> ## 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. # Revenue & the burn > Six revenue lines converge on one programmatic buyback — two are live today, three switch on with dUSD, one is in negotiation. Everything bought is burned. The [\$DENAR token contract is live](/token/denar); 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. What makes the burn design credible is that the first engines are not a roadmap — they are running today. ## The revenue lines feeding the burn | # | Revenue line | What it is | | - | ---------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------- | | 1 | **Market fees** | 10% of all borrower interest across the six stock markets (hard cap 25% in the core, unchangeable above it) | | 2 | **Liquidation spread** | The protocol operates its own liquidation executor; the liquidation bonus, net of execution, is protocol revenue | | 3 | **dUSD reserve fee** | The performance slice of everything the [dUSD](/dusd/overview) reserve earns — tokenized T-bills plus lending income (hard cap 50% in the contract) | | 4 | **Direct-deposit spread** | dUSD minted straight into Denar's markets as lending liquidity earns borrower interest; the protocol's slice feeds the burn | | 5 | **Protocol-owned liquidity** | Trading fees on the protocol's share of the dUSD/USDG pool | | 6 | **USDG reserve-yield share** | Global Dollar Network partners earn a share of the yield on USDG held on their platform — Denar's contracts qualify | Three of six switch on the day dUSD does — which is why [the dollar ships after the markets](/dusd/overview#why-the-dollar-ships-second), 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](/ecosystem/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: 1. **Borrowing in the markets** generates fees (line 1) and liquidation flow (line 2). 2. **Every dUSD minted** puts reserve dollars to work in those same markets — deepening lending supply, which grows borrowing capacity, which grows line 1. 3. The dUSD reserve earns on the whole float (lines 3–4), and its pool trades (line 5). 4. **All of it meets in the burn.** More protocol usage — any product, either side of the book — means fewer \$DENAR in existence. There is no version of Denar growing where the burn does not accelerate. That is the whole design. ## 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.