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What Is $DONUT

  • $DONUT is a store-of-value token on Base
  • Mined through a continuous Dutch auction instead of proof-of-work or staking
  • Auction revenue increases $DONUT's liquidity and scarcity

How Mining Works

  • Only one active miner at a time, called the King Glazer
  • The right to mine is bought with ETH through a continuous Dutch auction
  • Price doubles after each purchase, then decays to 0 over one hour
  • Anyone can purchase control of emissions at the current price

Revenue Split

  • 80% → previous King Glazer
  • 15% → treasury
  • 5% → provider (frontend host)

Emission Schedule

  • Starts at 4 DONUT / sec
  • Halving every 30 days
  • Tail emission: 0.01 DONUT / sec (forever)

Proof of Just-In-Time Stake

  • ETH is "staked" only while controlling emissions
  • Profit if the next purchase pays more
  • Lose if it pays less
  • Earn $DONUT the entire time you hold control

Liquid Signal Governance (LSG)

  • A decentralized protocol for managing revenue allocation through liquid democracy
  • Token holders vote on strategies to determine how protocol revenue is distributed
  • No multisigs or hard-coded fee splits - voting power directly influences proportional distribution
  • Flexible strategies: buybacks, LP accumulation, treasury diversification, and more

Staking for Voting Power

  • Stake DONUT to receive gDONUT (1:1 ratio)
  • gDONUT is non-transferable - prevents flash loan attacks on governance
  • Delegate your voting power to yourself or another address
  • Must clear all votes before unstaking

Voting on Strategies

  • Allocate your voting power across multiple strategies
  • Vote weights determine proportional revenue distribution
  • One epoch delay between voting and resetting (7 days)
  • Revenue flows through RevenueRouter to the Voter contract

Dutch Auctions

  • Treasury WETH is sold via descending-price auctions
  • Price starts high and decays linearly toward zero over the epoch
  • Buy when the price is profitable for you!

Voter Incentives (Bribes)

  • 20% of auction payments are routed to bribe contracts
  • Voters earn rewards proportional to their vote weight on each strategy
  • Claim accumulated rewards anytime on the Vote page
  • Creates sustainable incentives for governance participation

Builder Codes

  • Anyone can host their own Donut Shop by deploying a frontend
  • Add your builder code to earn 5% of all purchases made through your shop