Tokenomics
Summary
The whole token story on one page: the engines that earn, the split that shares, and the dollar that anchors it all.
The engines
Two engines generate revenue. Borrowers pay interest on the gynUSD they mint, and traders pay fees on the DEX. Nothing else needs to exist for the system to earn.
The Flywheel turns that revenue into growth: yield attracts stakers, stakers deepen the backstop, and a deeper backstop lets borrowing scale.
gynUSD, the anchor
gynUSD is a synthetic stablecoin pegged to the US dollar. It enters circulation one way only: minted against cbBTC through the borrowing protocol.
The peg is held by arbitrage, not promises. Below one dollar, anyone can redeem gynUSD for a dollar of BTC value onchain, and the Stability Pool tightens supply by pulling gynUSD off the open market.
Backing stays full at all times. Collateral is never rehypothecated, and redemptions live in the protocol's immutable core: no governance action can suspend them.
- Spend it: liquidity without selling your Bitcoin.
- Trade it: deep gynUSD / cbBTC pairs on the DEX.
- Stake it: deposit into the Stability Pool and earn BTC-backed yield.
Where value goes
The 70/30 split is immutable: 70% of protocol revenue pays Stability Pool stakers as real yield, and 30% funds the treasury. GYND staking joins the same revenue stream once the fee switch turns on, and bGYND pays out incentives, backed 1:1 by GYND.