TAPER token

TAPER is Taper's token. Locked, it votes on Taper's markets. Staked, it backs the session signer that opens borrowing on stock markets.

The whole supply is minted once and the mint authority is then removed, so no more TAPER can ever be made. The mint has no freeze authority: no one can freeze a TAPER account.

Launch

All 1,000,000,000 TAPER go into one public launch, on the same terms for everyone. There is no presale, no investor or team allocation, no airdrop, no treasury and nothing vesting. The people who build Taper buy TAPER the same way as anyone else.

Every dollar Taper's markets move stays with the people who earned it: interest with lenders, band trade fees with the borrowers whose bands earned them, the liquidation discount with liquidators. None of it is diverted to TAPER.

Locking

Lock TAPER for any whole number of days. Locked TAPER stays in its lock until the unlock date; you can add to a lock or extend it at any time. Locks are kept by Mango's voter-stake-registry program.

Weight falls in a straight line to zero at the unlock date. 10,000 TAPER locked for four years starts with a weight of 10,000; locked for one year, with 2,500. A longer lock counts as four years until it has less than four left. Extending a lock raises its weight again.

A lock can also be held at its length: its time left, and its weight, stay where they are until you set it counting down again.

Votes on Taper's markets

Taper's markets are the ones opened under the Taper admin address, the markets the app lists. That address is the treasury of TAPER's governance on SPL Governance, the DAO program behind Realms, so it signs only what a vote passes:

• Opening a market: its collateral, its price feed and every limit, from loan-to-value and discounts to band width, band fee and rate model. An open market's limits never change, so new terms mean a new market.
• Recentering the band grid of a market that holds no debt and nothing in any band.
• Appointing and removing the session signer for stock markets, below.

Over Taper's markets, governance holds the admin's powers and no others. No instruction changes an open market's limits, pauses repayment, touches a loan or moves funds out of a vault, so no vote can either. Markets and limits lists the admin's powers.

1. Propose

   Any wallet with a voting weight of at least 1,000,000 can make a proposal. A proposal is the exact transactions governance will sign.

2. Vote

   Voting lasts five days, however early the outcome is clear. A proposal passes when more weight votes for it than against and the weight for it reaches 4% of the TAPER supply.

3. Execute

   A passed proposal waits two days, then anyone can execute it.

Staking for the session signer

Stock markets lend only during trading sessions, and each day's borrowing window is signed by the market's session signer; NVDAx and trading sessions explains why. Governance appoints the signer from candidates who have staked TAPER for the role:

• A candidate stakes at least 1,000,000 TAPER, a tenth of a percent of the supply.
• The stake stays bound while the candidate holds the role and for 30 days after it ends.
• If a vote finds that the signer opened a borrowing window outside the exchange's trading session, the stake is burned.

Every borrowing window records who signed it, so a vote can check. Staked TAPER sits in Taper's stake vault and carries no voting weight. Burned TAPER is gone for good, so the supply can only ever fall.