defaults, a paid takeover with an outgoing miner and both recipients enabled allocates 80% to the miner, 19% to revenue, and 0.5% to each fee recipient.

Read Authority after launch for the exact controls and Security and audit for the reviewed scope.

Where to go next

• Using a fund: trading, withdrawal, mining and allocation.
• Launching a fund: launch choices and ongoing administration.
• Price and backing: how assets and token supply affect a holder's share.
• Risks and mechanics: the assumptions and failure cases to understand before participating.