The floor, documented.

How it works

FLOOR is a fixed-supply memecoin (1,000,000,000 tokens, minted once by the Flap launchpad, never again) with an on-chain redemption floor. A vault holds SGOV, a real-world asset (RWA): a tokenized ETF of 0–3 month US Treasury bills. Anyone can redeem FLOOR at any time and receive their pro-rata share of the vault’s SGOV, in-kind, with no oracle in the money path. The Flap token has no burn function, so redemption locks the redeemed FLOOR in the vault forever; the floor’s denominator is the effective supply(totalSupply minus the vault’s locked FLOOR), which can only fall. Because the denominator only falls and the vault’s SGOV balance can only grow, the floor per token is monotone: it never decreases.

The four channels that raise the floor

• The trading tax, converted to SGOV.Every pool trade pays a tax: 2% on buys, 4% on sells (plain wallet transfers are untaxed). Flap keeps its protocol cut (41% after graduation, 60% during the bonding curve); 100% of the remainder reaches the converter, which sends 60% to the vault as SGOV (40% is the operator’s disclosed revenue; see Fees & flows).
• Redemption fee. Redeeming charges 2%, and that fee stays in the vault. Every exit raises the floor for everyone who stays.
• T-bill yield. SGOV accrues Treasury-bill yield as slow price appreciation, so the USD floor rises even when nothing trades.
• Donations. Anyone can send SGOV to the vault, via donate() for an attributed event, or a plain transfer. Both only ever raise the floor.

Redeeming, step by step

1. Call previewRedeem(amount) on the vault to see the exact SGOV you would receive (pro-rata share minus the 2% fee).
2. Approve path: FLOOR.approve(vault, amount), then vault.redeem(amount, receiver). Two transactions.
3. Permit path: sign an EIP-2612 permit off-chain and call vault.redeemWithPermit(amount, receiver, deadline, v, r, s). One transaction, no prior approval.
4. The vault pulls your FLOOR into itself and locks it there forever (the Flap token has no burn function; totalSupply stays constant while the redeemable effectiveSupply falls), then transfers SGOV tokens directly to receiver. In-kind: you receive the T-bill token itself, not a swap output, so no oracle, no slippage, and no liquidity dependence in the redemption path.

What the floor is denominated in

The floor is denominated in SGOV tokens per FLOOR: that is the number the contract guarantees and the number that never decreases. The USD figure shown on the site is a display convenience: floor-in-SGOV multiplied by SGOV’s Chainlink USD price. SGOV’s USD value can move (it is economic exposure to short-term T-bills, and the feed updates on a 24/5 schedule), so the USD display can fluctuate even though the SGOV-denominated floor cannot go down.

Why T-bills, specifically: the RWA link

SGOV is a real-world asset (RWA): a tokenized ETF of short-term US government debt, carried on this chain as a plain ERC-20 with its own Chainlink feed. The choice of backing asset is the whole design, so here is the argument in full. One: the backing is not circular.Most “backed” tokens are backed by their own liquidity, by ETH, or by another crypto asset, so the backing collapses in exactly the market conditions where holders need it. FLOOR’s vault holds economic exposure to US government debt: its value does not depend on crypto markets, this token, or us. Two: the backing pays interest. SGOV accrues T-bill yield as slow price appreciation, so the floor rises even with zero trades and zero participants (the only channel in the design that needs nobody). Three: the exit works when everything else is broken. Redemption hands over the T-bill token itself, in-kind: no oracle, no swap, and no DEX liquidity in the money path, so it works during stale-feed weekends and mass exits alike. Four: the floor has an honest unit. floorPerToken = vaultSGOV / effectiveSupply is a real, auditable on-chain number with a Chainlink price, not a promise denominated in vibes. In short: FLOOR is a machine that converts memecoin trading activity into US Treasury bills owned by the holders.

Contracts

Immutability, and its honest limits

• In our contracts (FloorVaultV2, FloorConverterV2), every parameter is a constructor argument stored immutable: there are no setters, no upgrade path, no proxy, no pause switch, and no owner.
• The tokenis not ours: it is a FlapTaxTokenV3 created by the Flap launchpad on Flap’s fixed implementation. Its tax rates and duration are immutable once set at creation, but Flap’s Portal and tax processor are upgradeable contracts that Flap controls (see the FAQ for what that does and does not put at risk).
• The full supply is minted once by Flap at creation (no team allocation, no mint function; the only launch-day position is the disclosed creator initial buy). Liquidity sits on Flap’s bonding curve until graduation, after which Flap seeds the DEX pool and locks the liquidity.

