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Caps and seasons

Per-season mint caps, what happens when one fills, and how a season closes.

Caps

Each recipe has a per-season mint cap. Once it fills, that Good only trades on the secondary market, which is where a premium over NAV can form.

  • Tier 1 Component: no cap.
  • Tier 2 Product: 2,000 mints per recipe per season.
  • Tier 3 Legendary: 100 mints per recipe per season.

Caps count mints. Melting never reopens a cap.

When a cap fills

The recipe closes for the rest of the season. Existing Goods keep trading on the secondary market, and a Good that people want more of than the cap allows can trade above its NAV. That premium is the point of the cap. The floor does not move: melting still returns the underlying at NAV, less the melt fee.

A melt burns a Good but does not free a slot under the cap. Caps count mints, not supply.

Season length

A season lasts 30 days. When it ends, Season 1 recipes close and Season 1 Goods can never be minted again.

Unit amounts are fixed at season open from the pool TWAP and do not change during the season.

Melting stays open after a season ends. What closes is minting: a Season 1 Good can be melted years later, but never made again.