[{"Revenue Decisions":["ONDO"],"Governance Links":"[Flux Finance Governance Forum](https://forum.fluxfinance.com/), [Ondo DAO Docs](https://docs.ondo.foundation/ondo-dao)\n","Associated Entities":["DAO","Foundation","Equity Holders"],"Governance details":"Proposals typically start with post on the Flux Finance Governance Forum. There has not been an executed DAO proposal since 2024. ","Treasury Details":"The Ondo Foundation manages the treasury.","IP & Brand":"Ondo Foundation","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["ONDO"],"Ownership Links":"[Equity Statement](https://docs.ondo.foundation/)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"N/A","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"Governance includes economic parameters according to documentation.","Protocol Name":"Ondo","Foundation Multisigs / Addresses":"Ondo Foundation Group Wallet Address Disclosure | <https://blog.ondo.foundation/ondo-foundation-group-wallet-address-disclosure/>\n","Token":["ONDO","USDY","OUSG"],"Raise Details":"Funds raised via equity round + token warrants, and token sale (data on DL)\n","DefiLlama ID":"parent#ondo-finance","Equity Statement":"Ondo Foundation is a Cayman Islands Foundation Company, a nonprofit with no beneficial owners. Ondo Foundation's mandate is to support innovation, manage the treasury, manage intellectual property, and issue governance tokens.\n","Governance Details (Summary)":"Documentation states the DAO controls protocol, economic parameters, upgrades. Can create proposals and elect committies to manage processes. 100,000,000 ONDO holdings threshold is required to propose.","Brief description":"ONDO is the governance token of Ondo Finance, enabling holders to participate in DAO decisions on protocol upgrades, asset listings, and ecosystem incentives, while supporting tokenized real-world assets like US Treasuries with potential future roles in liquidity provision.","Last Updated":"2026-06-23T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["N/A"],"Fundraising":["Equity","Token Sale"],"Equity Revenue Capture":"Unknown"},{"Domain":"Labs, DUNI","Buyback Details":"UNI must be purchased by those who interact with tokenJar contract, burning UNI to receive assets in the contract.","Revenue Decisions":["UNI"],"Governance Links":"[GovernorBravoDelegator Contract](https://etherscan.io/address/0x408ed6354d4973f66138c91495f2f2fcbd8724c3#code),  [Timelock](https://etherscan.io/address/0x1a9C8182C09F50C8318d769245beA52c32BE35BC#code), [Governance Overview](https://www.uniswapfoundation.org/governance)\n","Value Accrual Details":"Value accrues through deflationary supply reduction as protocol fees are claimed by burning UNI via the FirePit mechanism.","Economic Rights (Summary)":"Portion of swap fees, 85% of sequencer revenue, Protocol Fee Discount Auctions & Aggregator hooks go to UNI burns as of December 2025","Value Accrual":"Deflationary supply reduction","Associated Entities":["DAO","Foundation","DUNI","Labs"],"Governance details":"UNI holders vote onchain via GovernorBravoDelegator with execution through a Timelock delay. Proposal creation requires 1M UNI.","Treasury Details":"The Governance Timelock holds ~264M UNI and is entirely controlled by token holders. Fund transfers require governance proposals with 40M UNI quorum. The UNIfication proposal (Dec 2025) burned 100M UNI directly from treasury via this process.","IP & Brand":"Labs","Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["UNI"],"Ownership Links":"[UNIfication confirmation](https://x.com/Uniswap/status/2005018127260942798?s=20)\n","Economic Links":"[UNIfication](https://blog.uniswap.org/unification)\n","Treasury Decisions":["UNI"],"Dividends Details":"No dividend or revenue distribution is currently active for Uniswap","Utility":"N/A","Burn Details":"Protocol fees accumulate in the TokenJar contract. Anyone can burn 4,000 UNI via the FirePit contract to claim accumulated fees. The 4,000 UNI threshold is adjustable by governance. A one-time retroactive burn of 100M UNI from the treasury was executed as part of UNIfication (Dec 2025).","Dividends":["N/A"],"Revenue Details":"UNI holders control fee routing across V2, V3, and V4. The UNIfication proposal activated protocol fees and directed them to the UNI burn mechanism. Fee parameters can be adjusted by governance vote.","Protocol Name":"Uniswap","Fee Switch Details":"Protocol fees active on V2 (0.05% of all pools) and select V3 pools. Fees accumulate in TokenJar and are burned via the FirePit mechanism. Unichain sequencer fees also feed into the burn.","Foundation Multisigs / Addresses":"0xe571dC7A558bb6D68FfE264c3d7BB98B0C6C73fC\n","Token":["UNI"],"Raise Details":"<https://x.com/Uniswap/status/1580532185597026306?s=20>\n","DefiLlama ID":"parent#uniswap","Equity Statement":"After UNIfication proposal passed, Labs turned off interface, wallet, and API fees. Revenue no longer flows to equity holders, labs interface fees are set to zero and protocol fees flow to the UNI burn mechanism controlled by governance.\n","Governance Details (Summary)":"UNI holders vote on protocol upgrades, fee parameters, treasury actions, growth budgets, and product rollouts. Proposal creation requires 1M UNI delegated, 40M UNI quorum to pass. All core contracts (V2, V3, V4) are non-upgradeable, only the governance module itself is upgradeable via Timelock.","Latest Treasury / Token Report":"[Q3 2025 Financials](https://www.uniswapfoundation.org/blog/uniswap-foundation-summary-q3-2025-financials)\n","Brief description":"UNI is a governance token that allows holders to propose and vote on upgrades, parameter changes, and fee structures","Last Updated":"2026-09-27T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["UNI"],"Fundraising":["Equity"],"Equity Revenue Capture":"No"},{"Buyback Details":"There is currently an LDO accumulation program, using up to 10,000 stETH from the Lido DAO treasury. All acquired tokens will be transfered to the DAO Treasury. The DAO retains the right to terminate the program.","Revenue Decisions":["LDO"],"Governance Links":"[Lido DAO](https://docs.lido.fi/lido-dao/)\n","Value Accrual Details":"Value accrues through buybacks, which are distributed to the DAO Treasury, not LDO holders. Governance ultimately controls the DAO treasury.","Economic Rights (Summary)":"A LDO buyback program is live with a budget of 10,000 stETH from the DAO Treasury, executed by the Growth Committee. This is outside of and does not change the NEST format. LDO purchased will accrue to the treasury.","Value Accrual":"Buybacks","Associated Entities":["DAO","Other"],"Treasury Details":"DAO controls the treasury which accumulates 6% of staking rewards","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["LDO"],"Ownership Links":"[Lido Primary Goals for 2026](https://x.com/LidoFinance/status/1993663236881920406?s=20)\n","Economic Links":"[NEST Proposal](https://snapshot.box/#/s:lido-snapshot.eth/proposal/0x4267fe277e52a3550e82286af96948a258392ddd303df6b479c4d8f4664acdd0), [STONKS Treasury Swaps](https://research.lido.fi/t/lido-stonks-treasury-swaps-via-optimistic-governance/6860), [LDO Accumulation Program Vote](https://snapshot.box/#/s:lido-snapshot.eth/proposal/0x43be9ee8ce820d444f706e9dd763a223ebabf37be27931cc056888e6c2e48814)\n","Treasury Decisions":["LDO"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"N/A","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Protocol Name":"Lido","Fee Switch Details":"In April 2026, a proposal passed that authorized the Lido Growth Committee to execute the accumulation of LDO using up to 10,000 stETH from the Lido DAO Treasury, outside the NEST (Network Economic Support Tokenomics) format, which enables supplied stETH to be swapped for LDO and route the LDO back to the Lido DAO treasury","Foundation Multisigs / Addresses":"Insurance Fund | 0x8B3f33234ABD88493c0Cd28De33D583B70beDe35\n","Token":["LDO"],"Raise Details":"Details on DL\n","DefiLlama ID":"182","Equity Statement":"Revenue currently flows to Lido DAO after node operator costs are covered. Lido DAO may soon vote on LDO buybacks, and there is currently a live buyback program.\n","Governance Details (Summary)":"Holding LDO is required to vote in the Lido DAO and contribute to decisions on topics such as protocol parameters, incentives, node operators, grants, payments, bug bounties, and fee accumulation. Voting power is proportional to LDO holdings.","Brief description":"LDO is the governance token of Lido DAO, allowing holders to propose and vote on key protocol decisions including upgrades, fee structures, node operators, and treasury allocations, while supporting dual governance with stETH veto rights to encourage alignment in liquid staking operations.","Last Updated":"2026-05-07T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["LDO"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Buyback Details":"The Assistance Fund and Ecosystem Fund execute NEST buybacks and lock the bought back tokens.","Revenue Decisions":["veNEST"],"Governance Links":"[Nest Exchange Blog Post](https://medium.com/@NestExchange/nest-exchange-swap-vote-earn-rewards-2026-6bf864ba4a1c), [Tokenomics](https://docs.usenest.xyz/nest-explained/2.7-tokenomics), [veNEST Basics](https://docs.usenest.xyz/governance-venest/5.1-venest-basics)\n","Value Accrual Details":"Value accrues to veNEST holders through swap fees and to NEST holders through buybacks.","Economic Rights (Summary)":"veNEST voters receive up to 97% of swap fees and bribes, proportional to their voting power. LPs receive NEST emissions weekly. Roughly 32% of the fee value is routed into the HYPE Engine, which converts fees into HYPE and holds it in a treasury.","Value Accrual":"Protocol Revenue Share","Associated Entities":["veNEST Limited"],"Governance details":"NEST can be locked for up to 6 months, and veNEST is received as an NFT position.","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["veNEST"],"Ownership Links":"[Equity Statement](https://x.com/NestExchange/status/2059387861439561978?s=20)\n","Economic Links":"[HYPE Engine Docs](https://docs.usenest.xyz/nest-explained/2.6-hype-engine), [Trading Fee breakdown](https://x.com/NestExchange/status/2059387861439561978?s=20), [HYPE Engine Whitepaper](https://x.com/TheHypeEngine/status/2016997308660150652?s=20)\n","Treasury Decisions":["N/A"],"Dividends Details":"veNEST holders who vote receive up to 97% of swap fees. If veNEST holders participate in the HYPE Engine Vault, the vault automatically votes & fees are compounded into additional veNEST with a HYPE bonus. ","Utility":"Staking, Liquidity Incentives","Burn Details":"No burn mechanism is currently active","Dividends":["veNEST"],"Revenue Details":"Liquidity incentives are decided by veNEST holders.","Protocol Name":"Nest","Fee Switch Details":"Swap fees are routed to veNEST holders, NEST tokens are distributed to LPs. veNEST holders who participate in voting share up to 97% of onchain rewards based on their voting power. Onchain rewards include trading fees, voting incentives and HYPE generated from the HYPE Engine Vault.","Foundation Multisigs / Addresses":"NEST Supply Dashboard & Wallet Balances: https://nest-supply.netlify.app/\n","Token":["NEST","veNEST","HYPE"],"DefiLlama ID":"parent#nest","Equity Statement":"veNEST holders are the only entity that receives protocol revenue. Up to 100% of revenue is shared. There are no equity holders.\n","Governance Details (Summary)":"NEST holders lock NEST to receive veNEST, granting voting power each epoch for gauges, incentives and protocol direction. ","Latest Treasury / Token Report":"[HYPE Engine Treasury](https://app.usenest.xyz/analytics)\n","Brief description":"NEST & veNEST are the governance & fee-earning tokens. NEST can be locked for veNEST to vote on incentives, gauges & protocol parameters.","Last Updated":"2026-05-25T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["NEST"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Buyback Details":"Buybacks can be funded by backing capital yield surplus, protocol revenue/fees, or released backing capital from withdrawals. When FT is unlocked / withdrawn by holders, the backing capital is released and used to purchase FT on the open market and sent to an irrecoverable address, permanently reducing supply.","Revenue Decisions":["N/A"],"Governance Links":"[FT Token Controls](https://docs.flyingtulip.com/smart-contracts/ft-token/), [FT Token Docs](https://docs.flyingtulip.com/product-suite/ft-token/)\n","Value Accrual Details":"Value accrues to FT holders through the buyback and burn process.","Economic Rights (Summary)":"FT's primary onchain right is the Perpetual PUT: the onchain right attached to primary-issued FT that lets a holder: Hold (keep the FT NFT attached), Exit (Exit at par; return collateral), or Withdraw (unlock FT; invalidate the PUT; released backing capital can fund market buyback-and-burn of FT). Protocol revenue and fees from Flying Tulip's product suite are routed to market buybacks & burns.","Value Accrual":"Buybacks","Associated Entities":["Foundation","Team"],"Governance details":"The FT token contract has a pause mechanism that can be controlled by a Configurator, who can toggle the pause state and transfer the Configurator role.","Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["FT"],"Ownership Links":"[Equity Statement](https://docs.flyingtulip.com/product-suite/ft-token/#what-ft-is-and-how-it-fits)\n","Economic Links":"[FT Cashflow Docs](https://docs.flyingtulip.com/product-suite/ft-token/#where-ft-demand-comes-from), [How the Perpetual PUT works](https://docs.flyingtulip.com/capital-allocation/#your-perpetual-put-position---how-does-it-work)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Protocol Name":"Flying Tulip","Fee Switch Details":"A portion of protocol revenue/fees is used to buy FT on the market and distribute those tokens to users as defined by product‑level programs (separate from burns). Exact shares and schedules are shown in each product’s UI and on the Token page. Revenue‑funded burns still govern Foundation/Team/Incentives unlocks (40:40:20).","Foundation Multisigs / Addresses":"Multisig Addresses: https://docs.flyingtulip.com/risks/multisigs/#members\n","Token":["FT"],"DefiLlama ID":"parent#flying-tulip","Equity Statement":"Flying Tulip uses a token-first model that returns yield and fees to FT, which exists to connect activity to cashflows, preserve and compound capital, and offer clear, onchain rights during the public sale.\n","Governance Details (Summary)":"No standard voting or proposal system has been described. The Perpetual PUT redemption rights are onchain & programmatic, no vote is required.","Brief description":"FT is the native token of Flying Tulip. The product suite generates revenue and fees; those dollars are used to buyback and burn FT on the open market.","Last Updated":"2026-05-16T04:00:00.000Z","Token Type":["Utility"],"Buybacks":["FT"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Revenue Decisions":["N/A"],"Governance Links":"[Axelar Forum](https://community.axelar.network/)\n","Value Accrual":"N/A","Associated Entities":["Labs (Equity)","DAO","Foundation"],"Governance details":"Staking AXL delegates voting power to vote on proposals","IP & Brand":"Labs","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["AXL"],"Ownership Links":"[Acquisition Agreement](https://www.axelar.network/blog/circle-interop-labs-acquisition-agreement)\n","Economic Links":"[AXL Tokenomics 2.0](https://medium.com/@axelar-foundation/axl-tokenomics-2-0-scaling-axelar-to-thousands-of-blockchains-4c4b921cb75a)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking, Gas","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Protocol Name":"Axelar","Token":["AXL"],"Raise Details":"Completed equity raises & token sales\n","DefiLlama ID":"parent#axelar-network","Equity Statement":"Interop Labs (core development team) & Axelar IP acquired by Circle. This acquisition excludes network operations and token involvement, meaning the DAO & Axelar Foundation remain independent, and were not beneficiaries of the acquisition.\n","Governance Details (Summary)":"Token stakers can vote on upgrades. Anyone can submit proposals through Axelar's forum, requires a 2,000 AXL deposit","Brief description":"AXL is the native governance and utility token of Axelar, enabling holders to stake for network security and validator rewards, pay for cross-chain transaction fees, participate in governance voting on protocol upgrades, and facilitate interoperability across connected blockchains through the Axelar Virtual Machine.","Last Updated":"2026-05-09T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["Equity"],"Equity Revenue Capture":"Yes"},{"Buyback Details":"Protocol fees are harvested every 2 weeks and deposited into the buyback contract. Once funded, the contract executes PENDLE purchases over the subsequent week using a 1-hourly TWAP.","Revenue Decisions":["sPENDLE"],"Governance Links":"[sPENDLE Announcement](https://x.com/pendle_fi/status/2013431342546157825?s=20)\n","Value Accrual Details":"Value accrues through buybacks and distribution of bought back tokens to active sPENDLE holders","Economic Rights (Summary)":"80% of protocol revenue goes to PENDLE buybacks and is distributed amongst active sPENDLE holders","Value Accrual":"Buybacks","Associated Entities":["DAO","Other","Foundation"],"Governance details":"Lock PENDLE for sPENDLE (replacing vePENDLE) which earns voting power","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["sPENDLE"],"Ownership Links":"[Equity Statement](https://x.com/tn_pendle/status/1968919180582994182?s=20)\n","Economic Links":"[sPENDLE Docs](https://docs.pendle.finance/pendle-v2/ProtocolMechanics/Mechanisms/sPENDLE), [Buyback Contract](https://etherscan.io/address/0x9e08C5499f953C6297A7755BcBcEd383b606896b)\n","Treasury Decisions":["N/A"],"Dividends Details":"Up to 100% of repurchased PENDLE will be distributed to active sPENDLE holders in the form of sPENDLE. sPENDLE holders must be active to receive rewards during a given epoch","Utility":"Liquidity Incentives, Staking","Burn Details":"No burn mechanism is currently active","Dividends":["sPENDLE"],"Revenue Details":"Holders vote on revenue allocation","Protocol Name":"Pendle","Fee Switch Details":"80% of protocol revenue goes to buybacks with distributions to to sPENDLE holders. 10% of fees goes to the treasury, and 10% to protocol operations.","Foundation Multisigs / Addresses":"Buyback contract | 0x9e08C5499f953C6297A7755BcBcEd383b606896b\n","Token":["PENDLE","sPENDLE"],"Raise Details":"details on DL\n","DefiLlama ID":"parent#pendle","Equity Statement":"All value from Pendle & Boros accrues to PENDLE alone.\n","Governance Details (Summary)":"sPENDLE is Pendle’s native governance token that includes voting power and revenue share. sPENDLE has a 14-day unstaking cooldown, or instant redemption for a 5% fee","Brief description":"PENDLE is the native governance and utility token of the Pendle Finance DeFi protocol for trading tokenized future yields. sPENDLE is its liquid staking version obtained by staking PENDLE, granting holders governance power and protocol revenue share.","Last Updated":"2026-05-20T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["sPENDLE"],"Fundraising":["Equity"],"Equity Revenue Capture":"No"},{"Revenue Decisions":["ACX"],"Governance Links":"[Governance Model](https://docs.across.to/user-docs/governance/governance-model), [The Bridge Across Proposal](https://forum.across.to/t/the-bridge-across/2097)\n","Value Accrual Details":"Bridge users pay the \"Bridge fee\" to relayers and liquidity providers when using the bridge.","Economic Rights (Summary)":"Across is transitioning from a token structure to private company through an ACX token-to-equity exchange and buyout offer. The Bridge Across proposal states all equity exchanges for all stakeholders would happen at a 1:1 ownership ratio: if you own 1,000 ACX tokens, you would exchange for 1,000 shares in AcrossCo. Holders who choose to not participate in the token-to-equity exchange will be given an opportunity to sell ACX for USDC at price of $0.04375 for a 6-month window.","Value Accrual":"N/A","Associated Entities":["DAO","Labs","Foundation"],"Treasury Details":"Token holders control treasury spending","IP & Brand":"AcrossCo","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["ACX"],"Ownership Links":"[Equity Statement](https://forum.across.to/t/the-bridge-across/2097#p-3991-specification-implementation-5)\n","Economic Links":"[The Bridge Across Proposal](https://forum.across.to/t/the-bridge-across/2097)\n","Treasury Decisions":["ACX"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"N/A","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Protocol Name":"Across","Foundation Multisigs / Addresses":"DAO Treasury |  https://snapshot.org/#/s:acrossprotocol.eth/treasury/1/tokens\n","Token":["ACX"],"DefiLlama ID":"1207","Equity Statement":"The Bridge Across proposal has passed and newly formed U.S. C-corp (\"AcrossCo”) will become the new operating entity. AcrossCo will hold all protocol IP and manage development, partnerships, and commercialization. The stated goal is to improve the ability of Across to enter enforceable contracts, structure revenue agreements and deliver more value to Across stakeholders.\n","Governance Details (Summary)":"Anyone can participate in the Across Governance process, and anyone with ACX voting power can vote on proposals. Presently, token holders control updates to governance. A proposal called \"The Bridge Across\" recently passed and Across is transitioning from a token structure to private company through an ACX token-to-equity exchange or a token buyout offer at a specified price.","Brief description":"The ACX token is the governance token for the Across Protocol, enabling holders to participate in governance.","Last Updated":"2026-04-20T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["N/A"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Domain":"Foundation","Buyback Details":"The Foundation allocates a portion of net revenue to buy back BLACK tokens, which are then burned. These burns are used to mint Supermassive veNFTs, which in turn support the Escape Velocity rebate program which rewards active participants with  rebate incentives.","Revenue Decisions":["veBLACK"],"Governance Links":"[Tokenomics Docs](https://docs.blackhole.xyz/tokenomics), [Tokenomics Model](https://docs.blackhole.xyz/emissions)\n","Value Accrual Details":"Value accrues through protocol fee distribution to veBLACK holders in the form of BLACK tokens","Economic Rights (Summary)":"veBLACK Voters receive all protocol trading fees from the previous epoch and additional voter incentives from the current epoch, proportional to locked amounts. Minting a Supermassive veNFT permanently burns underlying BLACK, sending it to a burn address","Value Accrual":"Protocol Revenue Share","Associated Entities":["DAO","Foundation"],"Governance details":"By locking up $BLACK tokens ranging from a week till up to 4 years, a so called Singularity veNFT can be minted. The voting power is higher when the lock period selected is longer. ","IP & Brand":"Foundation","Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["veBLACK"],"Ownership Links":"[Equity Statement](https://docs.blackhole.xyz/tokenomics), [Intellectual Property Rights Ownership](https://docs.blackhole.xyz/legal-disclaimer#id-13.-intellectual-property-rights)\n","Economic Links":"[Emissions Schedule Docs](https://docs.blackhole.xyz/emissions)\n","Treasury Decisions":["N/A"],"Dividends Details":"veBLACK holders receive revenue from a share of trading fees generated by the liquidity pool they voted for and 100% of the voting incentives contributed by partners to that specific pool","Utility":"Liquidity Incentives","Burn Details":"When minting Supermassive NFTs, the underlying BLACK tokens are sent to a burn address, permanently removed from supply","Dividends":["veBLACK"],"Revenue Details":"veBLACK holders can vote weekly to direct BLACK emissions to specific liquidity pools","Protocol Name":"Blackhole","Fee Switch Details":"Fees are automatically collected and distributed to veBLACK voters from the previous epoch. 5% of emissions are directed to the protocol foundation address to cover operational costs & fund future development","Token":["BLACK","veBLACK"],"DefiLlama ID":"parent#blackhole","Equity Statement":"Team and foundation tokens have been burned to mint Supermassive veNFTs and have no vested BLACK tokens.\n","Governance Details (Summary)":"Holders lock BLACK to mint veNFTs (veBLACK governance NFTs) that grant voting power. veNFT holders vote weekly on gauges to direct BLACK emissions to specific liquidity pools. Supermassive veNFTs can be acquired by burning BLACK for non-decaying voting power & boosts","Brief description":"BLACK is the governance and utility token of the ve(3,3) DEX on Avalanche, BLACK tokens are emitted as farming rewards to LP providers to incentivize liquidity","Last Updated":"2026-05-15T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["BLACK"],"Fundraising":["None"],"Equity Revenue Capture":"No"},{"Domain":"DAO","Buyback Details":"The treasury funds buybacks according to governance.","Revenue Decisions":["vlSDT"],"Governance Links":"[SDT Token Docs](https://docs.stakedao.org/sdt), [Governance Forum](https://gov.stakedao.org/), [Governance Snapshot](https://snapshot.org/#/s:stakedao.eth)\n","Value Accrual Details":"Value accrues to vlSDT via a weekly USDC share of protocol performance fees and SDT reward boosts on sdToken strategies. SDT emissions are governed by vlSDT gauge votes.","Economic Rights (Summary)":"vlSDT stakers receive a pro-rata weekly USDC distribution of protocol performance fees, plus SDT reward boosts on sdToken strategies.","Value Accrual":"Protocol Revenue Share","Associated Entities":["DAO","Foundation"],"Governance details":"Voting uses the stakedao.eth Snapshot space with a 7-day voting period; the core multisig executes passed proposals. 15% quorum, simple majority.","Treasury Details":"Treasury allocation is decided by vlSDT governance. The Stake DAO multisig manages the treasury.","IP & Brand":"DAO","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["vlSDT"],"Ownership Links":"[Stake DAO Association Role](https://snapshot.org/#/s:stakedao.eth/proposal/0xb796b0d4f1f22cb4278de1eccac2631759f42438f3df5f853581ee053779c2f1)\n","Economic Links":"[Strategy Fee Structure](https://docs.stakedao.org/strategyfees)\n","Treasury Decisions":["vlSDT"],"Dividends Details":"vlSDT stakers receive weekly USDC distributions of their share of protocol performance fees via the FeeDistributor.","Utility":"Staking","Burn Details":"No burn mechanism is currently active","Dividends":["vlSDT"],"Revenue Details":"vlSDT holders set fee parameters and revenue routing via SDGP votes. Fees are distributed weekly to vlSDT stakers.","Protocol Name":"Stake DAO","Fee Switch Details":"Performance fees are split across sdToken holders, vlSDT stakers, and treasury (allocation varies by protocol). The vlSDT portion is paid weekly in USDC.","Foundation Multisigs / Addresses":"0xF930EBBd05eF8b25B1797b9b2109DDC9B0d43063\n","Token":["SDT","vlSDT"],"DefiLlama ID":"249","Equity Statement":"No equity, debt, or profit-participation instrument captures protocol value. Protocol fees accrue on-chain to vlSDT stakers and the DAO treasury. The Stake DAO Association holds the brand, domain, and intellectual property but does not capture protocol fees as equity. Fee allocation is determined by decentralized governance and may be changed or discontinued at any time.\n","Governance Details (Summary)":"The protocol is governed by vlSDT holders (with legacy veSDT still valid during migration). vlSDT (1:1 staked SDT, non-decaying voting power, 8-week unstake queue) votes on Stake DAO Governance Proposals (SDGP) covering parameters, fees, integrations, and gauge weights.","Latest Treasury / Token Report":"[Stake DAO Association June 2026 Report](https://gov.stakedao.org/t/stake-dao-association-june-2026-report/1143)\n","Brief description":"SDT is Stake DAO's governance and fee-sharing token. Staked as vlSDT (vote-locked SDT), it grants voting power, a pro-rata weekly share of protocol performance fees paid in USDC, and boosts on sdToken reward streams. The protocol migrated from the legacy veSDT model to vlSDT via SDGP-63 (Feb 2026).","Last Updated":"2026-07-23T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["SDT"],"Fundraising":["None"],"Equity Revenue Capture":"No"},{"Buyback Details":"The Treasury Working Group manages a DBR-to-INV auction that continuously sells newly minted DBR for INV on the open market. The purchased INV is stored in the DAO treasury. The program can issue up to 50M DBR per year, and this rate can be adjusted based on INV's price and market conditions.","Revenue Decisions":["INV"],"Governance Links":"[Governance Docs](https://docs.inverse.finance/inverse-finance/inverse-finance/governance), [Governance Dashboard](https://www.inverse.finance/governance), [Inverse Forum](https://forum.inverse.finance/)\n","Value Accrual Details":"Value accrues to INV through buybacks / supply reduction and INV stakers are streamed two forms of continuous rewards","Economic Rights (Summary)":"INV provides voting power and staking INV enables tokens to be used as collateral & earn protocol revenue. Fees are routed to the DAO treasury","Value Accrual":"Buybacks","Associated Entities":["DAO","Foundation"],"Governance details":"The Inverse Finance DAO governs every aspect of the protocol through binding onchain votes. This includes setting collateral factors and liquidation parameters across FiRM markets, approving new collateral types after risk assessment, managing DBR issuance rates and auction parameters, allocating treasury funds for liquidity programs and operational expenses, adjusting INV emission schedules and buyback rates, appointing and removing working group members and multisig signers, and executing protocol upgrades or contract deployments.","Treasury Details":"The TWG working group optimizes the Inverse treasury & manages liquidity operations. Members are assigned to roles via governance proposals. The Inverse Finance Foundation (Cayman) draws a DAO-approved budget of up to 150,000 DOLA per quarter through the FoundationFunder contract.","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["INV"],"Ownership Links":"[Foundation statement](https://x.com/InverseFinance/status/2020909726259937385?s=20)\n","Economic Links":"[Buyback Dashboard](https://www.inverse.finance/dbr/auction/inv-buy-backs), [INV Tokenomics](https://docs.inverse.finance/inverse-finance/inverse-finance/products/tokens/inv/inv-tokenomics), [INV Details](https://docs.inverse.finance/inverse-finance/inverse-finance/products/tokens/inv)\n","Treasury Decisions":["INV"],"Dividends Details":"INV stakers receive continuous INV rewards with every Ethereum block, designed to protect long-term holders from effects of periodic INV supply expansions. The reward rate is monitored and adjusted by the Policy Comittee. Stakers earn DBR streamed continuously on a per-INV basis. Earned DBR can be held for future DOLA borrowing, swapped for other assets or used to service an existing DOLA loan.","Utility":"Staking","Burn Details":"No burn mechanism is currently active","Dividends":["xINV","sINV"],"Revenue Details":"Governance influences fee structures and revenue allocation","Protocol Name":"Inverse","Fee Switch Details":"An automated program starting Feb 16th 2026 began buying back INV from the market using DBR auction flows and sending it back to the Inverse Finance Treasury, operated by the DAO.","Token":["INV","sINV","xINV","DOLA","DBR"],"DefiLlama ID":"parent#inverse-finance","Equity Statement":"INV holders are the owners and decision-makers of the protocol. The Foundation’s bylaws give the DAO substantial oversight, and the Foundation runs on a capped budget approved by governance. DOLA bad debt is being paid down from DAO revenue.\n","Governance Details (Summary)":"INV is the governance token, every INV held in a wallet equals one vote in the DAO's onchain governance system. INV holders control all protocol parameters, treasury allocations, risk decisions and strategic direction. No individual or team can make unilateral changes to the protocol. All decisions flow through the governance process, ensuring INV holders retain ultimate control. Daily operations are managed through working groups assigned to specific roles via governance proposals.","Latest Treasury / Token Report":"[Treasury Dashboard](https://www.inverse.finance/transparency/treasury)\n","Brief description":"INV is the governance token for Inverse Finace. Staking INV provides voting rights, anti-dilution rewards and DBR streaming rewards.","Last Updated":"2026-11-03T05:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["INV"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Domain":"Foundation","Buyback Details":"EUL enters the treasury as auction proceeds from Fee Flow rather than open-market purchases. Currently dormant while fees are at zero.","Revenue Decisions":["N/A"],"Governance Links":"[Proposal forum](https://forum.euler.finance/), [Token overview](https://docs.euler.finance/EUL/overview), [Governance Docs](https://euler.foundation/euler-DAO/governance), [Treasury Holdings](https://docs.euler.finance/EUL/overview)\n","Value Accrual Details":"Value accrued through fee flow auctions working as token buybacks.","Economic Rights (Summary)":"The Euler DAO receives have of the protocol's 10% protocol fee, auctioned via Fee Flow.","Value Accrual":"N/A","Associated Entities":["DAO","Foundation","Labs","Other"],"Governance details":"The Protocol Wallet (4/8 multisig) upgrades the protocol via timelock and controls fee configuration and EUL bridging; treasury administration runs through a 3/5 operational multisig.","Treasury Details":"The DAO controls a portion of the EUL supply in the treasury and can allocate it.","IP & Brand":"Euler Labs Ltd","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["EUL"],"Economic Links":"[Fee Flow](https://docs.euler.finance/EUL/fee-flow/), [Fee Flow Pause Update](https://x.com/eulerfinance/status/2048839358187540715?s=20), [Proposal to reduce protocol fees](https://forum.euler.finance/t/proposal-reduce-euler-protocol-fees-to-zero/1835)\n","Treasury Decisions":["EUL"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"N/A","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"Objective Labs has been granted full control over fee management.","Protocol Name":"Euler","Fee Switch Details":"When fees are active, 10% of borrowing interest is taken as a protocol fee, split 5% to the Euler DAO and 5% to the vault governor. The DAO's share is auctioned via Fee Flow (where bidders pay EUL to claim the accrued fee assets) with EUL proceeds routed to the DAO treasury automatically by smart contract. Fees are currently set to zero, so no assets are flowing into Fee Flow.","Foundation Multisigs / Addresses":"Main Treasury | 0xC7C5aFDB61e08BE3e2FB09098412b5706EB5c550 | Protocol Wallet | 0xcAD001c30E96765aC90307669d578219D4fb1DCe\n","Token":["EUL"],"Raise Details":"N/A\n","DefiLlama ID":"parent#euler","Equity Statement":"Euler Labs does not receive protocol revenue, Euler Foundation does not generate profit. Revenue supports DAO Treasury and ecosystem funding.\n","Governance Details (Summary)":"EUL acts as the native governance token of the Euler protocol and represents voting power to effect change over the Euler protocol code or the Euler DAO treasury.","Latest Treasury / Token Report":"[Euler Transparency Page](https://euler.foundation/transparency)\n","Brief description":"EUL is the governance token of Euler, granting holders and delegates voting power over platform upgrades, risk models, and treasury management through DAO proposals. EUL tokens are used in Fee Flow auctions, serve as rewards on the platform, and represent voting power to effect change over the Euler protocol code or the Euler DAO treasury","Last Updated":"2026-05-06T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Buyback Details":"For non-OVER collateral, betting fees + a 20% performance fee from LP pools buy OVER on the open market, which is then burned.","Revenue Decisions":["OVER"],"Governance Links":"[History of Overtime](https://docs.overtime.io/learn-about-overtime/history-of-overtime), [Overtime Governance docs](https://docs.overtime.io/learn-about-overtime/overtime-governance), [OVER Token Dashboard](https://www.overtime.io/over-token)\n","Value Accrual Details":"OVER holders benefit via deflation + collateral utility.","Economic Rights (Summary)":"All platform fees buy back OVER on the open market and burn it. Using OVER as betting collateral yields better odds. LPs separately earn the house's P&L by providing pool liquidity.","Value Accrual":"Deflationary supply reduction","Associated Entities":["DAO"],"Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["OVER"],"Treasury Decisions":["OVER"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Fee Discounts","Burn Details":"All fees buy OVER and burn it. Additionally, 30.58M THALES were burned at the 1:1 OVER migration (100M→69.42M), and the contract uses a deflationary, fully-preminted fixed supply.","Dividends":["N/A"],"Protocol Name":"Overtime","Fee Switch Details":"All fees from Overtime flow directly to $OVER buybacks, which are then burned.","Token":["OVER"],"DefiLlama ID":"534","Equity Statement":"100% of platform fees buy back and burn OVER. The protocol is run by the Overtime DAO (formerly Thales DAO), took no venture capital, and has no separate equity-holding company documented as capturing protocol revenue. LPs earn the house's P&L by providing pool liquidity\n","Governance Details (Summary)":"OVER grants voting power in Overtime's governance. The protocol inherited Thales's structure: a 7-member Council elected by token stakers (4-month epochs), voting onchain on community Improvement Proposals (TIPs); the Thales→Overtime merger itself passed as TIP-238. However, the staking module was deprecated during the OVER migration, and a clear updated governance mechanism is not published, so the current process is unverified.","Brief description":"OVER is the native utility & governance token of Overtime. OVER migrated 1:1 from THALES (Thales Protocol, est. 2021), with total supply cut to 69.42M. All platform fees buy back and burn OVER.","Last Updated":"2026-06-25T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["OVER"],"Fundraising":["None"],"Equity Revenue Capture":"No"},{"Domain":"DAO","Revenue Decisions":["SEAM","esSEAM","stkSEAM"],"Governance Links":"[Wind-down announcement](https://x.com/SeamlessFi/status/2041572728239747558?s=20)\n","Value Accrual Details":"Value accrues to SEAM stakers through distribution of protocol fees","Economic Rights (Summary)":"Seamless vault fees on Morpho are directed to stakers (stkSEAM holders). Currently, the assets included in protocol fee capture are smcbBTC, smETH and smUSDC, this list may change overtime. Stakers accrue any SEAM or esSEAM rewards DAO governance votes to emit to stakers.","Value Accrual":"Protocol Revenue Share","Associated Entities":["DAO","Other"],"Treasury Details":"DAO Treasury received 44% of token supply at TGE with a 60 month unlock schedule. Unlocked tokens are emitted upon specific DAO governance action.","IP & Brand":"DAO","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["SEAM","esSEAM","stkSEAM"],"Treasury Decisions":["SEAM","esSEAM","stkSEAM"],"Dividends Details":"100% of Seamless vaults fees on Morpho are directed to stakers (stkSEAM holders)","Utility":"Staking, Liquidity Incentives","Burn Details":"No burn mechanism is currently active","Dividends":["stkSEAM"],"Protocol Name":"Seamless Protocol","Fee Switch Details":"100% of Seamless vaults fees on Morpho are directed to stakers (stkSEAM holders).\n\nLeverage Tokens also have fee switches built-in, which can be turned on by governance, but remain off currently.","Token":["SEAM","esSEAM","stkSEAM"],"DefiLlama ID":"parent#seamless-protocol","Governance Details (Summary)":"Seamless wound down in June 2026. The remaining DAO treasury was distributed pro-rata to SEAM/stkSEAM holders in USDC under SIP-51.","Brief description":"Seamless is a multichain protocol using Leverage Tokens (LTs) wrap looping, yield farming, leveraged positions simple ERC-20 tokens. The governance token (SEAM), esSEAM, staking module (stkSEAM), and onchain governance operate on Base. esSEAM is an escrowed version of SEAM that linearly unlocks over 12 months.","Last Updated":"2026-09-25T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["None"],"Equity Revenue Capture":"No"},{"Domain":"Labs, Parent / Holdings Co","Buyback Details":"The $50M annual buyback program was paused in April 2026.","Revenue Decisions":["AAVE"],"Governance Links":"[Governance process](https://docs.aave.com/governance/master/governance-process), [Aave Governance V3](https://docs.aave.com/governance/master/aave-governance-v3), [Aave Community & Guardians](https://aave.com/help/governance/aave-community)\n","Economic Rights (Summary)":"Previously a $50M annual budget for permanent AAVE buybacks was funded by protocol revenue, plus stkAAVE staking yield from the Safety Module. According to the Aave Will Win framework, AAVE holders own the brand, users & integrations of Aave and revenue is directed to the DAO. Buybacks were paused in April 2026","Value Accrual":"N/A","Associated Entities":["DAO","Labs","Parent / Holdings Co"],"Governance details":"AAVE, stkAAVE, and aAAVE holders vote onchain via Governance V3 with execution through Timelock. Short Executor proposals have a 3-day voting period, Long Executor proposals (governance parameter changes) have a 10-day voting period. Cross-chain voting is supported on Polygon and Avalanche via storage proofs","Treasury Details":"The Aave Treasury is a Collector contract deployed on each network, controlled by governance. It receives the reserve factor (a percentage of borrower interest), liquidation fees, flashloan premiums, and 100% of GHO borrow interest. Fund transfers require governance proposals. Delegated Finance Stewards manage treasury operations within governance-approved parameters.","IP & Brand":"Labs, Parent / Holdings Co","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["AAVE"],"Ownership Links":"[Aave Will Win Framework](https://governance.aave.com/t/temp-check-aave-will-win-framework/24055), [Aave Will Win Master Plan](https://x.com/StaniKulechov/status/2043382887764930635?s=20)\n","Economic Links":"[Aavenomics Buyback Program (ARFC)](https://governance.aave.com/t/arfc-aave-buybacks-program-an-update/23290), [Safety Module & Umbrella](https://aave.com/faq)\n","Treasury Decisions":["AAVE"],"Dividends Details":"No direct revenue distribution to holders is currently active. Staking AAVE as stkAAVE in the Safety Module earns yield from the treasury for bearing slashing risk, but this is an incentive program rather than a revenue share. The Safety Module is being transitioned to Umbrella (aToken staking for automated bad debt coverage).","Utility":"Staking","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"Token holders control all fee parameters via governance: reserve factor rates, liquidation fees, and flashloan premiums. The admin roles that set these parameters are ultimately controlled by token holders. The $50M annual buyback budget was approved by governance vote.","Protocol Name":"Aave","Fee Switch Details":"$50M annual budget for AAVE buybacks, passed as a permanent program in November 2025. Weekly purchases range depending on market conditions. Revenue sources include reserve factor fees from borrower interest, liquidation penalties, flashloan premiums, and GHO borrow interest.","Foundation Multisigs / Addresses":"0x9AEE0B04504CeF83A65AC3f0e838D0593BCb2BC7\n","Token":["AAVE","stkAAVE","aAAVE"],"Raise Details":"Raised additional strategic round after token sales: https://decrypt.co/44653/aave-raises-25-million-to-bring-defi-to-institutions\n","DefiLlama ID":"parent#aave","Equity Statement":"Aave Labs (subsidiary of Avara, the parent holding company) operates the primary interface at aave.com and collects frontend fees independently of the DAO. In December 2025, a CowSwap integration replaced the previous Paraswap routing, redirecting swap fees from the DAO treasury to an Aave Labs-controlled address. Labs maintained the interface and frontend are separate from the protocol, independently funded. On February 12th 2026, Aave Labs created a proposal for the Aave Will Win Framework, which was approved and directs 100% of Aave-branded product revenue to the Aave DAO treasury and create a framework for the DAO to fund strategic growth and development.