Class B · Treasury-backed listing · The issuer's lens

Jump-start a thin token without spending the treasury

You have a real project, a token treasury, a community that holds — and $50k of USDC against everyone telling you to hire a market maker. Here is how the same $50k recycles as credit enhancement, round after round, instead of being spent once.

The four levers on your locked seed

Locked doesn't mean idle

first-lossYour seed sits junior: bad debt hits your capital before any outside lender's. You de-risk depositors with position, not promises.

forgone yieldYour seed's fee share streams to external depositors during bootstrap — an APY boost that costs you yield, not principal.

$-for-$ unlockEvery external dollar that locks unlocks one of yours. Sybil-proof by construction: gaming it swaps one locked dollar for another.

token streamRewards to depositors and borrowers come from your treasury — the asset you have in abundance — not your scarce USDC.

The rolling cushion

Recycle the unlock — don't pocket it

The milestone unlock is the engine. Each round: external USDC locks → your seed unlocks $-for-$ → you re-commit it as fresh junior cushion under the next tranche. Step through it:

Rolling cushion · round 0 of 5tier 0

Sponsor locked

$50k

External locked

Book depth

$50k

Cushion ratio

100%

Maturation

tier 0

$50k book

sponsor (same $50k, recommitted)external lenders

Round 0: your $50k locks as junior seed. Tier 0 — minimal caps, deepest discounts. External lenders see a 1:1 first-loss cushion, boosted APY, and a token stream.

Where each unlocked dollar goes

Spend on whichever side lags

deposits lagRe-lock as junior under the next tranche (the default), or top up the forgone-yield APY boost.

borrowing lagsFund origination-fee rebates for early borrowers — your community borrows against the token instead of selling it, and utilization is what makes lender APY real.

neverWithdraw mid-bootstrap. It's visible on-chain, and caps key off locked depth — pulling seed shrinks your own market's borrow capacity automatically. The system doesn't punish you; it just stops counting you.

Incentive hygiene: streams and rebates pay only into time-locked positions (lock ≥ the loan tenor). Mercenary capital that would leave when the stream ends never qualifies for it.

Tempted to just rug it? Try it — the ☠ button in the simulator above works at any round. Watch whose money burns first.

Why not the usual routes

Spend once vs recycle

Route	What it costs	What remains when it stops
Market-maker retainer	monthly fee + token loan w/ call option	nothing — liquidity leaves with the contract
ve-DEX bribes	perpetual bribe spend for rented emissions	nothing — LPs follow the next bribe
Mercenary farm rewards	token emissions to unlocked LPs	nothing — TVL exits with the APR
Rolling cushion	yield on your seed + treasury token streams + real first-loss risk	the book: locked external deposits, track record, caps, a floor that fees keep deepening

The honest cost: junior means junior. If your token bleeds and borrowers default through the bands, your cushion absorbs the write-down first. This is capital at risk — it's precisely why it convinces anyone.

The endgame

Track record replaces the cushion

earlyTrust source = your capital. Cushion ratio near 1:1; tier 0 caps.

middleTrust source shifts to history: 30/90 days clean → tiers rise → more borrow capacity per deposited dollar → APY holds even as your cushion ratio falls.

lateVerified, deep, routing-indexed. Your seed retires in tranches — reclaimable, because the book now stands on its own fees and record.

The pitch in one line: jump-starting your token costs the yield on your treasury — not the treasury. The $50k comes home; what it bought stays.