Concepts
Token
$DITTO has a fixed supply of 1,000,000,000. The protocol's fees buy it on the market and burn it.
| Ticker | $DITTO |
|---|---|
| Supply | 1,000,000,000, fixed |
| Launch | 100% public, on the same terms for everyone |
| Other allocations | None: no presale, team, investor, airdrop or reserved allocation, and no vesting |
| Bought with | All of the mint fee and the roll fee, on the market |
| Then | Burned |
Supply
1,000,000,000 $DITTO exist, and no more can be minted.
Distribution
100% of the supply goes to the public launch, on the same terms for everyone. There is no presale, no team, investor or reserved allocation, no airdrop and no vesting.
Fees
The program charges two fees, and both are the protocol's. Each is paid in USDC to the treasury account the policy names.
| Fee | Charged on | Paid by |
|---|---|---|
| Mint fee | each pair minted | the minter, on top of H − L |
| Roll fee | each Ditto Spot roll | the vault, from its USDC |
Merging, settling and redeeming carry no fee. The rates are set once in the policy: Parameters reads them from the chain, and Program and accounts shows the treasury.
Buy and burn
Both fees, in full, buy $DITTO on the market, and every $DITTO bought is burned, so it leaves the supply.
Tokens on Ditto
$DITTO is not a position. The positions are LONG, SHORT and Ditto Spot shares:
| Token | What it is | How many |
|---|---|---|
| LONG and SHORT | The two sides of one series. A pair locks H − L USDC and pays it out at settlement. | Minted in pairs, burned on merge and redeem, per series |
| Ditto Spot share | A claim on one vault's LONG and USDC, rolled each Friday | Minted on deposit, burned on withdrawal, per vault |
| $DITTO | The protocol's token, not a claim on any series or vault | 1,000,000,000, fixed |