\n","Governance Details (Summary)":"Governance includes protocol parameters, treasury management, upgrades, and onchain revenue decisions. AAVE, stkAAVE, and aAAVE all carry voting power. Two community-elected 5-of-9 Guardian multisigs exist: the Protocol Emergency Guardian can pause markets, and the Governance Emergency Guardian can veto malicious proposals. Delegated Steward roles handle risk parameters and treasury operations within governance-set boundaries. The Aave Will Win framework establishes a community-protected vehicle to independently govern Aave's brand assets and IP on behalf of token holders.","Latest Treasury / Token Report":"[Treasury runway dashboard](https://aave.tokenlogic.xyz/runway)\n","Brief description":"AAVE is the governance and utility token of Aave, enabling holders to propose and vote on protocol upgrades, risk parameters, and treasury decisions, while staking in the Safety Module provides backstop security against shortfalls and earns incentives.","Last Updated":"2026-09-02T04:00:00.000Z","Token Type":["Governance"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Buyback Details":"No buyback mechanism is currently active","Revenue Decisions":["BNB"],"Governance Links":"[Governance Introduction](https://www.bnbchain.org/en/bnb-chain-governance), [Governance Workflow](https://docs.bnbchain.org/bc-fusion/validators/gov/)\n","Economic Rights (Summary)":"BNB Stakers receive staking rewards from validators who earn a portion of the transaction fees collected by that validator. BNB's stated goal is to reduce supply to 100M tokens. The chain is working toward this using a quarterly auto-burn and a real-time burn through BEP-95. ","Value Accrual":"Deflationary supply reduction","Associated Entities":["DAO","Foundation","YZi Labs"],"Governance details":"The workflow of the governance module consists of three stages: submit proposal, cast vote, and execute proposal. Each stage has its own requirements and parameters, which can be configured by the BNB smart chain governance.","Treasury Details":"BNB Foundation controls the Builder Fund and incentive programs.","Burns":"Active","Fee Switch Status":"OFF","Governance Decisions":["BNB"],"Economic Links":"[BNB Overview](https://www.bnbchain.org/en/what-is-bnb), [BNB Burn Info](https://www.bnbburn.info/), [BEP-95](https://github.com/bnb-chain/BEPs/blob/master/BEPs/BEP95.md)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Gas, Staking, Protocol Access, Fee Discounts","Burn Details":"A portion of gas fees from every transaction is burned. Each quarter, a formula using the price of BNB and the number of blocks generated automatically burns tokens.","Dividends":["N/A"],"Revenue Details":"Governance can control system parameters including fee changes, gas limits and the ratio of burned tokens.","Protocol Name":"Binance","Token":["BNB"],"DefiLlama ID":"6236","Governance Details (Summary)":"BEP-297 introduced the native governance module for BNB smart chain. When BNB holders delegate BNB to a validator, the system mints an equivalent amount of staking credits. Any staking credit holder is allowed to propose and vote, and holders can delegate to someone else to participate in governance. Governance can implement core contract upgrades, performance optimizations or fee adjustments.","Latest Treasury / Token Report":"[Real-time Burn & Auto-Burn Schedule](http://Real-Time Burn & Auto-Burn Schedule)\n","Brief description":"BNB is used for gas fees, staking, governance, and Binance exchange benefits (trading fee discounts, VIP tiers, Launchpad access).","Last Updated":"2026-03-24T04:00:00.000Z","Token Type":["Governance","Utility","Network"],"Buybacks":["N/A"],"Equity Revenue Capture":"Unknown"},{"Revenue Decisions":["N/A"],"Governance Links":"[Governance Docs](https://docs.solv.finance/solv-token/governance), [SOLV Tokenomics](https://docs.solv.finance/solv-token/solv-tokenomics)\n","Associated Entities":["DAO","Foundation"],"Governance details":"The Solv DAO enables collective decision-making through its governance system, where participants who hold SOLV tokens can submit and vote on governance proposals to guide the protocol's development.","Treasury Details":"SOLV holders can vote on treasury allocation","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["SOLV"],"Economic Links":"[vSOLV Mechanics & campaign](https://docs.solv.finance/solv-token/vsolv-campaign)\n","Treasury Decisions":["SOLV"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking, Protocol Access","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Protocol Name":"Solv Protocol","Token":["SOLV","stSOLV","vSOLV"],"DefiLlama ID":"parent#solv-protocol","Governance Details (Summary)":"SOLV allows holders to vote on protocol upgrades, treasury allocation, and ecosystem growth. Holders govern future Bitcoin Reserve Offerings, which can mint new SOLV.","Latest Treasury / Token Report":"[Q4 2025 Report](https://x.com/tokenterminal/status/2020804706457559314?s=20)\n","Brief description":"SOLV is the native governance and utlity token of Solv Protocol, enabling governance participation, staking for rewards, and fee discounts. stSOLV is the receipt token for staking & securing the bridge. vSOLV is the reward token.","Last Updated":"2026-09-25T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["Unknown"],"Equity Revenue Capture":"Unknown"},{"Revenue Decisions":["N/A"],"Governance Links":"[RAIN Token Page](https://www.rain.one/about-us), [RAIN DAO Snapshot](https://snapshot.org/#/s:raindaoprotocol.eth), [Whitepaper](https://whitepaper.rain.one/)\n","Value Accrual Details":"Value accrues via deflation from the buyback and burn program.","Economic Rights (Summary)":"2.5% of every market's volume buys RAIN on the open market and burns it. A further 2.5% funds participation rewards to active contributors (creators/LPs/resolvers), to be paid in RAIN, boosting their Trading Power. RAIN confers no dividend or yield.","Value Accrual":"Deflationary supply reduction","Associated Entities":["Foundation","Enlivex Ltd."],"Governance details":"Rain Foundation provides administrative oversight/development; an advisory board of blockchain figures was appointed in 2026. DAO governance maturity is still developing.","Treasury Details":"Treasury actions are managed through a multisig controlled by the foundation, according to the whitepaper.","IP & Brand":"Foundation","Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["RAIN"],"Ownership Links":"[Equity Statement](https://www.globenewswire.com/news-release/2026/06/22/3315295/0/en/Enlivex-Treasury-Portfolio-Update-RAIN-Holdings-Valued-at-Approximately-1-14-Billion.html)\n","Economic Links":"\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Protocol Access","Burn Details":"Tokens from open market purchases are burned.","Dividends":["N/A"],"Protocol Name":"Rain","Fee Switch Details":"The Rain protocol applies a 5% fee on the total volume of each market and distributes that fee between the market creator, liquidity providers, market resolver and a buyback & burn program.","Token":["RAIN"],"DefiLlama ID":"6924","Equity Statement":"The protocol is overseen by the Rain Foundation (a Panama legal entity), which monetizes by selling RAIN, including granting Nasdaq-listed Enlivex (ENLV) an option to acquire up to ~272B RAIN at $0.0033/token (vs. market ~$0.013–0.016). Enlivex held 79,568,550,005 RAIN (~$1.14B) as of mid-2026, an extraordinary supply concentration in one public company. The RAIN contract is an upgradeable proxy.\n","Governance Details (Summary)":"RAIN holders govern via the Rain DAO with the ability to vote on protocol decisions. The Rain Foundation independently oversees administrative and development matters, and manages protocol upgrades and treasury actions. The whitepaper frames the protocol as \"designed to evolve into a transparently governed system,\" and several sources note full DAO governance is still being activated.","Latest Treasury / Token Report":"[Enlivex Treasury Holdings Dashboard](https://enlivex.com/dashboard/)\n","Brief description":"RAIN is the native utility and governance token of Rain Protocol. Holding RAIN grants \"Trading Power\" (a functional access ratio for participating in markets) and governance via the Rain DAO. The protocol rewards key contributors (market creators, liquidity providers, and resolvers) directly in RAIN tokens.The protocol is overseen by the Rain Foundation.","Last Updated":"2026-06-25T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["RAIN"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"Unknown"},{"Buyback Details":"20% of THORSwap revenue goes toward buyback & burn program.","Revenue Decisions":["THOR","vTHOR"],"Governance Links":"[THOR Token Docs](https://docs.thorswap.finance/thorswap/thor/about), [THORSwap Governance Forum](https://forum.thorswap.finance/), [Governance Process](https://forum.thorswap.finance/thread/hot-43684)\n","Value Accrual Details":"Value accrues to vTHOR stakers through revenue sharing and to THOR via buybacks & burns.","Economic Rights (Summary)":"THOR can be staked for vTHOR or uTHOR to earn fee-share rewards in THOR or USDC.","Value Accrual":"Protocol Revenue Share","Associated Entities":["DAO","DevCo"],"Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["THOR","vTHOR"],"Economic Links":"[Tokenomics](https://docs.thorswap.finance/thorswap/thor/about/thor-tokenomics), [Fee Distribution Dashboard](https://app.thorswap.finance/stake/FEE_DISTRIBUTION), [Buyback & Burn Proposal](https://snapshot.box/#/s:thorswapcommunity.eth/proposal/0x576706e9d3c99fa9b1acb15a279abed992024025fce1a0d37e9068e63e22f611)\n","Treasury Decisions":["N/A"],"Dividends Details":"THOR stakers (vTHOR holders) receive 55% of protocol revenue.","Utility":"Staking, Protocol Access, Fee Discounts","Burn Details":"20% of THORSwap revenue goes toward buyback & burn program.","Dividends":["vTHOR"],"Revenue Details":"Governance can vote on revenue allocation.","Protocol Name":"THORSwap","Fee Switch Details":"55% of THORSwap revenue accrues back to vTHOR, uTHOR, yTHOR and THOR LP based on the ratio in each pool. 20% goes to a buyback & burn program.","Foundation Multisigs / Addresses":"Address Dashboard: https://thorcharts.org/thorswap\\_dashboard\n","Token":["THOR","vTHOR"],"DefiLlama ID":"6941","Equity Statement":"75% of revenue generated goes to stakers & buybacks, 25% goes to developers.\n","Governance Details (Summary)":"THOR holders vote on Snapshot proposals and proposals can be created through a defined governance process.","Latest Treasury / Token Report":"[THORSwap Dashboard](https://thorcharts.org/thorswap_dashboard)\n","Brief description":"THOR is the governance, utility and proof of membership token.","Last Updated":"2026-05-27T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["THOR"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Domain":"DAO","Buyback Details":"Buybacks are conducted at the discretion of BIM Labs and may also be initiated, validated, or guided through DAO governance votes. The BIM Buyback Reserve is funded by revenue from various offchain and onchain sources, and buyback activity is tracked publicly through the reserve dashboard.","Revenue Decisions":["BIM"],"Governance Links":"[Governance Forum](https://governance.bim.finance/), [Snapshot Voting](https://snapshot.box/#/s:daobim.eth)\n","Value Accrual Details":"Value accrues to the BIM token through buybacks.","Value Accrual":"Buybacks","Associated Entities":["DAO","Foundation"],"IP & Brand":"DAO, Foundation","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["BIM"],"Ownership Links":"[Equity Statement](https://governance.bim.finance/t/how-bim-and-bim-exchange-generate-revenue-for-the-dao/42)\n","Economic Links":"[Buyback Dashboard](https://analytics.bim.finance/buyback), [How BIM generates revenue](https://governance.bim.finance/t/how-bim-and-bim-exchange-generate-revenue-for-the-dao/42)\n","Treasury Decisions":["BIM"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Protocol Name":"BIM","Fee Switch Details":"Offchain & onchain revenue sources fund a Buyback Reserve.","Foundation Multisigs / Addresses":"Treasury Multisig | 0xcc0516d2B5D8E156890D894Ee03a42BaC7176972\n","Token":["BIM"],"DefiLlama ID":"parent#bim","Equity Statement":"The equity entity and the token are not designed to share protocol-generated revenue. No revenue generated by the protocol is distributed to equity holders. 100% of the value created at the protocol level is intended to benefit the DAO and BIM token holders through ecosystem growth, governance, treasury alignment, and tokenholder-oriented value capture mechanisms such as buybacks.\n","Governance Details (Summary)":"Token holders can participate in decisions related to the development and expansion of BIM, ecosystem incentives, partnerships, treasury usage and future utility integrations.","Latest Treasury / Token Report":"[Treasury Dashboard](https://analytics.bim.finance/treasury)\n","Brief description":"The BIM token providers holders with the right to vote on governance decisions. A portion of all revenues generated by the BIM Exchange go toward incentive programs for token holders.","Last Updated":"2026-07-14T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["BIM"],"Fundraising":["None"],"Equity Revenue Capture":"No"},{"Domain":"SBorg SA","Buyback Details":"Buybacks run weekly (cashback) and quarterly (performance). SwissBorg retains full discretion over timing and execution, and publishes weekly and quarterly totals on the BORG page.","Revenue Decisions":["N/A"],"Governance Links":"[BORG Details Page](https://swissborg.com/buy-borg), [Governance Page](https://swissborg.com/governance)\n","Value Accrual Details":"Value accrues through fee-funded buybacks.","Economic Rights (Summary)":"BORG lockers can vote to direct buybacks and burns. The amount of BORG locked determines a user's rank. Higher ranks unlock cashback on exchange fees, yield multipliers on earn products, and priority allocation in early deals.","Value Accrual":"Buybacks","Associated Entities":["SBorg SA","BlockNodes SAS","SwissBorg Solutions"],"Governance details":"Voting power is 1 vote per 10 locked BORG. Each quarter, the Guardians vote on how to allocate that quarter's pool. After a June 2026 governance proposal, a permanent DAO Fund was established.","Treasury Details":"The Guardians Pool is funded by buybacks from platform profits, and distributions can be voted on by the community.","IP & Brand":"SBorg SA","Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["BORG"],"Ownership Links":"[Conflicts of Interest](https://swissborg.com/legal/conflicts-of-interest)\n","Economic Links":"[Paid to Trade / Buyback Model](https://swissborg.com/blog/swissborg-paid-to-trade-and-buyback-model), [Ranks Page](https://swissborg.com/ranks-crypto-cashback)\n","Treasury Decisions":["BORG"],"Dividends Details":"Cashback is a rebate on each user's own trading fees.","Utility":"Staking, Fee Discounts, Protocol Access","Burn Details":"Every quarter, SwissBorg burns an amount of BORG voted on by the community, sized by the Sustainability Score.","Dividends":["N/A"],"Revenue Details":"SwissBorg sets all fees.","Protocol Name":"SwissBorg","Fee Switch Details":"SwissBorg runs two buyback programs. A cashback buyback (trading fees convert to USDC and buy BORG on the open market), and quarterly performance buybacks, sized by a Sustainability Score, with the proceeds going to the Guardians Pool.","Token":["BORG"],"DefiLlama ID":"2295","Equity Statement":"SwissBorg is an equity-owned company that earns the platform's revenue. It returns part of that revenue to BORG through discretionary buybacks and keeps the rest. The company discloses that certain shareholders and directors of SBorg SA are also shareholders or directors of BlockNodes and hold BORG. Actions that could affect the token's value go through compliance review.\n","Governance Details (Summary)":"Holders lock BORG in the app to vote as \"Guardians\" on referendums covering listings, features, and the allocation of the Guardians Pool, which holds BORG bought back from company performance. Voting runs off-chain inside the app. SBorg SA executes the outcomes, and it retains \"sole and absolute discretion\" over Loyalty Program parameters and rewards.","Brief description":"BORG is the ecosystem token of SwissBorg. Locking BORG sets a user's Loyalty Rank, which determines cashback on trading fees (paid in BORG), yield multipliers on Earn products, access to Alpha pre-sale deals, and voting power. BORG migrated 1:1 from CHSB in 2023","Last Updated":"2026-09-28T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["BORG"],"Fundraising":["Token Sale","Equity"],"Equity Revenue Capture":"Partial"},{"Buyback Details":"No buyback mechanism is currently active","Revenue Decisions":["N/A"],"Governance Links":"[XPL Tokenomics](https://www.plasma.to/docs/get-started/xpl/tokenomics)\n","Value Accrual Details":"Supply is elastic. Validator-reward inflation begins at 5% annually, tapering 0.5% per year to a 3% baseline, but only activates once external validators and delegation go live (not yet active). The EIP-1559 base-fee burn offsets emissions. Net direction depends on usage and is inflationary by design once rewards activate.","Economic Rights (Summary)":"Fees for non-gasless transactions are paid in XPL: the base component is burned (EIP-1559) and the remainder goes to validators (currently the Plasma team). Simple USD₮ transfers are gasless, sponsored by a protocol paymaster. No protocol revenue accrues to a treasury or to XPL holders.","Value Accrual":"Deflationary supply reduction","Burns":"Active","Fee Switch Status":"OFF","Governance Decisions":["N/A"],"Economic Links":"[Network Fees Docs](https://www.plasma.to/docs/plasma-chain/network-information/network-fees)\n","Treasury Decisions":["N/A"],"Dividends Details":"Once staking/delegation is live, stakers and delegators will earn validator-reward emissions (newly minted XPL), not a share of protocol revenue.","Utility":"Staking, Gas","Burn Details":"Base fees are permanently burned.","Dividends":["N/A"],"Protocol Name":"Plasma","Fee Switch Details":"Base fees are burned; remaining fees go to validators.","Token":["XPL"],"DefiLlama ID":"plasma","Equity Statement":"Investors hold 25% of XPL. XPL confers no documented entitlement to protocol revenue. Plasma has not published an explicit equity-vs-token disclosure.\n","Governance Details (Summary)":"Plasma validators run by the Plasma team participate in consensus. At this time, XPL holders cannot delegate stake to validators. Plasma plans to implement staked delegation in the future.","Brief description":"XPL is used to faciliate transactions, validator staking & rewards, and eventually governance participation. Simple USD₮ transfers are gasless, sponsored by a protocol paymaster. XPL pays fees for non-gasless transactions.","Last Updated":"2026-06-26T04:00:00.000Z","Token Type":["Utility","Network"],"Buybacks":["N/A"],"Fundraising":["Token Sale","Equity"],"Equity Revenue Capture":"Unknown"},{"Domain":"Foundation","Buyback Details":"The Momentum Fund (run by the Aero Foundation) uses revenue for growth and buyback-and-burn “timed to market conditions.” The Foundation chooses the timing, so it is discretionary rather than programmatic.","Revenue Decisions":["sAERO"],"Governance Links":"[Aero Upgrade](https://aero.xyz/aero-upgrade/)\n","Value Accrual Details":"Value accrues through direct fee distribution plus programmatic AERO buybacks.","Economic Rights (Summary)":"sAERO earns revenue share from the pools it allocates to. The Momentum Fund buys back and burns AERO, timed to market conditions. Emissions are expected at 12% annual inflation, with a 20% ceiling.","Value Accrual":"Protocol Revenue Share","Associated Entities":["Labs (DevCo)","Foundation"],"Governance details":"The governance multisig holds the Slipstream Owner, Swap Fee Manager and Cap Admin roles. A separate Operator multisig can adjust caps within a set range.","Treasury Details":"Aero has no treasury. All trading fees are programmatically distributed. The Aero Foundation runs the Momentum Fund (a rules-based sAERO stake), deposits liquid AERO incentives during the migration, and will later reactivate the old gauges to reclaim locked fees.","IP & Brand":"Foundation","Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["sAERO"],"Ownership Links":"[Equity Statement](https://app.aero.xyz/docs/about/foundation/)\n","Economic Links":"[AERO Economics](https://aero.xyz/economics/), [AERO and sAERO](https://app.aero.xyz/docs/about/aero-and-saero), [Staking and allocating](https://app.aero.xyz/docs/guides/staking-and-allocating)\n","Treasury Decisions":["sAERO"],"Dividends Details":"veAERO holders receive trading fees from staked LP positions in pools they voted for, plus emissions rewards proportional to their veAERO balance.","Utility":"Liquidity Incentives","Burn Details":"AERO bought back by the Momentum Fund is burned.","Dividends":["sAERO"],"Revenue Details":"Exchange Revenue is 100% of trading fees, MEV capture, Liquidity Payments (formerly bribes), Launch Payments and ancillary service fees. It goes pro rata to the sAERO stakes allocating to each pool. LPs choose either AERO Rewards or fee rewards.","Protocol Name":"Aero","Fee Switch Details":"100% of Exchange Revenue goes to sAERO. Fee rates are set by the governance multisig (Swap Fee Manager role).","Foundation Multisigs / Addresses":"\n","Token":["AERO","sAERO"],"Raise Details":"N/A\n","DefiLlama ID":"parent#aero-protocol","Equity Statement":"100% of revenue flows to token operators. The Foundation does not own or control the protocol.\n","Governance Details (Summary)":"sAERO holders direct gauge weights and liquidity incentives. Governance does not extend to protocol upgrades or core parameter changes, contracts are largely immutable.","Latest Treasury / Token Report":"[Protocol Metrics Dashboard](https://aero.xyz/economics/metrics/)\n","Brief description":"AERO is the governance and utility token of Aero, merging Aerodrome  and Velodrome into one cross-chain exchange. AERO stakers (sAERO “Token Operators”) direct AERO Rewards to pools and earn 100% of those pools’ Exchange Revenue.","Last Updated":"2026-10-19T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["AERO"],"Fundraising":["None"],"Equity Revenue Capture":"No"},{"Revenue Decisions":["N/A"],"Governance Links":"[LIT Utility](https://docs.lighter.xyz/about-lighter/lit-utility)\n","Value Accrual Details":"Value Accrues through buybacks dependent on market conditions","Economic Rights (Summary)":"Revenues from core DEX product as well as future products and services will be allocated between growth and buybacks depending on market conditions. Bought back tokens are burned, and the Lighter team states staking LIT will yield around 6% APY.","Value Accrual":"Buybacks","Associated Entities":["DevCo","C-Corp"],"Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["N/A"],"Economic Links":"[Tokenomics Update](https://x.com/Lighter_xyz/status/2072004429717307732?s=20)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking, Protocol Access, Liquidity Incentives","Burn Details":"As of the tokenomics update from Lighter in June 2026, bought back tokens will be burned.","Dividends":["N/A"],"Protocol Name":"Lighter","Fee Switch Details":"LIT is bought back by the protocol using trading fee revenue. Buybacks are executed via daily 24-hour TWAPs, with the flexibility to use shorter timeframes depending on market conditions","Foundation Multisigs / Addresses":"[Treasury Address](https://app.lighter.xyz/explorer/accounts/0) | 0x0000000000000000000000000000000000000000\n","Token":["LIT"],"Raise Details":"Two funding rounds; one in 2024 for $21m and one for $68m @ $1.5b valuation through equity & token warrants\n","DefiLlama ID":"parent#lighter","Equity Statement":"The value created by all Lighter products and services will fully accrue to LIT holders\n","Governance Details (Summary)":"Lighter team will share relevant governance updates","Latest Treasury / Token Report":"[LIT Utility Docs](https://docs.lighter.xyz/about-lighter/lit-utility)\n","Brief description":"Lighter Infrastructure Token (LIT) is the native infrastructure token supporting access, incentives, and alignment across the Lighter ecosystem.","Last Updated":"2026-08-14T04:00:00.000Z","Token Type":["Utility","Network"],"Buybacks":["LIT"],"Fundraising":["Equity","Token Sale"],"Equity Revenue Capture":"No"},{"Buyback Details":"A governance proposal to use 100% of WLFI Treasury Liquidity Fees for Buyback & Burn passed in September 2025. No action has been taken at this time.","Revenue Decisions":["N/A"],"Governance Links":"[WLFI Token Use Docs](https://docs.worldlibertyfinancial.com/wlfi-token/wlfi-token-use-and-acquisition-tcs), [Governance Docs](https://docs.worldlibertyfinancial.com/wlfi-token/wlfi-governance)\n","Economic Rights (Summary)":"The Token does not provide any economic or other rights with respect to the WLF Protocol or otherwise. As a result, holders will not have any rights to any fees generated by the WLF Protocol or earned by the Company.","Value Accrual":"N/A","Associated Entities":["World Liberty Financial LLC","WLF Holdco LLC","DT Marks DEFI LLC"],"Governance details":"All $WLFI will have equal voting power within the WLF Protocol, but no persons may vote in excess of 5% of the outstanding votable Token supply regardless of the number of $WLFI held, subject to community voting and governance proposals. Approval of a governance proposal does not guarantee implementation.","Treasury Details":"Treasury management remains under World Liberty Financial LLC control.","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["WLFI"],"Ownership Links":"[Gold Paper](https://static.worldlibertyfinancial.com/docs/intl/gold-paper.pdf)\n","Economic Links":"[Tokenomics](https://docs.worldlibertyfinancial.com/wlfi-token/tokenomics), [Token Burn Proposal](https://governance.worldlibertyfinancial.com/t/proposal-early-supporter-founder-team-partner-token-unlock/53266), [Treasury Liquidity Buyback & Burn Proposal](https://governance.worldlibertyfinancial.com/t/proposal-use-100-of-wlfi-treasury-liquidity-fees-for-buyback-burn/41226)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"N/A","Burn Details":"A forum proposal is currently live that proposes burning 10% of Founder, team, advisor, and partner locked tokens.","Dividends":["N/A"],"Revenue Details":"Token holders to not have rights to any fees generated by the protocol.","Protocol Name":"World Liberty Fi","Fee Switch Details":"Token holders to not have rights to any fees generated by the protocol. A proposal to use WLFI Treasury Liquidity fees for token buybacks and burns passed in September 2025. No buybacks or burns have taken place at this time.","Token":["WLFI","USD1"],"DefiLlama ID":"7571","Equity Statement":"WLFI holders are not members of WLF, and tokens do not confer equity, financial interest, or membership in any entity.\n","Governance Details (Summary)":"WLFI enables token holders to propose, discuss, and vote on governance matters that help shape the direction and evolution of the protocol. WLFI is not intended for use outside of governance.","Brief description":"The sole purpose of the WLFI token is to participate in governance of the World Liberty Financial Protocol.","Last Updated":"2026-04-15T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["N/A"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"Yes"},{"Domain":"Discovery Domain Ltd","Buyback Details":"Buybacks are discretionary. Governance retains discretion over whether, when, and how.","Revenue Decisions":["veNEAR"],"Governance Links":"[Governance page](https://gov.houseofstake.org/home)\n","Value Accrual Details":"Value accrues through discretionary buybacks and gas fee burns.","Economic Rights (Summary)":"NEAR holders benefit from discretionary buybacks funded by Intents revenue and from the 70% gas-fee burn.","Value Accrual":"Buybacks","Associated Entities":["NEAR Foundation","House of Stake","Discovery Domain Ltd"],"Governance details":"The House of Stake governs protocol parameters, ecosystem treasury, validator / node policy, and public goods funding.","Treasury Details":"Intents revenue sits in multisig wallets, not in the House of Stake treasury. A tokenomics post says a “governance-based treasury structure is being established” to hold product revenue. The House of Stake governs the Ecosystem Treasury.","IP & Brand":"Discovery Domain Ltd","Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["veNEAR"],"Economic Links":"[Evolving NEAR Tokenomics](https://near.org/blog/evolving-near-tokenomics)\n","Treasury Decisions":["veNEAR"],"Utility":"Staking, Gas","Burn Details":"70% of every gas fee is burned and 30% goes to the developer of the contract being called. Bought-back NEAR is not burned.","Dividends":["N/A"],"Revenue Details":"Swaps on NEAR's frontend send 100% of fees to a NEAR revenue wallet.","Protocol Name":"Near Protocol","Fee Switch Details":"The Intents fee switch went live Feb 2026 and is an automatic revenue-sharing mechanism with third-party distribution channels. Swaps executed through third-party integration partners are split 50/50 between NEAR and the partner. NEAR Intents charges a protocol fee of 0.0001% per swap, plus distribution fees set by integration partners.","Token":["NEAR","veNEAR"],"DefiLlama ID":"parent#near-protocol","Governance Details (Summary)":"veNEAR holders vote through House of Stake. A proposal goes from the forum to a Screening Committee, then a token-holder vote, then a review window where the Security Council can veto, then ratification. Protocol and economic changes only take effect when validators adopt the upgrade.","Latest Treasury / Token Report":"[NEAR Revenue dashboard](https://revenue.near.org/)\n","Brief description":"NEAR is a sharded proof-of-stake Layer 1. Its main revenue product is NEAR Intents, a cross-chain intents and settlement protocol where solvers compete to execute what a user asks for.","Last Updated":"2026-10-21T04:00:00.000Z","Token Type":["Network","Governance"],"Buybacks":["NEAR"],"Fundraising":["Token Sale","Equity"],"Equity Revenue Capture":"Unknown"},{"Buyback Details":"10% of all SOL mining rewards are used to buy back the ORE token on the open market.","Revenue Decisions":["N/A"],"Value Accrual Details":"Value accrues to ORE through open market buybacks and platform revenue share going to stakers","Economic Rights (Summary)":"10% of all SOL mining rewards are automatically collected by the protocol as revenue. All of this SOL is used to buy back the ORE token on the open market. Of the ORE that is purchased in the buyback program, 90% is \"buried\" and 10% is distributed to stakers as yield. The ORE Reserve uses a portion (currently 1%) of protocol revenue to place buy-side liquidity below current market price.","Value Accrual":"Buybacks","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["N/A"],"Ownership Links":"[Equity Statement](https://ore.supply/about#tokenomics)\n","Economic Links":"[ORE Mining](https://ore.supply/about#mining), [Tokenomics & Fees breakdown](https://ore.supply/about#tokenomics), [ORE Reserve Announcement](https://x.com/ORE/status/2097702490267381865?s=20)\n","Treasury Decisions":["N/A"],"Dividends Details":"10% of all ORE purchased through the buyback program is distributed to stakers as yield","Utility":"Staking","Burn Details":"No burn mechanism is currently active","Dividends":["sORE"],"Protocol Name":"ORE Protocol","Fee Switch Details":"Portion of mining rewards are collected by the protocol and used to buy back ORE on the open market.","Foundation Multisigs / Addresses":"Treasury Address |  45db2FSR4mcXdSVVZbKbwojU6uYDpMyhpEi7cC8nHaWG\n","Token":["ORE","sORE"],"DefiLlama ID":"6893","Equity Statement":"ORE has a capped maximum supply of 3 million tokens and zero insider or team allocations. All minting is programmatically controlled by a smart contract on the Solana blockchain. The protocol mints approximately +1 ORE per minute as part of the standard mining process. New tokens can always be mined as long as the current circulating supply is below the maximum supply limit.\n","Brief description":"ORE is a digital store of value on the Solana blockchain. New ORE tokens are mined and distributed to users through users competing for winning blocks. All SOL deployed on losing blocks is split amongst miners.","Last Updated":"2026-09-11T04:00:00.000Z","Token Type":["Utility"],"Buybacks":["ORE"],"Equity Revenue Capture":"No"},{"Buyback Details":"No buyback mechanism is currently active","Revenue Decisions":["ARB"],"Governance Links":"[Governance Docs](https://github.com/ArbitrumFoundation/governance/blob/main/docs/overview.md), [DAO Constitution](https://docs.arbitrum.foundation/dao-constitution), [Arbitrum Foundation Docs](https://docs.arbitrum.foundation/what-foundation)\n","Value Accrual Details":"ARB accrues no direct protocol cash flow. Value is indirect, via governance control over a large treasury and the network.","Economic Rights (Summary)":"Per the official Fee Distribution doc: the L1 Base Fee goes to the Sequencer operator (currently the Arbitrum Foundation) only to refund L1 posting costs (break-even, no profit); the remaining components (L2 Base Fee, L1 Surplus Fee, L2 Surplus Fee) go to the Arbitrum DAO. ARB holders control the treasury collectively but hold no direct, per-token claim on revenue.","Value Accrual":"N/A","Associated Entities":["DAO","Foundation","Security Council"],"Governance details":"Governance has two main bodies: the DAO and the Security Council. Proposals start on the forum, move to Snapshot, then are executed onchain.","Treasury Details":"The DAO treasury is governed by governance votes. Token holders can propose and vote on how to use treasury funds, and the treasury is used to fund ongoing development and maintenance of the organization.","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["ARB"],"Ownership Links":"[Equity Statement](https://docs.arbitrum.foundation/what-foundation)\n","Economic Links":"[Fee Breakdown](https://docs.arbitrum.foundation/fee-distribution#fee-breakdown)\n","Treasury Decisions":["ARB"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"N/A","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"ARB holders control revenue decisions, can vote to direct sequencer revenue, implement fee-sharing or burn/allocate fees.","Protocol Name":"Arbitrum","Fee Switch Details":"Sequencer revenue and fee flows are governed by DAO proposals and flow to the DAO treasury. The DAO has authority to capture and direct a portion of sequencer profits. There is no per-token fee distribution, buyback, or dividend. Any fee recipient can be changed by the DAO via a constitutional proposal.","Foundation Multisigs / Addresses":"Deployment Addresses: https://docs.arbitrum.foundation/deployment-addresses\n","Token":["ARB"],"DefiLlama ID":"arbitrum","Equity Statement":"The Arbitrum Foundation is tasked with developing and nurturing the Arbitrum ecosystem. The Foundation is governed by a Board of Directors, over which the Arbitrum DAO has significant authority. Arbitrum protocol revenue (sequencer profits, Timeboost, BoLD bonds) flows to the Arbitrum DAO treasury, not to Offchain Labs or the Foundation. The Foundation only breaks even on L1 costs via the L1 Base Fee.\n","Governance Details (Summary)":"ARB holders can vote on proposals or delegate to other wallets. Governance is responsible for the Treasury, Arb One & Nova contracts, Arb One & Nova L2 parameters, governance contracts and the Arbitrum Foundation Administrative Budget Wallet","Brief description":"The ARB token is a governance token that allows holders to participate in the Arbitrum DAO's on-chain governance protocol. Holders can vote on governance proposals that affect the operation and evolution of the Arbitrum One and Arbitrum Nova chains. This includes proposals for upgrades to the chain, as well as proposals for how to use the funds within the DAO Treasury.","Last Updated":"2026-06-26T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["N/A"],"Equity Revenue Capture":"No"},{"Revenue Decisions":["veDOLO"],"Governance Links":"[Governance Docs](https://docs.dolomite.io/dolomite-governance), [Governance Forum Tiered Access Details](https://docs.dolomite.io/dolomite-governance)\n","Value Accrual Details":"Value accrues to veDOLO holders through boosted emissions rewards for liquidity pools based on voting weight.","Economic Rights (Summary)":"DOLO is staked & locked to earn veDOLO which gains governance power and boosted liquidity incentive rewards that come from emissions. oDOLO is a mechanism to reward liquidity providers. oDOLO must be paired 1:1 with DOLO to convert into discounted veDOLO. PArticipants who wish to liquidate oDOLO can exit instantly through a buyback mechanism; the DAO will buy back oDOLO at a DAO-determined rate. Starting in year 4 of launch, DOLO will adopt a 3% annual inflation rate.","Value Accrual":"N/A","Associated Entities":["DAO","Dolomite Ltd (BVI)","Foundation (Cayman Islands)","Leavitt Innovations"],"Governance details":"All proposals that pass temp checks are bundled together in a single quarterly vote, which veDOLO holders can then vote yes or no on each proposal in the bundle.","Treasury Details":"The DAO can vote on treasury allocations.","Burns":"Active","Fee Switch Status":"OFF","Governance Decisions":["veDOLO"],"Ownership Links":"[Stewards Inc. Private Placement Partnership Announcement](https://x.com/Dolomite_io/status/1985685564658761761?s=20)\n","Economic Links":"[Token Mechanics Docs](https://docs.dolomite.io/dolo/token-mechanics), [Burn Fee Mechanism](https://docs.dolomite.io/dolo/token-mechanics#vedolo#lock-durations-and-features)\n","Treasury Decisions":["veDOLO"],"Dividends Details":"Current liquidity incentives come from emissions.","Utility":"Liquidity Incentives","Burn Details":"Users can break their veDOLO locks early by paying an exit fee, which incurs a 5% fixed burn fee, modifiable via governance.","Dividends":["N/A"],"Revenue Details":"veDOLO holders and the DAO can activate the fee switch, where veDOLO holders would earn a share of fees generated by Dolomite's operations, including POL earnings and transaction fees.","Protocol Name":"Dolomite","Fee Switch Details":"The DAO can activate the fee switch, directing a share of revenue to veDOLO holders.","Foundation Multisigs / Addresses":"Contract Address List: https://docs.dolomite.io/smart-contract-addresses\n","Token":["DOLO","veDOLO","oDOLO"],"DefiLlama ID":"2187","Equity Statement":"The DAO is represented as a legal entity in the Marshall Islands, with Dolomite Ltd (BVI) as the token issuer, and the Dolomite Foundation (Cayman Islands) serving as a steward. Leavitt Innovations is an entity contracted by the Dolomite Foundation for development and maintenance of the protocol. Leavitt Innovations was the recipient of the publicly announced fundraise.