1. Status
This is the Operator’s 11 September 2026 constitution. 1,000 RWAV = 1 RWA. 50% buy & burn / 50% permanent LP lock. Issuers set unit value and may issue as many RWA tokens as they can buy RWAV for. A non-refundable USDC platform fee of $1,000.00–$50,000.00 is paid to the Treasury wallet from each mint’s notional. Access bonds lock while the RWA is live. A clean unwind returns the bond to the issuer. It is not sold by the protocol and it is not paid to liquidity providers. Forfeiture burns locked RWAV. This is local records, not an offering of RWAV. See the Legal Documents.
RWAV remains a protocol utility token: mint fuel, access bonds, and a native Desk pair separate from Factory RWA instruments. It is not a claim on any RWA’s cashflows, NAV, or appreciation.
2. Supply and allocation
One supply. Maximum 369,000,000,000 RWAV, 18 decimals, preminted at launch. No further RWAV mint after TGE. Circulating supply only falls (50% Factory buy & burn) or locks (issuer/officer bonds and permanent LP).
| Bucket | Share | RWAV | Release |
|---|---|---|---|
| Dev team | 15% | 55,350,000,000 | Unlocked at TGE — not locked |
| Liquidity | 20% | 73,800,000,000 | Permanently locked (protocol LP) |
| Treasury | 25% | 92,250,000,000 | Multisig; programmatic use only |
| Community | 40% | 147,600,000,000 | Grants and issuer access — no yield |
| Total | 100% | 369,000,000,000 | Fixed cap |
Community 40% is grants and issuer-access support, not a staking-reward pool. Team 15% is unlocked at TGE — it is not vested and not locked. Only liquidity is permanently locked: the 20% liquidity allocation plus the Factory’s 50% mint-to-LP. Treasury 25% is programmatic and receives the Factory USDC platform fee (bracketed $1,000.00–$50,000.00, non-refundable). The $1 official-quote taker is paid in USDC to the LPs who were hit, not to Treasury, unless the fill hits no LP depth.
3. Factory mint engine — 1,000 RWAV = 1 RWA
Ratio: 1,000 RWAV = 1 RWA token. Of each 1,000 RWAV paid: 50% is buy & burned (500 destroyed), 50% is permanently locked as protocol RWAV/USDC liquidity. Protocol LP cannot be withdrawn. RWAV spent is a fee — redeem or issuer burn does not return it.
No cap on RWA supply. The issuer sets the unit USD value at mint and may issue as many tokens as they can buy RWAV for on the Desk. The $1,000.00–$50,000.00 band is not a token cap. It is a non-refundable USDC platform fee paid to the Treasury wallet on this lot’s notional (units × unit value). The dollar amount rises with the lot. The marginal rate falls. Under $50,000.00 the fee is the $1,000.00 floor. The $50,000.00 cap is reached at $12,400,000.00.
| Notional slice | Marginal rate |
|---|---|
| $0.00 – $50,000.00 | 2.00% |
| $50,000.00 – $250,000.00 | 1.50% |
| $250,000.00 – $1,000,000.00 | 1.00% |
| $1,000,000.00 – $5,000,000.00 | 0.50% |
| Above $5,000,000.00 | 0.25% |
Then apply the floor and the cap. A $10,000.00 lot pays $1,000.00, not 2% of the lot.
Issuer liquidity. Every mint keeps two permanent books at 10% of outstanding value (units issued × unit USD): RWA/USDC, which is the official quote, and RWA/RWAV, which is access liquidity and not the NAV. Matching RWA units come from the lot. Those positions cannot be withdrawn, and secondary trading cannot take the USDC book through the floor. A primary subscription clears at the issuer unit value and does not print on the bin book. The issuer may post more than 10%.
| This lot’s notional (issuer-set) | $50,000.00 | $1,000,000.00 | $10,000,000.00 |
|---|---|---|---|
| USDC platform fee (non-refundable) | $1,000.00 | $11,500.00 | $44,000.00 |
| RWAV to mint 1 RWA | 1,000 | 1,000 | 1,000 |
| Buy & burned / LP lock (per token) | 500 / 500 | 500 / 500 | 500 / 500 |
| RWA supply cap | None — limited only by Desk RWAV the issuer can buy | ||
Existing Factory gates stay: KYB-passed issuer, rostered officer, attested custody, utility catalog, allowlist policy, fresh valuation, Legal Documents consent, and Desk RWAV + USDC to cover this lot.
4. Desk USD fee — analysis
Instruction: a USD-fixed fee that pays the dev team, competitive to start. Comparables as of 2026:
- Securitize Markets (ATS): 1% of notional per secondary trade — a licensed broker-dealer, not a DEX.
- INX Securities: 1.5% + 1.5% buyer/seller commission plus a $1 network fee per order.
- Crypto DEX / perps: typically 0–40 bps, often $0 maker.
Desk matching: 1.00 USDC charged to the taker on each matched official RWA/USDC fill. Maker 0.00. Native RWAV/USDC and RWA/RWAV 0.00 / 0.00. The dollar is split by USDC notional. The share that crossed posted bins is credited in USDC to positions whose range contains the fill, in proportion to posted value at that price. The share that crossed a resting order goes to the Treasury wallet, not to the maker. If no position range contains the fill, the whole dollar goes to Treasury.
