$OSTRA

$OSTRA is the token of the protocol. It does three things. It does not govern.

Status

The only announcement will come from @OstrakonElysium. Nowhere else.

What it does

1. The bond

$OSTRA is the only bond accepted for a Shard. Every proposal puts $OSTRA at stake. On mainnet, the bond is pegged to a HYPE value and paid in $OSTRA.

2. The burn on failure

When a Shard fails to reach quorum, its bond is burned. A proposal no one came to vote on removes $OSTRA from supply for good.

A challenged Shard pays its bond to the challenger. A Shard that reaches quorum returns its bond to the proposer. Only indifference burns.

3. The buyback

Every forged token mints 1 % of its old supply to the Treasury. That tithe is sold, and the proceeds buy back $OSTRA and burn it.

Every exile, on any token, ends in $OSTRA being bought and burned.

The Treasury

The Treasury is a contract, not a wallet. It has no owner and no withdrawal function. It can only do two things.

sell

Anyone can call sell(newToken). It can be called at most once per hour for each token. Once the new token's pool exists, the Treasury sells its 1 % linearly over 72 hours into that pool. The proceeds accumulate as HYPE.

buyback

Anyone can call buyback(). It spends the accumulated HYPE to buy $OSTRA from the $OSTRA pool, then burns what it bought.

No one decides when. No one decides how much. No one can take the HYPE out.

Supply

$OSTRA has a fixed supply. There is no mint function after deploy. There is no owner.

Supply only goes one way. Failed Shards burn it. The buyback burns it.

No governance

$OSTRA does not vote on anything.

The holders of each token vote on their own token. A $OSTRA holder has no say over another project's exile. No one with a large $OSTRA bag can steer an Ekklesia they do not belong to.

The protocol has no parameters to vote on. The contracts are immutable. There is nothing to govern.

Launch

$OSTRA will launch on Elysium, after mainnet, on a launchpad.

When it launches, the address will be posted by @OstrakonElysium. That is the only announcement. Until then, every address is fake.

Testnet mock

Testnet uses a mock token named "OSTRA (testnet mock)". It has no value and never will.

• Fixed supply of 100,000,000, minted once at deploy.
• The bond on testnet is a constant 1,000 mock OSTRA.

A faucet on the /ostra page hands out 10,000 mock OSTRA per address per hour, from a reserve. Use it to propose Shards and test the full cycle.

The mock is not $OSTRA. It exists only to make the testnet work.