\n","Governance Details (Summary)":"DOLO can be locked to receive veDOLO and participate in governance. The longer the lock, the more governance power gained. veDOLO holders and the DAO can vote on tokenomics changes, asset listing/delisting, risk parameter changes, treasury allocations and incentive program changes. A 1k minimum veDOLO holding is required to vote - those holding less than 1,000 veDOLO cannot vote.","Brief description":"DOLO enables exchange liquidity, transferability, lending & an onramp for new users. veDOLO enables governance rights and the potential to earn a share of Dolomite's generated fees (if activated by the DAO). oDOLO is used to reward liquidity providers.","Last Updated":"2026-04-15T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["Unknown"],"Equity Revenue Capture":"Unknown"},{"Buyback Details":"Fees are used to buy back CAKE tokens","Revenue Decisions":["CAKE"],"Governance Links":"[CAKE Tokenomics](https://docs.pancakeswap.finance/protocol/cake-tokenomics), [Governance Docs](https://docs.pancakeswap.finance/protocol/voting)\n","Value Accrual Details":"Value accrues through buybacks and burns, reducing overall supply","Economic Rights (Summary)":"Fees from perps, IFOs, Prediction / Lottery, liquidity pools are burned","Value Accrual":"Deflationary supply reduction","Associated Entities":["DAO","DevCo"],"Governance details":"Voting power directly corresponds to the number of CAKE held in wallet address during snapshot","Treasury Details":"Treasury is not controlled by DAO or token holders","Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["CAKE"],"Ownership Links":"[CAKE Tokenomics](https://docs.pancakeswap.finance/protocol/cake-tokenomics), [Fee breakdown](https://docs.pancakeswap.finance/earn/pancakeswap-pools#trading-fees)\n","Economic Links":"[Fee splits](https://docs.pancakeswap.finance/protocol/cake-tokenomics), [Tokenomics 3.0 Proposal](https://pancakeswap.finance/voting/proposal/0x79ef496c9737e48d9677a6e291ff2a549dee6729c9996398e453af8ecbf0ceb3)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking, Protocol Access","Burn Details":"Weekly burns from product fees","Dividends":["N/A"],"Revenue Details":"CAKE holders can vote on but not propose significant uses of ecosystem growth funds and protocol adjustments (product changes, fee changes)","Protocol Name":"PancakeSwap","Fee Switch Details":"Fees are used to buy back CAKE, which is then burned","Foundation Multisigs / Addresses":"Burn address | 0x0e09fabb73bd3ade0a17ecc321fd13a19e81ce82\n","Token":["CAKE"],"DefiLlama ID":"parent#pancakeswap","Equity Statement":"CAKE emissions go to multichain farms, Lottery, ecosystem growth, buybacks and burns. PancakeSwap's focus is to scale volume growth by optimizing liquidity incentives and boost revenue per CAKE spent. A portion of spot trading fees goes to the treasury which is not controlled by the DAO.\n","Governance Details (Summary)":"1 CAKE = 1 vote, All CAKE holders have direct voting rights. Only PancakeSwap Core Team can propose Core Proposals, community can propose ideas with 10,000 CAKE balance","Latest Treasury / Token Report":"[Burn Dashboard](https://pancakeswap.finance/burn-dashboard)\n","Brief description":"CAKE is the governance and utility token of PancakeSwap, enabling holders to participate in snapshot voting on protocol upgrades and fee adjustments, stake for rewards and receive access to token launches via CAKE.PAD. Ongoing deflationary burns are funded by trading fees and ecosystem products.","Last Updated":"2026-05-07T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["CAKE"],"Fundraising":["None"],"Equity Revenue Capture":"Unknown"},{"Revenue Decisions":["N/A"],"Governance Links":"[Research Forum](https://research.sanctum.so/), [CLOUD--8 Proposal](https://research.sanctum.so/t/cloud-008-should-sanctum-burn-1-4-of-total-cloud-supply/2001)\n","Economic Rights (Summary)":"Sanctum's products (whitelabel partners, INF, VaaS, Router Program, Reserve) earn revenue, all revenue is used to grow the protocol. The community voted for active staking rewards which were live for a period of time but ended August 2026.","Associated Entities":["DAO","DevCo"],"Treasury Details":"SANC holders control the Community Reserve, but the Strategic Reserve is planned to be used in the future.","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["SANC"],"Ownership Links":"[Equity Statement](https://research.sanctum.so/t/cloud-008-should-sanctum-burn-1-4-of-total-cloud-supply/2001#p-7355-faq-6)\n","Treasury Decisions":["SANC"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Protocol Access, Futarchy, Staking","Burn Details":"A one-time burn of 1/4 of the SANC supply (the entire Community Reserve) will be burned.","Dividends":["N/A"],"Protocol Name":"Sanctum","Fee Switch Details":"Active staking rewards ended August 2026.","Foundation Multisigs / Addresses":"Team multisig | DEnpgmzoAGKXjRCGoLTALm91XMAw88q6npDHPRAmMQj1 | Community multisig | BdVocCXHMpTdcPi8kYpBzK4MJXAn5KzcehGxhMBJqvD4\n","Token":["SANC"],"Raise Details":"use DL details - link here: https://x.com/sanctumso/status/1775539432978022518?s=20\n","DefiLlama ID":"parent#sanctum","Equity Statement":"No value flows to equity holders. Sanctum has never sold equity to external investors.\n","Governance Details (Summary)":"Governance still runs through MetaDAO futarchy. Token holders control the Community Reserve (30% of supply) through governance voting, which includes how the Community Reserve is allocated. After the proposal CLOUD-008 in September 2026, the entire Community Reserve will be burned.","Latest Treasury / Token Report":"[Sanctum Investor Dashboard](https://investors.sanctum.so/)\n","Brief description":"SANC (previously CLOUD) is the Sanctum governance token for the ecosystem. Key utilities include voting on the Sanctum Verified Partner (SVP) program and future products. Governance uses a futarchy model","Last Updated":"2026-09-25T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Domain":"Maple Purpose Trust","Revenue Decisions":["SYRUP"],"Governance Links":"[Governance & Voting](https://docs.maple.finance/maple-for-token-holders/governance-and-voting), [Snapshot](https://snapshot.org/#/s:maple.eth)\n","Value Accrual Details":"Value accrues through buybacks","Economic Rights (Summary)":"Protocol revenue funds SYRUP buybacks into the Syrup Strategic Fund (SSF) at a tiered rate of 10–30% of monthly revenue (MIP-021). The SSF also accumulates Bitcoin and stablecoin reserves. Repurchased SYRUP is held in the DAO treasury and is not burned or redistributed to holders.","Value Accrual":"Buybacks","Associated Entities":["DAO","Labs (DevCo)","Foundation","Parent / Holdings Co"],"Governance details":"Proposals are published on the Maple Community Forum, followed by a 3-day comment period, then a vote on Snapshot.","Treasury Details":"Token holders can vote to recapitalize the Maple Treasury","IP & Brand":"Maple Purpose Trust","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["SYRUP"],"Ownership Links":"[Equity Statement](https://x.com/syrupsid/status/2012294671972585779?s=20)\n","Economic Links":"[Rules-Based Buyback vote](https://snapshot.org/#/s:mapledao.eth/proposal/0xce5c0b3e759cd071a5412d7935b2408db9def2ecc4f754764f5c2f08055ff3a5), [What SYRUP Holders Actually Hold](https://maple.finance/insights/what-syrup-holders-actually-hold), [Transparency Dashboard](https://maple.finance/transparency)\n","Treasury Decisions":["SYRUP"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"Holders can propose and vote on revenue allocation changes","Protocol Name":"Maple","Fee Switch Details":"Buyback rate is tiered by monthly revenue under MIP-021 (passed 17 Jul 2026): 10% of monthly revenue below $1.5M, 20% between $1.5M–$2.0M, 30% above $2.0M. Executed after each month-end, by the 15th. Framework runs six months.","Foundation Multisigs / Addresses":"Primary DAO | 0xd6d4Bcde6c816F17889f1Dd3000aF0261B03a196 | Operational Admin | 0xCe1cE7c7F436DCc4E28Bc8bf86115514d3DC34E8 | Security Admin | 0x6b1A78C1943b03086F7Ee53360f9b0672bD60818\n","Token":["SYRUP"],"Raise Details":"N/A\n","DefiLlama ID":"parent#maple-finance","Equity Statement":"SYRUP is the sole token governing the ecosystem. Maple Labs Pty Ltd has not raised external equity capital and has no dividend-bearing equity class held by outside investors; protocol fees do not flow to its shareholders as dividends or profit-share. Labs receives a quarterly grant from the DAO treasury under a Services Agreement. Note that SYRUP carries no explicit legal rights to assets or revenues. Governance is the mechanism by which holders direct the Foundation, which is the beneficiary of the IP and recipient of protocol revenue.\n","Governance Details (Summary)":"SYRUP and stSYRUP holders vote on token distribution, treasury recapitalisation, new products, and smart contract upgrades. Passed votes are implemented by a 4-of-7 DAO multisig, which holds PROPOSER_ROLE and ROLE_ADMIN on the GovernorTimelock and schedules changes subject to a 3-day delay. A separate 3-of-6 Security Admin multisig can pause the protocol and cancel timelocked Governor proposals.","Latest Treasury / Token Report":"[Maple Q2 2026 Ecosystem Update](https://maple.finance/insights/maple-q2-2026-ecosystem-update)\n","Brief description":"SYRUP is the governance token of Maple Finance. Holders vote on protocol decisions via forum-and-Snapshot governance. Protocol revenue funds tiered SYRUP buybacks into the Syrup Strategic Fund.","Last Updated":"2026-08-22T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["SYRUP"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Revenue Decisions":["SUI"],"Governance Links":"[SUI Tokenomics](https://docs.sui.io/concepts/tokenomics/tokenomics-overview), [Gas Fee Docs](https://docs.sui.io/concepts/tokenomics/gas-in-sui)\n","Value Accrual Details":"Value accrues to stakers via rewards and to holders via the storage-fund deflationary pressure as usage scales.","Economic Rights (Summary)":"Transaction fees are distributed to stakers as yield. Storage fees go to the Storage Fund, which stakes and redistributes returns to validators.","Value Accrual":"Deflationary supply reduction","Associated Entities":["Foundation","Labs"],"Governance details":"The Sui network is rolling out SIP-39, which will significantly lower the barrier to entry for validators. Instead of requiring a minimum amount of SUI tokens, validators will need a minimum amount of voting power.","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["SUI"],"Ownership Links":"[Equity Statement](https://docs.sui.io/concepts/tokenomics/tokenomics-overview#deflation)\n","Economic Links":"[SIP-39](https://github.com/sui-foundation/sips/blob/main/sips/sip-39.md)\n","Treasury Decisions":["N/A"],"Dividends Details":"Staking rewards come from transaction fees.","Utility":"Staking, Gas","Burn Details":"No burn mechanism is currently active","Dividends":["SUI"],"Protocol Name":"Sui","Fee Switch Details":"Transaction fees are distributed to stakers as yield. Storage fees go to the Storage Fund, which stakes and redistributes returns to validators.","Token":["SUI"],"DefiLlama ID":"sui","Equity Statement":"The total supply of SUI is capped, so increased network activity has a deflationary effect as the storage fund grows in relation to the amount of data stored, which effectively takes more SUI out of circulation.\n","Governance Details (Summary)":"SUI holders can participate in governance by staking, voting on issues including protocol upgrades and system parameters.","Brief description":"SUI is the native token of Sui, powering gas fees, staking for network security and onchain governance.","Last Updated":"2026-04-14T04:00:00.000Z","Token Type":["Governance","Utility","Network"],"Buybacks":["N/A"],"Fundraising":["Unknown"],"Equity Revenue Capture":"Unknown"},{"Buyback Details":"Portion of protocol revenue is used to buy back COW, buybacks are dynamic.","Revenue Decisions":["COW"],"Governance Links":"[Governance Process](https://docs.cow.fi/governance/process), [Governance Forum](https://forum.cow.fi/)\n","Value Accrual Details":"Value accrues through buybacks.","Economic Rights (Summary)":"Surplus fees, quote improvement fees & volume fees are charged in the surplus token, i.e. in the buy token for sell orders and the sell token for by orders. A portion of protocol revenue is used to buy back COW, buybacks are dynamic.","Value Accrual":"Buybacks","Associated Entities":["DAO"],"Governance details":"Anyone that holds > 10,000 COW can advance a CoW DAO Improvement Proposal.","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["COW"],"Economic Links":"[Buyback Dashboard](https://dune.com/queries/5273980/8661207), [Use of COW in protocol economics](https://forum.cow.fi/t/use-of-cow-in-protocol-economics/3139), [Fees Docs](https://docs.cow.fi/governance/fees)\n","Treasury Decisions":["COW"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"N/A","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Protocol Name":"CoWSwap","Fee Switch Details":"When any CoW Protocol users sends a swap to the trading protocol, fees are deducted from the sell token. The protocol charges a fee equal to 50% of the user's surplus taken in the sell token and a 2bps fee based on the volume of the order, these collected fees are converted into COW tokens. On average, 25% of Partner fees charged when integrating CoW Protocol are retained as a service fee to CoW Protocol and converted into WETH.","Foundation Multisigs / Addresses":"DAO Multisig | 0xcA771eda0c70aA7d053aB1B25004559B918FE662 | CoW Treasury | 0x616dE58c011F8736fa20c7Ae5352F7f6FB9F0669 | Buyback Recipient | 0xA2BFc70e63a48BDfc3F8013a44B04b6c33fb8200\n","Token":["COW"],"Raise Details":"Use DL details - link here: https://x.com/CoWSwap/status/1508807428204380160?s=20\n","DefiLlama ID":"2643","Governance Details (Summary)":"Tokenholders contribute to CoW DAO's mission by participating in \"CoWmunity\" discussions on Discord, by adding proposals to the CoW DAO Forum, and by voting on governance actions in Snapshot. Governance is to be owned, developed, and enforced by the CoWmunity. Governance controls protocol upgrades, fee parameters, treasury allocation, grants, solver incentives, and revenue use. Anyone with sufficient COW can advance proposals.","Latest Treasury / Token Report":"[Monthly recap April 2026](http://Monthly recap: https://cow.fi/learn/cow-dao-monthly-recap-april-2026)\n","Brief description":"COW serves as a governance token within the CoW Protocol ecosystem, allowing stakeholders to participate directly in the decision-making processes that guide the protocol's development and evolution. The governance framework is designed to align incentives between the protocol's users, developers, and supporters.","Last Updated":"2026-05-14T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["COW"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Buyback Details":"No buyback mechanism is currently active","Revenue Decisions":["CRED"],"Governance Links":"[Ownership Coin Docs](https://docs.metadao.fi/benefits/ownership-coins), [Credible Fundraise](https://www.metadao.fi/projects/credible/fundraise), [Decision Markets Introduction](https://docs.metadao.fi/governance/overview)\n","Value Accrual Details":"Value accrues through market-driven governance that controls treasury, IP and minting.","Economic Rights (Summary)":"CRED confers market-driven governance oversight of Credible's treasury, IP, and minting, but no legal ownership claim and no contractual right to revenue (\"market price is the decision\"). No dividend, staking, or automatic revenue share.","Value Accrual":"N/A","Associated Entities":["DevCo","DAO"],"Governance details":"Proposals create conditional (pass/fail) markets; after a trading period the outcome is finalized on a TWAP-based mechanism.","Treasury Details":"The treasury is governed by decision markets.","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["CRED"],"Ownership Links":"[Equity Statement](https://www.metadao.fi/projects/credible/fundraise)\n","Economic Links":"[How Credible Works](https://credible.gitbook.io/docs/credible-overview/how-credible-works)\n","Treasury Decisions":["CRED"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Futarchy","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"Operating revenue funds the business under decision-market oversight. There is no automatic distribution to CRED holders. Any revenue routing (such as buybacks) would require a futarchy proposal.","Protocol Name":"Credible Finance","Fee Switch Details":"No protocol fee or business revenue is automatically distributed to CRED holders. Value accrual is via governance oversight (and any future futarchy decision).","Token":["CRED"],"DefiLlama ID":"6917","Equity Statement":"CRED is explicitly an ownership coin, not equity and not a security. All key IP is held by a segregated portfolio of a Futarchy Governance SPC that enshrines CRED as the oversight instrument; the treasury and mint authority are under decision-market control. There is no separate labs/equity entity capturing revenue: the team holds a price-based CRED performance package and prior investors hold vesting CRED. CRED will be mintable and the team plans to top up the team's performance package, similar to an option pool, via future proposals.\n","Governance Details (Summary)":"Credible is governed by MetaDAO decision markets (futarchy): there is no token voting, only trading. Anyone can propose; traders buy/sell conditional \"pass\" and \"fail\" tokens, and a proposal is accepted when the market prices the token higher under \"pass.\" Decision markets control the treasury (raised funds), the key IP (held by a Futarchy Governance SPC), and CRED mint authority.","Brief description":"CRED is the ownership coin of Credible Finance. CRED launched via a MetaDAO ICO. Under MetaDAO's structure, Credible's treasury, IP, and CRED mint authority are governed by decision markets (futarchy). CRED is explicitly not equity and not a security.","Last Updated":"2026-07-31T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["N/A"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Domain":"Morpho Association","Revenue Decisions":["MORPHO"],"Governance Links":"[MORPHO Token Docs](https://docs.morpho.org/learn/governance/morpho-token), [Morpho Governance Docs](https://docs.morpho.org/learn/governance/organization/), [Fee Switch](https://github.com/morpho-org/morpho-blue/blob/main/src/Morpho.sol#L123)\n","Economic Rights (Summary)":"Morpho can charge a fee on interest paid by borrowers, decided by DAO","Associated Entities":["DAO","Other"],"Governance details":"Governance powers include ownership of upgradeable MORPHO token contract","Treasury Details":"Governance has control over MORPHO tokens in governance treasury","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["MORPHO"],"Ownership Links":"[Aligning around MORPHO](https://morpho.org/blog/aligning-around-morpho-the-only-asset-for-morpho/)\n","Treasury Decisions":["MORPHO"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"N/A","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"Governance can activate and adjust the fee switch","Protocol Name":"Morpho","Fee Switch Details":" Morpho DAO can activate fee switch with governance vote","Foundation Multisigs / Addresses":"<https://docs.morpho.org/get-started/resources/addresses/>\n","Token":["MORPHO"],"Raise Details":"Labs raised through three rounds (details on DL)\n","DefiLlama ID":"parent#morpho","Equity Statement":"Morpho Association is legally prohibited from having shareholders, distributing profits to members, or being sold. All resources must be directed towards stated mission. Morpho will only have one asset: MORPHO\n","Governance Details (Summary)":"Anyone who holds or has delegated to holders 500k MORPHO tokens can submit a proposal for voting. This threshold is adjustable by governance. The core smart contract code is immutable.","Latest Treasury / Token Report":"[Morpho Effect April 2026 Blog Post](https://morpho.org/blog/the-morpho-effect-april-2026/)\n","Brief description":"MORPHO is the governance token of Morpho, empowering holders to vote on protocol changes such as risk parameters, fee structures, ecosystem grants, and treasury management","Last Updated":"2026-05-07T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["N/A"],"Equity Revenue Capture":"No"},{"Buyback Details":"25% of DAO revenue is used to buyback the GEAR/ETH Uniswap V2 positions","Revenue Decisions":["GEAR"],"Governance Links":"[Governance Roles](https://docs.gearbox.finance/about-gearbox/introduction/readme-1#strict-roles-segregation), [DAO Docs & Responsibilities](https://docs.gearbox.finance/about-gearbox/governance-and-operations/protocol-dao), [Gearbox Snapshot](https://snapshot.org/#/s:gearbox.eth)\n","Value Accrual Details":"Value accrues through an LP buyback model where 25% of the DAO revenue is utilised to buyback the GEAR/ETH LP positions.","Economic Rights (Summary)":"All the fees taken by the protocol are split 50/50 between DAO and Curator by default. A proportion changes requires a DAO proposal","Value Accrual":"Buybacks","Associated Entities":["DAO"],"Governance details":"The DAO maintains the core smart contracts that define the protocol's logic. It is the only entity capable of authorizing new versions of system components.","Treasury Details":"The DAO controls treasury allocations","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["GEAR"],"Economic Links":"[Fee Split Docs](https://docs.gearbox.finance/curator-docs/introduction/fee-sharing#how-is-the-fee-split-between-curator-and-gearbox-dao), [Revenue Dashboard](https://gearbox.tokenlogic.xyz/revenue), [GEAR Buyback Proposal](https://snapshot.box/#/s:gearbox.eth/proposal/0xaf930dd571a05e150ebb29c32bad04299a21b5486257c67c42056e57b3e5edfb)\n","Treasury Decisions":["GEAR"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"N/A","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"GEAR holders decide protocol fees & interest rates","Protocol Name":"Gearbox","Fee Switch Details":"A portion of revenue goes to purchasing GEAR/ETH Uniswap V2 LP positions","Foundation Multisigs / Addresses":"Treasury Dashboard | https://gearbox.tokenlogic.xyz/treasury\n","Token":["GEAR"],"DefiLlama ID":"1108","Equity Statement":"Gearbox has no equity holders, only an onchain DAO governed by GEAR token holders. All value generated by the protocol accrues to the DAO.\n","Governance Details (Summary)":"GEAR holders govern the protocol through an onchain DAO. They can propose & vote on major decisions including parameter changes, treasury allocations, new market deployments, funding and protocol upgrades. The DAO cannot change risk parameters (LTVs, Liquidation Thresholds, Interest Rates) of a live market, and the DAO cannot seize or reallocate funds deposited into Curator-managed pools.","Latest Treasury / Token Report":"[Gearbox Dashboard](https://dune.com/gearbox_fi/gearbox-protocol)\n","Brief description":"GEAR is the governance token of Gearbox protocol. GEAR token holders govern the Gearbox Protocol through an onchain DAO using a delegated voting model.","Last Updated":"2026-09-03T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["GEAR"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Domain":"Zama SAS","Buyback Details":"No buyback mechanism is currently active","Revenue Decisions":["N/A"],"Governance Links":"[Governance Docs](https://docs.zama.org/protocol/protocol-apps/governance/governance), [Aragon DAO governance](https://app.aragon.org/dao/ethereum-mainnet/zama.dao.eth/dashboard?members=0xE43c73aAb2b6aBBad6d0461997ce1cfea5ABe66f-ops&proposals=all), [Lightpaper](https://docs.zama.org/protocol/zama-protocol-litepaper)\n","Value Accrual Details":"All fees are burned and staking rewards are minted at 5% of initial supply per year.","Economic Rights (Summary)":"Holders have no economic rights beyond staking rewards, which come from new issuance.","Value Accrual":"Deflationary supply reduction","Associated Entities":["Zama SAS","Zama Switzerland AG (token issuer)","DAO"],"Governance details":"Anyone may create a proposal. Operators vote onchain via the Zama Protocol Aragon DAO on Ethereum, and passed proposals are executed onchain through the Aragon App.","Treasury Details":"ZAMA Switzerland AG controls ~30% of the initial supply, which contains the Treasury and Growth allocation.","IP & Brand":"Zama SAS","Burns":"Active","Fee Switch Status":"OFF","Governance Decisions":["N/A"],"Economic Links":"[ZAMA token docs](https://docs.zama.org/protocol/zama-protocol-litepaper#the-zama-token), [Staking docs](https://docs.zama.org/protocol/protocol-apps/staking)\n","Treasury Decisions":["N/A"],"Dividends Details":"Delegators recieve minted ZAMA rewards that come from inflation, not a share of fees.","Utility":"Staking, Gas","Burn Details":"100% of protocol fees are burned. Fees collect on the Gateway, are bridged to Ethereum and are burned.","Dividends":["N/A"],"Revenue Details":"Fees are set by operators and can be changed.","Protocol Name":"Zama","Foundation Multisigs / Addresses":"Protocol DAO | 0xB6D69D5F334d8B97B194617B53c6aB62f8681Ef3 | Governance Multisig | 0xE43c73aAb2b6aBBad6d0461997ce1cfea5ABe66f | ProtocolFeesBurner | 0xd0D284f995a0f2c33648E87bCe79ba04Fdaf8b82\n","Token":["ZAMA"],"DefiLlama ID":"7793","Equity Statement":"Protocol fees are burned, so no fee revenue accrues to equity. Zama SAS's commercial business sits at the equity level. The Token does not confer any rights or entitlements to its holders. Instead, the Token grants access to the technical functionalities of the Protocol.\n","Governance Details (Summary)":"ZAMA holders can choose which operator to delegate to. Operators vote on contract upgrades, reward (inflation) rate, unstaking cooldown, fees & key operations. Operators vote with the same voting weight, independent of their staked amounts.","Latest Treasury / Token Report":"[Zama Dashboard](https://dune.com/zama_fhe/protocol-overview)\n","Brief description":"ZAMA is the native token of the Zama Protocol. It is used for protocol fees and staking. It follows a burn and mint model, where 100% of the fees are burnt and tokens are minted to reward operators.","Last Updated":"2026-09-23T04:00:00.000Z","Token Type":["Utility","Network"],"Buybacks":["N/A"],"Fundraising":["Token Sale","Equity"],"Equity Revenue Capture":"No"},{"Buyback Details":"No buyback mechanism is currently active","Revenue Decisions":["N/A"],"Governance Links":"[Canton CIP Github](https://github.com/canton-foundation/cips), [CF policies, purposes & role](https://docs.canton.network/overview/reference/gsf-policies), [Global Synchronizer docs](https://docs.sync.global/)\n","Economic Rights (Summary)":"CC carries no claim on network fees, revenue, or any treasury. Fees are burned. CC is minted as rewards to participants (super validators, validators, app providers) for utility, under a Burn-Mint Equilibrium.","Value Accrual":"N/A","Associated Entities":["DevCo","Canton Foundation","Linux Foundation","Equity Holders"],"Governance details":"The Global Synchronizer uses 2/3 BFT consensus for ordering and BFT majority voting for governance changes, coordinated by Super Validators via an onchain governance application. Super Validator admission is by Canton Foundation approval.","Treasury Details":"There is no fee-funded protocol treasury. Network fees are burned rather than accumulated. The Canton Foundation is a membership organization that coordinates governance and ecosystem growth.","IP & Brand":"DevCo","Burns":"Active","Fee Switch Status":"OFF","Governance Decisions":["N/A"],"Ownership Links":"[Equity Statement](https://www.canton.network/blog/canton-coin-rewarding-utility), [Funding Announcement](https://www.prnewswire.com/news-releases/digital-asset-raises-355-million-to-accelerate-cantons-role-as-onchain-infrastructure-for-capital-markets-302797427.html)\n","Economic Links":"[Canton Coin blog post](https://www.canton.network/blog/canton-coin-rewarding-utility)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Gas","Burn Details":"Every fee on the network is paid by permanently burning CC at the current onchain USD conversion rate. Burned CC is removed from circulation entirely and does not accrue to validators, a treasury, or the foundation.","Dividends":["N/A"],"Protocol Name":"Canton","Token":["CC"],"DefiLlama ID":"canton","Equity Statement":"CC launched with no pre-mine, no pre-sale, and no special allocations to founders, VCs, or foundations; Canton all CC in circulation is earned through network participation. Network fees are burned, so protocol fee revenue does not accrue to any equity holder. Separately, the developer Digital Asset has raised equity (~$135M Jun 2025, ~$50M Dec 2025, ~$355M Jun 2026, $10M July 2026). Those investors back the company, not the token or protocol fees.\n","Governance Details (Summary)":"The Canton Foundation organizes governance and operational work through six Member Committees. Governance is exercised by Super Validators (known institutions admitted by the Canton Foundation) not by CC holders. Decisions use BFT majority voting via an on-chain governance app, with each Super Validator holding equal voting power. Proposals move through Canton Improvement Proposals (CIPs) and six member committees.","Brief description":"CC (Canton Coin) is the native utility token of the Canton Network's Global Synchronizer, used to pay network fees (which are burned) and minted as rewards to super validators, validators, and application providers for utility provided to the network.","Last Updated":"2026-07-22T04:00:00.000Z","Token Type":["Utility","Network"],"Buybacks":["N/A"],"Fundraising":["Token Sale","Equity"],"Equity Revenue Capture":"Unknown"},{"Revenue Decisions":["META"],"Governance Links":"[META Token Docs](https://docs.metadao.fi/token/details), [Token Mechanics Docs](https://docs.metadao.fi/token/mechanics), [Introduction to decision markets](https://docs.metadao.fi/governance/overview)\n","Associated Entities":["DAO","MetaDAO LLC","Organization Technology LLC"],"Governance details":"Anyone can create a proposal by staking 500k tokens. Once sufficient stake is accumulated by holders, a 3-day futarchy trading period begins. After the trading period, the proposal is finalized using a TWAP-based mechanism.","Treasury Details":"META holders influence treasury decisions via futarchy proposals","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["META"],"Ownership Links":"[Ownership Coins](https://docs.metadao.fi/benefits/ownership-coins)\n","Economic Links":"[META Token Details](https://docs.metadao.fi/token/details), [Token Mechanics](https://docs.metadao.fi/token/mechanics)\n","Treasury Decisions":["META"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Futarchy","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"Fees are distributed according to governance decisions","Protocol Name":"MetaDAO","Fee Switch Details":"0.25% fee on all Futarchy AMM trades, plus a 1% fee on launch bid-wall sells; distributed per governance","Foundation Multisigs / Addresses":"DAO Multisig | https://app.squads.so/squads/6awyHMshBGVjJ3ozdSJdyyDE1CTAXUwrpNMaRGMsb4sf/home\n","Token":["META"],"DefiLlama ID":"parent#metadao","Equity Statement":"Revenue flows to DAO treasury.\n","Governance Details (Summary)":"MetaDAO uses a system of governance called decision markets, or futarchy. Anyone can create a governance proposal that affects treasury spending, newly issued tokens, token metadata changes & increase or decrease project treasury liquidity.","Latest Treasury / Token Report":"[MetaDAO Transparency Report](https://metadao.fi/transparency)\n","Brief description":"META is the governance token powering futarchy decision markets on MetaDAO, enabling market-based voting and fundraising for onchain organizations","Last Updated":"2026-09-25T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["N/A"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Revenue Decisions":["sRAIL"],"Governance Links":"[Governance Docs](https://docs.railgun.org/wiki/rail-token/protocol-governance), [RAIL Tokenomics](https://docs.railgun.org/wiki/rail-token/rail-tokenomics)\n","Value Accrual Details":"Value accrues to stakers through treasury distributions every two weeks.","Economic Rights (Summary)":"RAIL stakers receive a portion of protocol Deductions as an incentive for participation in code changes. 2% of the treasury tokens are allocated to stakers every two weeks. To receive rewards, stakers must not delegate their vote to a different address.","Value Accrual":"Protocol Revenue Share","Associated Entities":["DAO"],"Governance details":"There are no subject matter limitations on the decentralized governance system and every Active Governor is entitled to submit a proposal on any code changes. RAIL on Polygon and BSC have their own separate governance systems and have chain-specific tokens: RAIL (on Ethereum), RAILPOLY and RAILBSC.","Treasury Details":"Active Governors can submit a proposal for the distribution of treasury tokens.","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["sRAIL"],"Ownership Links":"[Equity Statement](https://x.com/RAILGUN_Project/status/1973248498456994094?s=20)\n","Economic Links":"[RAIL Security Rewards](https://docs.railgun.org/wiki/rail-token/rail-security-rewards), [RAILGUN Deductions](https://docs.railgun.org/wiki/learn/railgun-deductions)\n","Treasury Decisions":["sRAIL"],"Dividends Details":"Participating stakers who don't delegate their vote can submit gas to claim rewards every two weeks.","Utility":"Staking","Burn Details":"No burn mechanism is currently active","Dividends":["sRAIL"],"Revenue Details":"Governance can propose changes to Deductions, which are fees taken per shield & unshield interaction and sent to the treasury address, a portion of which is distributed to stakers.","Protocol Name":"RAILGUN","Fee Switch Details":"Stakers receive rewards to incentivize active engagement. 2% of treasury tokens accumulated through Deductions are allocated to stakers on a regular basis.","Foundation Multisigs / Addresses":"Treasury links | https://docs.railgun.org/wiki/learn/helpful-links#treasury\n","Token":["RAIL","sRAIL"],"DefiLlama ID":"1320","Equity Statement":"RAILGUN was not started by a company with shareholders, but as an open GitHub project. Fees go to the voters who protect the protocol updates. \n","Governance Details (Summary)":"RAILGUN governance is decentralized, any wallet that locks RAIL can vote on and submit proposals to vote. For all governance stages, 1 RAIL locked is equal to 1 vote, snapshots of voting power are taken at each governance stage. Votes can also be delegated to another wallet. The decentralized governance system is the only way in which upgrades to the RAILGUN protocol can be made.","Latest Treasury / Token Report":"[Treasury token balances](https://rail.governance.fi/rewards)\n","Brief description":"RAIL is a governance token that allows holders to participate in the decentralized governance of the RAILGUN protocol. RAIL can be staked to secure the protocol and collect security rewards.","Last Updated":"2026-10-01T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Buyback Details":"10% of all SOL mining rewards are automatically collected by the protocol and either used to buyback GODL on the open market or deploy buyback funds as single-sided SOL liquidity within a price range anchored at the mining price","Revenue Decisions":["N/A"],"Value Accrual Details":"Value accrues to GODL through open market buybacks and platform revenue share going to stakers","Economic Rights (Summary)":"11.5% of SOL mining rewards are collected by the protocol: 10% funds GODL buybacks, 1% buys tokenized gold (XAUt0) for holders of unrefined GODL, and 0.5% is an admin fee.","Value Accrual":"Buybacks","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["N/A"],"Ownership Links":"[Equity Statement](https://www.godl.supply/about)\n","Economic Links":"[Concept & Intro](https://www.godl.supply/about), [Tokenomics & Fees breakdown](https://www.godl.supply/about/tokenomics)\n","Treasury Decisions":["N/A"],"Dividends Details":"10% of the GODL purchased in buyback program is distributed to stakers as yield. Stakers can lock for up to 730 days for multipliers.","Utility":"Staking","Burn Details":"Buried GODL is burned but can be reminted while supply is below the 2.1m cap, so there is no permanent burn.","Dividends":["sGODL"],"Protocol Name":"GODL Protocol","Fee Switch Details":"Dynamic portion of all SOL mining rewards are automatically collected by the protocol and used to buyback GDOL on the open market","Foundation Multisigs / Addresses":"Treasury Address | 5epGzdW6veQwLQiQs1L45uUQ8jdSLQHWL8RbC7uTWVY3\n","Token":["GODL","sGODL"],"DefiLlama ID":"7024","Equity Statement":"Godl Supply is not a company, corporation, partnership, foundation, DAO, or other legal entity. There are no private sales, no team allocations, and no venture capital investors. All tokens are distributed through mining, staking, and airdrops, designed to encourage equal opportunity for all participants. Miners compete for +8 GODL rewards every round.\n","Governance Details (Summary)":"No protocol governance exists.","Brief description":"GODL is a proof-of-work mined cryptocurrency with 8 GODL programmatically minted per minute. GODL costs SOL to mine, and participants compete on a 5x5 grid of blocks. All SOL from losing blocks is distributed to winners.","Last Updated":"2026-11-03T05:00:00.000Z","Token Type":["Utility"],"Buybacks":["GODL"],"Fundraising":["None"],"Equity Revenue Capture":"No"},{"Revenue Decisions":["veYB"],"Governance Links":"[How YieldBasis works documentation](https://docs.yieldbasis.com/user/how-it-works), [veYB Docs](https://docs.yieldbasis.com/user/veyb)\n","Value Accrual Details":"Value accrues through protocol fee distribution to veYB holders in the form of YB tokens","Economic Rights (Summary)":"50% of fees are spent rebalancing the pool, the other 50% are split between ybBTC and veYB. veYB holders capture the admin fee portion (ranging from 10% to 100% depending on staking participation) of all trading fees generated by the underlying BTC/crvUSD pool","Value Accrual":"Protocol Revenue Share","Associated Entities":["DAO","Other"],"Governance details":"Proposals require 30% participation, 55% support, and a 7-day voting period. Minimum 1 veYB required to create proposals","Treasury Details":"The Ecosystem Reserve is controlled by an EOA, not the DAO","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["veYB"],"Ownership Links":"[Tokenomics](https://docs.yieldbasis.com/user/tokenomics)\n","Economic Links":"[Fee Distribution & Incentives](https://docs.yieldbasis.com/user/fees)\n","Treasury Decisions":["N/A"],"Dividends Details":"Admin fees are distributed proportionally among veYB holders. Rewards can be claimed weekly, admin fees are distributed over 4 weeks.","Utility":"Liquidity Incentives","Burn Details":"No burn mechanism is currently active","Dividends":["veYB"],"Revenue Details":"DAO controls fee direction and gauge voting directs YB emissions","Protocol Name":"Yield Basis","Fee Switch Details":"Dynamic Admin Fee routes portion of trading fees to veYB holders","Foundation Multisigs / Addresses":"DAO address | 0x42F2A41A0D0e65A440813190880c8a65124895Fa | Contract Addresses | https://docs.yieldbasis.com/user/contract-addresses\n","Token":["YB","veYB"],"Raise Details":"Use DL details: https://www.theblock.co/post/341554/curve-finance-founder-yield-basis-funding-token-valuation-source\n","DefiLlama ID":"6771","Equity Statement":"Team & Investors received 25% and 12.1% of initial token supply respectively, meaning a portion of protocol revenue flows to any locked team / investor YB tokens \n","Governance Details (Summary)":"YB can be locked into veYB to recieve revenue sharing and vote on emissions, parameters, proposals and strategic direction. The DAO controls protocol upgrades.","Brief description":"YB is the governance token of the Yield Basis protocol, a liquidity protocol using leveraged positions to remove impermanent loss. Pools exist for BTC and WETH, with plans to expand. Holders lock YB to mint veYB.","Last Updated":"2026-07-04T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Revenue Decisions":["N/A"],"Governance Links":"[Based Lightpaper](https://litepaper.based.one/#)\n","Economic Rights (Summary)":"Holding or staking BASED will unlock platform benefits.","Value Accrual":"N/A","Associated Entities":["DevCo","Foundation"],"Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["N/A"],"Ownership Links":"[Fundraising Announcement](https://x.com/BasedOneX/status/2025918710775734376?s=20)\n","Economic Links":"[BASED Token Docs](https://litepaper.based.one/#token), [Token Utility Post](https://x.com/BasedOneX/status/2039321621471609325?s=20)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking, Protocol Access, Fee Discounts","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Protocol Name":"Based","Fee Switch Details":"Based earns 0.025% on every trade via its builder code on Hyperliquid. Every time a user spends their Based balance via card, Based earns interchange from the transaction. Cross-border and foreign currency transactions generate FX conversion fees. At this time, this revenue funds user perks and indirectly supports the utility flywheel.","Token":["BASED"],"DefiLlama ID":"parent#based","Equity Statement":"The Series A fundraising round was an equity investment with token warrants. Platform revenue flows to staking benefits, ownership remains with Based and its investors.\n","Governance Details (Summary)":"No onchain governance is active at this time.","Brief description":"BASED is the native utility token, issued by the Based Foundation. It is designed to align incentives, unlock platform features, and support long-term community ownership. Projects that launch on Based use BASED as their utility token.","Last Updated":"2026-04-05T04:00:00.000Z","Token Type":["Utility"],"Buybacks":["N/A"],"Fundraising":["Equity","Token Sale"],"Equity Revenue Capture":"Unknown"},{"Revenue Decisions":["N/A"],"Governance Links":"[Governance Hub](https://hub.zigchain.com/proposals/)\n","Value Accrual Details":"Value accrues through discretionary buybacks funded by ZIG Markets revenue.","Economic Rights (Summary)":"ZIG confers no right to dividends, profits, revenues, distributions or treasury assets.","Value Accrual":"Buybacks","Associated Entities":["Comet Technologies LTD","ZIGChain Foundation","ZIG Markets"],"Governance details":"Proposals activate once the required deposit is met, with a maximum 14-day deposit period, followed by a 4-day vote. Governance does not control whether, when or how much ZIG is bought back.","Treasury Details":"Bought-back ZIG and protocol module fees sit in the onchain community pool, which currently holds ~4.0M ZIG. Moving funds requires a governance proposal. The Foundation may propose ecosystem pool deployments every three months, with vesting and milestones required.","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["ZIG"],"Economic Links":"[Tokenomics 2.0 Whitepaper](https://whitepaper.zigchain.com/zig-tokenomics.pdf)\n","Treasury Decisions":["ZIG"],"Utility":"Staking, Gas","Burn Details":"Retired ZIG is transferred to a retirement wallet and not permanently removed from total supply.","Dividends":["N/A"],"Revenue Details":"ZIG Markets is the commercial arm of the ZIGChain ecosystem, a distribution layer that structures and distributes yield products earning fees for doing so. It is operated by the core company, not by token holders.","Protocol Name":"ZigChain","Fee Switch Details":"Each month, ZIG Markets may use part of its revenue to buy ZIG. Of the ZIG bought, 50% goes to a validator retirement vote. Those tokens go to the retirement wallet if passed or the ecosystem pool if failed. The other 50% goes to the ecosystem pool.","Foundation Multisigs / Addresses":"Retirement wallet | zig14har2kjzze5adwprvwjtruf2lzvfta53wflpml | Ecosystem Growth wallet | zig10542dl7lhkhhusu9xmmgj2pnz0jcrdjkq0uky6\n","Token":["ZIG"],"DefiLlama ID":"zigchain","Equity Statement":"ZIG Markets is a corporate entity that captures revenue and allocates a discretionary portion to ZIG buybacks; token holders have no claim on its revenue.