Launch parameters

Integrate

Minimal ABI fragments

// FloorVaultV2
"function redeem(uint256 floorAmount, address receiver) returns (uint256 sgovOut)"
"function redeemWithPermit(uint256 floorAmount, address receiver, uint256 deadline, uint8 v, bytes32 r, bytes32 s) returns (uint256 sgovOut)"
"function previewRedeem(uint256 floorAmount) view returns (uint256 sgovOut)"
"function floorPerToken() view returns (uint256)"   // 1e18-scaled SGOV per FLOOR, pre-fee
"function effectiveSupply() view returns (uint256)" // totalSupply minus vault-locked FLOOR
"function donate(uint256 sgovAmount)"

// FloorConverterV2: fallback path, callable by anyone after 30d keeper silence
"function convertViaV4(uint256 ethAmount, uint24 feeEthUsdg, int24 spacingEthUsdg, uint24 feeUsdgSgov, int24 spacingUsdgSgov)"

Reading the floor on-chain

// ethers v5: floor in SGOV per FLOOR (both 18 decimals)
const vault = new ethers.Contract(VAULT, [
  "function floorPerToken() view returns (uint256)",
], new ethers.providers.JsonRpcProvider("https://rpc.mainnet.chain.robinhood.com"));

const floor = await vault.floorPerToken(); // 1e18-scaled
// = vault SGOV balance * 1e18 / effectiveSupply
// (effectiveSupply = FLOOR totalSupply - the vault's locked FLOOR)

Or with a raw eth_call: selector 0x046b18fc (floorPerToken()) against the vault address returns a uint256, 1e18-scaled. Equivalently, compute it yourself from three ERC-20 reads: SGOV.balanceOf(vault), FLOOR.totalSupply(), and FLOOR.balanceOf(vault) (the denominator is totalSupply minus the vault’s locked FLOOR).

The /api/floor endpoint

The site exposes a read-only JSON endpoint (60s cache, values read live from chain; nothing fabricated). Before launch it returns { pending: true } plus the reads that are real today; after launch, the full shape:

GET /api/floor
{
  "updated": 1760000000000,        // ms timestamp of the read
  "chainId": 4663,
  "sgovPrice": <number>,           // SGOV/USD via Chainlink (8-dec feed)
  "sgovPriceUpdatedAt": <number>,  // feed round timestamp (seconds)
  "ethUsd": <number>,              // ETH/USD via Chainlink
  "apy": { "apyPct": <number>, "windowDays": 30, "variable": true } | null,

  // pre-launch only:
  "pending": true,

  // post-launch only:
  "vault": "0x…", "floor": "0x…",
  "vaultSgovRaw": "<uint256 string>", "effectiveSupplyRaw": "<uint256 string>",
  "vaultSgov": <number>, "effectiveSupply": <number>,
  "floorSgov": <number>,           // vaultSGOV / effectiveSupply
  "floorUsd": <number>             // floorSgov * sgovPrice (display only)
}

Fees & flows

The floor is funded by a trading tax, not an LP fee: 2% on buys, 4% on sells, charged only on pool trades (plain wallet transfers pay nothing), immutable once set, and expiring after its set duration of about 100 years. Two parties take a disclosed share of it. Flap, the launchpad, keeps 41% of the collected tax after graduation (60% during the bonding curve). The operator takes 40% of the ETH the converter receives from what remains; that share is immutable and never touches the vault or the floor. Everything else feeds the mechanism.

Converter guard rules

The ETH → SGOV conversion is the one place a swap happens on the protocol’s behalf, so it is fenced in. The operator’s 40% is paid off the top of each primary conversion; everything below governs the remainder:

• Pinned router. The converter only ever calls one immutable 1inch router address, fixed at deploy. The keeper supplies calldata but never holds funds.
• Dual-Chainlink slippage guard. Received SGOV is checked against the ETH/USD and SGOV/USD feeds; the swap reverts if the outcome is more than 3% worse than oracle fair value.
• Staleness tolerance: 4 days. Both feeds must be fresher than 4 days (the feeds freeze on weekends; 4 days covers a long weekend) or the conversion reverts.
• Keeper-only, rate-limited. Only the designated keeper can trigger the primary path, at most once per 1 hour, bounding the bleed rate even if the keeper key is compromised.
• Permissionless fallback after 30 days. If the keeper is silent for 30 days, anyone can convert via a direct Uniswap v4 route under the same oracle guard. A dead keeper or dead router can never permanently strand the tax stream. The fallback pays the operator nothing: if the keeper is dead, everything goes to the floor.
• Beneficiary watch.The tax reaches the converter only because Flap’s tax processor lists it as the beneficiary, and Flap could in principle change that. The keeper checks the beneficiary on every run and this site can read it live. SGOV already in the vault is beyond Flap’s reach either way.

FAQ · honest answers