02 / The treasury
Seven days is the
constraint that decides
everything else.
Unstaking from HyperCore takes seven days. So staked HYPE cannot answer a redemption this afternoon, and the contract refuses to pretend otherwise.
backing()Counts the staked leg, because that is what it is.
liquid()Does not, because it will not be for a week.
redeem()A redemption larger than the liquid leg reverts rather than half settling. A claim that half settles is worse than one that tells you to come back.
Liquid floorThe owner cannot stake past 30 %. It is a constant, not a setting.
Fee on yield10 %, on the yield only. Never on a deposit, never on the backing, and subtracted inside
backing() so it never counts toward a floor it cannot pay.A treasury with a redeemable floor and no fee on yield is zero sum: every wei that arrives is owed straight back out, and the people who built it are paid by nobody. That is why the fee exists, why it is capped, and why it is a constant nobody can raise.
