The treasury operating model
Holders authorize capital; managers propose strategies; agents execute scoped transactions; vaults enforce permissions. The initial scope is unleveraged onchain spot on Robinhood Chain. Borrowing, shorting, derivatives, bridges, CEX accounts and unrestricted calls are outside initial permissions.
Network and launch
Chain 4663, native gas ETH. Pons launch is planned. A public launch manifest must pin factory version, quote asset, actual supply/distribution, combined charges, exemptions, initial purchases, market contracts and liquidity. Target supply is one billion wisp and creator fee 2% only where supported. No discretionary post-launch minting or founding NFT is assumed.
Receipts and separate accounts
Creator revenue actually received routes 80% investment, 15% operations, 5% security after external deductions. External accruals and market liquidity are not treasury cash. Reserves are separate contracts or enforceably separated balances; agents cannot spend them. Reserve-to-investment movement needs governance and is a contribution, not trading profit. Self-token inventory is excluded from investable NAV.
Token rights and activation
No automatic right to redeem treasury assets, profit distributions or fixed yield. Initial activation requires 5 unencumbered WETH, three funded operating months, monitoring and completed independent review. Contributions are irrevocable capital, not redeemable shares or extra voting rights. Unexpected transfers remain quarantined until classified.
Voting escrow and delegation
One vote per eligible wisp. Each deposit lot waits seven full days; new tokens cannot inherit old deposit age. Delegations are checkpointed prospectively. Pending withdrawals have no weight in new snapshots. Withdrawal needs a seven-day cooldown and release of all relevant voting/execution encumbrances; defeated, canceled or expired proposals release theirs. Treasury/reserve/pool/launch/burn accounts do not vote or delegate.
Review, voting and timelocks
Both classes require 1,000,000 eligible wisp to propose. Ordinary: 72-hour review, 5-day vote, fixed 20 million quorum, strict >50% For/(For+Against), 48-hour delay, 7-day execution window. Constitutional: 7-day review, 7-day vote, fixed 50 million quorum, >=2/3 approval, 7-day delay and 7-day execution window. Abstain counts only toward quorum. Changing these initial rules requires constitutional approval.
Executable proposals and queue commitments
Proposal identity binds chain, targets, calldata, document hash and unique nonce. Material changes need a new proposal. Funding is reserved when queued; execution checks free capital, oracle, limits and deadlines atomically. Anyone may execute after the delay if checks pass. Funding expires with the execution window; mandates start within 14 days of approval. Proposer cancellation is allowed before voting; later cancellation needs a defined invalidation or governance authorization. A security pause cannot rewrite a ballot.
Manager accountability
First-time managers: 2% NAV; established strategies: 10%; related-manager aggregate: 20%. Disclose addresses, beneficiary, assets, venues, adapter versions, limits, benchmark, fees, frequency, liquidity, valuation and unwind. Duration defaults to 30 days, range 7–90; no auto-renewal. A 100,000 wisp bond stays locked until 30 days after final settlement. Losses do not arbitrarily forfeit it. Only defined signed conflicting settlement attestations or signed unauthorized-beneficiary instructions support forfeiture; a 14-day dispute and constitutional vote resolve contested evidence.
Mandate lifecycle and permissions
Proposed → Approved → Funded → Active → Exit Only → Settled. Paused is an overlay. Each vault belongs to a single mandate lineage and is deployed by the approved factory, with a fixed treasury return destination. Every call checks caller, state, deadline, nonce, target/adapter, assets, spending, output and portfolio limits. Exact/bounded approvals, nested recipient checks and reentrancy protection are required. No arbitrary delegatecall/multicall targets, unlimited approvals or external asset transfers. Upgrades invalidate adapters until reviewed. Expiry blocks new risk; normal unwind deadline is 72 hours. Unsettled exposure stays visible.