\n","Governance Details (Summary)":"ZIG stakers and validators vote through ZIGChain's onchain governance model. Voting is stake-weighted and delegators can override their validator's vote. Governance covers protocol parameters, software upgrades, validator set size, community pool spends, and monthly votes on retiring bought-back ZIG.","Brief description":"ZIG is the native token of ZIGChain (formerly Zignaly). It pays gas, is staked to secure the network, governs protocol parameters and the community pool, and serves as DeFi collateral. ZIG Markets, the ecosystem’s commercial yield-distribution arm, uses a discretionary share of its revenue to buy ZIG on the open market.","Last Updated":"2026-10-08T04:00:00.000Z","Token Type":["Governance","Utility","Network"],"Buybacks":["ZIG"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"Partial"},{"Revenue Decisions":["N/A"],"Governance Links":"[Metaplex Governance](https://www.metaplex.foundation/governance), [DAO Constitution](https://www.metaplex.foundation/metaplex-dao-constitution)\n","Value Accrual Details":"Value Accrues through buybacks","Economic Rights (Summary)":"All protocol revenue flows to Metaplex Foundation, every month 50% is converted to MPLX & contributed to DAO Treasury","Value Accrual":"Buybacks","Associated Entities":["Foundation","DAO"],"Governance details":"MPLX tokens give holders the right to vote on protocol development (including upgrades & deployment), MPLX utility roadmap and protocol ownership","Treasury Details":"MPLX tokens give holders the right to govern the DAO treasury","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["MPLX"],"Ownership Links":"[Bylaws of the Metaplex Foundation](https://www.metaplex.foundation/bylaws-of-the-metaplex-foundation), [Metaplex Whitepaper](https://whitepaper.metaplex.foundation/whitepaper.pdf)\n","Economic Links":"[Protocol Fees page](https://developers.metaplex.com/protocol-fees)\n","Treasury Decisions":["MPLX"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"N/A","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"MPLX holders are not entitled to cash flows generated by the Metaplex Protocol","Protocol Name":"Metaplex","Fee Switch Details":"50% of protocol revenue is used to buy back MPLX on the open market for the DAO treasury","Foundation Multisigs / Addresses":"Foundation & DAO Wallets: https://docs.google.com/spreadsheets/d/1ZkWogO99TRoSEXqlCuMmV5ZzmY0I6KWbpdoY-eD8hrk/edit?gid=0#gid=0\n","Token":["MPLX"],"DefiLlama ID":"4959","Equity Statement":"No equity entity accrues value from Metaplex protocol or has rights to any future cash flow. All revenue flows to Metaplex Foundation. MPLX holders are not entitled to any underlying claims on the assets, economic rights or cash flows generated by the Metaplex Protocol\n","Governance Details (Summary)":"MPLX holders have governance power over the DAO treasury and guide protocol development","Latest Treasury / Token Report":"[Monthly roundups blog page](https://www.metaplex.com/blog?categories=Monthly+Round+Up)\n","Brief description":"MPLX is the governance token of Metaplex, giving holders governance power over the DAO treasury and protocol development","Last Updated":"2026-05-19T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["MPLX"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Domain":"Foundation","Buyback Details":"Buybacks are executed by the Cryptoeconomics subDAO (CSD) under DAO mandate. $2.5M executed between Aug and Oct 2025. Currently 100% of protocol revenue is diverted to the BAM Early Adopter Subsidy through a hard cutoff of Sept 30, 2026. During Q3 2026 the CSD is mandated to run par buybacks matching 100% of protocol revenue from its existing treasury reserves instead. After the cutoff, 100% of protocol revenue returns to value accrual, subject to a DAO vote on the growth/accrual balance.","Revenue Decisions":["JTO"],"Governance Links":"[JTO Docs](https://www.jito.network/docs/governance/the-jito-governance-token-jto/), [Foundation Constitution](https://www.jito.network/docs/governance/constitution-of-the-jito-foundation/), [Live Treasury](https://gov.jito.network/dao/Jito/treasury/v2)\n","Value Accrual Details":"Value accrues through CSD-executed buybacks and through direct tip revenue.","Economic Rights (Summary)":"JIP-17 established the Cryptoeconomics subDAO tasked with designing & implementing value-accrual mechanisms. JIP-38 commits 100% of the DAO's JTX revenue share to JTO buybacks and burns for at least one year to Q4 2027, executed programmatically via the Rev Splitter.","Value Accrual":"Buybacks","Associated Entities":["DAO","Labs (Equity)","Foundation"],"Governance details":"1 JTO = 1 vote. Token holders propose and vote on Jito Improvement Proposals (JIPs) via the Realms platform","Treasury Details":"DAO controls treasury funds: 4% of all JitoSOL rewards and 5.7% of Jito tips go to DAO treasury.","IP & Brand":"Foundation","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["JTO"],"Ownership Links":"[JIP-35: Updated Jito DAO Constitution](https://forum.jito.network/t/jip-35-activate-an-updated-jito-dao-constitution/944)\n","Economic Links":"[Realms Governance](https://gov.jito.network/dao/Jito), [JIP-38](https://forum.jito.network/t/jip-38-confirm-jito-as-a-token-centric-network/973)\n","Treasury Decisions":["JTO"],"Dividends Details":"0.15% of all Jito tips is distributed to JTO restakers. Another 0.15% goes to JitoSOL stakers. JTO vault operators receive 5% of the 1.5% TipRouter priority fee take.","Utility":"Staking","Burn Details":"JIP-38 (proposed Jul 13, 2026) would commit 100% of the DAO's JTX revenue share to JTO buybacks and burns for at least one year through Q4 2027","Dividends":["N/A"],"Revenue Details":"DAO can manage fee structures generated from JitoSOL.","Protocol Name":"Jito","Fee Switch Details":"DAO receives 100% of Block Engine fees and BAM fees (JIP-24, Aug 2025), plus 4% of JitoSOL rewards, Interceptor fees, and 90% of TipRouter priority-fee take.","Foundation Multisigs / Addresses":"Jito Foundation Treasury | HLksszpjGgiRbyumXyQe5VpmJLuJEnf6YcRzghyDc8Fo | DAO Treasury | 5eosrve6LktMZgVNszYzebgmmC7BjLK8NoWyRQtcmGTF\n","Token":["JTO"],"Raise Details":"<https://x.com/jito_labs/status/1557749425824342016?s=20>\n","DefiLlama ID":"parent#jito","Equity Statement":"Labs historically received a share of fees, those are now directed to the DAO via JIP-24 as of August 2025. Labs holds JTO from the 245M core-contributor allocation (136M vested as of Q1 2026) and does not vote its tokens in governance. No revenue is distributed to the Foundation.\n","Governance Details (Summary)":"Token holders vote on protocol improvements and treasury allocations from fees generated by the network. The Jito DAO oversees protocol upgrades, parameter adjustments, and treasury management. Both the Security Council and the Foundation hold veto authority over governance decisions.","Brief description":"JTO is the governance token of the Jito ecosystem, giving holders ability to vote on DAO decisions for MEV infrastructure and liquid staking while earning fees from revenue streams like tips and auctions. JTO holders govern all DAO fee streams and direct them between value accrual and network growth by vote.","Last Updated":"2026-08-05T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["JTO"],"Fundraising":["Equity"],"Equity Revenue Capture":"No"},{"Revenue Decisions":["N/A"],"Governance Links":"[Governance Docs](https://whitepaper.virtuals.io/info-hub/usdvirtual/governance), [DAO governance page](https://gov.virtuals.io/)\n","Associated Entities":["DAO","DevCo","Foundation"],"Governance details":"Any wallet holding >0.10% of total veVIRTUAL supply can submit a proposal. No centralized approval is needed to submit, comment or vote","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["veVIRTUAL"],"Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Protocol Access, Gas, Staking","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Protocol Name":"Virtuals","Token":["VIRTUAL","veVIRTUAL"],"Raise Details":"Raised through PathDAO, before rebranding\n","DefiLlama ID":"5575","Governance Details (Summary)":"veVIRTUAL holders have governance power and can vote on strategic direction, capital allocation, and protocol upgrades. Voting power is earned through long-term staking (tokens must be locked to recieve veVIRTUAL) and cannot be delegated.","Latest Treasury / Token Report":"[Virtuals Dashboard](https://dune.com/virtual_protocol/virtual-protocol-on-base/4d3ae4ed-16c3-49ce-a390-e63ee19b817c)\n","Brief description":"VIRTUAL is the base pairing and routing currency for tokenized AI agents in the Virtuals Protocol ecosystem, facilitating liquidity, onchain commerce, and inference payments","Last Updated":"2026-05-09T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Equity Revenue Capture":"Unknown"},{"Revenue Decisions":["N/A"],"Governance Links":"[OPINION Whitepaper](https://static.opinion.trade/OPINION_Whitepaper_EN.pdf)\n","Associated Entities":["Foundation","Superchillclub Limited","Labs"],"Governance details":"OPINION operates under a foundation-led governance model during its initial stages. The Opinion Foundation oversees protocol development, operational coordination, and strategic direction to ensure stability, security, and sustainable growth. Governance structures may evolve over time as the protocol matures and community participation expands. Opinion Foundation anticipates taking steps toward decentralized governance in Q2 2026.","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["OPN"],"Ownership Links":"[Documentation](https://docs.opinion.trade/)\n","Economic Links":"[Introducing OPN Blog Post](https://medium.com/@info_82635/introducing-opn-the-native-token-of-the-multiplayer-internet-445cf2c575a2)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Protocol Access","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Protocol Name":"Opinion","Token":["OPN"],"DefiLlama ID":"6926","Governance Details (Summary)":"Holding OPN tokens enables participation in defined protocol governance matters, including core protocol parameters and oracle governance oversight. The Opinion Foundation currently oversees governance, and The Opinion Foundation’s mandate is to support the long-term development and integrity of the OPINION protocol. This includes overseeing protocol upgrades, managing core parameters where necessary, maintaining security standards, and facilitating ecosystem growth.","Brief description":"OPN tokens are designed as a multi-chain asset utilizing the LayerZero OFT standard. The token provides platform-related utilities aligned with the continued development, governance, and expansion of the OPINION protocol.","Last Updated":"2026-03-04T05:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"Unknown"},{"Buyback Details":"Buybacks trigger automatically when accumulated fees reach $10","Revenue Decisions":["N/A"],"Governance Links":"[Governance Docs](https://docs.raydium.io/raydium/protocol/the-ray-token), [Treasury Addresses](https://docs.raydium.io/raydium/protocol/treasury-addresses)\n","Value Accrual Details":"Value accrues through buybacks","Economic Rights (Summary)":"Every swap on Raydium incurs a trading fee, split between liquidity providers, RAY buybacks, and the treasury. \n12% of trading fees go to RAY token buybacks for programmatic purchases.","Value Accrual":"Buybacks","Associated Entities":["Labs (DevCo)","Foundation"],"Governance details":"Limited to parameters, full governance planned according to documentation","Treasury Details":"All treasury addresses are controlled by the protocol multisig.","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["RAY"],"Ownership Links":"[Equity Statement](https://github.com/raydium-io/raydium-docs-v1/blob/main/ray/ray-token-white-paper.mdx#part-a---information-about-offeror-or-person-seeking-admission-to-trading)\n","Economic Links":"[RAY Buyback Address](https://solscan.io/account/DdHDoz94o2WJmD9myRobHCwtx1bESpHTd4SSPe6VEZaz)\n","Treasury Decisions":["N/A"],"Dividends Details":"Staking rewards come from emissions.","Utility":"Staking, Protocol Access, Liquidity Incentives","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"All fee collection addresses are controlled by the protocol multisig.","Protocol Name":"Raydium","Fee Switch Details":"Swaps are split between liquidity providers, RAY buybacks, and the treasury.\n12% of 0.25% swap fees fund RAY buybacks, 4% to treasury.","Foundation Multisigs / Addresses":"HLksszpjGgiRbyumXyQe5VpmJLuJEnf6YcRzghyDc8Fo\n","Token":["RAY"],"Raise Details":"N/A\n","DefiLlama ID":"parent#raydium","Equity Statement":"A Cayman foundation exists and has received capital contributions from the protocol, and the 3/5 treasury multisig's documented scope is \"Treasury assets, protocol revenue, operational expenses.\" Currently, all revenue flows to liqudity providers, RAY buybacks and the treasury.\n","Governance Details (Summary)":"Program upgrades are controlled by a 3/4 Squads multisig with a 24-hour timelock. A separate 3/5 treasury multisig holds protocol revenue and limited program-admin authority (creating fee tiers, sweeping protocol fees) with no timelock.","Brief description":"RAY is the native utility and governance token of Raydium, facilitating staking for rewards and liquidity mining, with 12% of trading fees automatically directed to token buybacks.","Last Updated":"2026-08-01T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["RAY"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Revenue Decisions":["N/A"],"Governance Links":"[PLUME Tokenomics Announcement](https://plume.org/blog/tokenomics), [Staking Page](https://staking.plume.org/)\n","Economic Rights (Summary)":"PLUME holders can delegate their tokens to a validator for PLUME rewards.","Value Accrual":"N/A","Associated Entities":["DevCo","Foundation"],"Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["N/A"],"Economic Links":"[Plume Staking Docs](https://docs.plume.org/plume/plume-portal/stake), [Plume 2025 Q4 Update](https://plume.org/blog/plume-update-q4-2025)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking, Gas","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Protocol Name":"Plume","Fee Switch Details":"In Plume's 2025 Q4 update, plans were announced for protocol fees to begin to accrue through Nest, a stablecoin yield vault. As fee generation ramps, Plume plans to deploy capital through token buybacks, ecosystem invesntives and new growth initiatives. ","Token":["PLUME"],"DefiLlama ID":"plume_mainnet","Governance Details (Summary)":"Governance participation will be an additional benefit for stakers, coming at some point in the future.","Brief description":"PLUME is the utility and gas token within Plume Network's ecosystem.","Last Updated":"2026-04-05T04:00:00.000Z","Token Type":["Utility"],"Buybacks":["N/A"],"Fundraising":["Unknown"],"Equity Revenue Capture":"Unknown"},{"Buyback Details":"No buyback mechanism is currently active","Revenue Decisions":["N/A"],"Governance Links":"[Tron Economic Model](https://developers.tron.network/docs/tron-economic-model), [Resource Model](https://developers.tron.network/docs/resource-model)\n","Value Accrual Details":"TRX supply is elastic: block and voting rewards mint new TRX while resource-payment burns remove it. Per Tron's Tokenomics doc, in most periods burns have exceeded issuance, making TRX net deflationary day to day, though this depends on network usage rather than a fixed schedule.","Economic Rights (Summary)":"Tron does not use a traditional gas-fee model. It has a resource model (Bandwidth + Energy) and an automatic \"Intelligent Burn System\" that kicks in only when resources are insufficient. Stakers earn voting rewards by voting for SRs.","Value Accrual":"Deflationary supply reduction","Associated Entities":["DAO"],"Governance details":"Stake TRX to get TP at a 1:1 ratio. Elected SRs propose and vote on network parameters, upgrades and proposals.","Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["TRX"],"Economic Links":"[Bandwidth & Energy Resource Model](https://developers.tron.network/docs/tron-economic-model#resource-model-bandwidth-and-energy), [Staking Docs](https://developers.tron.network/docs/staking-on-tron-network)\n","Treasury Decisions":["N/A"],"Dividends Details":"Stakers earn an APY from the distribution of block production (emissions) & voting rewards to their voters, set by the SRs.","Utility":"Staking, Gas","Burn Details":"When users initiate transactions on the TRON network, if bandwidth or energy is insufficient, the system will automatically burn the corresponding amount of TRX to cover resource costs.","Dividends":["N/A"],"Revenue Details":"Transaction fees (TRX) are burned, not distributed. Newly minted block rewards (currently 136 TRX per block: 8 block-production + 128 voting) go to SRs and their voters; each SR sets a 0 to 100% distribution ratio. Reward parameters are adjustable by committee proposal and SR vote.","Protocol Name":"Tron","Fee Switch Details":"Transaction fees are burned via the TRON Intelligent Burning System","Token":["TRX"],"DefiLlama ID":"tron","Equity Statement":"Transaction fees are burned and block/voting rewards go to SRs and voters. The TRON Foundation (Singapore) dissolved in July 2021 and governance passed to the community-run TRON DAO; its three nodes left the SR set.\n","Governance Details (Summary)":"TRX holders have indirect governance rights through Delegated Proof-of-Stake (DPoS) conensus. Holders stake TRX to obtain Tron Power (TP) and vote for the 27 Super Representatives who produce blocks and govern the network.","Brief description":"TRX is the native asset of the TRON blockchain. It pays for network resources (Bandwidth and Energy), is staked to obtain those resources plus TRON Power (voting weight), and is used to participate in governance via Super Representative voting.","Last Updated":"2026-06-26T04:00:00.000Z","Token Type":["Governance","Utility","Network"],"Buybacks":["N/A"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"Unknown"},{"Revenue Decisions":["N/A"],"Governance Links":"[Incentives Committee Proposal](https://github.com/eigenfoundation/ELIPs/blob/main/ELIPs/ELIP-012.md), [ELIP-012 Blog Post](https://blog.eigencloud.xyz/a-new-era-of-eigen-incentives/)\n","Economic Rights (Summary)":"ELIP-12 proposes a new Incentives Committee that will direct EIGEN token emissions and establish mechanisms to use fees to benefit EIGEN holders","Associated Entities":["DAO","Labs (Equity)","Foundation"],"Governance details":"Currently, the ability and responsibility to make decisions regarding contract upgrades, changing parameters, and pausing functionality are entrusted to three main governance multisigs and the Protocol Council. The Protocol Council is the decision-making body responsible for overseeing core protocol upgrades.","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["EIGEN"],"Ownership Links":"[Eigen Incentives announcement](https://blog.eigenfoundation.org/a-new-era-of-eigen-incentives/)\n","Economic Links":"[ELIP-012 Proposal](https://github.com/eigenfoundation/ELIPs/blob/main/ELIPs/ELIP-012.md), [Foundation Governance Docs](https://docs.eigenfoundation.org/), [Value Accrual Loop Announcement Post](https://x.com/eigencloud/status/2001724763157221592?s=20)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"With the implementation of ELIP-12, the Protocol Council and Incentives Committee set emissions policy as well as change & direct fee structure.","Protocol Name":"EigenCloud","Fee Switch Details":"The Incentive Committee will have the ability to direct accumulated fees in the fee contract towards buybacks","Token":["EIGEN"],"Raise Details":"$200m+ raised through Eigen Labs (raise details on DL)\n","DefiLlama ID":"3107","Equity Statement":"Upon passing of ELIP-12, the primary goal is to make every unit of EigenCloud usage and a fraction of AVS rewards will accrue value directly to the token. The Incentive Committee will also have the ability to direct accumulated fees in the fee contract towards buybacks that reduce circulating supply and create new deflationary pressure on EIGEN as the ecosystem scales\n","Governance Details (Summary)":"EigenLayer Improvement Proposals (ELIPs) are the primary mechanisms for proposing new features and upgrades to the EigenLayer core contracts. These include upgrades & modifications to contracts, modifications to multisig goverance structure, and modifying minting rights of bEIGEN token. An Incentives Committee (ELIP-12, approved March 2026) now directs EIGEN emissions. It is staffed by Eigen Foundation and Eigen Labs. The Eigen Labs Operations Multisig can cancel approved Protocol Council proposals in the timelock","Brief description":"EIGEN is the native ERC-20 token of EigenLayer, a restaking protocol on Ethereum that enables users to restake assets for securing AVSs (Actively Validated Services)","Last Updated":"2026-09-25T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["Equity"],"Equity Revenue Capture":"Partial"},{"Buyback Details":"USD.AI has made several token buybacks, and programmatic CHIP purchases funded by sUSDai NIM are proposed. USD.AI Inc. may also buy CHIP from its own fees at its discretion.","Revenue Decisions":["CHIP"],"Governance Links":"[CHIP page](https://usd.ai/chip), [CHIP Docs](https://docs.usd.ai/governance/chip), [ Governance Forum](https://governance.chipfoundation.ai/)\n","Value Accrual Details":"Value accrues through CHIP purchases funded by protocol revenue.","Economic Rights (Summary)":"CHIP does not represent equity, ownership, or a claim on protocol assets. Value reaches holders through CHIP purchases: one-off buybacks so far, with programmatic purchases from protocol revenue proposed.","Value Accrual":"Buybacks","Associated Entities":["DAO","USD.AI Inc.","CHIP Foundation"],"Governance details":"Proposals are discussed on the CHIP Governance Forum, then voted on Snapshot. Where execution is needed, an onchain vote follows and the change is implemented after a timelock. Governance went live in October 2026.","Treasury Details":"The treasury is custodied by CHIP Foundation on behalf of CHIP holders and directed by governance. CHIP Foundation also manages the Yield Reserve, which tops sUSDai yield up to the 7% hurdle rate when it falls below. The reserve is funded by the treasury first and, over time, by 40% of gain on sale.","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["CHIP"],"Ownership Links":"[Equity Statement](https://x.com/USDai_Official/status/2115397454539403512?a=i1ImCw_OS1Qrx5UjR-U&s=20)\n","Economic Links":"[CHIP Docs](https://docs.usd.ai/governance/chip), [Compounding Effects of CHIP Post](https://x.com/USDai_Official/status/2115397454539403512?s=20)\n","Treasury Decisions":["CHIP"],"Dividends Details":"sUSDai holders receive yield from GPU loan interest and from Treasury bill incentives on reserves held between loan deployments. The yield accrues through the sUSDai:USDai exchange rate. The protocol keeps 10% of that yield as net interest margin, and the rest goes to sUSDai holders. If net yield falls below the 7% CHIP Hurdle Rate, the Yield Reserve tops it up. CHIP holders do not receive this yield.","Utility":"N/A","Burn Details":"No burn mechanism is currently active","Dividends":["sUSDai"],"Revenue Details":"CHIP holders direct onchain revenue only: the protocol’s share of sUSDai yield and, once switched on, NIM on USDai. Offchain revenue (origination fees, 60% of gain on sale, future platform fees) is earned by USD.AI Inc. and spent at the company’s discretion. CHIP holders can change the gain-on-sale split, the hurdle rate, and the USDai fee switch.","Protocol Name":"USD AI","Fee Switch Details":"The protocol keeps 10% of the yield sUSDai earns. Under the Oct 2026 proposal, all of it, after CHIP Foundation costs, would fund programmatic CHIP purchases. Origination fees (about 2–3% of each loan) go to USD.AI Inc. Gain on sale splits 60% to USD.AI Inc. and 40% to the Yield Reserve. NIM on USDai is switched off and currently goes to sUSDai holders.","Token":["CHIP","USDai","sUSDai"],"DefiLlama ID":"6190","Equity Statement":"Revenue earned onchain is directed by CHIP holders to CHIP purchases. Revenue earned offchain each time a loan is made and sold goes to USD.AI Inc. The long-term goal is a net deflationary CHIP. USD.AI Inc. may also buy CHIP over time, giving institutions that cannot hold CHIP directly exposure through an equity vehicle.\n","Governance Details (Summary)":"CHIP holders vote on the rules of the protocol across originations, underwriting, liquidity and settlement, capital markets, and governance authority. They also direct the protocol’s onchain revenue. CHIP Foundation (formerly USD.AI Foundation) stewards the onchain contracts.","Brief description":"CHIP is the governance & utility token of USD.AI. CHIP governs the USD.AI DAO. The protocol's user assets are USDai (a PYUSD-overcollateralized synthetic dollar) and sUSDai (its yield-bearing staked version). CHIP holders set the terms loans must meet, including collateral eligibility, rate tiers, fees and underwriting parameters.","Last Updated":"2026-10-30T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["CHIP"],"Fundraising":["Token Sale","Equity"],"Equity Revenue Capture":"Partial"},{"Buyback Details":"No buyback mechanism is currently active. There exists a proposal to turn on ENA buybacks.","Revenue Decisions":["N/A"],"Governance Links":"[ENA Docs](https://docs.ethena.fi/ena), [Governance Docs](https://docs.ethena.fi/solution-overview/governance), [Governance forum](https://gov.ethenafoundation.com/)\n","Value Accrual Details":"Value accrues through ecosystem airdrops to sENA holders and revenue directed to sUSDe holders","Economic Rights (Summary)":"All revenue and value accrues to the Foundation, governed by token holders.","Value Accrual":"Protocol Revenue Share","Associated Entities":["DAO","Labs (Equity)","Foundation"],"Governance details":"ENA holders can vote bi-annually to elect members to a Risk Committee, and in the future additional committees performing critical roles within the ecosystem. sENA holders will be able to vote on any tokenomics proposals and proposals concerning ENA specifically","Treasury Details":"Risk Committee directly governs Reserve Fund allocations and revenue diversions. The treasury reeives a portion of protocol revenue","IP & Brand":"Foundation","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["ENA","sENA"],"Ownership Links":"[Equity Statement](https://x.com/EthenaFndtn/status/2092976592738001383?s=20)\n","Economic Links":"[Fee switch proposal](https://snapshot.box/#/s:ethenagovernance.eth/proposal/0xcb6b9ed95bf0c64b6101ff7d3a770af86e07701d8419b541cf91a6894022f2a3), [USDe Overview](https://docs.ethena.fi/solution-overview/usde-overview), [ENA Overview](https://docs.ethena.fi/ena), [Risk Portal](https://portal.llamarisk.com/ethena/overview), [Protocol Revenue Explanation](https://docs.ethena.fi/solution-overview/protocol-revenue-explanation)\n","Treasury Decisions":["N/A"],"Dividends Details":"Ecosystem applications have set aside material portions of their token supply to be airdropped to sENA holders, most protocol revenue goes to sUSDe holders as yield","Utility":"Staking","Burn Details":"No burn mechanism is currently active","Dividends":["sENA","sUSDe"],"Revenue Details":"Risk Committee directly governs economic parameters including protocol fees & revenue splits","Protocol Name":"Ethena","Fee Switch Details":"The Risk Committee passed a governance proposal to use a share of protocol revenue for ENA buybacks that increase at specific milestones.","Foundation Multisigs / Addresses":"0x3B0AAf6e6fCd4a7cEEf8c92C32DFeA9E64dC1862\n","Token":["ENA","sENA","USDe","sUSDe"],"Raise Details":"<https://x.com/TheBlock__/status/1758477081833599235?s=20>\n","DefiLlama ID":"parent#ethena","Equity Statement":"Most protocol revenue is paid out to sUSDe holders as rewards. The Ethena Foundation and Ethena Labs have reached agreement on a Master Framework Agreement, whereby IP and ownership of value accrued by the protocol is assigned to the Foundation exclusively and governed by token holders with no residual cash flow due to equity investors in the Labs entity.\n","Governance Details (Summary)":"ENA holders are able to delegate decision-making to a group of expert-level stakeholders called the Risk Committee. Previously there were 5 stakeholders - a proposal passed in January 2026 to reduce the number of stakeholders to 3.","Latest Treasury / Token Report":"[June 2026 Governance Update](https://gov.ethenafoundation.com/t/ethena-s-june-2026-governance-update/808)\n","Brief description":"ENA is the native governance and utility token, sENA is the liquid staking receipt token obtained by locking ENA, USDe is a delta-neutral stablecoin, sUSDe is the yield-bearing staked version of USDe, providing holders with a share of protocol revenue","Last Updated":"2026-09-03T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["Equity"],"Equity Revenue Capture":"No"},{"Domain":"Foundation","Buyback Details":"The Chainlink Reserve accumulates LINK tokens using offchain revenue from large enterprises and from onchain service usage","Revenue Decisions":["N/A"],"Governance Links":"[Chainlink Economics](https://chain.link/economics)\n","Value Accrual Details":"Value accrues through buybacks","Economic Rights (Summary)":"Portion of onchain & offchain fees go to purchasing LINK","Value Accrual":"Buybacks","Associated Entities":["Labs (DevCo)","Foundation"],"Governance details":"There is no formal Chainlink governance","Treasury Details":"The Chainlink Reserve accumulates LINK from offchain and onchain revenue, but no mechanism is described for LINK holders to vote on or influence reserve decisions, allocations, or use.","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["N/A"],"Ownership Links":"[Equity Statement](https://x.com/chainlink/status/1964329489779003420?s=20)\n","Economic Links":"[Chainlink Reserve announcement](https://blog.chain.link/chainlink-reserve-strategic-link-reserve/), [Reserve metrics](https://metrics.chain.link/reserve)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"Node operators set their own fees based on demand, no holder rights over protocol revenue parameters or splits","Protocol Name":"Chainlink","Foundation Multisigs / Addresses":"0x9A709B7B69EA42D5eeb1ceBC48674C69E1569eC6\n","Token":["LINK"],"Raise Details":"N/A\n","DefiLlama ID":"parent#chainlink","Equity Statement":"LINK is used for Chainlink's security and growth through staking, payments & revenue from oracle services and offchain/onchain sources converted into LINK for the strategic Chainlink Reserve to support long-term sustainability.\n","Governance Details (Summary)":"Governance is described as \"trust-minimized\" with gradual-release updates for community inspection and decentralized emergency interventions, but these are managed by the development team without holder votes","Latest Treasury / Token Report":"[Chainlink in 2025 Review](https://blog.chain.link/chainlink-in-2025/)\n","Brief description":"LINK is the native ERC-20 utility token of the Chainlink network, designed to facilitate payments to decentralized oracle node operators for secure off-chain data delivery and to enable staking for network security","Last Updated":"2026-05-07T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["LINK"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"Yes"},{"Revenue Decisions":["N/A"],"Governance Links":"[Introducing DIME](https://www.paradex.foundation/blog/introducing-dime-the-native-token-of-the-paradex-network), [DIME Transparency post](https://www.paradex.foundation/blog/dime-transparency-alignment-governance-tag)\n","Value Accrual Details":"Value accrues through discretionary buybacks from net protocol revenue, held in the DIME Fund.","Economic Rights (Summary)":"Holders have no contractual rights. Value comes from discretionary buybacks funded by revenue and fee discounts for Pro traders. Staking earns discounts.","Value Accrual":"Buybacks","IP & Brand":"Paradex Foundation","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["N/A"],"Economic Links":"[DIME Utility](https://docs.paradex.trade/dime/dime-utility)\n","Treasury Decisions":["N/A"],"Utility":"Staking, Fee Discounts","Dividends":["N/A"],"Protocol Name":"Paradex","Fee Switch Details":"Net protocol revenue is allocated to DIME buybacks or other ecosystem growth initiatives.","Foundation Multisigs / Addresses":"Buyback account | 0x3f38009a58bfc930a399ef9670ee60b355d9d22ea79709f2243182989d16709\n","Token":["DIME"],"DefiLlama ID":"parent#paradex","Equity Statement":"The stated policy is that net protocol revenue goes to DIME buybacks and/or ecosystem growth, and no document describes revenue flowing to Paradigm equity. Paradigm’s equity holders received 13.4% of DIME, and Paradigm itself also buys DIME. Common equity holders are subject to the same performance-based unlocks as the team.\n","Governance Details (Summary)":"There is no token governance mechanism live.","Latest Treasury / Token Report":"[DIME Transparency Dashboard](https://app.paradex.trade/dime/overview)\n","Brief description":"Staking DIME or paying fees in DIME lowers Pro taker fees. Net protocol revenue is used to buy back DIME and/or fund ecosystem growth.","Last Updated":"2026-10-09T04:00:00.000Z","Token Type":["Utility"],"Buybacks":["DIME"],"Fundraising":["Equity"],"Equity Revenue Capture":"Unknown"},{"Revenue Decisions":["N/A"],"Governance Links":"[DBR Announcement Post](https://debridge.com/learn/blog/debridge-introduces-dbr/)\n","Value Accrual Details":"Value accrues through DBR buybacks.","Economic Rights (Summary)":"The deBridge Reserve Fund uses 100% of deBridge protocol earnings to accumulate DBR and other strategically important assets.","Value Accrual":"Buybacks","Associated Entities":["DAO","Foundation"],"Treasury Details":"When implemented, governance will be in charge of treasury management.","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["N/A"],"Ownership Links":"[Equity Statement](https://debridge.foundation/)\n","Economic Links":"[Reserve Fund Dashboard](https://debridge.foundation/), [DBR Tokenomics](https://docs.debridge.foundation/faq-airdrop-season-1/dbr-tokenomics)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"N/A","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Protocol Name":"deBridge","Fee Switch Details":"Protocol revenue is directed to the Reserve Fund, funding daily buybacks on the open market.","Token":["DBR"],"DefiLlama ID":"1462","Equity Statement":"100% of protocol earnings flow to the Reserve Fund to accumulate DBR and other strategically important assets.\n","Governance Details (Summary)":"The deBridge Foundation has said that deBridge token holders will be able to stake their DBR to participate in DAO governance voting and participate in decision making on strategic protocol parameters. Staking is not yet live.","Latest Treasury / Token Report":"[Treasury Dashboard](https://debridge.foundation/)\n","Brief description":"DBR is the governance token of the deBridge ecosystem.","Last Updated":"2026-05-26T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["DBR"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Buyback Details":"Buybacks are currently funded by Stargate revenue.","Revenue Decisions":["N/A"],"Governance Links":"[LayerZero Acquisition Announcement](https://x.com/LayerZero_Core/status/1959411168805843093?s=20), [Stargate DAO STG burn](https://x.com/PrimordialAA/status/2027150708798284069?s=20)\n","Value Accrual Details":"Value accrues to ZRO through buybacks funded by excess Stargate revenue.","Economic Rights (Summary)":"Stargate bridging continues to function, but is now part of the LayerZero stack and accrues value to ZRO exclusively. All revenue generated by Stargate is directed towards reducing the circulating supply of ZRO through a buyback program.","Value Accrual":"Buybacks","Associated Entities":["LayerZero Foundation"],"Governance details":"LayerZero Foundation has assumed ownership & operation of all Stargate Finance duties.","Treasury Details":"Any remaining STG held by the former DAO was burned in February 2026.","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["N/A"],"Ownership Links":"[Equity Statement](https://x.com/PrimordialAA/status/2024543691546014024?s=20)\n","Economic Links":"[LayerZero Acquisition Proposal](https://stargate.discourse.group/t/layerzero-foundation-acquisition-of-stargate-stg/682), [Understanding ZRO Buybacks](https://layerzero.network/blog/understanding-zro-buybacks)\n","Treasury Decisions":["N/A"],"Dividends Details":"veSTG revenue sharing program ended, there is no longer STG staking.","Utility":"N/A","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"veSTG revenue share program ended. There is no longer STG staking.","Protocol Name":"Stargate Finance","Fee Switch Details":"Excess Stargate revenues were previously split between veSTG holders and ZRO buybacks. 100% of excess revenues now flow to ZRO buybacks on the open market.","Token":["ZRO"],"DefiLlama ID":"parent#stargate-finance","Equity Statement":"Zero will not issue any new tokens, ZRO is the only asset. After the fee switch is activated, all platform revenues and economic value generated by Zero, LayerZero, and Stargate will directly belong to ZRO holders.\n","Governance Details (Summary)":"The Stargate DAO approved LayerZero's acquisition, the DAO has been dissolved & all remaining STG that the DAO held has been burned. STG holders will be able to convert their tokens to ZRO at a fixed swap ratio of 1 STG to 0.08634 ZRO.","Brief description":"After the acquisition by LayerZero Foundation in September 2025, the Stargate DAO has been dissolved. STG holders can convert to ZRO at a fixed rate.","Last Updated":"2026-11-03T05:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["ZRO"],"Fundraising":["Unknown"],"Equity Revenue Capture":"No"},{"Domain":"Foundation","Buyback Details":"MET acquired through buybacks is not counted as a treasury asset.","Revenue Decisions":["N/A"],"Value Accrual Details":"Value Accrues through buybacks","Economic Rights (Summary)":"Portion of trading fees from DLMM and DAMM go to discretionary buybacks. For a limited time, MET can be staked to earn 10% of DLMM protocol fees.","Value Accrual":"Buybacks","Associated Entities":["DevCo","Foundation"],"Treasury Details":"Meteora Foundation controls the treasury","IP & Brand":"Foundation","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["N/A"],"Ownership Links":"[Equity Statement](https://x.com/0xSoju/status/2007706234477261025?s=20)\n","Economic Links":"[Buyback announcement](https://x.com/MeteoraAG/status/1998748611233067200?s=20), [Q1 2026 Token Holder's Report](https://ir.meteora.ag/assets/Meteora_Q1_2026_Token_Holder_Report.pdf), [MET Referral Staking Page](https://app.meteora.ag/referral)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Protocol Name":"Meteora","Fee Switch Details":"Portion of trading fees from DLMM and DAMM go to discretionary buybacks","Foundation Multisigs / Addresses":"Meteora Buyback Wallet | FzULv8pR9Rd7cyVKjVkzmJ1eqEmgwDnzjYyNUcEJtoG9 | Team Unlock Wallet | FKMkF8EG8W3hv9R4MxyS5PqhYsjXgzCXMvGc3av8QzL8 | Meteora Eco Reserve Unlock Wallet | 2WezJF7ykRXnmrWzYSPYkqbzUPZK6J8XSd16HPdhzdii\n","Token":["MET"],"DefiLlama ID":"parent#meteora","Equity Statement":"There is no equity, only the MET token. The team's objective is to grow earnings per token and will use revenues to grow the company or buy back tokens based on valuation and cash flow. Team states they are planning to eventually enable MET staking.\n","Governance Details (Summary)":"There is no DAO. Meteora Foundation controls the treasury, IP, revenues and contract upgrade authorities.","Latest Treasury / Token Report":"[Meteora Investor Relations Dashboard](https://ir.meteora.ag/)\n","Brief description":"MET is designed to power the Meteora product economy. Token holders benefit from protocol revenue growth and a decreasing circulating supply through buybacks.","Last Updated":"2026-08-20T04:00:00.000Z","Token Type":["Utility"],"Buybacks":["MET"],"Equity Revenue Capture":"No"},{"Buyback Details":"BNKR is bought back weekly.","Revenue Decisions":["N/A"],"Governance Links":"[BNKR Docs](https://bankr.bot/bankrcoin)\n","Value Accrual Details":"Value accrues through weekly BNKR buybacks.","Economic Rights (Summary)":"BNKR stakers earn BNKR that Bankr buys back with launch fees. Each staker’s share is stake × multiplier (up to 2x).","Value Accrual":"Buybacks","Associated Entities":["DevCo"],"Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["N/A"],"Economic Links":"[BANKR Staking Page](https://bankr.bot/stake)\n","Treasury Decisions":["N/A"],"Dividends Details":"Bought back BNKR is distributed to BNKR stakers.","Utility":"Staking, Fee Discounts","Burn Details":"No burn mechanism is currently active","Dividends":["BNKR"],"Protocol Name":"Bankr","Fee Switch Details":"30% of launch revenue goes to the staking program through BNKR buybacks that are distributed to stakers.","Token":["BNKR"],"DefiLlama ID":"7340","Equity Statement":"The BNKR token was a fair launch with no team/insider allocation; the founder has stated the team bought tokens like everyone else. Separately, the company (Bankr) is venture-backed and earns a portion of the 70% fee split after buybacks.