Token

Three roles, and they should not be collapsed into one word like "utility".

1. Collateral

Clearing members stake for the right to position limits. More stake, more volume they may move. A member that defaults is slashed. This is the role that ties the token to the mechanics rather than to sentiment.

2. Accepted risk

Part of the stake sits in the default fund, layer four of the waterfall. Holders earn fees precisely because they carry tail risk. The yield is explainable: it is payment for standing behind other members' failures. It is not emitted out of thin air.

3. A share of the flow

Fees are taken in the settlement asset, not in the token. The token is not a toll paid to enter. It is a claim on the clearing business.

The thesis

Price follows clearing turnover, not the number of holders.

Not claimed here

No supply schedule, no price target, no yield figure. Those belong in a published tokenomics document, and until that exists, quoting numbers would be inventing them.