> ## Documentation Index
> Fetch the complete documentation index at: https://docs.denar.markets/llms.txt
> Use this file to discover all available pages before exploring further.

# $DENAR — the value engine

> Denar's native token sits at the end of every revenue line the protocol runs — market fees, liquidations, and the dUSD treasury all feed one programmatic buyback, and everything bought is burned.

<Info>
  **The \$DENAR token contract is live** at [`0x3786728a2c49C4617Bf4FE5BD82b90B6B0dF5508`](https://robinhoodchain.blockscout.com/token/0x3786728a2c49C4617Bf4FE5BD82b90B6B0dF5508) on Robinhood Chain — that address, printed here and on the [contracts page](/reference/contracts), is the **only** official one; anything else claiming to be \$DENAR is a scam. There has been no public sale. Distribution and the buyback parameters are published at generation.
</Info>

<Frame>
  <img src="https://mintcdn.com/denar-markets/r1YfjCE9xXDXLpBL/images/brand-lockup.png?fit=max&auto=format&n=r1YfjCE9xXDXLpBL&q=85&s=8b06fc4ca9a3c85aa8503df3c861c8a5" alt="The Denar arch coin and wordmark" width="1672" height="941" data-path="images/brand-lockup.png" />
</Frame>

\$DENAR is designed around a single idea, borrowed from how the rest of Denar is built: **don't promise outcomes — deploy mechanisms.** The token does not pay yield, does not rebase, and is not backed by a pot. Instead, every revenue line the protocol operates converges on one programmatic action:

<Card title="Revenue → buyback → burn" icon="flame" href="/token/revenue">
  A published share of everything the protocol earns buys \$DENAR on the open market and burns it. Burned is burned: supply only goes down, on-chain, verifiable by anyone — the same standard of honesty as the rest of the protocol.
</Card>

We don't promise a price. We promise a mechanism.

One carve-out, stated up front: **10% of all protocol fees buy and burn [BACKED](/ecosystem/backed)** — the partnership at Denar's roots — and the \$DENAR buyback draws from the remaining 90%.

## The token in two pages

<Columns cols={2}>
  <Card title="Revenue & the burn" icon="flame" href="/token/revenue">
    The six revenue lines that feed the buyback — two live today — and the flywheel that ties them together.
  </Card>

  <Card title="Governance" icon="gavel" href="/token/governance">
    What \$DENAR holders steer, and the guardrails no vote can remove.
  </Card>
</Columns>

## The order of launch

The sequencing follows the same logic as [dUSD's](/dusd/overview#why-the-dollar-ships-second): each layer ships only when the layer below it is generating the value it depends on. Markets, then the dollar, then the token that burns on both — and votes on both. The token **contract** is live today; the buyback engine connects, and distribution happens, as those revenue lines mature.

## Contracts

| Contract                                                         | Address                                                                                                                                |
| ---------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------- |
| \$DENAR token (Denar Markets, 18 decimals, 1,000,000,000 supply) | [`0x3786728a2c49C4617Bf4FE5BD82b90B6B0dF5508`](https://robinhoodchain.blockscout.com/token/0x3786728a2c49C4617Bf4FE5BD82b90B6B0dF5508) |

The buyback engine and the burn address will be added here and on the [contracts page](/reference/contracts) when they are wired — and nowhere else first. Treat any address you did not read on these two pages as hostile.

<Tip>
  Everything the protocol earns today is already accruing on-chain — the fee switch is live and visible in the [contracts](/reference/contracts). \$DENAR's launch doesn't start the engine; it connects the exhaust.
</Tip>