\n","Governance Details (Summary)":"No operational governance is documented by Bankr. Bankr's own token page describes BNKR purely as a utility token (subscriptions, fee discounts, staking).","Brief description":"BNKR is the native utility token of Bankr. BNKR pays for Bankr Club membership, which grants advanced tools and lower swap fees.","Last Updated":"2026-10-24T04:00:00.000Z","Token Type":["Utility"],"Buybacks":["BNKR"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"Partial"},{"Buyback Details":"Buyback & burn paused. Revenue is redirected into growth & marketing. The DAO can reinstate it once GNS reaches a 30-day TWAP at or above $20.","Revenue Decisions":["GNS"],"Governance Links":"[Proposal process framework](https://gov.gains.trade/t/proposal-process-framework/133), [MGGA Proposal](https://gov.gains.trade/t/make-gains-great-again/226)\n","Economic Rights (Summary)":"Previously, around 60% of the open and close fees generated by the platform are used to buy back GNS.","Value Accrual":"N/A","Associated Entities":["DAO","Foundation"],"Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["GNS"],"Economic Links":"[GNS Token Docs](https://docs.gains.trade/what-is-gains-network/gns-token), [Burn Dashboard](https://gains.trade/staking)\n","Treasury Decisions":["GNS"],"Dividends Details":"Governance has flexibility to distribute bought back tokens to stakers","Utility":"Staking, Fee Discounts","Burn Details":"Token burns are paused. Majority of fees collected were burned previously.","Dividends":["N/A"],"Protocol Name":"Gains Network","Fee Switch Details":"The buyback & burn program is paused. Protocol trading fees were previously used to buy back GNS on the open market. GNS buybacks were partially burned, the rest was distributed to contributors, operations & governance.","Foundation Multisigs / Addresses":"Treasury multisig | 0xc07eed650ab255190ca9766162cfb47cfdf72f3a\n","Token":["GNS"],"DefiLlama ID":"1018","Equity Statement":"Gains Network does not have equity holders. All value accrual surrounds GNS which provides governance rights, protocol utility and potential fee sharing to stakers. The operating team earns 50/40/30% of incremental revenue by tier, dropping to 15% at a $20 GNS price and 0% at $30. A portion of team cash compensation auto-buys GNS while market cap is under $25M, held by the team, not burned\n","Governance Details (Summary)":"GNS holders vote on proposals via Snapshot (onchain execution via DAO), control protocol parameters, fee allocations, revenue distribution models (switching between revenue distribution or buyback & burn), treasury spending, and upgrades","Latest Treasury / Token Report":"[Burn dashboard](https://gains.trade/staking)\n","Brief description":"GNS is the backbone of gTrade, enabling efficient liquidity management, revenue distribution and governance. GNS tokenomics evolve based on community decisions and market conditions.","Last Updated":"2026-02-18T05:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["None"],"Equity Revenue Capture":"No"},{"Domain":"Kamino Foundation","Revenue Decisions":["N/A"],"Governance Links":"[KMNO launch announcement](https://blog.kamino.finance/kmno-launch-tokenomics-b19b8372b262), [Staking page](https://kamino.com/governance-and-staking)\n","Value Accrual Details":"No active value accrual mechanism.","Economic Rights (Summary)":"KMNO has no claim on revenue today. Staking boosts the KMNO rewards users earn in Kamino’s incentive seasons. The Foundation, which owns all IP and revenue, has said future support may include buybacks and burns.","Value Accrual":"N/A","Associated Entities":["Foundation"],"Treasury Details":"Holders have no rights over revenue. All of Kamino’s onchain and offchain revenue goes to the Kamino Foundation, including revenue from institutional partnerships.","IP & Brand":"Kamino Foundation","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["N/A"],"Ownership Links":"[Equity Statement](https://kamino.com/blog/one-kamino-one-kmno)\n","Economic Links":"[Kamino Season 5 announcement](https://gov.kamino.finance/t/introducing-kamino-season-5/854)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"Kamino charges about 10% of borrow cost, and all onchain and offchain revenue goes to the Kamino Foundation, including revenue from institutional partnerships.","Protocol Name":"Kamino","Fee Switch Details":"No revenue currently goes to KMNO holders. The CEO has said the Foundation may support KMNO through buyback and burn as Kamino scales, with the form and timing not yet decided.","Token":["KMNO"],"DefiLlama ID":"parent#kamino-finance","Equity Statement":"All of Kamino’s onchain revenue, offchain revenue, and intellectual property accrue to the Kamino Foundation,” which has no shareholders, members or beneficiaries and wholly owns the entity that issued KMNO. Founders, team and investors are aligned through KMNO, with no separate equity allocations, and most team tokens vest only at sustained valuation milestones. As Kamino scales, the Foundation aims to build the capacity to support KMNO, which could include a buyback-and-burn program.\n","Governance Details (Summary)":"KMNO can be staked to boost Kamino Rewards points and eventually for voting power to participate in Kamino Governance. At this time, Kamino Foundation oversees governance.","Brief description":"KMNO enables staking for points boosts and voting on protocol incentives, revenue, and risk parameters. The Kamino Foundation owns Kamino’s IP and receives all of its revenue.","Last Updated":"2026-11-04T05:00:00.000Z","Token Type":["Utility"],"Buybacks":["N/A"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Revenue Decisions":["veTHE"],"Governance Links":"[Gauges & Voting Incentives Docs](https://docs.thena.fi/thena/gauges-and-voting-incentives), [Token Docs](https://docs.thena.fi/thena/the-tokenomics/tokens-the-vethe-thenft), [ARK Initiative Proposal](https://x.com/thenafi_/status/2088279526400729089?s=20)\n","Value Accrual Details":"Value accrues to veTHE voters through protocol emissions & trading fees.","Economic Rights (Summary)":"Token holders convert THE to veTHE to vote for gauges on a weekly basis and receive 40% of spot trading fees & 100% of voting incentives from the pools they vote for.","Value Accrual":"Protocol Revenue Share","Associated Entities":["THENA Foundation"],"Governance details":"Lock THE for up to 2 years to obtain veTHE (ERC-721 NFT). veTHE holders vote weekly on pools to direct THE emissions, with voting power proportional to locked amount and duration.","Treasury Details":"60% of spot trading fees and 5% of weekly THE emissions go to a treasury overseen by the THENA Foundation.","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["veTHE"],"Ownership Links":"[Equity Statement](https://x.com/ThenaFi/status/1807776253685952973?s=20)\n","Economic Links":"[THENA founders interview](https://www.binance.com/en/square/post/03-28-2025-thena-in-2025-building-the-future-of-defi-ai-agents-gamefi-on-bnb-chain-22091604648897), [Supply & Emissions Schedule](https://docs.thena.fi/thena/the-tokenomics/initial-supply-and-emissions-schedule), [Token Docs](https://docs.thena.fi/thena/the-tokenomics/tokens-the-vethe-thenft)\n","Treasury Decisions":["N/A"],"Dividends Details":"Protocol revenue & emissions are distributed to veTHE voters plus a 15% emissions rebase.","Utility":"Staking, Liquidity Incentives","Burn Details":"No burn mechanism is currently active","Dividends":["veTHE"],"Revenue Details":"veTHE holders vote to direct revenue flows & emissions.","Protocol Name":"THENA","Fee Switch Details":"veTHE voters receive 40% of spot trading fees from the pools they vote for, plus 100% of voting incentives (bribes).","Foundation Multisigs / Addresses":"List of smart contracts |  https://docs.google.com/spreadsheets/d/1nk-OLHL6yZ3rvTYo2-OXTVpjgfo5PVyufmM1U4S8geA/edit?gid=0#gid=0\n","Token":["THE","veTHE"],"DefiLlama ID":"parent#thena","Equity Statement":"Thena's model distributes a portion of revenue to token holders. 18% of the initial supply was distributed to the team, 60% of that was veTHE locked for 2 years.\n","Governance Details (Summary)":"Holders lock THE for veTHE to vote on emission allocations to liquidity pools and incentive distributions. veTHE holders can also partake in governance and cast votes for protocol improvement proposals. veTHE holders approved the ARK Initiative in Aug 2026 which re-split fees and emissions.","Brief description":"The THE token is the native governance and utility token of Thena, a decentralized exchange (DEX) and liquidity layer on BNB Chain, utilizing a ve(3,3) model for spot and derivatives trading. Holders can lock THE to receive veTHE (vote-escrow THE), which grants voting power on emissions, revenue sharing from fees, and incentives.","Last Updated":"2026-10-26T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["Unknown"],"Equity Revenue Capture":"Unknown"},{"Buyback Details":"70% of protocol revenue buys PEAR on the open market. Acquired tokens are held by the DAO.","Revenue Decisions":["PEAR"],"Governance Links":"[Pear Protocol Snapshot](https://snapshot.org/#/s:pearprotocol.eth)\n","Value Accrual Details":"Value accrues through buybacks.","Economic Rights (Summary)":"Open-market buybacks are funded by 70% of protocol revenue. Pear states that the split \"is a capital-allocation choice subject to DAO governance and can be changed, reduced, or suspended,\" and that buybacks \"are not guaranteed and do not create any entitlement.\"","Value Accrual":"Buybacks","Associated Entities":["DAO","Foundation","DevCo"],"Governance details":"1 PEAR = 1 vote; stPEAR carries identical voting weight, so staking neither adds nor removes governance power. Staking contracts are upgradeable but only via the 3-of-6 multisig.","Treasury Details":"DAO controls the treasury via a pledge agreement, custodied in a Fireblocks 3-of-6 MPC multisig.","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["PEAR"],"Economic Links":"[Tokenomics: Staking](https://docs.pear.garden/tokenomics/staking)\n","Treasury Decisions":["PEAR"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking, Fee Discounts","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"All three streams of revenue accrue to the DAO: frontend trading fees, API integration revenue and Vault performance fees. Holders set the split by vote.","Protocol Name":"Pear Protocol","Fee Switch Details":"Trading fee is 0.06% to open and 0.06% to close, set by DAO vote in May 2025 (down from 0.13%), applied across all trading engines. Revenue is split 70% to buybacks / 30% to operations.","Foundation Multisigs / Addresses":"Treasury | 0x67f4250e71e03f5d0b569bccf6cae4f645dc6a77\n","Token":["PEAR","stPEAR"],"DefiLlama ID":"parent#pear-protocol","Equity Statement":"No entity holds a revenue or profit share. The Foundation is memberless and founderless. An equity warrant does appear in a fundraising round completed in June 2025. 155 Labs holds no ownership or board control over it, and holds no powers over the DAO, treasury, or token administration. Flow to the DevCo is a milestone-based Grant Agreement of up to $800,000 across four quarterly KPI-gated payments, paid in PEAR. 155 Labs' equity is held by a core contributor who is also a Foundation Core Contributor. PEAR held by 155 Labs carries ordinary voting rights only. The Foundation states it assumes no obligations of the dissolved BVI predecessor in respect of the earliest token issuances.\n","Governance Details (Summary)":"Holders can set the revenue split, treasury deployment, and reward parameters by token-weighted majority on Snapshot. Holders cannot execute directly - all onchain actions (upgrades, treasury moves, governance execution) require a Fireblocks 3-of-6 MPC multisig, and day-to-day operations are carried out by the DevCo under a grant agreement.","Brief description":"PEAR is the governance and value-capture token of Pear Protocol. Holders govern the protocol via Snapshot, direct all protocol revenue by vote, and can stake for trading fee discounts. 70% of revenue funds open-market PEAR buybacks under a governance-enshrined mandate.","Last Updated":"2026-08-12T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["PEAR"],"Fundraising":["Token Sale","Equity"],"Equity Revenue Capture":"No"},{"Revenue Decisions":["NXM"],"Governance Links":"[Governance Docs](https://docs.nexusmutual.io/governance/), [Token Docs](https://docs.nexusmutual.io/protocol/nxm-token/), [Capital Pool & Ownership Dashboard](https://dune.com/nexus_mutual/capital-pool-and-ownership)\n","Value Accrual Details":"Value accrues to owners of the Capital Pool and NXM stakers who earn cover fees","Economic Rights (Summary)":"Cover fees and investment earnings accumulate into the Capital Pool which is jointly owned by all Nexus Mutual members.","Value Accrual":"Protocol Revenue Share","Associated Entities":["DAO","Terrapin International Foundation","Fern Re"],"Governance details":"AB members serve at the discretion of Nexus Mutual members. Nexus Mutual members can replace an AB member without interference from existing AB members. The AB is five members, formally constituted as the Foundation Council of Terrapin International Foundation. Members vote on Snapshot. AB members then cast matching onchain votes, and three AB votes carry a proposal, followed by a 24-hour timelock. Members can replace an AB member directly onchain: the proposer must hold over 100 NXM, at least 15% of supply must participate, and existing AB members cannot block it. The AB can also pause the protocol in an emergency.","Treasury Details":"Members decide treasury strategy, grants and DAO team budgets through NMDP votes. kpk manages the DAO treasury under a mandate approved in September 2024. The DAO committed about $1M to the Real-World Insurance Vault in 2026. The Capital Pool is separate and owned jointly by all members.","Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["NXM"],"Economic Links":"[Capital Pool Docs](https://docs.nexusmutual.io/protocol/capital-pool/), [Staking Docs](https://docs.nexusmutual.io/protocol/staking/), [NMPIP 261](https://forum.nexusmutual.io/t/nmpip-261-reform-the-claims-mechanism-to-build-trust-upgrade-governance-to-formally-use-an-optimistic-model/1790)\n","Treasury Decisions":["NXM"],"Dividends Details":"50% of each cover fee is minted as NXM rewards for the stakers in that pool and streamed over the cover period. Rewards can be withdrawn at any time. Stakers lock NXM for 91 to 728 days, and positions are tokenized as NFTs that can be sold. Members have approved redirecting RAMM value to stakers (NMPIP 260), but it isn’t live yet.","Utility":"Staking","Burn Details":"When members delegate their staked NXM to a pool, their NXM can be burned to facilitate claim payouts if members who purchased cover from the pool file successful claims. If a claim is filed and approved by the Claims Committee, then the staked NXM allocated to the relevant cover product is burned proportionally across all stakers. NXM stakers earn rewards but run the risk of losing their staked NXM, as NXM burns can result in a portion of a position or the whole position being burned.","Dividends":["sNXM","veNXM"],"Revenue Details":"Any investment allocations are decided by members through the Mutual's governance process using the Investment Proposal Template outlined on the governance forum.","Protocol Name":"Nexus Mutual","Fee Switch Details":"Cover fees and investment earnings accumulate into the Capital Pool which is jointly owned by all Nexus Mutual members. 50% of the cover fee is minted in NXM rewards and distributed to stakers in the pool. The Mutual also earns from the Real-World Insurance Vault.","Foundation Multisigs / Addresses":"DAO Treasury Multisigs |  https://docs.nexusmutual.io/governance/dao#dao-treasury-address\n","Token":["NXM","sNXM","veNXM"],"DefiLlama ID":"122","Equity Statement":"Nexus Mutual is a discretionary mutual owned by its members, with the Capital Pool held jointly by all of them. Because Terrapin International Foundation holds all of the Mutual’s investments, including Fern Re, profits accrue to DAO members and NXM holders.\n","Governance Details (Summary)":"Nexus Mutual is an onchain discretionary mutual governed by its members. Every member who joins Nexus Mutual has voting power equal to one vote plus the sum total of their NXM tokens capped at 5% of total supply. The Mutual uses an optimistic governance model where the Advisory Board (AB) creates a proposal and sets the default outcome. The AB creates a proposal in parallel on the Nexus Mutual DAO Snapshot space, where Nexus Mutual members can vote to reject the default outcome. If Nexus Mutual members vote and meet the quorum for rejection, the AB's default outcome is rejected and the proposal does not move forward.","Brief description":"The NXM token is a governance and utility token backed by crypto assets held in the capital pool contract. When someone contributes ETH, USDC or cbBTC to the Capital Pool in the Nexus Mutual user interface, NXM is minted and transferred to their wallet. NXM can be staked and doing so creates open capacity for other members to buy cover.","Last Updated":"2026-11-03T05:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Revenue Decisions":["N/A"],"Governance Links":"[ATH Docs](https://docs.aethir.com/aethir-tokenomics), [Token Utility](https://docs.aethir.com/aethir-tokenomics/ath-tokens-utility-and-purpose)\n","Economic Rights (Summary)":"ATH holders earn by staking. Compute revenue is recycled into ATH via the DAT flywheel. Staking lockups remove ATH from circulating supply.","Value Accrual":"N/A","Associated Entities":["DevCo","Foundation"],"Governance details":"Initially only Council members can submit proposals; 2 years post-launch, holders with >5% of circulating supply can propose directly.","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["N/A"],"Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Protocol Name":"aethir","Fee Switch Details":"Aethir captures revenue/margin on enterprise compute bookings. Exact protocol fee parameters aren't publicly disclosed.","Token":["ATH"],"DefiLlama ID":"5591","Equity Statement":"Aethir is a for-profit company, backed by VCs. Funding was raised through equity/token rounds plus ~$130M from a Checker Node license sale. The company captures enterprise compute revenue; a portion is recycled into ATH via the DAT. The precise split retained by the company vs. routed to the DAO/token holders is not publicly disclosed.\n","Governance Details (Summary)":"Governance is not yet operational. Per the current docs, as Aethir \"moves towards establishing its DAO,\" ATH holders are to be empowered to propose, discuss, and vote on platform changes. No live governance venue is currently published. An earlier docs version published detailed \"Foundation Bylaws\" describing a veATH/Council/Foundation Board structure. That page has since been removed.","Brief description":"ATH is the native utility token of Aethir. ATH pays for compute, rewards compute providers and Checker Node operators, and is staked for rewards & node collateral.","Last Updated":"2026-09-03T04:00:00.000Z","Token Type":["Utility"],"Buybacks":["N/A"],"Fundraising":["Token Sale","Equity"],"Equity Revenue Capture":"Yes"},{"Revenue Decisions":["N/A"],"Governance Links":"[HNT Docs](https://docs.helium.com/tokens/hnt-token/), [Helium Improvement Proposals](https://github.com/helium/HIP/tree/main?tab=readme-ov-file#readme), [Governance voting platform](https://heliumvote.com/hnt)\n","Value Accrual Details":"Value accrues through HNT token burns","Economic Rights (Summary)":"Automated buybacks & burns dependent on usage","Value Accrual":"Deflationary supply reduction","Associated Entities":["Equity","Foundation","Other"],"Burns":"Active","Fee Switch Status":"OFF","Governance Decisions":["veHNT"],"Ownership Links":"[Equity Statement](https://docs.helium.com/tokens/hnt-token#burn-and-mint-economics)\n","Economic Links":"[Burn & Mint Economics](https://docs.helium.com/tokens/hnt-token#burn-and-mint-economics), [Buyback pause announcement](https://x.com/amirhaleem/status/2007203633532989883?s=20)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Protocol Access","Burn Details":"HNT can be burned to mint Data Credits, increasing HNT burned for more usage","Dividends":["N/A"],"Protocol Name":"Helium","Fee Switch Details":"In January, Helium founder announced buybacks would cease in order to route revenue to growth","Token":["HNT","veHNT","IOT","MOBILE"],"Raise Details":"Several rounds raised\n","DefiLlama ID":"6631","Equity Statement":"Carrier demand drives token burns. Data Credits (DC) are a USD-pegged utility token derived from HNT and are used to pay fees on the Helium Network. DC is only produced by burning HNT. This HNT to DC relationship is based on a design commonly called a burn and mint equilibrium and intends to allow for the supply of HNT to respond to network usage trends.\n","Governance Details (Summary)":"Voting is enabled by locking HNT for veHNT. Delegating veHNT and voting regularly earns HNT rewards","Brief description":"HNT is the primary utility and reward token of the Helium Network, earned by hotspot operators for providing wireless coverage and data transfer in IoT and mobile subnetworks, with fees burned to create deflationary pressure following the 2025 consolidation from MOBILE and IOT tokens.","Last Updated":"2026-05-09T04:00:00.000Z","Token Type":["Utility","Network"],"Buybacks":["N/A"],"Fundraising":["Equity"],"Equity Revenue Capture":"Unknown"},{"Revenue Decisions":["COMP"],"Governance Links":"[Governance Docs](https://docs.compound.finance/v2/governance/), [Tally Governance page](https://www.tally.xyz/gov/compound)\n","Economic Rights (Summary)":"cToken reserve factor on interest accrues to market reserves, which are governance controlled","Associated Entities":["Labs","Foundation","DAO"],"Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["COMP"],"Treasury Decisions":["COMP"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"N/A","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"Governance can propose and vote on changes to fee structures or revenue parameters, such as interest rates or risk factors that influence protocol revenue","Protocol Name":"Compound","Foundation Multisigs / Addresses":"Community multisig | 0xbbf3f1421D886E9b2c5D716B5192aC998af2012c\n","Token":["COMP"],"Raise Details":"DL: https://medium.com/compound-finance/compound-raises-8-2-million-to-create-money-markets-for-crypto-assets-6dfa593f8e5e\n","DefiLlama ID":"parent#compound-finance","Governance Details (Summary)":"COMP token holders and their delegates can propose and vote on all changes to the protocol. Any address can lock 100 COMP to create a proposal, which becomes a governance proposal after being delegated 25,000 COMP. Governance controls withdrawal of protocol reserves and sets reserve factors","Brief description":"COMP is the governance token of Compound Finance","Last Updated":"2026-09-25T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["N/A"],"Equity Revenue Capture":"Unknown"},{"Domain":"Polygon Labs","Revenue Decisions":["N/A"],"Governance Links":"[Governance Fundamentals](https://docs.polygon.technology/pos/governance/governance-fundamentals)\n","Value Accrual Details":"Value accrues when the base-fee burn is higher than 2% annual emissions and is dependent on fee volume.","Economic Rights (Summary)":"POL holders benefit from batched base-fee burns. Stakers earn emissions and fees for securing the network as a payment for staking, not revenue share.","Value Accrual":"Deflationary supply reduction","Associated Entities":["Polygon Foundation","Polygon Security Council","Polygon Labs UI (Cayman) Ltd"],"Treasury Details":"As of January 2026 the Polygon Foundation sets the Treasury's long-term strategy, and Polygon Labs will handle day-to-day execution.","IP & Brand":"Polygon Labs","Burns":"Active","Fee Switch Status":"OFF","Governance Decisions":["POL"],"Economic Links":"[POL token docs](https://docs.polygon.technology/pos/concepts/tokens/pol), [Rewards and staking incentives](https://docs.polygon.technology/pos/reference/rewards)\n","Treasury Decisions":["N/A"],"Dividends Details":"Staking rewards come from emissions.","Utility":"Staking, Gas","Burn Details":"EIP-1559 base fees build up in a collector contract on Polygon. They are bridged to Ethereum and sent to the burn address.","Dividends":["N/A"],"Protocol Name":"Polygon","Fee Switch Details":"Base fees go to a token burn, and priority fees go to validators (block producers, then validators at the Heimdall layer).","Foundation Multisigs / Addresses":"Treasury | 0x86380e136A3AaD5677A210Ad02713694c4E6a5b9\n","Token":["POL"],"DefiLlama ID":"chain#polygon","Governance Details (Summary)":"Change proposals start offchain as Polygon Improvement Proposals (PIPs), are discussed on the forum, and reach rough consensus on Polygon Protocol Governance Calls. POL holders take part by delegating to a validator. Smart contract upgrades are controlled by multisigs.","Brief description":"POL replaced MATIC 1:1, is the gas and staking token on Polygon Chain, and backs the wider Agglayer ecosystem.","Last Updated":"2026-10-21T04:00:00.000Z","Token Type":["Network","Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"Unknown"},{"Buyback Details":"No buyback mechanism is currently active","Revenue Decisions":["PEAQ"],"Governance Links":"[PEAQ Governance Docs](https://docs.peaq.xyz/peaqchain/learn/tokenomics#governance)\n","Value Accrual Details":"Demand is tied to machine adoption. Every activation and renewal bonds PEAQ.","Economic Rights (Summary)":"Machine activations bond PEAQ (removing it from active use for the subscription period), lapsed bonds are 50% burned / 50% to treasury, and slashing splits 50/50 burn/treasury. Staking rewards come from inflation, not fees. Supply inflates 3.5% annually, disinflating 10% per year to a 1% floor.","Associated Entities":["Foundation","Peaq Network Ltd (Token Issuer)","Labs","Equity"],"Governance details":"In the current Midterm governance rollout, Council decisions can be overturned by the community.","Treasury Details":"Treasury will be managed by the peaq Foundation until the transition to full onchain governance is complete.","IP & Brand":"Foundation","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["PEAQ"],"Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking, Gas","Burn Details":"Soon a lapsed machine bond decays, with 50% burned and 50% to the treasury. This is not yet live.","Dividends":["N/A"],"Revenue Details":"Holders can propose parameter changes.","Protocol Name":"peaq","Fee Switch Details":"Newly issued PEAQ and network transaction fees distribute four ways: 30% to Trust Validator staking, 30% to Machine Pool, 20% to Treasury, 20% to Activation Token Provision Pool.","Foundation Multisigs / Addresses":"Treasury Reserve Wallet | 0x4b4c2aABaDA91534B217a5B70E3b43A678F88D49 | Ecosystem & Treasury Wallet | 0x46E967F90f9426823603db6765123Ba27AB983C0 | Dynamic Treasury Wallet | 0x9df7202b08e68A14C3F732E1927BdA367835470E\n","Token":["PEAQ"],"DefiLlama ID":"peaq","Equity Statement":"No value accrues to equity holders. All protocol revenue and value accrue to the PEAQ token. Equity in the Development Entity carries to rights to protocol revenues or treasury assets. There are no present or future plans to return cash flow to equity.\n","Governance Details (Summary)":"Holding PEAQ enables gradual network guidance by voting on key decisions via onchain governance concerning its development and future. Governance is rolled out in stages: Initial, Midterm and Longterm. The Midterm phase is active, meaning governance is shifting onchain and holders, Council & Technical Committee can propose upgrades, parameter changes or treasury spending.","Latest Treasury / Token Report":"[Economics Dashboard](https://machines.peaq.xyz/economics)\n","Brief description":"PEAQ is the native token of peaq. It pays all transaction fees, secures the chain through validator/delegator staking, and since Economics 2.0 (Sept 2026) is bonded by every machine that activates on the network. Governance is not yet onchain; the Foundation currently holds veto power, with a staged roadmap toward token-holder control.","Last Updated":"2026-09-14T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Buyback Details":"Buybacks run weekly and are executed by the team.","Revenue Decisions":["N/A"],"Governance Links":"[EDGE Token Docs](https://docs.definitive.fi/edge/edge-token)\n","Value Accrual Details":"Value accrues through buybacks.","Economic Rights (Summary)":"10% of revenue buys EDGE and is held in the Assistance Fund vault. Another 10% buys EDGE that is redistributed as staked EDGE. Rewards are revenue-funded rather than emission-funded.","Value Accrual":"Buybacks","Associated Entities":["Definitive Finance, Inc (Labs)"],"Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["N/A"],"Economic Links":"[Buyback Docs](https://docs.definitive.fi/edge/buybacks-and-rewards), [Staking Page](https://app.definitive.fi/staking)\n","Treasury Decisions":["N/A"],"Dividends Details":"Staked EDGE holders receive 2.5% of revenue pro rata to stake. Stakers who trade receive a further 7.5% weighted by their volume share. Rewards are paid as staked EDGE, and since March 2026 a minimum $200 stake is required.","Utility":"Staking, Fee Discounts","Burn Details":"No burn mechanism is currently active","Dividends":["sEDGE"],"Protocol Name":"Definitive","Fee Switch Details":"Revenue comes from trading fees. 20% of all revenue funds weekly EDGE buybacks, split into Buybacks and Rewards.","Foundation Multisigs / Addresses":"Assistance Fund | 0xB115124f277215BF85b710F0137EfaCAC09CbAAF\n","Token":["EDGE"],"DefiLlama ID":"4257","Equity Statement":"Definitive Finance, Inc. is the issuer and the Labs entity. Equity holders receive no dividends from the token program, but the company retains 80% of platform revenue.\n","Governance Details (Summary)":"There is no token governance. Definitive Finance, Inc. makes all decisions.","Latest Treasury / Token Report":"[Metrics Dashboard](https://metabase.definitive.fi/public/dashboard/80e43551-a7e9-4503-8ac5-d5697a4a3734?tab=21-topline)\n","Brief description":"Stake EDGE to unlock tiered trading fee discounts (based on volume) and participate in weekly, revenue-backed rewards distributed as staked EDGE. Stakers who trade receive an additional share based on volume.","Last Updated":"2026-09-30T04:00:00.000Z","Token Type":["Utility"],"Buybacks":["EDGE"],"Fundraising":["Equity"],"Equity Revenue Capture":"Partial"},{"Revenue Decisions":["N/A"],"Governance Links":"[Governance page](https://vote.geodnet.com/), [Governance Docs](https://docs.geodnet.com/geod-governance/introduction)\n","Value Accrual Details":"Value accrues through buybacks & burns of the GEOD token.","Economic Rights (Summary)":"80% of remaining revenue after 50/50 split with resellers is allocated to buying and burning GEOD tokens, with the remaining 20% directed to the GEODNET Foundation. Separately, base mining emissions halve every June.","Value Accrual":"Buybacks","Associated Entities":["DAO","Foundation"],"Governance details":"Drafts are discussed on Discord before voting.","Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["veNFT","sGEOD"],"Economic Links":"[Token Burn Dashboard](https://dune.com/geodnet_console/geod-console)\n","Treasury Decisions":["N/A"],"Utility":"Staking, Protocol Access","Burn Details":"All bought-back GEOD is permanently burned.","Dividends":["N/A"],"Protocol Name":"Geodnet","Fee Switch Details":"Revenue comes from RTK data streams and subscriptions. 50% of subscription revenue goes to the Foundation and 80% of that is used to buy back and burn GEOD.","Foundation Multisigs / Addresses":"Ecosystem | 0x3A6906E4239F9860C81035c54198Df58D892653b | Team | 0xca3E874Bc4e830796d822F529C29Df30302324b2 | Investor | 0x486559899e96981DFE55C4E6EBF5101A76BfAdfa\n","Token":["GEOD","sGEOD","veNFT"],"DefiLlama ID":"4304","Equity Statement":"There is no equity entity. Resellers keep a revenue share, but they are third-party distributers and not equity holders.\n","Governance Details (Summary)":"To participate in submitting proposals and voting on approved proposals, users must hold a Location NFT, have staked GEOD tokens in a SuperHex, or hold locked GEOD tokens.","Brief description":"The GEOD token is the native utility token of the GEODNET network and is primarily used to reward users who have installed Satellite Miners and to pay for RTK data services.","Last Updated":"2026-10-26T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["GEOD"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Buyback Details":"A portion of fees go to buying ZINC on the open market. 90% of every buyback is permanently burned (\"melted\"), and 10% of each buyback goes to stakers as yield.","Revenue Decisions":["ZKFG"],"Governance Links":"[ZKFG Liquidation Offer Market](https://www.metadao.fi/projects/zklsol/proposal/BWachMwZJZS9y6pDuYFr7xusQZU3azNGSsm2jeRj7qXb)\n","Value Accrual Details":"Value accrues to mining winners and stakers through buybacks, burns and distribution of bought back tokens.","Economic Rights (Summary)":"A portion of fees on SOL deployed goes to the protocol, split between an automated buyback program, the Stockpile, and 1% to development & the protocol treasury.","Value Accrual":"Protocol Revenue Share","Associated Entities":["DevCo"],"Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["ZKFG"],"Economic Links":"[ZINC Tokenomics](https://zinc.cash/about#tokenomics), [Staking Docs](https://zinc.cash/about#staking)\n","Treasury Decisions":["ZKFG"],"Dividends Details":"10% of each buyback goes to stakers as yield.","Utility":"Staking, Futarchy","Burn Details":"90% of each buyback is permanently burned.","Dividends":["ZINC"],"Protocol Name":"Zinc","Fee Switch Details":"Each round, emissions are split: 75% to winning miners, 20% to Bonanza (bonus), and 5% to the Stockpile (a side prize pool).","Token":["ZINC","ZKFG"],"DefiLlama ID":"7961","Governance Details (Summary)":"ZKFG is ZKLSOL's governance token, coming from the original MetaDAO fundraise. There is currently a futarchy proposal to liquidate the token as the futarchy market proposers believe ZKFG may limit Zinc's growth potential by creating confusion about where value and ownership accrue.","Brief description":"ZINC is the native mining and utility token of the Zinc protocol. ZKFG is ZKLSOL's governance token.","Last Updated":"2026-06-11T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["ZINC"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"Unknown"},{"Revenue Decisions":["ORCA","xORCA"],"Governance Links":"[Governance Docs](https://docs.orca.so/governance/overview), [Orca Treasury](https://docs.orca.so/governance/treasury)\n","Value Accrual Details":"Value Accrues through buybacks","Economic Rights (Summary)":"Trading fees progammatically split between LPs , ORCA buybacks, Treasury wallet, development team. xORCA is designed to become redeemable for more ORCA over time.","Value Accrual":"Buybacks","Associated Entities":["DAO","DevCo","Foundation"],"Governance details":"All holders can submit proposals, vote & participate in discussions, and elect Council members. Elected DAO Council manages proposal implementations & controls parameters","Treasury Details":"The Orca Treasury includes the Community ORCA Treasury and the accumulating Orca Fee Treasury, which may be used by tokenholders to fund development grants or other initiatives that support the long-term health of the Orca protocol.","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["ORCA","xORCA"],"Economic Links":"[Buyback Increase Proposal](https://forums.orca.so/t/council-update-increased-xorca-buyback-rewards-fueled-by-protocol-fee-revenue-20-to-40-and-r-d-grant/1129)\n","Treasury Decisions":["ORCA","xORCA"],"Dividends Details":"ORCA buybacks are distributed to xORCA stakers","Utility":"Staking","Burn Details":"No burn mechanism is currently active","Dividends":["xORCA"],"Revenue Details":"Holder governance indirectly controls revenue decisions through election of DAO Council","Protocol Name":"Orca","Fee Switch Details":"Trading fees are programmatically split, with 40% of fees going to ORCA buybacks","Foundation Multisigs / Addresses":"Fee Treasury address | DWo8SNtdBDuebAEeVDf7cWBQ6DUvoDbS7K4QTrQvYS1S | Community ORCA treasury | GwH3Hiv5mACLX3ufTw1pFsrhSPon5tdw252DBs4Rx4PV\n","Token":["ORCA","xORCA"],"Raise Details":"<https://medium.com/orca-so/orca-raises-18m-from-polychain-placeholder-three-arrows-and-more-4e756dacf812>\n","DefiLlama ID":"parent#orca","Governance Details (Summary)":"Any ORCA holder can submit proposals. An elected Governance Council handles day-to-day execution of approved proposals and certain operational decisions. Staked xORCA provides boosted governance power and staking rewards.","Latest Treasury / Token Report":"[Orca Treasury Report #7](https://orca-so.medium.com/orca-treasury-report-7-24e781398dab)\n","Brief description":"ORCA is the governance token of Orca, xORCA is Orca's staking program that earns rewards from trading fees","Last Updated":"2026-09-25T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["ORCA"],"Fundraising":["Unknown"],"Equity Revenue Capture":"Unknown"},{"Buyback Details":"Buybacks run automatically via TWAP each day and settle onchain. Every permissionless listing on Aster Spot pays a $50,000 USDT fee, used to buy back ASTER and distributed to stakers.","Revenue Decisions":["N/A"],"Governance Links":"[Tokenomics](https://docs.asterdex.com/usdaster/tokenomics)\n","Value Accrual Details":"Value Accrues through buybacks and distributions to veASTER holders.","Economic Rights (Summary)":"Starting June 2026, Aster updated buybacks to route 99% of daily platform fees to buy back ASTER. An equal amount of ASTER is burned from reserve, matching the buyback 1:1. Bought-back ASTER goes to stakers.","Value Accrual":"Buybacks","Associated Entities":["Labs"],"Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["N/A"],"Economic Links":"[Protocol revenue buyback initiative](https://docs.asterdex.com/usdaster/tokenomics#protocol-revenue-buyback-initiative), [Buyback Update Post](https://x.com/Aster_DEX/status/2067217075089867086?s=20)\n","Treasury Decisions":["N/A"],"Dividends Details":"Bought back ASTER goes to stakers, distributed by lock weight.","Utility":"Staking, Protocol Access, Liquidity Incentives","Burn Details":"ASTER is burned from the team allocation and continues until total supply (originally 8b) reaches 3b tokens.","Dividends":["veASTER"],"Protocol Name":"Aster","Fee Switch Details":"A portion of protocol revenue is used for ASTER buybacks","Foundation Multisigs / Addresses":"Aster Treasury (BNB Chain) | 0x128463A60784c4D3f46c23Af3f65Ed859Ba87974 | Automatic Daily Buyback wallet | 0xa0edBaBcb48034e368de286b49F9603C7AfA1b60 | Strategic wallet | 0xe5779AEEf4ccC5Ec4fD78f008063D7DC4D0A780c\n","Token":["ASTER"],"DefiLlama ID":"parent#astherus","Equity Statement":"\n","Governance Details (Summary)":"Governance coming with the rollout of Aster chain, est Q2 2026","Brief description":"ASTER is the core platform asset that rewards participation and reduces trading fees for holders","Last Updated":"2026-09-02T04:00:00.000Z","Token Type":["Utility"],"Buybacks":["ASTER"],"Fundraising":["Unknown"],"Equity Revenue Capture":"Unknown"},{"Revenue Decisions":["BARD"],"Governance Links":"[Token economics](https://docs.lombard.finance/learn/token-economics), [BARD Launch Announcement](https://www.lombard.finance/blog/bard-tokenomics/), [Liquid Bitcoin Foundation](https://docs.lombard.finance/learn/token-economics/liquid-bitcoin-foundation)\n","Associated Entities":["Foundation","Other"],"Treasury Details":"Through the Liquid Bitcoin Foundation which received 20% of the BARD supply at launch over a vesting period, governance can direct these resources toward grants, research and partnerships","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["BARD"],"Ownership Links":"[Proof of Reserves](https://www.lombard.finance/por/)\n","Economic Links":"[Future Buyback Program](https://www.lombard.finance/blog/bard-tokenomics/)\n","Treasury Decisions":["BARD"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking, Protocol Access","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"Holders vote on fee structures","Protocol Name":"Lombard","Fee Switch Details":"As protocol fees grow, the Lombard Protocol will introduce a structured buyback program designed to reinforce long-term alignment with the stakeholders building and supporting the ecosystem","Token":["BARD"],"DefiLlama ID":"parent#lombard-finance","Governance Details (Summary)":"Holders can vote on Security Consortium Composition, fee structures, product roadmap, Ecosystem grant allocation through the Liquid Bitcoin Foundation ","Latest Treasury / Token Report":"[Ecosystem Overview Dashboard](https://dune.com/lombard_protocol/lombard)\n","Brief description":"BARD is the native governance and security token of the Lombard Protocol, used for staking to secure LBTC transfers, voting on protocol evolution, and funding ecosystem growth via the foundation.","Last Updated":"2026-02-24T05:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"Unknown"},{"Domain":"Foundation","Revenue Decisions":["N/A"],"Governance Links":"[CP171 Proposal](https://github.com/centrifuge/cps/blob/main/cps/cp171.md), [Tokenomics Overview](https://docs.centrifuge.io/getting-started/token-summary/), [Governance Docs](https://docs.centrifuge.io/getting-started/cfg-governance/)\n","Economic Rights (Summary)":"CFG holders currently have no fee share, buybacks, burns, or staking yield. Supply inflates 3% annually with all new issuance going to the treasury. CP172 relocates value accrual from the token to equity: holders who convert receive shares.","Value Accrual":"N/A","Associated Entities":["DAO","Foundation","Labs"],"Governance details":"CFG holders can vote on proposals covering protocol upgrades, parameters, treasury use and fees. Currently, the Centrifuge Network Foundation handles day-to-day oversight & execution, and the DAO's active governance mechanisms are paused.","Treasury Details":"The onchain treasury is controlled by governance. After CP171, the DAO approved asset transfers to the Centrifuge Foundation.","IP & Brand":"Foundation","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["CFG"],"Ownership Links":"[Equity Statement](https://github.com/centrifuge/cps/blob/main/cps/cp171.md), [Centrifuge Network Foundation](https://www.centrifuge.foundation/)\n","Economic Links":"[CP172 Snapshot](https://snapshot.org/#/s:centrifuge.eth/proposal/0xe332c0531e6815bc16b4defdcd7541098346d0d299af8ff12e7a0eaba0894711)\n","Treasury Decisions":["CFG"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"N/A","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"CP171 committed CNF to \"conduct a detailed analysis of current market models\" for CFG value accrual, no mechanism has been implemented as of Sept 2026.","Protocol Name":"Centrifuge","Token":["CFG"],"DefiLlama ID":"parent#centrifuge","Equity Statement":"Centrifuge's first raises were into an equity company. At token launch, all equity holders were converted to token holders. Every action by the Centrifuge Network Foundation Board will be aligned toward growing adoption of the Centrifuge protocol and increasing CFG value. There is a single value accrual mechanism: CFG\n","Governance Details (Summary)":"Active DAO governance was paused by CP171 (Nov 2025), moving operations to Centrifuge Labs under Centrifuge Network Foundation board oversight. In September 2026, CFG holders voted to approve restructuring the Foundation into a Cayman company that can issue shares, allowing eligible holders to optionally convert CFG into tokenized equity at 1 CFG = 1 share.","Brief description":"CFG enables governance participation.","Last Updated":"2026-09-14T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["Unknown"],"Equity Revenue Capture":"No"},{"Domain":"Hyperliquid Corp.","Buyback Details":"Assistance Fund converts fees to HYPE","Revenue Decisions":["N/A"],"Governance Links":"[Fee structure](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees)\n","Value Accrual Details":"Value accrues through buybacks and token burns.","Economic Rights (Summary)":"Most protocol fees go to the assistance fund which buys back & burns HYPE tokens","Value Accrual":"Buybacks","Associated Entities":["Foundation","Labs","C-Corp"],"Governance details":"Governance requires validator votes, holders participate by staking/delegating HYPE to validators","Treasury Details":"There is no documented general authority for validators to allocate the Hyper Foundation budget, approve grants or direct discretionary treasury spending. Validators voted to approve formally recognizing Assistance Fund HYPE as permanently burned, so some influence over protocol-controlled assets exists.","Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["HYPE"],"Ownership Links":"[Hyper Foundation burn confirmation](https://x.com/HyperFND/status/2003684257949188396?s=20), [Equity Statement](https://x.com/chameleon_jeff/status/2006788242713227395?s=20)\n","Economic Links":"[Assistance fund explanation](https://hyperliquid.gitbook.io/hyperliquid-docs/trading/fees)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active. Staking rewards come from new issuance, not protocol revenue.","Utility":"Staking, Fee Discounts, Gas","Burn Details":"HYPE in the Assistance Fund is formally recognized as burned by validator vote.","Dividends":["N/A"],"Revenue Details":"Validators can vote on specific revenue-affecting protocol matters, including activation and eligibility of aligned quote assets, aspects of their revenue-sharing methodology, and whether certain markets qualify for discounted fee treatment. Core Assistance Fund routing is protocol-defined and automated, while market or token deployers control certain fee shares within predefined limits.","Protocol Name":"Hyperliquid","Fee Switch Details":"All trading fees are directed to the community through HLP, the Assistance Fund and deployers. Spot and HIP-3 perp deployers may choose to keep up to 50% of trading fees generated by their deployed assets.","Foundation Multisigs / Addresses":"Assistance Fund | 0xfefefefefefefefefefefefefefefefefefefefe\n","Token":["HYPE"],"Raise Details":"N/A\n","DefiLlama ID":"parent#hyperliquid","Equity Statement":"Foundation oversees proposals, validator votes, ecosystem growth and proposes HIPs. Hyperliquid has no private investors, no market maker deals, and no protocol fees to any company, ensuring a credibly neutral system with fair distribution to users and value accrual to the community.