Protocol

TENOR token

TENOR governs Tenor. The whole supply of 1,000,000,000 goes to one public launch on the same terms for everyone, and staked TENOR receives the bonds that orders forfeit.

TENOR is Tenor's governance token. Staked TENOR votes on every new series and receives the USDC bonds that orders forfeit. Nothing is set aside: the whole supply goes to one public launch, and everyone gets TENOR on the same terms, including the people who built Tenor.

Property	Value
Name	Tenor
Ticker	TENOR
Standard	SPL token, 6 decimals
Total supply	1,000,000,000 TENOR
Minting	The whole supply is minted once, at launch; the mint authority is then revoked
Freeze authority	None

Distribution#

Allocation	Share	TENOR
Public launch	100%	1,000,000,000

Every TENOR enters circulation at launch, on the same terms for every buyer. There is no presale, no investor or team allocation, no airdrop, no reserved treasury or reward pool and no vesting. Contributors who want TENOR buy it in the same market as everyone else.

With nothing held back and the mint authority revoked, the supply in circulation at launch is the whole supply, permanently.

Staking and governance#

Stake TENOR in the staking vault from any wallet. Each staked TENOR is one vote, counted when you vote. Unstaking takes 28 days, one loan term, and tokens that are unstaking neither vote nor earn. Unstaking more while an unstake is pending adds to it and starts its 28 days again.

Governance runs on SPL Governance, with the Tenor program supplying each voter's staked balance as their vote. The governance treasury is the admin of every Tenor series, and the program accepts no other, so votes decide what each new series offers: the term, cadence, windows, rate tick, collateral (SOL, jitoSOL or both), margins, liquidation discount, bond and minimum order. Every series lends USDC.

A series is fixed once it is created. No vote can change a live series, an auction in it or a loan, so terms that held when an order was sealed hold until it is settled.

Rule	Value
Proposing	1,000,000 staked TENOR
Voting period	7 days, one auction cadence
Approval	40,000,000 votes for, 4% of supply
Passing	Votes for reach the approval line and outnumber votes against
Execution	2 days after the vote closes

Forfeited bonds#

Every order posts a bond: 0.5% of its maximum, at least 1 USDC in the first series. When an order is never revealed, its bond goes to the series fee account (see Bonds and costs). Once per auction, after the unrevealed orders are refunded, the fee account is swept into the staking vault and paid to stakers in USDC, in proportion to their stake. A staker holding 1% of all staked TENOR receives 1% of every sweep. Rewards accumulate until you claim them.

The sweep is the only instruction that moves a fee account. It sends the whole balance to the staking vault, and anyone may send it. No vote or signer can send forfeited bonds anywhere else.

From the CLI#

Shell

tenor stake --amount 2000000000000          # 2,000,000 TENOR in atoms
tenor staking --owner ADDRESS               # weight, unstaking, unlock time, claimable USDC
tenor vote --proposal ADDRESS --choice yes
tenor propose-series --epoch-start UNIX_SECONDS [--term SECONDS ...]
tenor execute --proposal ADDRESS            # closes the vote, then runs it after the hold-up
tenor claim-rewards
tenor unstake --amount 2000000000000
tenor withdraw-unstaked                     # 28 days later

Each sends from --keypair to --rpc after checking --genesis, like every CLI command. The HTTP API serves stakes and proposals at /v1/stakes and /v1/governance.