The $DENAR token contract is live; distribution has not happened yet. The revenue lines below are real — two are accruing on-chain today — and the buyback engine connects to them at generation.
The revenue lines feeding the burn
Three of six switch on the day dUSD does — which is why the dollar ships after the markets, and why its launch is the single biggest event in $DENAR’s cash-flow design.
The BACKED carve-out
Before anything reaches the $DENAR burn, 10% of all protocol fees — every line above, live from today — buys and burns BACKED, the stock-backed floor asset Denar is structurally partnered with. The remaining 90% is the pool the $DENAR buyback draws from at token generation. Two burns, one order of operations, no overlap.The flywheel
The lines are not independent — they compound through one loop:- Borrowing in the markets generates fees (line 1) and liquidation flow (line 2).
- Every dUSD minted puts reserve dollars to work in those same markets — deepening lending supply, which grows borrowing capacity, which grows line 1.
- The dUSD reserve earns on the whole float (lines 3–4), and its pool trades (line 5).
- All of it meets in the burn. More protocol usage — any product, either side of the book — means fewer $DENAR in existence.
Why buyback-and-burn, and not yield
Two reasons, one economic and one philosophical:- Economic — a burn compounds for every holder identically, without asking anyone to stake, claim, lock, or chase a rate. It is the only distribution that costs holders zero actions and zero risk decisions.
- Philosophical — Denar’s docs never print an APY that wasn’t realized, and the token follows the same rule. A burn is not a promise about the future; it is a record of revenue that already happened, visible at the token contract for anyone to audit.