The note

RIZEN is a plain ERC20. It has no owner, no pause, no blocklist and no fee on transfer. The only address that can mint or burn is the treasury, and it is set once, by the deployer, before anything is live.

Notes come into existence one way: somebody deposits HYPE and the treasury issues against it. The supply is not fixed, it is a mirror of what has been deposited and not yet redeemed.

The floor

floor = backing / supply. It is what one note is worth if the treasury were shared out today, and redeem() pays exactly that: it burns the note and sends the HYPE out of the liquid leg.

That is what makes the floor a fact rather than a forecast. It does not depend on anybody buying, on a market maker, or on the token trading anywhere at all.

The ratchet

floorWad is a high water mark and it is only ever written upward. Anybody can call poke() to write it forward, because it moves no money and everybody should be able to make the floor a matter of record rather than of trust.

Three things lift it: staking yield, the two percent issue premium, and notes that holders burn. Redeeming does not move it in either direction.

Yield and the fee

The treasury stakes on HyperCore. Rewards arrive as native HYPE, sync() books them, and the split is fixed in the code: 10 % to the protocol, 90 % to the floor.

The protocol's share sits in ownerAccrued, and backing() subtracts it. It therefore never counts toward a floor it cannot pay, and a holder who redeems after the fee has been taken still receives everything they are owed. There is a test that proves exactly that.

There is also a skim(), capped at the surplus above what every note could redeem. In practice it collects rounding dust. It is a safety valve, not the business model.

Seven days

Unstaking takes a week, so the design separates two numbers that most treasuries blur together:

• backing() is everything the treasury is worth, staked included.
• liquid() is what can answer a claim today.
• A redemption bigger than the liquid leg reverts. It does not half settle.
• The owner cannot stake below a 30 % liquid floor.

What cannot happen

There is no arbitrary call anywhere. No execute(target, data), no settable spender, no configurable router. A treasury that can be told to call an address with calldata the caller supplies is a back door with extra steps, and a capped withdrawal sitting next to one protects nothing. A test enumerates the dangerous signatures and asserts that none of them exist.

• Nobody but the treasury can mint. Not the deployer, not an owner, because the token has none.
• rescue() refuses WHYPE and RIZEN, which is all the backing there is.
• The treasury address on the token can be set once and never changed.
• poke() and sync() are permissionless: they move nothing outward.

Why there is no transfer tax

HyperEVM has no Uniswap v4 and therefore no hooks, so the pair lives in a v3 pool. A v3 pool checks that it received exactly what the swap promised.

A token that skims a transfer can therefore be bought and never sold. Every taxed v3 token is a honeypot whether its author meant it or not. That is why the floor comes from the treasury and not from a toll, and it is a structural fact rather than a preference.

The contracts

All three fit inside a 2M small block, so only creating the pool needs HyperEVM's big block flag.

Status

The contracts are live on HyperEVM and verified. There is no pool yet, no supply and nothing to buy. Any pair claiming to be RIZEN today is not one.

Supply reads zero and the treasury holds nothing, which is what a system that has not been switched on looks like. Thirty four tests pass against a fork of live HyperEVM, and the whole launch was rehearsed on one: bootstrap, open, trade, and exit with the fees.

The model on the floor page runs entirely in your browser. It connects no wallet, reads no chain, and cannot take anything from you.