Control at a glance

The code cannot be upgraded. The team holds a short list of settings, each bounded in code, and every change is announced first and waits in public.

Fixed foreverThe cap, the rewards pool, the splits, the fee curve, the epoch, the auction windows, the base emission and its cut.PoliciesLicenses and Printers per auction, Fractionals per auction, the emission multiplier.Bounded settingsAuction floors, multiplier steps, buy and sell tax, each inside hard bounds.Change processAnnounced, then 48 hours on the timelock, at most once per 7 epochs per setting.One-way switchesPermissionless buybacks and defence. Once on, they stay on.Team operationsThe vaults, run directly and posted in public. Immediate, no timelock.

Role	What it is	What it can do
Governor	A team Safe, a multisig behind a 48-hour onchain timelock	Changes policies and bounded settings, one at a time, in public. Seeds the pool once and runs buybacks and the defence until they are opened to anyone
Guardian	An emergency role	Pauses new License and Printer sales only; see Guardian and team operations
Team	The same team Safe, operating the vaults directly	Runs the Reserve Vault, the Incentive Vault and manual use of the Contraction Vault, every purchase and payment posted onchain

• Policy and setting changes move inside hard bounds and wait 48 hours in public.
• The team operations listed separately are immediate.