Relation Tokens
Transferable units of economic participation, issued after settlement.
Release reference · Updated 14 October 2026On this page
Subject × exact Asset
Bob-ETH and Bob-UNI are separate ERC-20s with independent addresses and balances. The registry binds the exact subject, asset chain and asset contract. A matching ticker does not identify the same asset.
A Relation Token is separate from the asset bought in the underlying swap. It provides no redemption into that asset, ownership of the source person or fixed return.
One issuance curve per subject
In V0.4, each subject shares cumulative settled USDC volume across assets and admitted Cores. Earlier participation receives a higher marginal issuance rate, starting at 3 and approaching 1. Changing assets, wallets or applications does not restart it.
V is accepted actual swap-input USDC. It excludes protocol fees, bridge fees, gas, pending payments and refunds. The curve determines issuance quantities, not a token price or liquidity.
H = 100000 USDC
S(V) = V + 2HV / (H + V)
Mint = S(V + d) - S(V)Holdings and history
Transfers change who holds a token and may change application eligibility. They do not rewrite who made the original purchase, create a new settled action or increase capital-network volume.
Legacy tokens
Eligible legacy units can be voluntarily upgraded 1:1 by permanently locking old units in the configured adapter. The user explicitly approves and signs. Upgrade does not count as a new trade, advance the curve or redistribute old fees.