Fund Documents · 02 of 08

Founding Offering

The single switch that turns the fund on. The terms below are contract constants; this page is the only place offering numbers are printed.

Status: not yet open · opens [date]. The values below are the deployed constants of the contracts being redeployed. Confirm each against the live deployment before subscribing; if a number about the offering is not on this page, it is not a term.

The founding subscription is conducted by GenesisBond, a standalone contract separate from the standard Primary Offerings. Nothing, not the dividend program, not the fee schedule, not the restore point, exists as a live market until the offering finalizes. It is a deliberately small opening of the register.

1. Terms¶

Price	3 USDG per RPT, fixed. No discount curve.
Hard cap	50,000 USDG
Per-wallet cap	2,000 USDG
Sale window	7 days, closing early if the cap is reached
Minimum raise	15,000 USDG. Below it the offering fails and the protocol never starts.
Vesting	5 days, linear, from `finalize()`
Payment asset	USDG only

Outcomes at the deadline:

Raise ≥ 15,000 USDG → finalize() proceeds with actual proceeds. Every split is ratio-based, not cap-based, so day-one NAV is the same at the minimum as at the cap (§4).
Raise below the minimum → the offering fails. Refunds are pull-based: each wallet reclaims its own USDG. Nothing else happens.

2. The share certificate¶

Every subscriber is recorded in the on-chain founding register (address, amount, timestamp) and receives a soulbound ERC-721 share certificate at purchase, whose metadata records the amount, the time and the shareholder number. The certificate lives in its own minimal contract; a certificate mint failure can never block a subscription. No perk is promised in code. The certificate preserves the cohort; it does not encumber the fund.

3. finalize(): one transaction, everything at once¶

When the cap is hit, or the window closes with at least the minimum, anyone may call finalize(). Atomically it:

Sends 70% of proceeds to the Treasury, which deploys per the Morpho policy in Treasury and NAV.
Pairs the remaining 30% of USDG with newly minted RPT priced at 3 USDG and seeds the canonical Uniswap v2 RPT/USDG pool as fund-owned liquidity. This pool is the source of the TWAP, the first entry in the fee mapping, and both sides of the market-making program. The LP tokens are held by the Treasury.
Enables the Shareholder Dividend Program, the standard Primary Offerings (USDG bonds and RPT/USDG LP bonds), and the trading fee.
Starts the 30-day management vesting clock, which is also the clock that decays the fee split from 4% management / 1% treasury to 0% / 5% (Trading Fee Schedule).

There is no partial-enable path. Before finalize(), none of it; after, all of it.

4. Day-one NAV, shown long-hand¶

Because finalize() splits actual proceeds R by ratio, 0.7R to the treasury and 0.3R of USDG plus 0.3R ÷ 3 newly minted RPT to the pool, day-one NAV does not depend on the raise. With fund-owned liquidity valued at the binding 2·√(x·y) convention:

NAV at close = (0.7R + 2·√(0.3R × 0.1R)) / (13R/30)
             = (0.7 + 2·√0.03) × 30/13
             ≈ 2.4148 USDG   for any raise ≥ the minimum

Worked example with the cap fully subscribed:

Raised:                 50,000 USDG
RPT sold to founders:   50,000 / 3 ≈ 16,667 RPT   (5-day vest)
To Treasury (70%):      35,000 USDG → Morpho per policy
To liquidity (30%):     15,000 USDG + 5,000 RPT minted for LP
totalSupply:            16,667 + 5,000 ≈ 21,667 RPT
rfvOfPOL:               2·√(15,000 × 5,000) ≈ 17,321 USDG
RFV backing:            35,000 + 17,321 ≈ 52,321 USDG
NAV (backing/token):    52,321 / 21,667 ≈ 2.4148 → ~2.41 USDG

Every founding subscriber pays 3 USDG for a share backed at about 2.41 USDG, a ~1.24× premium at close. We print this because the day-one premium is a feature of the design, not a leak. Two consequences worth having in hand:

1.24× is below the 1.75× full-distribution threshold, so the Distributor opens at a partial rate: P ≈ 1.24 → rate ≈ 0.45% × (0.24 ÷ 0.75) ≈ 0.15% per epoch if price holds at the offering level. See the premium → rate table.
The premium is the price of founding a fully reserved fund: 100% of a subscription lands in backing (70% reserves, 30% fund-owned liquidity), and the 1 USDG floor holds from the first block.

As-implemented figure. The on-chain reading at close sits slightly below the idealized 2.41 because RFV applies a 2% haircut to the Morpho-deployed share of reserves. With the treasury share deployed to the full 70% cap, NAV at close reads about 2.39 USDG. Between 2.39 and 2.41 is arithmetic, not drift.

5. On the size of the pool¶

At this offering size the fund-owned pool opens at roughly 15,000 USDG and 5,000 RPT a side, which is deliberately thin. Small trades will move the price more than founders may be used to on deeper venues. The protocol's own operations are protected by on-chain TWAP-deviation and clip-size bounds; your entries and exits are not. This is a disclosed property of a small raise, not a malfunction. The full statement is under Risk factors.

6. Sequence of events¶

deploy → subscription opens (USDG in, register + certificates written)
  → cap hit / day 7 with ≥ 15,000 → finalize()  [atomic: 70/30 split, pool seeded,
                                            distributions + offerings + fee enabled, vesting clock starts]
  → day 7 with < 15,000 → offering fails; pull-based refunds
  → days 0–5 after finalize: founding RPT vests linearly, claimable
  → day 30: management fully vested; fee split reaches 0% / 5%, permanently