Bootstrap Phases
The protocol starts empty and progresses through three phases before becoming fully operational.
Phase 0: SEEDING
The reserve is being capitalised. Only mintORC is available — investors deposit WBTC and receive ORC tokens. No price oracle exists yet.
During seeding, the first ORC mint uses 1:1 pricing (1 WBTC = 1e8 ORC). Subsequent mints in this phase also use this initial pricing.
Phase 1: PREMINT
The owner advances the phase and sets a seed price — the assumed BTC/USD price for initial calculations. The owner then:
- Premints OD tokens (one-shot, subject to 400% ratio guard)
- Creates a MotoSwap WBTC/OD liquidity pool
- Registers the pool with the reserve (starts the TWAP clock)
During premint, the TWAP window fills (6 blocks, ~1 hour).
Phase 2: LIVE
Automatic transition once the TWAP window has enough data. All four operations become available to anyone:
- mintOD — deposit WBTC, receive OD
- burnOD — return OD, receive WBTC
- mintORC — deposit WBTC, receive ORC
- burnORC — return ORC, receive WBTC
The seed price is never used again — the TWAP is the sole price source from this point forward.
INFO
Phase transitions are irreversible. Once LIVE, the protocol cannot be paused or reverted to an earlier phase.