Two tokens, one protocol. EQUI governs; USDG circulates.
EQUI is a fixed-supply governance token with utility staking. USDG is the over-collateralized USD synthetic borrowers draw against pledged equities. Their issuance models are deliberately decoupled.
Governance & protocol utility
How the 100M splits
Click a slice or row to inspect cliff, vesting curve, and intent. Hover the donut to highlight.
Released against on-chain protocol usage (TVL milestones, borrower count). Unclaimed tokens roll into a perpetual emissions reservoir governed by the DAO.
| Cohort | Tokens | % of supply | Cliff | Vesting |
|---|---|---|---|---|
Community & ecosystem | 38.0M | 38% | none | 60m linear · usage-gated |
Protocol treasury | 22.0M | 22% | 12m | 48m linear |
Core team | 18.0M | 18% | 12m | 36m linear (after cliff) |
Strategic investors | 14.0M | 14% | 12m | 30m linear (after cliff) |
Genesis airdrop | 8.0M | 8% | none | 6m linear claim window |
Circulating supply across five years
Stacked by cohort. Cliffs show as flat plateaus; the steep Y1→Y2 ramp is the airdrop claim window unlocking with the start of ecosystem emissions.
Four ways EQUI accrues value
Governance
1 EQUI = 1 vote on parameter changes (LTV, IRM slopes, listing). 5-day timelock between vote and execution. Quorum is 4% of circulating supply.
Fee discount
Stake EQUI to reduce borrow-origination fee from 10 bps to 4 bps. Stake requirement scales with cumulative borrow notional. Lockup is 30 days.
Liquidator boost
Stakers above tier 2 (≥ 50k EQUI) receive +1.5% bonus on liquidations on top of the standard 5%. Funded from the treasury's incentives line.
Staking yield
Stakers earn a share of protocol fees — 30% of borrow-interest distribution and 100% of liquidation-penalty residuals. Auto-compounded into the stake.
Four-year emission curve · then zero
Peak emissions in Y3 align with planned multi-chain expansion. After Y4, no new EQUI is minted — protocol fees fund all ongoing incentives.
Over-collateralized USD synthetic
Two assets back every USDG
USDG supply is fully backed by a basket of tokenized equities (the borrower's pledged collateral) plus a USDC reserve of no less than 18% of circulating USDG. The combined backing ratio is 1.63× at the current state of the protocol.
Three rails keep USDG at $1
Any holder may redeem USDG 1:1 against the USDC reserve, subject to a 0.05% fee and reserve availability.
vault.swap() exposes a 1:1 USDC ↔ USDG path with a tight oracle-priced spread. When USDG trades below $1 externally, arbs mint and sell.
Liquidators repay USDG to seize collateral, removing USDG from circulation and tightening supply during stress.
The schedules above describe protocol intent and on-chain vesting contracts at v0.4.2. Numerical figures for circulating supply, backing ratio, and USDC reserve reflect a snapshot at the time of publication. EQUI has not yet conducted a TGE; the allocation table is enforced by smart contract on event. Nothing on this page is a solicitation or offer to sell securities in any jurisdiction.