\n","Governance Details (Summary)":"Holders influence the network only by delegating HYPE to validators, who hold stake-weighted votes on a narrow set of operational matters (delisting, slashing, supply accounting, activation of aligned quote assets).","Latest Treasury / Token Report":"[Hyperliquid Analytics Dashboard](https://hyperscreener.asxn.xyz/home)\n","Brief description":"HYPE is the native token of Hyperliquid, utilized for staking to secure & influence the network. Staked HYPE reduces trading fees.","Last Updated":"2026-08-12T04:00:00.000Z","Token Type":["Governance","Utility","Network"],"Buybacks":["HYPE"],"Fundraising":["None"],"Equity Revenue Capture":"No"},{"Revenue Decisions":["QUICK"],"Governance Links":"[QUICK Token Docs](https://docs.quickswap.exchange/tokens/quick), [Governance Docs](https://docs.quickswap.exchange/overview/governance), [Voting Snapshot Page](https://snapshot.org/#/s:quickvote.eth)\n","Economic Rights (Summary)":"A portion of collected fees go to token buybacks: 13.33% of collected fees (0.04% of swap volume)","Value Accrual":"Buybacks","Associated Entities":["DAO","Foundation"],"Governance details":"Each proposal begins with a formal governance discussion, which takes place on both the QuickSwap Discord & Reddit channels. From there, once the community has had time to share their thoughts among themselves & the QuickSwap team, the discussion moves into a formal governance vote where QUICK holders can vote.","Treasury Details":"The DAO has full discretion over the usage of treasury held tokens.","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["QUICK"],"Ownership Links":"[Equity Statement](https://docs.quickswap.exchange/tokens/quick#quick-tokenomics)\n","Economic Links":"[QUICK Utility Dashboard](https://dapp.quickswap.exchange/dashboard)\n","Treasury Decisions":["QUICK"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"The DAO can vote on revenue decisions.","Protocol Name":"QuickSwap","Fee Switch Details":"Governance has directed a portion of protocol revenue (via a swap fee) to staking rewards.","Token":["QUICK"],"DefiLlama ID":"parent#quickswap","Equity Statement":"QUICK is a fair launch, community-governed project. There was no seed round, no private round, no pre-sale, and no public sale (ICO/IDO/IEO) - 96.75% of the total supply was reserved for the QuickSwap community.\n","Governance Details (Summary)":"QUICK token holders have the ability to vote on governance proposals put forth by the QuickSwap team. Following a recent proposal, the Foundation will manage day-to-day protocol operations, oversees operational contributors & infrastructure, and executes initiatives approved through governance. Major strategic decisions must be approved by governance.","Brief description":"QuickSwap's native token is QUICK, used for governance & staking in the Dragon's Lair. These are only available to New QUICK token holders - the existing Old QUICK token does not have any utility but can be converted to New QUICK via QuickSwap's converter. ","Last Updated":"2026-05-25T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["QUICK"],"Fundraising":["None"],"Equity Revenue Capture":"No"},{"Buyback Details":"Fee Flow works as a buyback-and-burn, with auction bidders buying the SWELL. There are no protocol-directed open-market buybacks.","Governance Links":"[DAO Overview](https://docs.swellnetwork.io/swell-dao/overview), [Progressive Decentralization](https://docs.swellnetwork.io/swell-dao/progressive-decentralization), \n","Value Accrual Details":"Value accrues through Fee Flow auction buybacks and burns.","Economic Rights (Summary)":"Holders have no direct revenue claim. Value accrues indirectly through Fee Flow burns and a monthly treasury burn program.","Value Accrual":"Buybacks","Associated Entities":["DAO"],"Governance details":"Proposals need at least a 7-day forum feedback period. A delegate or community manager then submits the final proposal to Snapshot. Funding requests require KYC/KYB and documentation with the Swell Foundation, and passed proposals are implemented by the DAO. Delegation is permissionless.","Treasury Details":"The docs assign treasury management to the DAO. Previously, large treasury burns have been executed through team-controlled Safes without any recorded Snapshot vote. The Foundation holds 15% of supply for L2 expansion, product development and ecosystem growth. The Community allocation is 35%.","Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["SWELL"],"Ownership Links":"[Sunsetting Swelllchain](https://www.swellnetwork.io/post/sunsetting-swellchain-from-l2-to-faro)\n","Economic Links":"[Fee Flow Docs](https://docs.swellnetwork.io/swell-dao/fee-flow), [Fee Flow Dashboard](https://app.swellnetwork.io/fee-flow)\n","Treasury Decisions":["N/A"],"Utility":"Staking","Burn Details":"Every 14 days, protocol revenue is sold for SWELL and the SWELL is burned. The monthly 0.5% supply reduction program burns 50M SWELL per month from a Safe since April 2026.","Revenue Details":"Staking and restaking rewards are split 90% to stakers, 5% to node operators and 5% to the Swell DAO Treasury.","Protocol Name":"Swell","Fee Switch Details":"Fee Flow, launched March 2026, auctions the treasury's accumulated swETH and rswETH every 14 days in a continuous Dutch auction. Bidders pay in SWELL, and the SWELL is burned. It is modelled on Euler's Fee Flow. Voyager fees are planned as a future revenue source","Token":["SWELL","rSWELL","wSWELL"],"DefiLlama ID":"parent#swell","Equity Statement":"No document states whether a development company with equity exists, who owns the Swell IP and brand, or whether Faro's revenue will accrue to SWELL. The sunset post says a \"status program\" connecting SWELL to Faro is being designed.\n","Governance Details (Summary)":"SWELL holders and delegates govern Swell DAO through a forum process followed by Snapshot votes. The documented scope covers treasury management, grants, node operator onboarding, AVS selection and incentive programs, with smart contract and parameter control promised in a later phase. The DAO is still in \"Phase 0.1–1\": voting is off-chain, and full on-chain governance has not been implemented.","Brief description":"SWELL is the governance token of Swell DAO. Protocol fees from both are auctioned for SWELL via Fee Flow, and the SWELL received is burned. Swell sunset its Swellchain L2 in June 2026 to focus on Faro, a Hyperliquid research-to-trade platform, and says it is designing a status program connecting SWELL to Faro.","Last Updated":"2026-09-30T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["SWELL"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"Unknown"},{"Domain":"Ether.fi SEZC","Buyback Details":"Portion of protocol revenue is used to buy back ETHFI, another portion goes to the Foundation treasury.","Revenue Decisions":["ETHFI"],"Governance Links":"[Governance Forum](https://governance.ether.fi/), [Governance Docs](https://etherfi.gitbook.io/gov)\n","Value Accrual Details":"Value accrues through programmatic buybacks held by the Foundation. Rewards are bought on the market rather than emitted","Economic Rights (Summary)":"40% of revenue goes to Labs to cover expenses, 30% buys ETHFI on open market & is held in Foundation treasury, and 30% buys ETHFI on open market delivered to users as cashback rewards.","Value Accrual":"Buybacks","Associated Entities":["Labs (DevCo)","DAO"],"Treasury Details":"A portion of protocol & re-staking rewards are directed toward DAO treasury, token holders can vote on treasury diversification activities.","IP & Brand":"Ether.fi SEZC","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["ETHFI"],"Ownership Links":"[ETHFI token details page](https://www.ether.fi/ethfi)\n","Economic Links":"[ETHFI Staking page](https://www.ether.fi/ethfi), [ETHFI Buyback Program](https://etherfi.gitbook.io/gov/ethfi-buyback-program), [DAO Proposal](https://snapshot.org/#/s:etherfi-dao.eth/proposal/0xed61adff5103b4e50be49b28fca8ecbbea9d685141d2d5a34d1d24232ac91891)\n","Treasury Decisions":["ETHFI"],"Dividends Details":"A portion of bought back ETHFI is distributed to users as rewards.","Utility":"Staking","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"Token holders can vote on economic parameters including protocol fees.","Protocol Name":"Etherfi","Fee Switch Details":"After the DAO proposal passed in September 2026, Labs sends a share of interchange, swap and staking revenue, and the Foundation programmatically buys ETHFI by TWAP. 100% of eETH withdrawal fee revenue is allocated to weekly ETHFI buybacks.","Foundation Multisigs / Addresses":"0x7A6A41F353B3002751d94118aA7f4935dA39bB53\n","Token":["ETHFI"],"Raise Details":"N/A\n","DefiLlama ID":"parent#ether-fi","Equity Statement":"The Foundation stewards the treasury and executes token holder decisions, but does not collect protocol revenue directly. Ether.fi Labs collects 40% of product revenue. $32.7M was raised from investors across two private rounds. Ether.fi states there is no intention at this time to accrue value to equity holders via dividends or share repurchases.\n","Governance Details (Summary)":"Can vote on grants, parameters, protocol fees, controller, contract and various other protocol upgrades, treasury diversification activities","Latest Treasury / Token Report":"[ETHFI DAO Treasury Dashboard](https://dune.com/ether_fi/ethfi-dao)\n","Brief description":"ETHFI is the governance and utility token of Ether.fi, allowing holders to stake for a share of monthly protocol revenue from staking and restaking activities, vote on incentives and ecosystem support.","Last Updated":"2026-10-09T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["ETHFI"],"Fundraising":["Equity","Token Sale"],"Equity Revenue Capture":"No"},{"Domain":"Solana Mobile Inc.","Buyback Details":"The SKR Buy and Burn program buys SKR on the open market every day.","Revenue Decisions":["N/A"],"Governance Links":"[SKR Page](https://solanamobile.com/skr)\n","Value Accrual Details":"Value accrues through buybacks and burns. All bought back SKR is burned.","Economic Rights (Summary)":"Stakers earn SKR inflation rewards. The SKR Buy and Burn program started in October 2026.","Value Accrual":"Deflationary supply reduction","Associated Entities":["Solana Mobile Inc. (DevCo)","Solana Labs"],"Governance details":"No proposal process, quorum or voting venue has been published. Staking delegates SKR to a Guardian, and Guardians are elected by the SKR holders who stake to them.","Treasury Details":"The Community Treasury holds 10% of supply. Because governance has not launched, holders cannot yet direct it.","IP & Brand":"Solana Mobile Inc.","Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["N/A"],"Economic Links":"[Buy and Burn Announcement](https://solanamobile.com/blog/skr-buy-and-burns-are-live), [Staking page](https://stake.solanamobile.com/)\n","Treasury Decisions":["N/A"],"Dividends Details":"Staking rewards are paid in newly minted SKR from inflation.","Utility":"Staking","Burn Details":"All SKR bought through the program is burned. Each month's burns come from the prior month's wallet revenue plus a share of earlier wallet revenue spread over 12 months.","Dividends":["N/A"],"Revenue Details":"Solana Mobile decides what share of its revenue funds buybacks.","Protocol Name":"Seeker","Fee Switch Details":"A portion of revenue from the Seed Vault Wallet and Solana Mobile Validator is used to buy SKR on the open market and burn it.","Foundation Multisigs / Addresses":"Buy and Burn Program | AFuZE1beQGWVBHMHUPJf2BSmhj7W5fotjGWeKpi8W3Sf\n","Token":["SKR"],"DefiLlama ID":"seeker","Equity Statement":"There was no SKR token sale. Solana Mobile describes SKR as the asset that “distributes control, powers curation, and aligns incentives across builders, users, and hardware partners,” where “the community governs, builders keep what they earn, and users own a stake in the value they create.” A portion of revenue from its validator and Seed Vault Wallet funds daily SKR buybacks and burns. Solana Mobile Inc. keeps the rest of its revenue, including device sales.\n","Governance Details (Summary)":"Governance has been announced but has not yet launched. once launched, Solana Mobile states SKR holders will govern the platform, community treasury and dApp STore curation.","Latest Treasury / Token Report":"[SKR Buy & Burn tracker](https://solanamobile.com/skr#buyandburn)\n","Brief description":"SKR is the native token of the Solana Mobile ecosystem, built around the Seeker phone and the Solana dApp Store. Holders stake SKR to Guardians, which verify Seeker devices and curate the dApp Store, and earn rewards from SKR inflation.","Last Updated":"2026-11-03T05:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["SKR"],"Fundraising":["None"],"Equity Revenue Capture":"Unknown"},{"Revenue Decisions":["USUALx"],"Governance Links":"[Usual Governance Docs](https://docs.usual.money/usual-products/usual-governance-token/usual-governance), [Governance Token Docs](https://docs.usual.money/usual-products/usual-governance-token), [Usual Fact Sheet](https://docs.usual.money/resources-and-ecosystem/fact-sheets/usual-products/usual#executive-summary)\n","Value Accrual Details":"Value accrues to locked staker holdings through weekly distributions of protocol revenue.","Economic Rights (Summary)":"Staked USUALx earns a portion of daily emissions. Only locked USUALx earns protocol revenue.","Value Accrual":"Protocol Revenue Share","Associated Entities":["DAO","Labs"],"Governance details":"Holders of USUALx can propose and vote on protocol parameter changes, new collateral onboarding, and DAO treasury management.","Treasury Details":"The DAO manages treasury policy including investment strategies, allocations, distributions, buybacks & strategic positions.","IP & Brand":"DAO","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["USUALx"],"Ownership Links":"[Equity Statement](https://docs.usual.money/usual-products/usual-governance-token/usual-governance#the-usual-dao)\n","Economic Links":"[Revenue Switch Announcement](https://usual.money/blog/revenue-switch-a-new-dawn-for-usualx-holders), [UIP-11: Deflationary Reform](https://snapshot.box/#/s:usualmoney.eth/proposal/0x14df63cd930e222815c714287fa8f9a4cd212bb86120c7145ee7781a97ccf4d7), [Usual Revenue Distribution Docs](https://docs.usual.money/usual-products/usual-governance-token/usual-locking-module)\n","Treasury Decisions":["USUALx"],"Dividends Details":"Up to 100% of protocol revenue will be distributed directly to locked USUALx holders on a weekly basis. Rewards are distributed in USD0. Unlocked staked USUALx earns 22% of daily USUAL emission, but does not participate in weekly USD0 revenue distributions.","Utility":"Staking","Burn Details":"No burn mechanism is currently active","Dividends":["USUALx"],"Revenue Details":"The DAO can update parameters that affect fees, rewards, insurance fund parameters and distribution of proceeds.","Protocol Name":"Usual","Fee Switch Details":"30% of revenue flows to locked USUALx holders, 70% flows to the treasury.","Foundation Multisigs / Addresses":"Treasury Addresses: https://tech.usual.money/smart-contracts/contract-deployments#treasuries\n","Token":["USUAL","USUALx","USUAL*","USD0"],"DefiLlama ID":"parent#usual","Equity Statement":"Before 2025, governance rights were shared across two token classes: USUALx (community governance) and USUAL\\* (a separate token distributed to insiders, investors & advisors) which carried governance weight equal to USUALx. In November 2025, USUAL\\* was made soulbound, removing the dual-token governance structure and simplifying governance into a single-token model, where voting power flows through USUAL/USUALx. Holders of USUAL\\* will retain their governance rights until June 2028. After that, only holers of USUALx will control the protocol.\n","Governance Details (Summary)":"Ultimate governance authority resides in the Usual DAO, driven primarily by staked USUAL (USUALx) holders. These stakeholders have proposal and voting rights and can shape DAO operations, strategic direction, and investment policies. A separate USUAL* token was distributed to insiders carrying governance weight equal to USUALx. This USUAL* token was made soulbound and retired, so voting power now flows through USUAL & USUALx. USUAL* holders retain governance rights until June 2028.","Latest Treasury / Token Report":"[Metrics Dashboard](https://app.usual.money/)\n","Brief description":"USUAL is the governance and ownership token at the core of the Usual Protocol. It is designed to represent ownership, capturing revenue generated from the Treasury Bill collateral underlying USD0.","Last Updated":"2026-04-14T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["Unknown"],"Equity Revenue Capture":"Unknown"},{"Revenue Decisions":["N/A"],"Value Accrual Details":"Value accrues through buybacks and token burns.","Economic Rights (Summary)":"Approximately 60% of the platform revenue is used to buy $STONK on the open market and burn it. The rest is retained.","Value Accrual":"Buybacks","Associated Entities":["DevCo"],"Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["N/A"],"Economic Links":"[Revenue Dashboard](https://www.stonkfun.xyz/revenue)\n","Treasury Decisions":["N/A"],"Utility":"N/A","Dividends":["N/A"],"Protocol Name":"StonkFun","Fee Switch Details":"The platform fee is 1% of bonding-curve trades. A share of trading fees from every v3 CLMM reward coin and every Rewards, Community Mode and Standard V2 LaunchLab launch — from the bonding-curve vault before migration and the Raydium CPMM pool after — flows to the flywheel, which buys back and burns the platform's top 10 tokens by market cap, weighted by market cap.","Foundation Multisigs / Addresses":"Buyback & burn operator wallet | 5CEbueQnq1Ym2uSSx2xXds3jQAqT1BDnkA59RZobSPAG\n","Token":["STONK"],"DefiLlama ID":"8450","Equity Statement":"StonkFun keeps fees that aren't used for buybacks.\n","Governance Details (Summary)":"There is no governance.","Latest Treasury / Token Report":"\n","Brief description":"StonkFun is a Solana launchpad built on Raydium LaunchLab. Users launch coins paired with other assets or custom tokens. Launches graduate to Raydium CPMM pools at a $40K market cap.","Last Updated":"2026-10-21T04:00:00.000Z","Token Type":["Utility"],"Buybacks":["STONK"],"Fundraising":["Unknown"],"Equity Revenue Capture":"Partial"},{"Domain":"Block Raccoon S.A.","Buyback Details":"JUP is purchased on the open market and held in the Litterbox Trust, locked for 3 years","Revenue Decisions":["JUP"],"Governance Links":"[Fresh Start Announcement](https://x.com/kashdhanda/status/1978491694564720942?s=20)\n","Value Accrual Details":"Value accrues through buybacks","Economic Rights (Summary)":"50% of revenue (12.5% of total fees) goes to JUP holders through buybacks","Value Accrual":"Buybacks","Associated Entities":["DAO","Other"],"Governance details":"DAO focuses on tokenomics decisions and major treasury stewardship items","Treasury Details":"JUP DAO can vote on major treasury stewardship proposals","Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["JUP"],"Ownership Links":"[Equity Statement](https://x.com/weremeow/status/1898208935351664905?s=20), [Raise Announcement](https://x.com/JupiterExchange/status/2018191577143747014?s=20)\n","Economic Links":"[Litterbox burn proposal](https://vote.jup.ag/proposal/HpYmjb9VWSZUYsWbZMJg2UshbQA8E5xwEzeGyRKSBa99), [Net Zero Emissions Announcement](https://x.com/JupiterExchange/status/2025912417721405631?s=20)\n","Treasury Decisions":["JUP"],"Dividends Details":"No dividend or revenue distribution is currently active for Jupiter","Utility":"Staking","Burn Details":"Two large burns have occured, the latest was 130m JUP in November 2025","Dividends":["N/A"],"Revenue Details":"JUP DAO can vote on major protocol revenue decisions","Protocol Name":"Jupiter","Fee Switch Details":"50% of protocol's take rate fund JUP buybacks and locks them","Foundation Multisigs / Addresses":"CPZmKkAhD2wv1Z21EUZvdH8ZeSD13geAnSfyVBwcW8XK\n","Token":["JUP"],"Raise Details":"N/A\n","DefiLlama ID":"parent#jupiter","Equity Statement":"The team is compensated in cash with bonuses instead of tokens, sends 50% of revenues to a litterbox trust for long-term JUP accumulation, and is fully aligned on JUP's success.\n","Governance Details (Summary)":"Users stake JUP for vote access on governance proposals. Consistent voting participation is yield-bearing through Jupiter's Active Staking Rewards","Latest Treasury / Token Report":"[Forum Weekly Reports](https://discuss.jup.ag/tag/risk/4)\n","Brief description":"JUP is the governance token of Jupiter, allowing community members to vote on platform upgrades, fee mechanisms, and ecosystem grants through transparent proposals, with a fixed supply featuring burnt team allocations and on-chain locked vesting to prevent insider rewards","Last Updated":"2026-07-29T04:00:00.000Z","Token Type":["Governance","Community","Utility"],"Buybacks":["JUP"],"Fundraising":["None"],"Equity Revenue Capture":"No"},{"Revenue Decisions":["GMX"],"Governance Links":"[GMX Token Docs](https://docs.gmx.io/docs/tokenomics/gmx-token/), [Uniswap V3 NFT LP Tokens Address](https://arbiscan.io/token/0xc36442b4a4522e871399cd717abdd847ab11fe88?a=0x4bd1cdAab4254fC43ef6424653cA2375b4C94C0E#inventory)\n","Value Accrual Details":"Value accrues through buybacks and distribution of platform fees","Economic Rights (Summary)":"Protocol fees are automatically split: 63% to GM LPs, 27% to GMX stakers, 10% to GMX treasury","Value Accrual":"Buybacks","Associated Entities":["DAO","Labs (DevCo)"],"Treasury Details":"GMX holders vote on treasury-related proposals. The GMX DAO owns the protocol-owned liquidity in the form of Uniswap V3 NFT LP tokens.","IP & Brand":"Labs (DevCo)","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["GMX"],"Ownership Links":"[Equity Statement - Labs Funding Proposal](https://snapshot.org/#/s:gmx.eth/proposal/0x8495d384a1c39623d22fb239711f73ded6ba108ee7e91f0eb36d1375ca581c25)\n","Economic Links":"[Token Rewards Docs](https://docs.gmx.io/docs/tokenomics/rewards)\n","Treasury Decisions":["GMX"],"Dividends Details":"GMX stakers earn 27% of platform revenue","Utility":"Staking, Liquidity Incentives","Burn Details":"No burn mechanism is currently active","Dividends":["sGMX"],"Revenue Details":"Holders vote on revenue-related parameters, such as fee adustments & incentive distributions","Protocol Name":"GMX","Fee Switch Details":"Protocol fees are shared with LPs, GMX stakers and GMX treasury","Foundation Multisigs / Addresses":"DAO treasury | 0x4bd1cdAab4254fC43ef6424653cA2375b4C94C0E | DAO treasury (Arbitrum) | 0x68863dDE14303BcED249cA8ec6AF85d4694dea6A | Uniswap POL NFT's multisig | 0xc6378dDF536410c14666DC59BC92b5EBC0F2F79E | Arbitrum Airdrop | 0x0263ad94023a5Df6d64f54BFEF089F1FBF8A4CA0\n","Token":["GMX","sGMX","GLV","GM"],"DefiLlama ID":"parent#gmx","Equity Statement":"GMX Labs was created by the DAO as its service provider. Labs operates fully under DAO oversight and direction. A recent funding proposal requesting 250,000 GMX from the treasury passed, granting two years of operational runway for Labs, with a $9,000,000 annual spend ceiling.\n","Governance Details (Summary)":"The GMX DAO owns protocol-owned liquidity in the form of Uniswap V3 NFT LP tokens. Current revenue split was set by DAO vote","Latest Treasury / Token Report":"[GMX Stats Dashboard](https://app.gmx.io/#/stats)\n","Brief description":"GMX is the platform's utility and governance token. GM tokens represent shares in a liquidity pool for a single GMX market. GLV (GMX Liquidity Vault) holds various GM tokens as an auto-rebalancing vault of liquidity pools.","Last Updated":"2026-06-29T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["GMX"],"Fundraising":["None"],"Equity Revenue Capture":"No"},{"Buyback Details":"No buyback mechanism is currently active","Revenue Decisions":["N/A"],"Governance Links":"[Tokenomics Overview](https://www.monad.xyz/announcements/mon-tokenomics-overview), [Token Sale Disclosure](https://static-assets.coinbase.com/raise/cb_token_sales_monad_disclosure.pdf)\n","Value Accrual Details":"Supply is elastic. Each block mints a 25 MON reward (about 2B MON, ~2% of initial supply, per year), split among stakers of the producing validator. The base-fee burn partially offsets this. Net direction depends on usage.","Economic Rights (Summary)":"MON tokens do not represent equity, ownership or profit-sharing rights in Monad Foundation or Category Labs, or any entitlement to Monad protocol revenue. Stakers (and their delegators) earn block-reward emissions for securing the network.","Value Accrual":"Deflationary supply reduction","Associated Entities":["Foundation","Category Labs"],"Governance details":"There are no plans for onchain MON governance.","Treasury Details":"The Monad Foundation stewards the Ecosystem Development allocation for grants, incentives, and validator delegation, spent over many years. Category Labs separately holds a Treasury allocation for future employee compensation.","Burns":"Active","Fee Switch Status":"OFF","Governance Decisions":["N/A"],"Ownership Links":"[Equity Statement](https://static-assets.coinbase.com/raise/cb_token_sales_monad_disclosure.pdf)\n","Economic Links":"[Token Sale Disclosure](https://static-assets.coinbase.com/raise/cb_token_sales_monad_disclosure.pdf), [Transactions Docs](https://docs.monad.xyz/developer-essentials/transactions)\n","Treasury Decisions":["N/A"],"Dividends Details":"Stakers earn rewards from emissions.","Utility":"Staking, Gas","Burn Details":"The base component of each transaction fee is burned.","Dividends":["N/A"],"Revenue Details":"Transaction fees split into a base component (burned) and a priority component (to the block-producing validator). No protocol revenue accrues to a treasury or to MON holders.","Protocol Name":"Monad","Fee Switch Details":"The base fee is burned and the priority fee goes to the producing validator. No fee revenue is routed to a treasury or distributed to MON holders.","Token":["MON"],"DefiLlama ID":"monad","Equity Statement":"The Monad Foundation does not have equity holders. Investors in Category Labs, a for-profit corporation, received equity interests and MON token warrants. The rights and value accrual mechanisms associated with the MON token and equity in Category Labs are separate and distinct. Any value accrual in Category Labs equity is tied solely to the revenue earned by Category Labs as a professional services organization and not to the performance of the protocol or the MON token.\n","Governance Details (Summary)":"There is no onchain token governance. Protocol changes happen through validator adoption of new client software, taking effect only when validators representing at least 2/3 of stake weight upgrade. MON holders influence indirectly by choosing which validators to stake with or delegate to. Per the token sale disclosure, MON holders cannot directly vote on proposals.","Brief description":"MON is used to pay gas fees and is staked to secure the network and participate in governance.","Last Updated":"2026-06-26T04:00:00.000Z","Token Type":["Governance","Utility","Network"],"Buybacks":["N/A"],"Fundraising":["Token Sale","Equity"],"Equity Revenue Capture":"Yes"},{"Buyback Details":"Buybacks are mentioned in the whitepaper but have not been verified.","Revenue Decisions":["N/A"],"Governance Links":"[Limitless Whitepaper](https://limitless.exchange/whitepaper.pdf)\n","Value Accrual Details":"Value accrues as protocol fees are shared with stakers and used for LMTS buybacks.","Economic Rights (Summary)":"Staked LMTS receives a share of protocol fees (in collateral or via open-market LMTS buybacks) and benefits from reduced taker fees and enhanced maker rebates. A portion of platform fees funds buybacks, staking rewards, and incentive pools. Staking is live, buybacks have not been confirmed.","Value Accrual":"Protocol Revenue Share","Associated Entities":["Limitless Labs"],"Governance details":"Core contracts are immutable; the off-chain CLOB operator cannot move user funds (batches violating signed orders/balance checks revert).","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["N/A"],"Economic Links":"[LMTS Token Dashboard](https://limitless.exchange/token), [LMTS Staking page](https://limitless.exchange/staking)\n","Treasury Decisions":["N/A"],"Dividends Details":"Staked LMTS earns a share of protocol fees in collateral (LMTS accumulates) or through periodic purchases of LMTS on the open market. This is stated in the whitepaper and additional information could not be verified.","Utility":"Staking, Fee Discounts","Burn Details":"No burn mechanism is currently active","Dividends":["sLMTS"],"Revenue Details":"The AMM fee is split between LPs and the protocol, with the protocol portion routed to the LMTS fee router.","Protocol Name":"Limitless","Fee Switch Details":"A portion of trading fees accrues to the protocol via the LMTS fee router; a portion of platform fees is directed to buybacks, staking rewards, and incentive pools.","Token":["LMTS"],"DefiLlama ID":"5181","Equity Statement":"Trading fees are routed to the LMTS fee router; a portion funds buybacks, staking rewards, and incentive pools. Team and investor token allocations are subject to vesting and lock-ups. The share of fees retained by Limitless Labs, if any, is not disclosed.\n","Governance Details (Summary)":"The whitepaper names \"long-term governance\" as an intended role for LMTS as a coordination asset, but no operational governance mechanism (voting venue, proposal process, or on-chain governance module) is currently documented. Core settlement contracts are immutable with no admin keys that can rewrite balances.","Latest Treasury / Token Report":"[LMTS Token Dashboard](https://limitless.exchange/token)\n","Brief description":"LMTS is the native token of Limitless Exchange. It links protocol fees, staking rewards, and liquidity incentives into one asset; staked LMTS receives a share of protocol fees and reduced trading fees.","Last Updated":"2026-06-23T04:00:00.000Z","Token Type":["Utility"],"Buybacks":["LMTS"],"Fundraising":["Token Sale"]},{"Domain":"Kinetiq","Buyback Details":"100% of Kinetiq’s disposable Markets income (minimum 10% of deployer share + builder code revenue) goes to KNTQ buybacks","Revenue Decisions":["N/A"],"Governance Links":"[KNTQ Docs](https://kinetiq.xyz/docs/kntq), [Instant Unstake announcement](https://x.com/Kinetiq_xyz/status/2052011468791361713?s=20)\n","Value Accrual Details":"Value accrues through KNTQ buybacks.","Economic Rights (Summary)":"Most revenue from Kinetiq revenue streams (disposable markets, Launch, KIP-2) goes to acquiring KNTQ. 70% of KIP-2 revenue streams are used for buybacks, 30% to Kinetiq treasury for operations. 100% of KNTQ trading fees are sent to the Hyperliquid assistance fund and effectively burned.","Value Accrual":"Buybacks","Associated Entities":["DAO","Labs","Foundation","Other"],"IP & Brand":"Kinetiq","Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["N/A"],"Ownership Links":"[Equity Statement](https://kinetiq.xyz/docs/kntq#kntq)\n","Economic Links":"[Value Accrual Mechanisms](https://kinetiq.xyz/docs/kntq#value-accrual-mechanisms), [Value Accrual Flow](https://kinetiq.xyz/kntq#value-accrual), [KIP-5 Post](https://kinetiq.xyz/blog/kip-5-kntq-buybacks-assistance-fund)\n","Treasury Decisions":["N/A"],"Dividends Details":"Previously, purchased KNTQ was distributed to sKNTQ stakers. After KIP-5, future purchases are sent to the Hyperliquid Assistance Fund.","Utility":"Staking, Protocol Access, Fee Discounts","Burn Details":"100% of KNTQ trading fees are sent to the Hyperliquid assistance fund, effectively burning them from supply","Dividends":["N/A"],"Protocol Name":"Kinetiq","Fee Switch Details":"Most protocol revenue is used for KNTQ buybacks. An \"Instant Unstake\" option to exit HYPE staking incurs a fee which is split evenly between kHYPE yield, buybacks and Kinetiq's treasury.","Foundation Multisigs / Addresses":"List of contracts and audits: https://kinetiq.xyz/docs/contracts-and-audits\n","Token":["KNTQ","sKNTQ"],"Raise Details":"DL: https://x.com/KinetiqFND/status/1981005145908392376?s=20\n","DefiLlama ID":"parent#kinetiq","Equity Statement":"KNTQ is the sole instrument through which all of Kinetiq’s value accrues.\n","Governance Details (Summary)":"Kinetiq does not currently have governance enabled, and will provide information when this changes.","Latest Treasury / Token Report":"[KNTQ Dashboard](https://kinetiq.xyz/kntq)\n","Brief description":"KNTQ is the governance token of Kinetiq, serving as the primary instrument for value accrual within the ecosystem. sKNTQ is the staked version and entitles holders to protocol rewards and ecosystem features. Governance is not yet enabled.","Last Updated":"2026-09-18T04:00:00.000Z","Token Type":["Utility"],"Buybacks":["KNTQ"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Buyback Details":"Since Dec 2025, a portion of monthly revenue buys VVV on the open market. From Apr 15 2026, programmatic per-subscription buy-and-burns were added.","Revenue Decisions":["N/A"],"Value Accrual Details":"Each VVV represents a growing share of inference capacity as Venice scales. Revenue-funded monthly buy-and-burn reduces supply. Emissions are split between stakers and Venice by a Utilization Rate, so net accrual depends on demand outpacing emissions.","Economic Rights (Summary)":"Stakers receive a pro-rata share of Venice's daily inference capacity at zero marginal cost plus emissions yield. Value also accrues via revenue-funded buy-and-burn.","Value Accrual":"Deflationary supply reduction","Associated Entities":["DevCo","Equity"],"IP & Brand":"DevCo","Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["N/A"],"Ownership Links":"[Equity Statement](https://x.com/ErikVoorhees/status/2072336114950545755?s=20)\n","Economic Links":"[VVV Token Info Page](https://venice.ai/lp/vvv), [VVV Token Announcement](https://venice.ai/blog/introducing-the-venice-token-vvv), [VVV Token Dashboard](https://venice.ai/token)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking, Protocol Access","Burn Details":"Bought-back VVV is permanently burned monthly (plus programmatic per-subscription burns). Separately, ~33.7M unclaimed airdrop VVV were burned in Mar 2025. Cumulative burns ~42.8% of original supply by Feb 2026.","Dividends":["N/A"],"Protocol Name":"Venice","Fee Switch Details":"Venice charges subscription and API fees; a portion of that revenue funds the monthly VVV buy-and-burn program.","Token":["VVV"],"DefiLlama ID":"7891","Equity Statement":"Venice.ai is a for-profit company that controls the protocol and captures subscription/API revenue. It holds the 35% development/growth allocation, is the largest VVV holder, and receives a share of emissions via the Utilization Rate. A portion of revenue is routed to token holders through buy-and-burn, but the company retains control and the balance of revenue. Token holders get inference access, yield, and deflation, but no governance. Venice's recent fundraise brought in $65m in exchange for 8.98% of the company, a vesting grant of 1.5m VVV tokens, and the right to buy 5m VVV in the next eight years. Investors must pay Venice an additional $66.5m to exercise the token warrant and call option.\n","Governance Details (Summary)":"Venice's own materials describe VVV as a capital/access asset (staking, yield, Pro, DIEM), not a governance token. No DAO, voting interface, Snapshot, or Tally has been deployed. Token holders do not vote on protocol decisions; Venice retains full control.","Latest Treasury / Token Report":"[VVV Token Dashboard](https://venice.ai/token)\n","Brief description":"VVV is the capital/access token of Venice. Staking VVV grants a pro-rata share of Venice's daily API inference capacity at zero marginal cost plus staking yield from emissions. Staking 100 VVV unlocks Venice Pro; staked VVV (sVVV) can be locked to mint DIEM ($1/day of API credit per token).","Last Updated":"2026-07-04T04:00:00.000Z","Token Type":["Utility"],"Buybacks":["VVV"],"Fundraising":["None"],"Equity Revenue Capture":"Partial"},{"Revenue Decisions":["xPHAR"],"Governance Links":"[xPHAR Docs](https://docs.phar.gg/pages/xphar), [Voting](https://docs.phar.gg/pages/voting)\n","Value Accrual Details":"Value accrues to xPHAR stakers through protocol fees and voting incentives.","Economic Rights (Summary)":"xPHAR token is used to vote to direct emissions to liquidity and 100% of protocol fees and vote incentives go to xPHAR, as long as they are active staking. xPHAR requires users to be staked to earn vote incentives and rebases.","Value Accrual":"Protocol Revenue Share","Treasury Details":"Holders have no treasury rights.","Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["xPHAR"],"Ownership Links":"[Equity Statement](https://docs.phar.gg/pages/tokenomics#elastic-emissions)\n","Economic Links":"[Burn to Mint](https://docs.phar.gg/pages/xphar#x-phar-burn-to-mint), [Active Staking](https://docs.phar.gg/pages/xphar#active-staking), [Tokenomics](https://docs.phar.gg/pages/tokenomics)\n","Treasury Decisions":["N/A"],"Dividends Details":"Protocol fees and vote incentives flow to xPHAR stakers","Utility":"Staking, Liquidity Incentives","Burn Details":"50% of PHAR tokens used to mint xPHAR are permanently burned","Dividends":["xPHAR"],"Revenue Details":"xPHAR voters direct emissions, and earn the fees and vote incentives of the pools they vote for. Swap fee rates are set by the team’s fee setter role, not by holders.","Protocol Name":"Pharaoh Exchange","Fee Switch Details":"100% of protocol fees from pools with a gauge (concentrated liquidity, legacy and DLMM) go to xPHAR voters, along with all vote incentives. Pools without a gauge split fees 95% to LPs and 5% to the protocol. Fee splits are configurable per pool.","Token":["PHAR","xPHAR","p33"],"DefiLlama ID":"parent#pharaoh-exchange","Equity Statement":"There are no team allocations or other distributions, and 100% of all emissions go to gauges. 100% of protocol fees are directed to xPHAR voters, unless a pool-specific fee split is configured.