The $1,000–$50,000 USDC charge is the Factory platform fee on mint, paid to the Treasury wallet, not a Desk matching fee. The platform fee is non-refundable operating revenue. The $1 taker is a matching charge credited in USDC to the LPs whose depth was hit. It is not a yield farm, not an emission, and not a profit interest in the RWA or in RWAV.
5. Staking and access
Staking is a bond: skin-in-the-game to open Factory. It does not pay yield, share RWA cashflows, or slash on a Howey score. Emissions pool: 0.
- Issuer bond 10,000,000 RWAV per live instrument. Locked while that RWA is live. A clean unwind returns it to the issuer Desk. The issuer may sell it. The protocol does not.
- Officer bond 1,000,000 RWAV for attest + mint authority on that instrument. Same life-of-instrument lock.
- No APY. Freeze does not forfeit. Officer forfeiture and issuer suspension burn 100% of locked RWAV. A clean unwind does not. Burned RWAV is not paid to treasury and is not returned. Unwind burns unsold RWA still in the locked books and returns the USDC and RWAV posted there, plus the bond, to the issuer Desk.
A first 1-token mint costs 1,000 RWAV (500 burned / 500 permanently locked) + 10,000,000 issuer lock + 1,000,000 officer lock + at least $1,000.00 USDC to the Treasury wallet.
6. Issuer mint and burn of the RWA
Each instrument has an issuer supply panel on the Asset Profile:
- Initial mint — Converter path. Issuer sets unit value and quantity. Pays 1,000 RWAV per token, the USDC platform fee, and access bonds.
- Subsequent issuer mint — no supply cap. Same gates (KYB, custody freshness, officer, allowlist, freeze) plus Desk RWAV and USDC. 1,000 RWAV per token; 50% buy & burn / 50% permanent LP lock; USDC platform fee again.
- Issuer burn — retire issuer-held inventory. Does not seize holder tokens. Does not return RWAV or the USDC platform fee.
- Holder redeem — consumptive path. Burns holder inventory against the utility catalog. Does not return RWAV.
Native USDC/RWAV stay off this panel. An RWA cannot mint RWAV.
7. Governance and immutability
Decentralized here means: the RWAV token and Factory economic rules cannot be quietly rewritten after launch. It does not mean a token-holder DAO votes on someone else’s building.
- RWAV cap fixed. Further RWAV mint: no.
- Upgrade proxy on RWAV: no.
- Operator pause of RWAV: no.
- DAO over RWA cashflows or freeze: no.
- Issuer-level controls remain: freeze, allowlist, issuer mint, issuer burn, redeem, bond forfeiture. Those are the issuer’s instrument, not protocol governance.
8. Networks
RWAV settles on Arc Network (chain 5042, RPC rpc.mainnet.arc.io). Native gas is USDC. That is the settlement environment in this interface.
| Network | Chain ID | RPC | RWAV role |
|---|---|---|---|
| Arc Network | 5042 | rpc.mainnet.arc.io | RWAV settlement venue |
Independent of Circle and Arc Network. Listing Arc is not an endorsement and not a licensed offering on that chain.
9. Howey fit
This plan is written so RWAV can stay a consumptive protocol token next to the Converter:
- 1,000 RWAV per RWA token is mint fuel, not a share of the underlying asset. There is no RWA supply cap in the protocol — only RWAV the issuer can buy.
- 50% buy & burn is supply reduction. Do not market it as “price goes up.” 50% LP is a permanent lock.
- The $1,000–$50,000 USDC charge is a non-refundable platform fee to the Treasury wallet, not a claim on NAV.
- Bonds have no yield and stay locked while the RWA is live. A clean unwind returns the bond to the issuer. Forfeiture burns. Freeze does not.
- $1 official-quote taker is paid in USDC to the LPs whose depth was hit. It is not a coupon on the asset.
- No RWAV claim on RWA rent, interest, or NAV.
Residual risk remains. Team tokens, a 369 billion cap, and a public Desk can still be argued as a capital-raise if marketed that way. Counsel review is required before TGE. See the Regulatory Notice.
10. In force in this interface
The following are wired as local records. They are not a public-chain TGE.
- Settlement network → Arc Network (chain 5042). No local chain.
- Factory mint: 1,000 RWAV = 1 RWA; 50% buy & burned / 50% permanently locked as liquidity; issuer sets unit value; no RWA supply cap; USDC platform fee $1,000.00–$50,000.00 to the Treasury wallet (non-refundable); issuer 10,000,000 and officer 1,000,000 bonds locked while the RWA is live. A clean unwind returns them to the issuer Desk. They are not paid to liquidity providers. Forfeiture burns locked RWAV.
- Team 15% unlocked at TGE. Only liquidity is permanently locked.
- Asset Profile: subsequent issuer mint and issuer burn, same gates.
- Desk: $1 USDC taker on official RWA/USDC fills, paid to hit LPs; $0 on RWAV books.
- White Paper §5 and Terms §6–§7 match this constitution. Dated schedule: Roadmap.
Not in this version: live on-chain TGE, a broker-dealer, CIP/OFAC, or a DAO over other issuers’ RWAs.