Initial risk ceilings
Total active strategy capital ≤60% NAV; free WETH reserve ≥40% at allocation; related manager and external protocol ≤20% treasury NAV. One non-settlement asset ≤25% strategy NAV; one transaction input ≤10%; rolling 24-hour traded input ≤100%. Routine swap tolerance 50 bps. Flow-adjusted loss trigger 5%, drawdown trigger 8%. Limits also react to passive breaches. A trigger requests orderly exit, not a guaranteed loss cap. wisp itself cannot be a strategy investment asset. Yield contracts require reviewed adapters and constitutional approval.
Independent valuation
Approved assets need exact source addresses, decimals, age, liquidity and fallback policy. Pool spot price alone is insufficient. Use a suitable independent feed, or two sufficiently independent market references with at least 30 minutes observation and reviewed liquidity thresholds. Deviation >2%, expired heartbeat, sequencer outage or invalid observations blocks new exposure and profit settlement. Exits still need conservative valid price protection; do not force compromised trades. NAV nets liabilities, accrued expenses and exit costs; uncertain receivables count zero until resolved.
Manager fees and settlement
No annual management fee; approved performance fee 0–10% of gains above the lineage’s adjusted high-water mark. Direct expenses reduce results first. Full liquidation to WETH, liability reconciliation and challenge completion are required before crystallization. A name/operator change cannot reset a recovery deficit. Capital changes require unitized participation and flow checkpoints. Three of five accounting attestators sign the same record; a 72-hour challenge follows. A valid conflict freezes fees and buyback settlement, not ordinary returns of liquid capital. Attestators cannot move assets or approve strategies.
Eligible profit and token retirement
Monthly eligible profit = max(0, min(R−A, T−A)), capped by free settled liquidity after liabilities, commitments and reserve floor. R and T exclude creator revenue/contributions; conservatively valued unrealized loss can block eligibility. Transfers to purchase/operations are added back in performance calculations. Allocate 60% retained / 25% purchases and permanent retirement / 15% operations. A increases by the WHOLE assignment, including retained capital; recovery cannot assign the same gain twice.
Purchase execution
Daily ceiling is min(0.25% current Investment Treasury NAV, 5% independently filtered prior-day wisp trading volume), plus depth protection and ≤1% reference deviation. Exclude suspected self-trading. Spread execution over at least 24 hours; skip unsafe orders, report queued versus completed. Verify burn support; otherwise disclose inaccessible retirement destination without claiming lower totalSupply. There is no price floor or guaranteed appreciation.
Agents and automation
Humans and AI-assisted operators share identical permissions. Model outputs, external documents and market data confer no authority. Simulate before submission and validate independently in the vault. Nonces, expiry and idempotent transitions prevent duplicates. Precommitted recovery-key rotation waits 24 public hours; changing beneficiary or permissions needs governance. Council may revoke a compromised key immediately, not install a new beneficiary. Keeper budgets cap per-call and daily compensation.
Council and migrations
The initial council is 3-of-5 with public signers/affiliations. Only pause allocations, revoke keys, disable compromised adapters and invoke existing exit restrictions. It cannot transfer funds to itself, change shares/quorum, add assets/venues or remove timelocks. Reason hashes and mandate IDs are public; explanation within 24 hours, continuing-pause review every seven days. Reopening exposure needs an ordinary vote. Existing vault code/return destinations are immutable; core migration uses a constitutional successor and seven-day delay after vault unwind.
Records, budgets and continuity
Daily NAV and material-flow checkpoints support time-weighted returns and drawdown. Publish valuation time, source freshness, block, report hash, signatures and provisional/finality status; handle reorgs. Unknown values stay unavailable. Monthly operations budgets list vendors, deliverables, ceilings and periods; authorization expires and does not automatically transfer the reserve to a team. Investment principal to operations requires constitutional approval and is a capital withdrawal, not trading loss. Low participation leaves capital idle; existing exit functions remain callable.
Activation dependencies and principal risks
Publish a verified launch manifest and contract registry, roles/timelocks, independent review with code hashes, approved asset/oracle/adapter/venue registries, opening balance sheet, capital/runway evidence, first complete mandate and successful governance execution. Establish operating entity, applicable participation restrictions and enforceable terms before public activation. Market, custody, governance concentration, oracle, venue, chain/sequencer, liquidity and legal risks remain. Token trading and strategy activation are separate states.