\n","Governance Details (Summary)":"Only xPHAR holders have voting rights. xPHAR is non-transferable but can be exited if needed. The PHAR > xPHAR conversion process is 1:1 and can be freely converted, but instant exit comes with a 50% penalty","Brief description":"xPHAR stakers can vote to direct emissions to their favorite LP pairs. Stakers earn 100% of protocol fees, vote incentives and exit penalties. p33 is the liquid staked version of xPHAR and can be minted with xPHAR.","Last Updated":"2026-11-03T05:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["None"],"Equity Revenue Capture":"No"},{"Domain":"Foundation","Buyback Details":"No buyback mechanism is currently active","Revenue Decisions":["N/A"],"Governance Links":"[Governance Docs](https://docs.re.xyz/governance-and-tokenomics/re-governance), [Governance Overview](https://govern.re.xyz/#overview)\n","Value Accrual Details":"RE's value is governance control. reUSD & reUSDe earn a base rate plus a spread funded by reinsurance premiums.","Economic Rights (Summary)":"reUSD and reUSDe holders have no direct legal claim on trust assets. They earn a formula-based yield (base rate plus a fixed spread) funded by reinsurance premiums, and reUSDe’s NAV can be reduced by reinsurance losses. RE staking rewards exist but are drawn from the fixed Ecosystem allocation and are characterised as participation incentives, not yield.","Value Accrual":"N/A","Associated Entities":["Foundation","RE Token Issuer","reUSD & reUSDe Token Issuer","Segregated Portfolio Company"],"Governance details":"Stake to vote. Five committees are defined. Governance is phased, currently phase 1 & 2 are live.","Treasury Details":"RE governs reserve, treasury and incentive frameworks through the Treasury & Investment Committee.","IP & Brand":"Foundation","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["RE"],"Ownership Links":"[Equity Statement](https://docs.re.xyz/governance-and-tokenomics/re-tokenomics)\n","Economic Links":"[Dashboard Overview](https://docs.re.xyz/transparency-and-data-show-me-the-receipts/dashboard-overview), [RE Tokenomics](https://docs.re.xyz/governance-and-tokenomics/re-tokenomics)\n","Treasury Decisions":["RE"],"Dividends Details":"reUSD earns a blended base rate plus a 250 bps spread: the risk-free rate on capital deployed into reinsurance, and the 7-day trailing sUSDe rate on undeployed capital. reUSDe earns the risk-free rate plus an 850 bps spread, in exchange for absorbing reinsurance losses after Re’s own capital and before reUSD. Losses can mark down reUSDe’s NAV. The spreads are funded by reinsurance premiums.","Utility":"Staking","Burn Details":"No burn mechanism is currently active","Dividends":["reUSD","reUSDe"],"Revenue Details":"RE stakers do not direct protocol revenue or reinsurance capital.","Protocol Name":"Re","Fee Switch Details":"No fee switch exists. Premium income flows to reUSD/reUSDe depositors as yield and to Re's own capital; none is directed to RE holders or to RE buybacks.","Foundation Multisigs / Addresses":"Master Gnosis Safe | 0x8eec10616802Ef639CA55c98ac856553fAdEfBaD\n","Token":["RE","reUSD","reUSDe"],"DefiLlama ID":"7182","Equity Statement":"Re raised institutional equity. The Foundation is the protocol owner and operator; Resilience Core Ltd. is a wholly-owned issuing subsidiary. The RE governance token does not represent equity, debt, profit-sharing, dividend or fee-distribution rights, or any claim on the revenue, earnings, insurance flows, reserves, collateral, or other assets of Re, Resilience Foundation, or their affiliates. Its only function is participation in protocol governance. Any rewards are protocol-defined and should not be understood as guaranteed yield, passive income, or a share of business profits.\n","Governance Details (Summary)":"RE stakers can vote on smart contract upgrades, technical permissions, staking and bonding mechanics, committee formation, and transparency standards. Holders cannot govern underwriting, treaty pricing, claims decisions, reserve views, trade-by-trade treasury execution, or anything inside the regulated reinsurer.","Latest Treasury / Token Report":"[Metrics Dashboard](https://app.re.xyz/metrics)\n","Brief description":"Holders stake RE to vote on protocol upgrades, staking parameters, committee formation, and transparency standards. Yield is earned separately by holders of reUSD and reUSDe, which carry no governance rights.","Last Updated":"2026-10-30T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["Token Sale","Equity"],"Equity Revenue Capture":"Unknown"},{"Domain":"Foundation","Buyback Details":"50% of Derive protocol fees are allocated to DRV token buybacks. Buybacks are executed once a month.","Revenue Decisions":["stDRV"],"Governance Links":"[Derive Governance](https://gov.derive.xyz/info), [DRV Overview](https://www.derive.xyz/drv), [Treasury Docs](https://docs.derive.xyz/docs/treasury)\n","Value Accrual Details":"Value accrues to DRV through buybacks","Economic Rights (Summary)":"DRV stakers (stDRV) get discounted fees on trades, and receive weekly rewards from DAO emissions.","Value Accrual":"Buybacks","Associated Entities":["DAO","Labs","Foundation"],"Governance details":"DRV must be staked to obtain governance powers proportional to staking balances. Stakers can choose to delegate proposal rights or voting rights.","Treasury Details":"stDRV holders oversee treasury allocations.","IP & Brand":"Foundation","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["stDRV"],"Ownership Links":"[Equity Statement](https://x.com/itseneff/status/2032453721502744761?s=20)\n","Economic Links":"[Fee Tiers](https://app.derive.xyz/fees), [Token Mechanics & Overview](https://help.derive.xyz/en/articles/10381892-drv#h_adbabfa26d)\n","Treasury Decisions":["stDRV"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking, Fee Discounts","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"All fee parameters are controlled by DRV stakers through tokenholder votes. Protocol fee revenue is allocated by governance","Protocol Name":"Derive","Fee Switch Details":"50% of net fees go to DRV Buybacks.","Foundation Multisigs / Addresses":"\n","Token":["DRV","stDRV"],"DefiLlama ID":"parent#lyra","Equity Statement":"Derive is, and always has been, structured around a single asset: DRV. There is no equity layer or outside investors extracting protocol value. There are no competing incentive structures. DRV is the only governance and coordination mechanism in the ecosystem. Governance, contributor compensation, and value accrual all flow through DRV and have since day one.\n","Governance Details (Summary)":"DRV holders own the governance, the economics, and the upside of the protocol. The Derive Foundation (Cayman Islands) represents the DAO, implements governance decisions, manages treasury operations, and enters into legal agreements on behalf of DRV holders. The protocol's revenue belongs to its governance.","Brief description":"DRV is the governance and coordination mechanism for the Derive ecosystem. Governance, contributor compensation and value accrual all flow through DRV. DRV stakers get discounted fees on spot, perps and options trades based on their staked balance.","Last Updated":"2026-10-09T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["DRV"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Buyback Details":"The Treasury Council will earmark 35% of treasury holdings and set aside the buyback allocation in stablecoins. After 12 months (once veBAL locks begin expiring), a 12-week claim window opens for holders to burn their BAL against that allocation. The specific claim mechanism (smart contract design, eligibility verification) is TBD and will be implemented by the core team prior to the window opening. If the buyback is not fully exercised, remaining stablecoins reintegrate into the Treasury when the window closes.","Revenue Decisions":["BAL"],"Governance Links":"[On the Future of Balancer](https://forum.balancer.fi/t/on-the-future-of-balancer-shutting-down-balancer-labs-supporting-the-path-forward/7002), [Operational Restructuring](https://forum.balancer.fi/t/bip-918-operational-restructuring-for-balancer/7000), [Treasury Safe](https://app.safe.global/home?safe=eth:0x0EFcCBb9E2C09Ea29551879bd9Da32362b32fc89)\n","Value Accrual Details":"Value accrues to the DAO Treasury.","Economic Rights (Summary)":"100% of protocol fees are routed to the DAO treasury upon passing of BIP-919. Also included in BIP-919 is an offer to buy back and burn BAL at NAV once veBAL unlocks are complete. Under BIP-919, all BAL emissions are halted.","Value Accrual":"Protocol Revenue Share","Associated Entities":["Foundation","DAO","Balancer OpCo Ltd"],"Governance details":"The Balancer Foundation is an agent of the DAO. It has no shareholders, and its Directors are legally bound to governance resolutions. The Foundation and its subsidiaries exist as legal wrappers to execute what governance decides. Existing veBAL retains voting power until lock expiry, unlocked BAL carries voting rights.","Treasury Details":"The Treasury Safe is overseen by the Treasury Council. DAO multisig holds admin permissions.","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["BAL"],"Ownership Links":"[Equity Statement](https://x.com/Balancer/status/2041579041489351039?s=20)\n","Economic Links":"[Tokenomics Revamp](https://forum.balancer.fi/t/bip-919-bal-tokenomics-revamp/7001)\n","Treasury Decisions":["BAL"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"N/A","Burn Details":"The buyback and burn offer will begin when veBAL locks begin expiring.","Dividends":["N/A"],"Revenue Details":"veBAL will no longer receive a share of protocol fees, voters decide revenue deployment.","Protocol Name":"Balancer","Fee Switch Details":"Pre-2026, most protocol fees were routed to veBAL holders. Now 100% of protocol fees are routed to the DAO treasury.","Foundation Multisigs / Addresses":"DAO Multisig | 0x10A19e7eE7d7F8a52822f6817de8ea18204F2e4f\n","Token":["BAL"],"DefiLlama ID":"parent#balancer","Equity Statement":"The revamp & tokenomics proposals passed, meaning zero BAL emissions, upcoming BAL buyback & burn program, and all fees going to the DAO treasury.\n","Governance Details (Summary)":"Governance transitions to a dual voting system where both veBAL and unlocked BAL tokens carry voting rights. This means any BAL holder can participate in protocol governance without needing to lock tokens, while existing veBAL holders retain their voting power for the duration of their lock. The specific mechanics of this dual system (vote weighting, quorum thresholds, and implementation details) will be defined in a dedicated governance proposal. The Balancer restructure consolidates all operations under Balancer OpCo Limited as an agent of the DAO following the wind-down of Balancer Labs. Balancer OpCo established an annual operating budget of $1.9M. The team maintains V3 smart contracts, the frontend, backend, SDK, and integrations across active deployments.","Brief description":"Balancer Governance Token (BAL) is the core token behind the Balancer protocol, now carrying voting weight in governance decisions. Previously, veBAL was used for voting but has been phased out as of March 2026.","Last Updated":"2026-04-13T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["N/A"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Buyback Details":"No buyback mechanism is currently active","Revenue Decisions":["MNT"],"Governance Links":"[Delegating Blog](https://www.mantle.xyz/blog/announcements/l2-mnt-voting-power-enabled-delegate-now), [Governance Docs](https://docs.mantle.xyz/governance/parameters/governance), [Treasury Docs](https://docs.mantle.xyz/governance/parameters/treasury)\n","Economic Rights (Summary)":"MNT is utilized for gas fees on the network. MNT can be locked and allocated to rewards pools for token & points rewards. ","Value Accrual":"N/A","Associated Entities":["DAO","Foundation"],"Governance details":"Tokens can be delegated to addresses with large holdings that represent a large voting weight.","Treasury Details":"MNT holders have full rights over treasury decisions.","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["MNT"],"Economic Links":"[Tokenomics](https://docs.mantle.xyz/governance/parameters/tokenomics), [Rewards Pools](https://rewards.mantle.xyz/)\n","Treasury Decisions":["MNT"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking, Gas","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"Revenue decisions can be proposed and voted on by the DAO.","Protocol Name":"Mantle","Foundation Multisigs / Addresses":"Mantle Addressbook: https://treasurymonitor.mantle.xyz/mantle-treasury/addressbook\n","Token":["MNT"],"DefiLlama ID":"mantle","Governance Details (Summary)":"All decisions, from launching new initiatives, to transferring and recalling treasury resources, assigning and modifying powers to operating teams, and implementing corrective actions, are subject to proposals and voting by MNT token holders. Token holders cannot vote or create proposals until they delegate their voting rights to an address.","Latest Treasury / Token Report":"[Mantle Treasury Dashboard](https://treasurymonitor.mantle.xyz/mantle-treasury)\n","Brief description":"Previously BitDAO, MNT is the native governance and utility token of Mantle Network. MNT token holders determine the strategic direction of the Mantle ecosytem. All decisions are subject to proposals and voting by MNT holders. MNT is Mantle's gas token.","Last Updated":"2026-03-25T04:00:00.000Z","Token Type":["Governance","Utility","Network"],"Buybacks":["N/A"],"Equity Revenue Capture":"Unknown"},{"Buyback Details":"80% of protocol fees go to buybacks, a manual process executed as an automated TWAP.","Revenue Decisions":["N/A"],"Value Accrual Details":"Value accrues through a portion of fees routed to token buybacks & burns.","Economic Rights (Summary)":"The PONS token has no direct claim on protocol cash flows and no governance. Value accrues through the fee-funded buyback.","Value Accrual":"Deflationary supply reduction","Associated Entities":["Pons Labs, LLC"],"Treasury Details":"Pons Labs controls revenue & treasury.","Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["N/A"],"Economic Links":"[Revenue docs](https://docs.ponsfamily.com/#revenue)\n","Treasury Decisions":["N/A"],"Utility":"N/A","Burn Details":"Bought back PONS tokens are sent to the burn address.","Dividends":["N/A"],"Revenue Details":"The protocol takes 30% of trading fees from each launch plus a launch fee per token.","Protocol Name":"Pons","Fee Switch Details":"80% of protocol fees go toward an automated TWAP via a manual buyback program. The remaining 20% of protocol fees go toward infrastructure costs and expanding the pons team.","Foundation Multisigs / Addresses":"Contract address list: https://docs.ponsfamily.com/#contracts\n","Token":["PONS"],"DefiLlama ID":"parent#pons","Equity Statement":"30% of token launch liquidity fees go to the protocol. A portion of protocol fees is retained by Pons Labs for infrastructure and the team. PONS token confers no equity, governance or direct revenue claims.\n","Governance Details (Summary)":"The docs describe no governance for PONS. Protocol-level parameters (fee split, buyback percentage, graduation threshold) are controlled by Pons Labs, LLC. The buyback is described as currently \"manual,\" with a stated future intention to make it immutable, decentralized, and automated.","Brief description":"PONS is the protocol token of pons, operated by Pons Labs, LLC. Value accrues to PONS via a protocol-fee-funded buyback-and-burn. PONS has no governance function.","Last Updated":"2026-07-30T04:00:00.000Z","Buybacks":["PONS"],"Fundraising":["None"],"Equity Revenue Capture":"Yes"},{"Buyback Details":"No buyback mechanism is currently active","Revenue Decisions":["ENS"],"Governance Links":"[ENS DAO Docs](https://docs.ens.domains/dao/), [ENS DAO Constitution](https://docs.ens.domains/dao/constitution/), [ENS Governance Page](https://ens.domains/governance)\n","Economic Rights (Summary)":"The ENS token carries no direct claim on registration cash flows. Value is governance control over the protocol.","Value Accrual":"N/A","Associated Entities":["DAO","Foundation","Labs (DevCo)"],"Governance details":"Proposals move from the Forum (discussion) to Snapshot (offchain/social proposals) to onchain execution via the Governor (governor.ensdao.eth). The Constitution is binding: governance cannot infringe on name owners' rights, and treasury income must first ensure ENS's viability before funding other public goods. Constitutional changes require a 2/3 majority and at least 1% participation. Working Groups (Meta-Governance, Ecosystem, Public Goods) and a Security Council operate under the DAO.","Treasury Details":"ENS holders can vote on major treasury decisions. The latest proposal is called “Next Era of ENS DAO: Empowering the ENS Foundation” (by katherine.eth), which would shift day-to-day control of the DAO’s treasury/operational wallet, ENS token holdings, Endowment strategy, and grants to a 5-seat Foundation board (with tokenholders retaining protocol-level control and director removal power).","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["ENS"],"Ownership Links":"[Equity Statement](https://x.com/katherinewu/status/2070188090635993278?s=20)\n","Economic Links":"[ENS Token Overview](https://basics.ensdao.org/ens-token)\n","Treasury Decisions":["ENS"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"N/A","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"Registration and renewal fees (in ETH) flow to the DAO treasury.","Protocol Name":"ENS","Fee Switch Details":"Registration and renewal fees go to the DAO treasury, not to ENS holders. There is no per-token fee distribution, buyback, or dividend.","Foundation Multisigs / Addresses":"ENS contract map: https://discuss.ens.domains/t/a-map-of-all-ens-contracts/10754\n","Token":["ENS"],"DefiLlama ID":"2519","Equity Statement":"ENS never did an ICO. ENS did an airdrop in 2021, there was never an institutional sale from the team, there was never any kind of venture funding taken on, no insiders that got preferential pricing. It was a token launched for the core purpose of governing and safeguarding the protocol itself.\n","Governance Details (Summary)":"ENS holders, via delegation, govern the ENS protocol and treasury through the ENS DAO. 1 token = 1 vote. Delegates submit and vote on proposals covering protocol changes, registration-fee policy, and treasury spending, constrained by the ENS DAO Constitution.","Brief description":"ENS users users pay annual registration and renewal fees in ETH. The ENS token is a pure governance token for the ENS DAO and is not required to register or use names.","Last Updated":"2026-07-01T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["N/A"],"Fundraising":["None"],"Equity Revenue Capture":"No"},{"Revenue Decisions":["DRIFT"],"Governance Links":"[DRIFT Token Announcement](https://www.drift.trade/governance/introducing-the-drift-governance-token), [Exploring Future Use of Protocol Fees Forum Post](https://driftgov.discourse.group/t/community-discussion-exploring-future-use-of-protocol-fees/303), [Drift DAO Constitution](https://drift.foundation/docs), [Realms DAO](https://app.realms.today/dao/FVVXu18aNUqyFCfq8sGktPM62mqJAGaenv4z6UGUs5em)\n","Economic Rights (Summary)":"Recovery-token holders, not DRIFT holders, have the claim on revenue","Associated Entities":["DAO","Foundation","Labs","Tether"],"Governance details":"Holding DRIFT tokens is the only requirement for membership in the DAO. DAO members can vote on treasury, business development, marketing upgrades, fee splits and future planning / strategy. Token holders vote on decisions shaping the protocol's future via a multi-branch DAO structure. Realms DAO governs overall protocol development and elects Security Council. Security Council governs risk parameters & upgrades.","Treasury Details":"Most revenue flows to Protocol-owned Holdings","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["DRIFT"],"Ownership Links":"[DIP-9 Proposal](https://driftgov.discourse.group/t/dip-9-support-ongoing-protocol-development-growth/316)\n","Economic Links":"[Drift Recovery Update](https://www.drift.trade/updates/drift-recovery-update-june-3-2026)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"N/A","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"Security Council is resposible for fee parameters, elected by DAO votes","Protocol Name":"Drift","Fee Switch Details":"A substantial portion of exchange revenue, plus committed support capital, is intended to fund the user recovery pool. The revenue split is not yet published","Token":["DRIFT"],"Raise Details":"<https://driftprotocol.medium.com/drift-labs-raises-3-8-million-in-seed-round-8c4ed64f2080>\n","DefiLlama ID":"parent#drift","Equity Statement":"DIP-9 outlined sending $9 million USDC from collected protocol fees (previously titled Protocol-Owned Holdings) to Drift Labs to proactively fund 6 months of Drift Labs expenses. Estimated expenses are set at $1.5 million USDC per month, for an initial period of two years, after which the security council may propose continuation or sunset. This predates the exploit. The team says it has restructured to operate as lean as possible. Tether committed a $100M revenue-linked credit facility.\n","Governance Details (Summary)":"The Security Council's administrative powers were taken over in the exploit via durable nonces. Drift says it is introducing a new community-governed multisig with timelocks on all critical admin actions and durable nonces disabled","Latest Treasury / Token Report":"\n","Brief description":"DRIFT is the governance token of Drift Protocol, allowing holders to propose and vote on various protocol changes & improvements","Last Updated":"2026-09-25T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["N/A"],"Fundraising":["Unknown"],"Equity Revenue Capture":"Yes"},{"Buyback Details":"Fees collected across Infrared's products are used to buy back IR. Separartely, the Red Fund buys IR with a portion of fees and locks it for 12 months before using it as PoL incentives.","Revenue Decisions":["N/A"],"Governance Links":"[Introducing IR](https://infrared.finance/blog/introducing-ir)\n","Value Accrual Details":"Value accrues to sIR through protocol revenue, a portion of which is used for IR buybacks. The repurchased tokens are then distributed to staked IR holders.","Economic Rights (Summary)":"Currently, staking IR for sIR gives stakers a proportional claim on the vault's IR, including any IR that is compounded as rewards. Yield for stakers is sourced from protocol revenue, a portion of which is used for IR buybacks.","Value Accrual":"Protocol Revenue Share","Associated Entities":["Infrared Foundation (Cayman)","Infrared Operations Limited (BVI)","Berachain Foundation"],"Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["N/A"],"Economic Links":"[IR Token Docs](https://infrared.finance/docs/tokens), [Staked IR Announcement](https://infrared.finance/blog/staked-ir-is-live), [sIR Docs](https://infrared.finance/docs/sir)\n","Treasury Decisions":["N/A"],"Dividends Details":"By staking their IR, users receive sIR, which represents their staked position and enables them to earn protocol rewards. Staking IR for sIR earns protocol revenue converted into IR. The yield raises the IR-per-sIR exchange rate rather than minting new sIR. Withdrawals have a 7-day delay.","Utility":"Staking","Burn Details":"No burn mechanism is currently active","Dividends":["sIR"],"Protocol Name":"Infrared","Fee Switch Details":"Infrared takes a 5% fee on vault rewards (paid in WBERA since PoL Next), plus fees on its liquid staking and validator products. Protocol revenue is converted into IR for sIR holders, and a portion funds Red Fund IR buybacks. The share going to each isn’t published.","Token":["IR","sIR"],"DefiLlama ID":"5775","Equity Statement":"IR is designed to give the community governance rights, distribute protocol revenue and support Infrared’s long-term growth. All of Infrared’s fundraising was through token agreements, not equity.\n","Governance Details (Summary)":"sIR is designed to carry votes on protocol upgrades and parameters, but governance parameters haven’t been defined and no vote has taken place. Until the DAO is implemented, Infrared’s development team manages protocol updates.","Brief description":"The IR token is the native token of the Infrared protocol, designed to provide governance rights, distribute protocol revenue, and support the long-term growth & expansion of the protocol","Last Updated":"2026-11-03T05:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["IR"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Buyback Details":"Token buybacks have been turned on. Outside of a 1% trading fee that goes to TokenWorks, 100% of protocol fees go to buybacks.","Revenue Decisions":["N/A"],"Value Accrual Details":"Value accrual depends value accrues through buybacks and burns.","Economic Rights (Summary)":"FWA holders have no governance and no direct protocol-revenue claim. Value accrues through (1) reward emissions to early depositors/purchasers and (2) an optional, operator-enabled buyback that recycles fees to active participants and burns a portion. Passive holders benefit only via the burn (deflation), and only if the buyback is enabled.","Value Accrual":"Buybacks","Associated Entities":["TokenWorks"],"Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["N/A"],"Economic Links":"[FWA Token Docs](https://www.fwa.fun/docs/fwa), [Current Parameters](https://www.fwa.fun/docs/config)\n","Treasury Decisions":["N/A"],"Dividends Details":"Bought back FWA is distributed to purchasers, depositors and burned.","Utility":"N/A","Burn Details":"30% of buybacks are burned.","Dividends":["N/A"],"Revenue Details":"Protocol revenue comes from a 1% acquisition fee, a 1% fee when a purchaser keeps the NFT, the retained settlement discount, and a separate 1% FWA trading fee. On mainnet, the first three streams (after any FWA buyback allocation) route via a Splitter: 63% to a primary recipient, 7% to a fixed secondary recipient, and 30% across snapshot NFT holders. The 1% FWA trading fee goes to a separate fee wallet. A configurable slice (protocolFeeToTokenBps, default 0) can be redirected to FWA buybacks.","Protocol Name":"Fake World Assets","Fee Switch Details":"The mechanism to route protocol fees to the FWA token is on. After emissions, the intended steady-state includes a protocol fee split between depositors, purchasers and burns (40% / 30% / 30% according to documentation).","Token":["FWA"],"DefiLlama ID":"parent#fake-world-assets","Equity Statement":"The protocol earns from the spread between the NFT side and the ETH side, retained settlement discounts and the separate FWA trading fee. The protocol can tune parameters, but cannot touch locked backing or redirect accounted depositor ETH earnings.\n","Governance Details (Summary)":"There is no protocol governance. The protocol can tune parameters.","Brief description":"FWA is the fixed-supply reward/incentive token of Fake World Assets. It has no governance function and is non-transferable between ordinary wallets.","Last Updated":"2026-08-06T04:00:00.000Z","Buybacks":["FWA"],"Fundraising":["None"],"Equity Revenue Capture":"Yes"},{"Buyback Details":"Several token buybacks have been completed, each is at the discretion of the team.","Revenue Decisions":["N/A"],"Value Accrual Details":"Value accrues through discretionary, revenue-funded buybacks and burns, plus holder airdrops and free spins.","Economic Rights (Summary)":"CARDS holders can receive free Gacha spins or CARDS token airdrops at the discretion of Collector Crypt. Currently, token airdrops are made to token holders which can be used to open free card packs. These tokens come from the Community token allocation.","Value Accrual":"Buybacks","Associated Entities":["Core Team"],"Treasury Details":"Revenue flows to the treasury, which is then used for physical card acquisitions.","Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["N/A"],"Ownership Links":"[Equity Statement](https://x.com/Collector_Crypt/status/2060853942855278793?s=20)\n","Economic Links":"[Tokenomics Dashboard](https://collectorcrypt.com/tokenomics)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active.","Burn Details":"Collector Crypt burned 5.4% of pre-unlock circulating supply, accumulated from proceeds of platform activity and liquidity provision. Another burn occurred in October 2026.","Dividends":["N/A"],"Revenue Details":"The team decides how much revenue funds CARDS buybacks. Most proceeds fund physical card acquisitions.","Protocol Name":"Collector Crypt","Fee Switch Details":"Gacha and marketplace revenue accrues to the treasury. Since April 2026, a buyback bot funded with USDC from gacha revenue buys CARDS on Raydium, and the treasury’s CARDS-side LP fees are burned.","Foundation Multisigs / Addresses":"Treasury Wallet | 3PnVBrb4wPLFLW38oaYR7dA6HSfKpawxHGESPj5kF1QB | Buyback Wallet | 3nGNwiz1qevPjhEoQi1dLj16oTkjmbevTnpV9piWY7Kq\n","Token":["CARDS"],"DefiLlama ID":"6675","Equity Statement":"No promises have been made about the CARDS token. \n","Governance Details (Summary)":"There is no DAO, voting mechanism, forum or proposals system.","Brief description":"CARDS is the native token of Collector Crypt.","Last Updated":"2026-10-28T04:00:00.000Z","Token Type":["Utility"],"Buybacks":["CARDS"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Domain":"Labs (DevCo)","Buyback Details":"The Revenue Buybacks contract sells protocol fees for EKUBO via TWAMM (anyone can trigger it), and proceeds go to the DAO. Separately, the DAO made a one-time $100k buyback from treasury funds raised in the token sale.","Revenue Decisions":["sEKUBO"],"Governance Links":"[Governance Docs](https://docs.ekubo.org/user-guides/governance), [Governance Proposals](https://ekubo.org/starknet/governance/proposals), [Value Accrual Docs](https://docs.ekubo.org/user-guides/governance/ekubo-token#value-accrual), [DAO Treasury](https://dao-treasury.ekubo.org/)\n","Value Accrual Details":"Value Accrues through buybacks","Economic Rights (Summary)":"Protocol revenue buys EKUBO for the DAO treasury. Holders get no direct distribution. The DAO may later direct bought EKUBO to stakers or LPs.","Value Accrual":"Buybacks","Associated Entities":["DAO","Labs (DevCo)"],"Governance details":"Proposals need 100k staked EKUBO to create, a 3.25M EKUBO quorum, and more yes than no votes. The vote opens after a 1-hour delay, runs for 4 days, and execution follows a 1-hour delay. EKUBO voting rights are characterized as non-binding. Ekubo, Inc. has committed to abstain from votes on launching additional tokens.","Treasury Details":"DAO controls treasury","IP & Brand":"DAO","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["sEKUBO"],"Economic Links":"[EKUBO Token Docs](https://docs.ekubo.org/user-guides/governance/ekubo-token), [Buyback Dashboard](https://ekubo.org/starknet/governance/revenue-buybacks)\n","Treasury Decisions":["sEKUBO"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking, Liquidity Incentives","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"It is the right and responsibility of the DAO to decide what to do revenue.","Protocol Name":"Ekubo","Fee Switch Details":"Ekubo charges protocol fees of 10% of trading fees on EVM and 20% on Starknet. Starknet fees are sold for EKUBO via TWAMM, with proceeds sent to the DAO. EVM fees accrue to periphery contracts now owned by the DAO, but automatic EVM buybacks have not started.","Foundation Multisigs / Addresses":"Starknet governance contract, controlled by token holders | 0x053499f7aa2706395060fe72d00388803fb2dcc111429891ad7b2d9dcea29acd\nDAO's Ethereum wallet, controlled by governance contract on Starknet | 0x1E0EF4162e42C9bF820c307218c4E41cCcA6E9CC\n","Token":["EKUBO"],"DefiLlama ID":"parent#ekubo","Equity Statement":"The end goal is for Ekubo, Inc. to be sustained by protocol revenue directed to token holders, which aligns its equity holders with the protocol. Ekubo, Inc. (a Delaware C corp with no outside equity investors) holds 1/3 of supply indefinitely and earns as a staker of that allocation. It was funded by a one-time ~$1.5M DAO grant meant to be its only grant. It has committed not to charge interface fees. All protocol revenue belongs to the DAO.\n","Governance Details (Summary)":"Staking is required to vote on or create proposals. Creating a proposal requires staking 100k EKUBO tokens (1% of the total supply). Each staked EKUBO token equals one vote, and staking or unstaking can be done at any time without fees. The DAO currently holds ownership of Ekubo Protocol smart contracts, meaning it can upgrade the contracts and collect revenue on EVM & Starknet. There is no upgrade mechanism for EVM contracts.","Latest Treasury / Token Report":"[DAO treasury information](https://dao-treasury.ekubo.org/)\n","Brief description":"Ekubo Protocol is a dex featuring concentrated liquidity, a singleton architecture, and extensions. EKUBO is the governance and utility token designed to decentralize ownership of the protocol. ","Last Updated":"2026-11-06T05:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["EKUBO"],"Fundraising":["None"],"Equity Revenue Capture":"No"},{"Buyback Details":"Excess value is periodically transferred to an executor to be used to buy back SPK using USDS.","Revenue Decisions":["SPK"],"Governance Links":"[SPK Token](https://docs.spark.fi/governance/spk-token), [Governance Docs](https://docs.spark.fi/governance), [Buyback Proposal](https://forum.skyeco.com/t/saep-09-adjust-subdao-proxy-management/27637)\n","Value Accrual Details":"Value accrues through buybacks.","Economic Rights (Summary)":"Protocol revenue comes from reserve factors (SparkLend), rate spreads (Savings), and net margins (Liquidity Layer), these flow directly to the DAO treasury and to SPK buybacks.","Value Accrual":"Buybacks","Associated Entities":["DAO","Foundation","Labs"],"Governance details":"SPK holders can vote directly, delegate voting power and participate in all governance decisions","Treasury Details":"All Spark protocol revenues flow to Spark DAO treasury, under the control of SPK holders","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["SPK"],"Economic Links":"[Spark Financials Dashboard](https://data.spark.fi/financials)\n","Treasury Decisions":["SPK"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Protocol Name":"Spark","Fee Switch Details":"Revenues flow to the DAO treasury, and excess value is periodically transferred to an executor to be used to buy back SPK.","Foundation Multisigs / Addresses":"DAO treasury | 0x3300f198988e4C9C63F75dF86De36421f06af8c4 | Spark eco multisig | 0x6FE588FDCC6A34207485cc6e47673F59cCEDF92B\n","Token":["SPK"],"DefiLlama ID":"parent#spark","Equity Statement":"All revenue flows to the DAO. There is no value flow from the DAO to Foundation or Labs other than publicly disclosed opex and SPK token grants. Labs does not plan to launch any additional tokens.\n","Governance Details (Summary)":"SPK is the governance token of Spark. SPK is used for signaling and sentiment checks via Snapshot voting. SPK holders can participate in all governance decisions affecting the protocol","Latest Treasury / Token Report":"[Q4 2025 financial report](https://x.com/sparkdotfi/status/2016175101147005367?s=20)\n","Brief description":"SPK is the native governance and staking token of Spark. SPK enables protocol governance, protocol security via staking, and reward distribution to participants.","Last Updated":"2026-05-15T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["SPK"],"Fundraising":["None"],"Equity Revenue Capture":"No"},{"Revenue Decisions":["EDGE"],"Governance Links":"[EDGE Token Docs](https://edgex-1.gitbook.io/edgeX-documentation/community/edge)\n","Value Accrual Details":"Value accrues through token buybacks and burns.","Economic Rights (Summary)":"EDGE holders can stake their tokens to validators and earn a share of protocol rewards derived from trading fees. A portion of protocol revenue goes to buying back EDGE tokens which are then burned.","Value Accrual":"Deflationary supply reduction","Associated Entities":["DAO","Foundation"],"Treasury Details":"The edgeX Foundation currently stewards the Ecosystem & Community (5%) and Future Reserve (30%) allocations. Future governance proposals may extend to cover matters such as treasury management.","Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["EDGE"],"Economic Links":"[EDGE Buyback Dashboard](https://pro.edgex.exchange/en-US/buyback)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking","Burn Details":"Bought back EDGE tokens are permanently burned.","Dividends":["N/A"],"Revenue Details":"Holders can vote on fee adjustments.","Protocol Name":"edgeX","Fee Switch Details":"EDGE tokens are bought back by the protocol and then burned.","Token":["EDGE"],"DefiLlama ID":"parent#edgex","Governance Details (Summary)":"EDGE holders can vote on edgeX Improvement Proposals which can include fee structure adjustments, new asset listings, blockchain compatibility upgrades and security protocol enhancements. The edgeX Foundation serves as the sole director of edgeX DAO Limited and is responsible for key strategic decisions. The protocol's governance framework is designed to progressively decentralize decision-making authority to the community over time.","Brief description":"EDGE serves as the native cryptocurrency and governance asset of the EDGE ecosystem. Its functions are designed to evolve as the protocol matures and the community grows. EDGE token holders can progressively influence the direction of the platform and contribute to network security through a delegated validator system.","Last Updated":"2026-04-13T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["EDGE"],"Fundraising":["Unknown"],"Equity Revenue Capture":"Unknown"},{"Revenue Decisions":["N/A"],"Governance Links":"[KAT Announcement Blog](https://katana.network/blog/the-network-is-katana-the-token-is-kat), [Katana Governance](https://docs.katana.network/katana/core-concepts/governance/#tldr-two-multisigs-one-coordinated-system)\n","Value Accrual Details":"Value accrues to stakers who vote to direct emissions.","Economic Rights (Summary)":"KAT can be staked for vKAT or avKAT and vote to direct incentives across Katana DeFi.","Value Accrual":"Protocol Revenue Share","Associated Entities":["Foundation","Katana Token DeployCo (BVI) Ltd."],"Governance details":"KAT hs no role in governing chain upgrades. Katana Admin multisig operates Katana governance, initiating all technical upgrades, config changes and system-level proposals.","Treasury Details":"Ecosystem & Community Treasury is managed by the Katana Foundation.","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["N/A"],"Ownership Links":"[Equity Statement](https://katana.network/blog/the-network-is-katana-the-token-is-kat)\n","Economic Links":"[Chain-Owned Liquidity](https://katana.network/blog/katana-core-mechanisms-what-is-chain-owned-liquidity), [Staking page](https://app.katana.network/stake), [Katana KAT summary](https://www.dlnews.com/research/internal/katana-bringing-ve33-to-the-chain-level/)\n","Treasury Decisions":["N/A"],"Dividends Details":"Stakers earn fees generated by the pools to which they vote to direct emissions.","Utility":"Staking, Liquidity Incentives","Burn Details":"No burn mechanism is currently active","Dividends":["vKAT","avKAT"],"Revenue Details":"No holder votes on revenue allocation beyond incentive direction. Chain-Owned Liquidity, funded by sequencer fees, is managed by the Katana Foundation.","Protocol Name":"Katana","Fee Switch Details":"100% of net Katana sequencer fees are recycled into Chain-Owned Liquidity.","Foundation Multisigs / Addresses":"Multisig Addresses: https://docs.katana.network/katana/core-concepts/governance/#tldr-two-multisigs-one-coordinated-system\n","Token":["KAT","vKAT","avKAT"],"DefiLlama ID":"katana","Equity Statement":"There are no VC investors and there are no preferential unlocks ahead of users.\n","Governance Details (Summary)":"KAT is non-transferable for up to 9 months post-mint. Once the no-transfer period concludes, KAT holders can lock their tokens and receive vKAT or avKAT. vKAT holders direct emissions & incentives across core applications and earn a share of fees generated by those pools plus vote incentives. vaKAT holders auto-vote and auto-compound rewards.","Brief description":"The KAT token is the native coordination and incentive token for Katana Network. It powers emissions direction and value accrual but is not the gas token (ETH is used for gas). Holders earn fees from application economic activity by directing incentives to DeFi pools.","Last Updated":"2026-05-15T04:00:00.000Z","Token Type":["Utility"],"Buybacks":["N/A"],"Fundraising":["Unknown"],"Equity Revenue Capture":"Unknown"},{"Domain":"Skybase International","Buyback Details":"Revenue builds in the surplus buffer, funds are deployed daily at controlled rates, ultimately governed by SKY holders. As of March 9th 2026, SKY governance has voted to temporarily reduce buybacks by 87% to boost reserves.","Revenue Decisions":["SKY"],"Governance Links":"[Sky Governance Voting Portal](https://vote.sky.money/), [Governance Docs](https://developers.sky.money/protocol/governance/ovreview/), [Sky Atlas](https://sky-atlas.io/)\n","Value Accrual Details":"Value accrues through buybacks and burns which reduce overall supply","Economic Rights (Summary)":"Portion of protocol revenue is used for Smart Burn Engine, remaining portion used accumulate SKY in the treasury and distribute USDS to SKY stakers","Value Accrual":"Buybacks","Associated Entities":["DAO","Foundation"],"Governance details":"Governance is guided by the Sky Atlas, a comprehensive, evolving set of rules that acts as the ecosystem's constitution. The Atlas covers various scopes, including governance processes, protocol stability, support, and accessibility, and it is refined through improvement proposals submitted and voted on by SKY holders.","Treasury Details":"Sky Atlas allows voting on treasury-related changes","IP & Brand":"Skybase International","Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["SKY"],"Ownership Links":"[Equity Statement](https://x.com/RuneKek/status/2001287845856579629?s=20)\n","Economic Links":"[Sky Buyback Dashboard](https://info.sky.money/buyback), [Spark Token Reward Distribution Schedule](https://sky-atlas.io/#A.2.8.2.2.2.1.2.2.2), [SKY buyback reduction vote](https://vote.sky.money/polling/QmRjnvHa#vote-breakdown)\n","Treasury Decisions":["SKY"],"Dividends Details":"SKY stakers receive rewards in USDS, a portion of SPK tokens held by Sky are distributed to USDS users","Utility":"Staking","Burn Details":"Bought back SKY tokens are burned","Dividends":["SKY","USDS"],"Revenue Details":"Holders can influence ecosystem alignments such as the Sky Savings Rate, stability fees, debt ceilings & liquidation ratios. Holders decide how revenue is distributed.","Protocol Name":"Sky","Fee Switch Details":"The Smart Burn Engine uses protocol surplus revenue to buyback SKY from the open market and burn it, at a rate controlled by Sky Governance and risk teams","Foundation Multisigs / Addresses":"Treasury dashboard | https://info.sky.money/treasury\n","Token":["SKY","USDS","sUSDS","stUSDS"],"Raise Details":"MakerDAO raised funds through token sales (data on DL)\n","DefiLlama ID":"parent#maker","Equity Statement":"SKY has no token emissions or incentives, and the SKY staking yield is paid via the buybacks from protocol net profit.