Documentation

How The Treasury works.

Everything on this page is what the deployed contracts do. Nothing here can be changed after launch. Verify any claim on BscScan; the addresses are below.

Overview

$TREASURY is a tax token on BNB Chain launched through Flap. Every buy and sell pays 1.5% in USD1. That tax does not go to a wallet. It goes to a vault contract with no owner, which does two things with it, half and half:

  1. 1Half buys US Treasuries. The vault converts USD1 into cUSDO, a tokenized fund of short-term US Treasuries by OpenEden, and holds it. Nobody can withdraw it. Burn tokens and you receive your exact share. That is the floor under the price.
  2. 2Half is paid to holders. Every 40 minutes the coupon pot is split by balance and pushed to every registered holder's wallet in USD1. Nothing to claim. Sell, and you forfeit your unpaid coupons.

The yield the Treasuries earn is harvested and paid out as coupons too, so the principal stays intact and grows with every trade.

How the money moves

Trade on Flap

buy or sell $TREASURY

1.5% tax, USD1

Flap TaxProcessor

collects, then dispatches

dispatch

Vault

no owner · work() splits it

50%

Coupon pool

paid to holders in USD1, every 40 min

50%

US Treasuries (cUSDO)

USD1 → USDC → cUSDO, held. Burn tokens to redeem your share.

harvest()

anyone can call

yield above cost only

Coupon pool

the T-bill yield is paid out too; the principal stays

work(), harvest(), registerFor(), claimFor(), kick() and sweep() are all public. The keeper calls them so nobody has to, but anyone can, and the result is the same.

Coupons

The coupon pool runs in fixed 40-minute periods. USD1 arriving during a period is that period's pot. When the period ends, the pot is divided among registered holders in proportion to their registered balance.

  • ·Registration is automatic. The keeper finds every buyer via Transfer events and calls registerFor. The contract reads your real balance on-chain. Your balance counts from the next period.
  • ·Buying more re-registers the higher balance from the next period. Your old balance keeps earning meanwhile.
  • ·Selling below your registered balance forfeits coupons you have not been paid yet. The keeper removes you (kick) and you are re-registered at your new balance if you still hold tokens. Forfeited shares roll into the current pot after 7 days.
  • ·Payouts are pushed. After each period the keeper calls claimFor for every holder. You can also claim yourself on the position panel.

Redeem

redeem(amount) burns tokens and pays you amount ÷ circulating supply of the vault's cUSDO, plus the same share of any USD1 waiting as cash reserve. No tax, no slippage, no market in between. Circulating supply excludes tokens already burned.

Because redeem always pays book value, the token cannot trade meaningfully below it: if it did, buying and redeeming would be risk-free profit, and arbitrage closes the gap. Redeeming lowers your balance, which forfeits unpaid coupons. Claim first (the keeper normally already has).

Contracts

All on BNB Chain mainnet. Click a name to open it on BscScan; click an address to copy it. Token, vault and coupon pool addresses appear here at launch.

Vault factoryThe Treasury

Registered with Flap. Deployed the vault and the coupon pool when the token launched. Anyone can launch a token with the same rules from it.

USD1external

World Liberty Financial's dollar stablecoin. The tax currency and the coupon currency.

cUSDOexternal

OpenEden's tokenized US Treasuries (yield-bearing, rebasing via exchange rate). What the vault holds.

USDCexternal

Intermediate step when converting USD1 to cUSDO.

PancakeSwap StableSwap cUSDO/USDCexternal

Where the vault buys cUSDO. Only when the price is within 0.5% of NAV.

Flap Portalexternal

Flap's launchpad and bonding curve. Collects the tax and dispatches it to the vault.

Trade on Flap. Vault and pool source is verified on BscScan.

Parameters

Tax1.5% on buys, 1.5% on sells, paid in USD1
Split50% Treasuries / 50% coupons, fixed
Coupon period40 minutes, forever
Buy tolerancecUSDO is bought only within 0.5% of fair value; otherwise USD1 waits as cash reserve
Harvest thresholdyield above cost basis is sold and sent to the coupon pool once it exceeds 5 USD
Sweepforfeited coupons unclaimed for 7 days roll into the current pot
Ownernone. No admin keys, no upgrades, no pause
ChainBNB Chain (56)

The keeper

The keeper is a small bot that runs every two minutes. It spends only gas and cannot touch funds; every function it calls is public and does exactly the same thing no matter who calls it. If it stopped, anyone could run it, and holders could claim by hand.

  • ·work() when new tax has arrived, or the cash reserve can be converted to cUSDO at a fair price.
  • ·harvest() when the Treasuries have earned more than 5 USD above cost. The yield goes to the coupon pool.
  • ·registerFor([...]) for every new buyer and every holder who bought more.
  • ·claimFor([...]) after each period, pushing coupons to every registered holder.
  • ·kick(user) for holders who sold below their registered balance.
  • ·sweep(k) moving forfeited leftovers into the current pot after 7 days.

FAQ

Do I have to do anything to get coupons?+

No. When you buy, the keeper registers your balance within minutes. It counts from the next period. Coupons are pushed to your wallet in USD1 after each period ends.

What happens if I sell?+

Selling below your registered balance forfeits your unpaid coupons to the holders who stayed. Coupons for finished periods are usually already in your wallet, so in practice this only bites if you sell within minutes of a period ending. Selling part of your stack and staying above your registered balance is fine.

What if I buy more?+

The keeper re-registers the higher balance. It counts from the next period. Your old balance keeps earning meanwhile.

Where is the floor from?+

Treasuries held ÷ circulating supply. That is exactly what one token redeems for. Anyone can burn tokens and take that share straight from the vault, untaxed, with no market in between. If the token trades below it, buying and redeeming is free money, which is what keeps the price above it.

Who can touch the money?+

Nobody. The tax goes from Flap directly into the vault contract. The vault has no owner and no withdraw function. The only ways money leaves are: coupon payouts to holders and redeem by burning tokens.

Does the yield on the Treasuries go anywhere?+

Yes. cUSDO earns T-bill yield. The vault sells only the yield above cost and sends it to the coupon pool, so holders receive it. The principal stays and keeps backing the coin.

Can the burn address or a DEX pair be registered to steal coupons?+

No. Third-party registration only accepts plain wallets. The zero and dead addresses, the token, the pool and Flap's Portal are always refused, and contracts cannot be registered by someone else. A Safe or smart wallet can still register itself.

What if cUSDO liquidity is thin?+

The vault never buys at a bad price. If the pool cannot fill within 0.5% of NAV, the USD1 waits as cash reserve and the vault retries later. That cash reserve is part of what you redeem for.

Risks

  • ·Coupons depend on trading. No trades, no tax, no coupons. There is no guaranteed yield.
  • ·The floor is not the price. Book value per token is what redeem pays. The market can trade above it by any amount, and that premium can go to zero.
  • ·Third-party contracts. The vault relies on USD1, cUSDO (OpenEden), PancakeSwap and Flap. A failure in any of them affects the vault.
  • ·Immutable means immutable. No owner can fix a bug, pause, or upgrade. The contracts were tested on a mainnet fork and in production, but audit-level assurance is not implied.
  • ·Not affiliated. The Treasury has no relation to the U.S. Treasury, World Liberty Financial or OpenEden. Nothing here is financial advice.