Proof of Reserve
Every FNC token is backed by assets held in the DAO-controlled TreasuryVault. NAV per FNC is computed on-chain. Anyone can verify. Anyone can snapshot.
$0.0000
NAV per FNC
Live (pending Sepolia deploy)
$0.00
Total Reserve
USD equivalent
1,000,000,000
FNC Supply
Fixed. No mint.
—
Last Snapshot
Block number
Reserve Assets
Assets held in TreasuryVault, verified via on-chain ReserveRegistry
USDC
USD Coin
USDT
Tether
ETH
Ether
wstETH
Lido Wrapped Staked ETH
Historical NAV per FNC
Epoch-by-epoch reserve backing, stored immutably on-chain via ReserveRegistry
All values $0.0000 — treasury empty pending Phase 3 Sepolia deployment
The math — verified on-chain
ReserveRegistry computes NAV per FNC at every snapshot. No off-chain oracle needed.
Formula
Σ (assetBalance[i] × price[i])token.totalSupply()totalReserve / totalSupplyPermissionless Snapshot
Anyone can call snapshotNAV() on ReserveRegistry at any time. This pushes a new epoch record on-chain — immutable, timestamped, verifiable.
Security guarantees
These aren't claims. They're on-chain enforced invariants.
Timelock-owned vault
TreasuryVault.owner() is the 1-day Timelock. No EOA or multisig can withdraw reserves. All fund movements require governance approval + 1-day delay.
Selector whitelist dispatcher
TreasuryVault.execute() only forwards calls to an approved selector whitelist. Arbitrary calldata is rejected at the contract level — no free-range execution.
100% branch coverage
All Phase 3 reserve contracts achieve 100% branch coverage in Foundry. The test suite is public and auditable on GitHub.
On-chain NAV snapshots
ReserveRegistry.snapshotNAV() is permissionless — anyone can call it. Historical NAV per FNC is stored immutably on-chain, epoch by epoch.
Contract addresses
Sepolia testnet — Phase 3 deployment pending
ReserveRegistry
Stores NAV snapshots and asset list
TreasuryVault
Selector-whitelist fund dispatcher
BuybackExecutor
TWAP-guarded daily buyback engine
RedemptionQueue
Epoch-based exit queue with circuit breakers
Ready to stake on the reserve?
Stake FNC to earn protocol fee revenue. The reserve backing gives you a floor; the staking yield gives you upside.