Collateral

Reserve asset

Each Collateral-backed Deal holds HYPE or KNTQ. Token trading remains quoted in USDC.

Redeemable floor

The floor is available collateral value divided by unburned token supply.

• Refundable principal, platform balances, creator balances, and pending support burns are excluded from backing.
• No holder can redeem more than the same pro-rata rate available to every other holder.
• The final redemption receives remaining rounding dust.

redeemable floor = available collateral value / total unburned token supply

Floor exits

Above the floor, sells execute against the Reserve Curve in USDC. At the floor, a transaction may split into a USDC sale and fee-free collateral redemption. Redeemed tokens are burned.

Collateral redemptions remove the matching pro-rata share of unburned tokens.

Support burns

When selected before minting, the creator-side 0.5% collection trading share funds support burns instead of creator claims.

The accumulated reserve assets are converted to USDC, which buys the Deal token on its Reserve Curve and burns the purchased tokens without withdrawing collateral. The same backing is then divided across fewer tokens, raising the collateralized floor.