\n","Governance Details (Summary)":"Governance Token MKR replaced by SKY for all onchain votes and protocol parameters on the new Chief governance contract. SKY inherits the governance rights and privileges previously held by MKR and can be used for voting or delegating. Onchain voting includes Governance Polls (used for signaling and proposal decision-making) and Executive Proposals (adjusting parameters)","Brief description":"SKY is the governance and utility token of the Sky Protocol (formerly MakerDAO), allowing holders to vote on decentralized decisions for the USDS stablecoin ecosystem, stake for rewards and yield accumulation, and potentially benefit from buybacks that reduce supply for long-term value alignment.","Last Updated":"2026-05-08T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["SKY"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Domain":"Marinade Finance","Buyback Details":"Buybacks are currently paused","Revenue Decisions":["sMNDE"],"Governance Links":"[Governance Docs](https://docs.marinade.finance/governance), [Forum](https://forum.marinade.finance/), [Active Staking Rewards program](https://forum.marinade.finance/t/mip-13-introduction-of-active-staking-rewards-program/1895)\n","Value Accrual Details":"Value has accrued in the past through buybacks and previous token burns which reduced overall supply","Economic Rights (Summary)":"50% of protocol fees went to MNDE buybacks under MIP-11, MIP-17 paused buybacks to focus building mSOL liquidity.","Value Accrual":"N/A","Associated Entities":["DAO","Labs (DevCo)","Other"],"Governance details":"Locking tokens is required to participate in governance.","Treasury Details":"The primary usage of fees is to fund the team operations and further protocol development. The excess of fees accumulated is governed and decided by the DAO.","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["sMNDE"],"Economic Links":"[MIP-14: Token Burn](https://forum.marinade.finance/t/mip-14-burn-5-50-of-mnde-total-supply/1909), [MIP-17: pausing buybacks](https://forum.marinade.finance/t/mip-17-refocusing-from-buybacks-to-building-liquidity/1960)\n","Treasury Decisions":["sMNDE"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"N/A","Burn Details":"Marinade conducted a 300M token burn following proposal MIP-14 in September 2025","Dividends":["N/A"],"Revenue Details":"DAO can vote on protocol fees.","Protocol Name":"Marinade","Fee Switch Details":"50% of fees went to buybacks before buybacks were paused & redirected: fees now accumulate mSOL in the treasury.","Foundation Multisigs / Addresses":"B56RWQGf9RFw7t8gxPzrRvk5VRmB5DoF94aLoJ25YtvG\n","Token":["MNDE"],"Raise Details":"<https://marinade.finance/blog/marinade-dao-executes-token-exchange-program-to-align-with-leading-solana-builders>\n","DefiLlama ID":"parent#marinade-finance","Equity Statement":"Private equity entities do not accrue protocol fees. Holders have control over DAO reasury, fee direction & revenue. Labs equity has no rights over protol revenue or DAO treasury. Value accrual is focused on MNDE, with no plans to launch additional tokens.\n","Governance Details (Summary)":"DAO breakdown: veMNDE holders can upgrade the main program and control the treasury, Core Team (team council) own the main program parameters, DAO program and fees. MNDE must be locked in Realms to obtain veMNDE to obtain voting power. Voting power scales with lock duration & amount","Brief description":"MNDE is the governance token of Marinade Finance, enabling holders to participate in DAO votes on treasury decisions, fee allocations, and protocol upgrades, while facilitating onchain buybacks from revenue to align incentives in Solana liquid and native staking.","Last Updated":"2026-05-07T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["N/A"],"Fundraising":["None"],"Equity Revenue Capture":"No"},{"Buyback Details":"No ongoing buyback. In March 2026, Backpack bought BP on the secondary market as a one-time compensation for users restored through Sybil appeals.","Revenue Decisions":["N/A"],"Governance Links":"[BP Staking Page](https://backpack.exchange/bp)\n","Value Accrual Details":"Value is tied to the equity conversion: after one year of staking, BP can be exchanged for non-voting equity in SPVs holding Backpack shares, from a pool capped at 20% of company equity, upon an IPO or acquisition. Until then, BP has no claim on revenue.","Economic Rights (Summary)":"Staking BP unlocks access to reduced trading fees, free wire transfers, additional yield and an equity exchange after 1 year of staking. After staking for a period of one year, staked BP can be exchanged for non-voting equity in special-purpose vehicles that hold shares in the Backpack operating companies. Staking beyond 1 year earns bonus equity from an additional pool, accruing over the following 3 years. Backpack Exchange reserves sole discretion over staking tiers & benefits and what counts as an \"Exit Event\".","Value Accrual":"N/A","Associated Entities":["DevCo","Backpack EU"],"Governance details":"Current setup does not enable governance.","Treasury Details":"Holders have no treasury rights.","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["N/A"],"Ownership Links":"[Equity Statement](https://learn.backpack.exchange/articles/backpack-tge)\n","Economic Links":"[Backpack Tokenomics](https://learn.backpack.exchange/blog/backpack-tokenomics), [Backpack Participation Program Docs](https://support.backpack.exchange/exchange/programs/backpack-participant-program#equity-exchange-program), [Backpack Participant Program T&Cs](https://drive.google.com/file/d/1dKqRQicvxwQbS-kErHmPbSJKy96IJbaA/view)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking, Protocol Access, Fee Discounts","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"Holders have no rights over exchange revenue. Backpack sets fees and staking benefits at its sole discretion.","Protocol Name":"Backpack","Fee Switch Details":"No exchange revenue is routed to BP holders or to buybacks.","Token":["BP","sBP"],"DefiLlama ID":"4266","Equity Statement":"No founders, employees or venture investors receive tokens at TGE. Users who stake BP for a minimum of one year can convert their tokens into Backpack company equity at a fixed ratio. The company keeps all exchange revenue. Equity holders own the company, and token holders can convert their tokens into non-voting equity. The company says the token starts centralized and will decentralize progressively.\n","Governance Details (Summary)":"BP has no governance rights. Backpack makes all decisions, including staking tiers, benefits and what counts as an “Exit Event.”","Brief description":"BP is the utility token of Backpack. Staking BP unlocks lower trading fees, yield, free wires and the potential to purchase Backpack equity using tokens.","Last Updated":"2026-10-26T04:00:00.000Z","Token Type":["Utility"],"Buybacks":["N/A"],"Fundraising":["Equity"],"Equity Revenue Capture":"Yes"},{"Domain":"Frankencoin Association","Revenue Decisions":["FCS"],"Governance Links":"[FCS Governance docs](https://docs.frankencoin.com/governance), [Governance App](https://app.frankencoin.com/governance), [FCS Mechanics](https://docs.frankencoin.com/pool-shares/fcs)\n","Value Accrual Details":"Net income (interest + fees + liquidation results − savings expense − losses) accrues to the shared equity pool. That raises the FPS/FCS reference price, which is 3× equity divided by FPS supply. New investment adds capital at the curve price; redemptions return it at a discount, and the withheld portion stays in equity.","Economic Rights (Summary)":"FCS holders own the upside and downside of the reserve's equity. The FPS curve prices shares at 3× equity capital at the margin, so share value moves with net income.","Value Accrual":"Protocol Revenue Share","Associated Entities":["Frankencoin Association"],"Governance details":"Votes grow with balance multiplied by holding duration. Anyone can apply a 365-day cap to a particular holder. Delegation is transitive and doesn't remove the delegator's own vote.","Treasury Details":"There is no discretionary treasury. The reserve holds ZCHF as minter reserves and equity, and it is spent only by contract logic (savings interest, loss coverage, redemptions). Governance cannot vote to move it.","IP & Brand":"Frankencoin Association","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["FCS"],"Ownership Links":"[FCS Page](https://www.frankencoin.com/fcs)\n","Economic Links":"[FCS Pool Shares](https://docs.frankencoin.com/pool-shares), [Reserve Accounting](https://docs.frankencoin.com/reserve)\n","Treasury Decisions":["N/A"],"Dividends Details":"No distribution. Income increases the pool's capital, and therefore the FCS price.","Utility":"N/A","Burn Details":"No burn mechanism. FCS is burned on redemption, but as an exit, not value accrual.","Dividends":["N/A"],"Revenue Details":"FCS holders set borrowing and savings rates through InterestGovernance. Income consists of upfront interest on minted ZCHF, position fees, and liquidation surpluses. Savings interest paid to ZCHF depositors is an expense against equity.","Protocol Name":"Frankencoin","Fee Switch Details":"All protocol income goes to the equity reserve automatically.","Token":["FCS","FPS","ZCHF","svZCHF"],"DefiLlama ID":"3790","Equity Statement":"There is no equity entity above the token. FCS is the equity claim on the protocol's reserve. The Frankencoin Association maintains the website and documentation but receives no protocol revenue.\n","Governance Details (Summary)":"Governance works by veto rather than ballot. Anyone can propose, FCS holders with more than 1% of time-weighted voting power can veto. Holders can veto new minting modules, new collateral positions, borrowing and savings rate changes, and crosschain configuration. Core contracts are immutable; change happens by adding new modules, not by upgrading old ones.","Brief description":"FCS (Frankencoin Shares) is the governance and equity token of Frankencoin, a decentralized, oracle-free Swiss franc stablecoin (ZCHF) minted against crypto collateral on Ethereum. Each FCS wraps one underlying FPS (Frankencoin Pool Share) and represents a share of the reserve pool's equity, which collects all borrowing interest and minting fees and absorbs liquidation losses. FCS holders can veto new minters, collateral positions and rate changes.","Last Updated":"2026-10-02T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["N/A"],"Fundraising":["None"],"Equity Revenue Capture":"No"},{"Buyback Details":"Buybacks are currently funded by Stargate revenue. The LayerZero fee switch is currently inactive.","Revenue Decisions":["ZRO"],"Governance Links":"[Introducing ZRO Blog](https://info.layerzero.foundation/introducing-zro-d39df554a9b7), [LayerZero Acquisition of Stargate proposal](https://stargate.discourse.group/t/layerzero-foundation-acquisition-of-stargate-stg/682/2), [LayerZero Fee Switch Referendum](https://layerzero.foundation/fee-switch)\n","Value Accrual Details":"Value accrues through ZRO buybacks funded by excess Stargate revenue.","Economic Rights (Summary)":"100% of Stargate revenue funds monthly open-market ZRO buybacks. From November 30, 2026, 75% of net ATLAS trading fees will fund ZRO buy-and-burns. The LayerZero protocol fee switch is off.","Value Accrual":"Buybacks","Associated Entities":["DAO","Labs","Foundation"],"Governance details":"An immutable smart contract enforces a public onchain referendum every six months. ZRO holders vote YES or NO. Each vote has failed quorum, the next vote is is December 2026.","Treasury Details":"The LayerZero Foundation manages treasury functions.","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["ZRO"],"Ownership Links":"[Equity Statement](https://x.com/PrimordialAA/status/2024543691546014024?s=20)\n","Economic Links":"[Fee Switch page](https://layerzero.foundation/fee-switch), [LayerZero Acquistion Proposal](https://stargate.discourse.group/t/layerzero-foundation-acquisition-of-stargate-stg/682), [The ZRO Token](https://layerzero.network/blog/the-zro-token)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"ZRO holders control whether the protocol charges a revenue-generating fee.","Protocol Name":"LayerZero","Fee Switch Details":"The LayerZero protocol fee remains off after Vote #4 (June 2026) failed to reach quorum. If activated, it would add a fee of up to the cost of verification and execution on each message, with proceeds converted to ZRO and burned. Separately, 100% of Stargate revenue has funded ZRO buybacks since April 2026.","Token":["ZRO"],"DefiLlama ID":"parent#layerzero","Equity Statement":"Zero will not issue any new tokens, ZRO is the only asset. After the fee switch is activated, all platform revenues and economic value generated by Zero, LayerZero, and Stargate will directly belong to ZRO holders.\n","Governance Details (Summary)":"ZRO's primary utility is governance over the protocol fee switch through a fixed, immutable onchain mechanism. If the fee switch is activated through governance, the referendum Treasury Contract will collect fees on the local chain and burn them. ","Latest Treasury / Token Report":"[ZRO Buyback Dashboard](https://layerzero.foundation/zro-buybacks)\n","Brief description":"ZRO is the limited governance token, allowing holders to control protocol fee accrual and functioning as a utility token that can be used today to pay LayerZero messaging fees and to stake into CryptoEconomic Decentralized Verifier Networks (DVNs) for cryptoeconomic security under the optional EigenLayer-based framework.","Last Updated":"2026-11-03T05:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["ZRO"],"Fundraising":["Token Sale","Equity"],"Equity Revenue Capture":"No"},{"Buyback Details":"75% of net protocol fees used for monthly open-market DYDX buybacks, with purchased tokens staked to validators","Revenue Decisions":["sDYDX"],"Governance Links":"[Buyback Program](https://www.dydx.xyz/blog/dydx-buyback-program)\n","Value Accrual Details":"Value accrues through buybacks","Economic Rights (Summary)":"75% of net protocol revenue buys DYDX on the open market, and the tokens are staked. 15% is paid to DYDX stakers as staking rewards. Stakers also get trading fee discounts of up to 50%.","Value Accrual":"Buybacks","Associated Entities":["DAO","Foundation","Labs"],"Governance details":"DYDX is staked (delegated) to validators to vote. Delegators inherit their validator’s vote unless they vote directly. The revenue split is set by governance; Proposal #313 (Nov 2025, 59.38% approval) set the current split.","Treasury Details":"The governance-controlled Treasury SubDAO receives 5% of net revenue for operating costs and runs the buyback with a further 75%.","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["sDYDX"],"Ownership Links":"[2025 Annual Report](https://x.com/dYdX/status/2013570429282140661?s=20)\n","Economic Links":"[Buyback increase proposal](https://dydx.forum/t/drc-revenue-share-on-dydx/4702)\n","Treasury Decisions":["sDYDX"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking","Burn Details":"No burn mechanism is currently active","Dividends":["sDYDX"],"Revenue Details":"Holders govern net fee distributions","Protocol Name":"dYdX","Fee Switch Details":"Net protocol revenue: 75% to DYDX buybacks, 15% to stakers, 5% to the Treasury SubDAO, 5% to MegaVault.","Foundation Multisigs / Addresses":"dydx15ztc7xy42tn2ukkc0qjthkucw9ac63pgp70urn\n","Token":["DYDX","sDYDX"],"Raise Details":"N/A\n","DefiLlama ID":"parent#dydx","Equity Statement":"All dYdX Chain protocol revenue accrues to traders, affiliates, validators and stakers, the MegaVault and the Treasury SubDAO, under a split governance controls. dYdX Labs, the equity company, incubated Arcus with Robinhood Crypto as a separate venture, and the team says an allocation of any future Arcus token will be reserved for the dYdX community.\n","Governance Details (Summary)":"Holders can vote on revenue allocations, market listings, parameter changes, & software upgrades","Latest Treasury / Token Report":"[March 2026 SubDAO Community Update](https://www.dydx.xyz/annual-report/annual-report-2025)\n","Brief description":"DYDX is the staking and governance token of the dYdX Chain. It is used to delegate to validators, vote on protocol changes, earn a share of trading fees and get fee discounts. 75% of net protocol revenue buys back DYDX and 15% is paid to stakers.","Last Updated":"2026-11-06T05:00:00.000Z","Token Type":["Governance","Utility","Network"],"Buybacks":["DYDX"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Buyback Details":"Previously the DAO voted on every transfer. Following the approval of OP-PIP-136, the buybacks are automated and don't require votes.","Revenue Decisions":["PYTH"],"Governance Links":"[Pyth DAO Constitution](https://github.com/pyth-network/governance/blob/main/docs/constitution/pyth-dao-constitution.md), [Pyth DAO Realms](https://v2.realms.today/dao/4ct8XU5tKbMNRphWy4rePsS9kBqPhDdvZoGpmprPaug4), [Pyth Tokenomics](https://www.pyth.network/blog/understanding-the-pyth-tokenomics)\n","Value Accrual Details":"Value accrues through buybacks","Economic Rights (Summary)":"60% of protocol revenue flows to DAO treasury which is used to buy back PYTH.","Value Accrual":"Buybacks","Associated Entities":["DAO","Labs"],"Governance details":"Stakers are legal members of the Pyth DAO LLC","Treasury Details":"DAO can vote on management of Pyth DAO treasury","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["PYTH"],"Economic Links":"[The 100% Rule announcement](https://x.com/PythNetwork/status/2108482279978786879?s=20), [Revenue-based economic model](https://www.pyth.network/blog/pyth-s-next-chapter-infrastructure-upgrade-and-a-revenue-based-economic-model)\n","Treasury Decisions":["PYTH"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"Governance determines size of update fees and reward distribution mechansim for data providers","Protocol Name":"Pyth","Fee Switch Details":"60% of protocol revenue flows to DAO treasury and used for PYTH buybacks.","Foundation Multisigs / Addresses":"Pythian Multisig | 6oXTdojyfDS8m5VtTaYB9xRCxpKGSvKJFndLUPV3V3wT |     Community Multisig | GKuPcXtNRJwZGrJ8tV25jSbLHZe71BUdUXVzjGLXkSt9\n","Token":["PYTH"],"DefiLlama ID":"parent#pyth","Governance Details (Summary)":"PYTH token holders can participate in Pyth governance through staking and governance. Token holders use their staked tokens in the Pyth staking program to vote on community governance proposals. Governances uses a 1:1 coin-voting system - each staked token confers one vote.","Latest Treasury / Token Report":"[Pyth Strategic Reserve](https://pyth.scptech.xyz/reserve)\n","Brief description":"PYTH is the governance and staking token of the Pyth Network, allowing holders to stake for oracle integrity rewards and voting power on proposals for data feeds, publisher incentives, and protocol fees.","Last Updated":"2026-10-09T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["PYTH"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Buyback Details":"Aptos Foundation has committed to exploring a protocol buyback program or reserve that would programmatically purchase APT in the open market based on market opportunities. Such a program would be funded using a portion of cash on hand or future revenue of Aptos Foundation, including revenue from licensing, ecosystem investments, and other sources.","Revenue Decisions":["APT"],"Governance Links":"[Governance Docs](https://aptos.dev/network/blockchain/governance)\n","Value Accrual Details":"Aptos aims to make APT supply deflationary through a hard-capped token supply and an increase in gas fees which are then burned.","Economic Rights (Summary)":"Staked APT earns rewards that come from emissions. All transaction fees paid in the form of APT are burned.","Value Accrual":"Deflationary supply reduction","Associated Entities":["Foundation","Labs"],"Governance details":"Governance requires a minimal number of votes to be cast by an expiration threshold. However, if sufficient votes, more than 50% of the total supply, are accumulated prior to that threshold, the proposal can be executed without waiting for the full voting period.","Burns":"Active","Fee Switch Status":"OFF","Governance Decisions":["APT"],"Ownership Links":"[Equity Statement](https://x.com/Aptos/status/2043856806984987053?s=20)\n","Economic Links":"[Aptos Tokenomics Update](https://aptosnetwork.com/currents/aptos-tokenomics-update)\n","Treasury Decisions":["N/A"],"Dividends Details":"Staking rewards come from emissions.","Utility":"Staking, Gas","Burn Details":"All transaction fees, paid in the form of APT, are burned.","Dividends":["N/A"],"Revenue Details":"Onchain governance can vote on gas fee levels and staking reward rates. Economic parameter changes generally require community / validator approval.","Protocol Name":"Aptos","Token":["APT"],"DefiLlama ID":"aptos","Equity Statement":"Aptos is moving to performance-driven tokenomics.\n","Governance Details (Summary)":"Onchain governance can vote on and propose changes to the blockchain parameters, core code, Framework module upgrades and deploying new Framework modules. To vote or propose, holders must stake or delegate their APT. Proposals require a minimum stake.","Brief description":"APT is the native token of Aptos, powering gas fees, staking for network security and onchain governance.","Last Updated":"2026-04-14T04:00:00.000Z","Token Type":["Governance","Utility","Network"],"Buybacks":["N/A"],"Fundraising":["Unknown"],"Equity Revenue Capture":"Unknown"},{"Domain":"Swiss Stake AG","Buyback Details":"No buyback mechanism is currently active","Revenue Decisions":["veCRV"],"Governance Links":"[Governance Overview](https://resources.curve.finance/governance/overview/), [Proposal types & thresholds](https://resources.curve.finance/governance/proposals)\n","Value Accrual Details":"Value accrues through trading fees distributed to veCRV holders via crvUSD. A portion of crvUSD lending interest and bribes also flow to veCRV holders.","Economic Rights (Summary)":"50% of trading fees distributed weekly to veCRV holders, 80% of accrued interest from crvUSD lending markets goes to veCRV holders","Value Accrual":"Protocol Revenue Share","Associated Entities":["DAO","DevCo"],"Governance details":"veCRV holders vote through Aragon v1's Voting Contract with execution via the Agent contract. Proposal creation requires 2,500 veCRV minimum. Ownership votes require 30% quorum and 51% support; Parameter votes require 15% quorum and 51% support. Voting lasts 7 days.","Treasury Details":"Curve has no treasury. 50% of trading fees flow directly to veCRV holders. veCRV governance votes on CRV grants and credit lines for development.","IP & Brand":"Swiss Stake AG","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["veCRV"],"Economic Links":"[Fee collection & distribution](https://resources.curve.finance/vecrv/fee-collection-distribution/), [veCRV overview](https://resources.curve.finance/vecrv/overview/)\n","Treasury Decisions":["veCRV"],"Dividends Details":"50% of all pool trading fees plus 80% of crvUSD lending interest are converted to crvUSD and distributed weekly to veCRV holders, proportional to each holder's veCRV balance. Distribution occurs every Thursday","Utility":"Liquidity Incentives","Burn Details":"No burn mechanism is currently active","Dividends":["veCRV"],"Revenue Details":"veCRV holders control fee parameters via the Agent contract. Pool fee changes and burner attachment are gated by ownership_admin which is the Agent. The 50% admin fee share was set by governance vote","Protocol Name":"Curve","Fee Switch Details":"50% of all pool trading fees distributed weekly to veCRV holders as crvUSD. 80% of crvUSD lending interest also flows to veCRV holders (remaining 20% to scrvUSD savings vault). Fees converted via CowSwap and distributed every Thursday.","Foundation Multisigs / Addresses":"0x467947EE34aF926cF1DCac093870f613C96B1E0c\n","Token":["CRV","veCRV"],"Raise Details":"N/A\n","DefiLlama ID":"parent#curve-finance","Equity Statement":"Swiss Stake AG (core development company) is funded through DAO-approved CRV grants. No equity entity receives protocol fees.\n","Governance Details (Summary)":"veCRV holders control protocol operations through the Aragon Agent contract: gauge additions, pool parameters, fee routing, and protocol expansion. Core pool and CRV token contracts are immutable. A 5-of-9 Emergency DAO multisig can pause gauges but the DAO can override its decisions.","Brief description":"CRV token holders gain veCRV by locking tokens (up to 4 years) for time-weighted governance voting on DAO proposals and value accrual via 50% of trading fees","Last Updated":"2026-05-01T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["None"],"Equity Revenue Capture":"No"},{"Revenue Decisions":["vlCVX"],"Governance Links":"[Understanding CVX](https://docs.convexfinance.com/convexfinance/general-information/understanding-cvx), [Vote Locking CVX](https://docs.convexfinance.com/convexfinance/general-information/understanding-cvx/vote-locking), [Governance and Voting](https://docs.convexfinance.com/convexfinance/general-information/governance-and-voting)\n","Value Accrual Details":"Value accrues to locked & staked CVX holders through a share of platform fees","Economic Rights (Summary)":"Staked CVX earns a share of platform revenue, and can be withdrawn at any time. Locked CVX earns a different share of platform revenue, and allows to vote on all governance proposals related to Convex and all of its integrated platforms (Curve, Resupply, Frax, f(x) Protocol)","Value Accrual":"Protocol Revenue Share","Associated Entities":["DAO","DevCo"],"Governance details":"Locked CVX holders can vote on Convex DAO proposals and Curve gauge Weights","Treasury Details":"Currently the use of treasury funds will be at the discretion of the Convex Team","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["vlCVX"],"Ownership Links":"\n","Economic Links":"[Tokenomics](https://docs.convexfinance.com/convexfinance/general-information/tokenomics), [Fee Structure](https://docs.convexfinance.com/convexfinance/faq/fees)\n","Treasury Decisions":["N/A"],"Dividends Details":"Staking earns a portion of fees, boosted earnings and rewards","Utility":"Liquidity Incentives, Staking","Burn Details":"No burn mechanism is currently active","Dividends":["cvxCRV","cvxFXS","cvxFXN"],"Revenue Details":"Locked CVX entitles holders to vote on where token emissions are directed on platforms boosted by Convex every 14 days. Fees can be adjusted between hard-coded ranges","Protocol Name":"Convex","Fee Switch Details":"Of the fees generated by CRV, FXS & FXN, a portion of revenue is distributed to stakers of those tokens.","Foundation Multisigs / Addresses":"Multisig Admin Rights: https://docs.convexfinance.com/convexfinance/faq/multisig-admin-rights\n","Token":["CVX","vlCVX"],"DefiLlama ID":"319","Equity Statement":"Fees & rewards flow to stakers and voters\n","Governance Details (Summary)":"Locking CVX enables governance participation in Convex, Curve, Frax, and f(x) Protocol. CVX must be locked for a fixed time period (minimum of 16 weks) in order to vote on any proposal. Voting rights can be delegated to another address or entity.","Latest Treasury / Token Report":"[Treasury Dashboard](https://www.convexfinance.com/treasury)\n","Brief description":"CVX is the native platform token for Convex Finance. CVX can be staked to earn a share of Curve and Frax LP's earnings. CVX can be vote-locked and used to vote on how Convex allocates veCRV and veFXS toward gauge weight votes and other proposals. CRV, FXS, and FXN can be deposited to Convex to receive cvxCRV, cvxFXS or cvxFXN and can be staked for additional rewards.","Last Updated":"2026-11-03T05:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["Unknown"],"Equity Revenue Capture":"No"},{"Domain":"DAO","Buyback Details":"Buybacks were paused in May 2026","Revenue Decisions":["FLUID"],"Governance Links":"[Revenue Dashboard](https://revenue.instadapp.io/), [Fluid Governance](https://fluid.io/gov)\n","Economic Rights (Summary)":"Portion of fees were previously deployed to buy back FLUID, these fees are now being directed toward the treasury.","Value Accrual":"N/A","Associated Entities":["DAO"],"Treasury Details":"Fluid DAO has control over DAO treasury","IP & Brand":"DAO","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["FLUID"],"Economic Links":"[FLUID Reserve buyback strategy](https://blog.instadapp.io/fluid-reserve-buybacks-growth-strategy/), [Growth & Buyback forum discussion](https://gov.fluid.io/t/fluid-growth-vision-community-buyback-discussion/1691)\n","Treasury Decisions":["FLUID"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"N/A","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"DAO has control over revenue decisions","Protocol Name":"Fluid","Fee Switch Details":"Fluid Reserve & structured buyback program is paused","Foundation Multisigs / Addresses":"Fluid treasury | 0x28849D2b63fA8D361e5fc15cB8aBB13019884d09\n","Token":["FLUID"],"DefiLlama ID":"parent#fluid","Equity Statement":"All generated revenue accrues to the Fluid DAO\n","Governance Details (Summary)":"FLUID holders can create governance proposals, all holders are able to participate in governance. The DAO sets protocol fees, controls treasury, controls IP, and sets risk parameters","Brief description":"FLUID is the governance token of the Fluid DAO, allowing holders to vote on protocol upgrades, risk parameters, fee settings, treasury spending, revenue allocation, and potential value accrual mechanisms in Fluid’s unified liquidity layer","Last Updated":"2026-09-02T04:00:00.000Z","Token Type":["Governance"],"Buybacks":["N/A"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Buyback Details":"Pumpfun has initiated an irreversible programmatic buyback & burn program for the next year: with 50% of revenues going to the program. Previously, Pump was allocating 100% of revenue to buybacks.","Revenue Decisions":["N/A"],"Value Accrual Details":"Value Accrues through buybacks and token burns.","Economic Rights (Summary)":"Revenue will be split 50/50 between buybacks and growth for one year, programmatically carried out via non-reversible smart contracts. 50% of all net revenue from the pump fun Bonding Curve, PumpSwap & Terminal is automatically used to purchase PUMP on the open market and immediately burn 100% of those purchases.","Value Accrual":"Buybacks","Associated Entities":["DevCo"],"Burns":"Active","Fee Switch Status":"ON","Governance Decisions":["N/A"],"Ownership Links":"[Equity Statement](https://fees.pump.fun/), [ICO announcement & tokenomics](https://x.com/Pumpfun/status/1942947291083493495?s=20)\n","Economic Links":"[Buyback Dashboard](https://pump.fun/pump-token)\n","Treasury Decisions":["N/A"],"Dividends Details":"No dividend or revenue distribution is currently active","Burn Details":"As of April 2026, Pump has burned all bought back tokens, around 36% of circulating supply.","Dividends":["N/A"],"Revenue Details":"Platform fees are set by the team","Protocol Name":"Pumpfun","Fee Switch Details":"Half of net revenue from Bonding Curve, PumpSwap & Terminal is used for open market buybacks and token burns. This setup will last for one year.","Token":["PUMP"],"Raise Details":"Raise details on DL\n","DefiLlama ID":"parent#pump","Equity Statement":"The PUMP token does not represent a right to revenues or any other distribution.\n","Governance Details (Summary)":"No mechanism or rights for PUMP holders to vote on protocol changes, upgrades or decisions. The PUMP token does not represent a right to revenues or any other distribution.","Latest Treasury / Token Report":"[PUMP buyback dashboard](https://pump.fun/pump-token)\n","Brief description":"Pumpfun is a Solana-based memecoin launchpad where anyone can create and trade tokens via bonding curves, with PumpSwap as a native DEX for instant migrations and trading.","Last Updated":"2026-08-28T04:00:00.000Z","Token Type":["Community"],"Buybacks":["PUMP"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"Unknown"},{"Domain":"Autonomous Software Ltd","Buyback Details":"A portion of protocol revenue is allocated to buy MET on the open market.","Revenue Decisions":["esMET"],"Governance Links":"[Treasury Management docs](https://docs.metronome.io/metronome-synth/treasury-management), [Governance docs](https://docs.metronome.io/tokenomics/governance), [Metrononme DAO Snapshot](https://snapshot.org/#/s:metronome.eth)\n","Value Accrual Details":"Value accrues through MET buybacks and revenue share as MET distribution to esMET holders.","Economic Rights (Summary)":"The MET DAO voted to approve a revenue share program that distributes MET to esMET holders via buybacks funded by protocol revenue.","Value Accrual":"Protocol Revenue Share","Associated Entities":["DAO","Labs","Foundation"],"Treasury Details":"esMET holders participate in DAO governance decisions that can affect treasury and protocol-level allocations, including emissions and incentive direction.","IP & Brand":"Autonomous Software Ltd","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["esMET"],"Economic Links":"[esMET docs](https://docs.metronome.io/tokenomics/esmet), [Revenue Share docs](https://docs.metronome.io/tokenomics/revenue-share), [Revenue Split Proposal](https://discourse.metronome.io/t/discussion-new-revenue-splits-for-esmet-holders-and-project-maintainers/60)\n","Treasury Decisions":["esMET"],"Dividends Details":"MET purchased on the open market is streamed proportionally to esMET holders based on their share of the esMET supply. The monthly buyback amount is variable and set by the MET DAO. Governance will review and adjust this amount quarterly.","Utility":"Staking, Liquidity Incentives","Burn Details":"No burn mechanism is currently active","Dividends":["esMET"],"Revenue Details":"esMET holders approved and govern the revenue share program. A portion of protocol revenue is used for MET buybacks, which are distributed proportionally to esMET holders based on their share of total esMET supply.","Protocol Name":"Metronome","Fee Switch Details":"A portion of protocol revenue is allocated by the MetronomeDAO to buy MET on the open market. The purchased MET is streamed proportionally to esMET holders. The monthly buyback amount is variable and initially targets $25,000–$100,000 per month, which can be reviewed and updated.","Foundation Multisigs / Addresses":"Metronome DAO Treasury: https://debank.com/bundles/213082/accounts\n","Token":["MET","esMET"],"DefiLlama ID":"parent#metronome","Equity Statement":"Metronome is designed to align value accrual with esMET holders. Protocol revenue supports ongoing operations and maintenance, while token holders benefit through governance rights and revenue-share distributions.\n","Governance Details (Summary)":"MET can be locked to receive esMET, which grants governance rights in the Metronome. esMET holders vote on protocol proposals, including emissions-related decisions, Smart Farming parameters, supported assets, and other protocol-specific matters.","Latest Treasury / Token Report":"[Metronome Performance Report - April 2026](https://x.com/MetronomeDAO/status/2055433756895232051?s=20)\n","Brief description":"MET can be locked to recieve esMET, providing voting rights and unlocking revenue share. ","Last Updated":"2026-09-03T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["MET","esMET"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Domain":"DAO","Revenue Decisions":["sTURTLE"],"Governance Links":"[Governance Docs](https://docs.turtle.xyz/token/governance), [TURTLE Capital Structure](https://www.turtle.xyz/blog/updates/turtle-one-token-full-alignment-q2)\n","Value Accrual Details":"Protocol revenue is currently reinvested into product development and treasury management. The treasury is controlled by governance.","Economic Rights (Summary)":"Protocol revenue is currently reinvested into product development and treasury management. Holders participate in protocol economics through staking mechanics: boosted yield rates and preferential allocation access represent the current distribution layer. Staking accesses allocations, lower fees and increased capacity.","Value Accrual":"N/A","Associated Entities":["DAO","Core Team","Foundation"],"Governance details":"sTURTLE must be delegated, either to holders themselves or a Turtle delegate to activate voting power. Voting happens onchain, execution happens offchain by the Core Team or Foundation.","Treasury Details":"sTURTLE voting process covers treasury management proposals.","IP & Brand":"DAO","Burns":"N/A","Fee Switch Status":"ON","Governance Decisions":["sTURTLE"],"Ownership Links":"[Equity Statement](https://www.turtle.xyz/blog/updates/turtle-one-token-full-alignment-q2)\n","Economic Links":"[Tokenomics](https://docs.turtle.xyz/token/tokenomics)\n","Treasury Decisions":["sTURTLE"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking, Protocol Access","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Revenue Details":"sTURTLE process governs protocol parameters, incentive design and expansions that affect revenue flows.","Protocol Name":"Turtle","Fee Switch Details":"Protocol revenue is currently reinvested into product development and treasury management. The Turtle DAO voting process covers treasury management.","Foundation Multisigs / Addresses":"Address List: https://docs.turtle.xyz/token/contracts\n","Token":["TURTLE"],"DefiLlama ID":"6137","Equity Statement":"Turtle is structured around a single asset: $TURTLE. There is no equity layer above it, no parallel cap table, no competing instrument. All value and IP created across Turtle products accrues to the token. Turtle is domiciled as a Swiss Association. All value and IP created across Turtle’s products, including the acquired Lunar Strategy and ArtDAO, accrues to the token.\n","Governance Details (Summary)":"Holders can stake TURTLE for sTURTLE, which provides the ability to delegate and vote on governance proposals. Ultimately, governance will define the future of Turtle and the TURTLE token. Turtle's Core Team will be responsible for implementing governance decisions as they progress through the governance process. A Canceller address exists with the power to cancel a proposal in the governance system.","Latest Treasury / Token Report":"[Q3 2026 Quarterly Review](https://x.com/turtledotxyz/status/2118347137050181784?a=7XJBtF3MIQMvR-2W3uw&s=20)\n","Brief description":"Turtle operates a vertically integrated liquidity provisioning stack spanning issuance, incentivization, discovery, and distribution of earn opportunities. The TURTLE token is designed to capture Turtle's economic upside.","Last Updated":"2026-11-06T05:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["Token Sale"],"Equity Revenue Capture":"No"},{"Buyback Details":"TIP-9 passed in May 2026 and halted buybacks.","Revenue Decisions":["TREE"],"Governance Links":"[Governance Blog](https://www.treehouse.finance/blog/treehouse-dao), [Governance Docs](https://docs.treehouse.finance/protocol/tree-token/governance), [Governance Forum](https://governance.treehouse.finance/), [Snapshot Voting](https://snapshot.box/#/s:treehousefi.eth), [Voting Mechanics](https://docs.treehouse.finance/protocol/tree-token/governance/voting-mechanics)\n","Economic Rights (Summary)":"Following TIP-9, 50% of tETH fees that went towards TREE open market buybacks now directs that revenue toward ecosystem growth.","Value Accrual":"N/A","Associated Entities":["DAO","Labs"],"Governance details":"Treehouse Improvement Proposals (TIPs) are the formal mechanism for protocol governance. Proposals are first submitted to the governance forum for discussion, with a minimum 24-hour review period before advancing to a Snapshot vote. Once the governance admin initiates the vote, it begins after 24 hours and remains open for 72 hours, passing by simple majority (>50%); approved proposals are then implemented and deployed to production by the Treehouse team on behalf of the DAO.","Burns":"N/A","Fee Switch Status":"OFF","Governance Decisions":["TREE"],"Economic Links":"[Buyback Announcement](https://www.treehouse.finance/blog/tree-buybacks)\n","Treasury Decisions":["TREE"],"Dividends Details":"No dividend or revenue distribution is currently active","Utility":"Staking, Liquidity Incentives","Burn Details":"No burn mechanism is currently active","Dividends":["N/A"],"Protocol Name":"Treehouse","Fee Switch Details":"Following TIP 4 in Novemember 2025, 50% of all protocol fees generated from the Market Efficiency Yield (MEY) of Treehouse’s tAssets, starting with tETH, were directed toward recurring open-market purchases of TREE. Now, this revenue is directed toward ecosystem growth.","Foundation Multisigs / Addresses":"DAO reserve wallet |  0xCBCC15e2f566fDb46e93D925efCbF0ccc5378d3B\n","Token":["TREE"],"Raise Details":"<https://www.treehouse.finance/blog/funding-400m-valuation>\n","DefiLlama ID":"5131","Equity Statement":"N/A\n","Governance Details (Summary)":"Treehouse DAO is the governance body of the protocol. TREE and Treehouse Squirrel Council NFT holders can propose, discuss, and vote on changes to parameters, strategies and treasury management. ","Latest Treasury / Token Report":"[TREE Buyback Dashboard](https://dune.com/treehouseprotocol/treehouse-buybacks)\n","Brief description":"TREE is the governance and utility token of the Treehouse Protocol. Holders participate in protocol governance by voting on incentives, budgets, and key parameters. TREE can also be staked into DOR to earn rewards tied to the performance of delegated panelists.","Last Updated":"2026-09-02T04:00:00.000Z","Token Type":["Governance","Utility"],"Buybacks":["N/A"],"Fundraising":["Unknown"],"Equity Revenue Capture":"Unknown"}]