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FLOOR totalSupply() is constant at 1e9 × 1e18 · redeemed FLOOR is locked in the vault, so effectiveSupply() (the redeemable supply) only falls · verified source contains no mint or burn path

Address-gated. effectiveSupply() reads live on this row the moment the canonical address is published. Until then no supply number is shown, because none exists. Pre-deploy evidence: flap-pipeline fork test "the real Flap token has NO burn path: supply cannot be reduced".

floorPerToken() = vault SGOV balance / effectiveSupply (totalSupply minus vault-locked FLOOR) · every mechanism path can only raise it

Passing today: test/invariant-v2.test.js, "Invariant V2: floorPerToken is monotone under no-burn redemption · holds across 300 randomized operations" (seeded sequences, exact comparison, zero tolerance), and test/flap-pipeline.fork.test.js, "floorPerToken was monotone through the entire pipeline" (create → trade → graduate → convert → redeem against forked Robinhood Chain mainnet state). The live time series starts recording at launch.

before graduation, trading happens on Flap’s bonding curve · at graduation Flap seeds the DEX pool and locks the liquidity · no operator custody at any point

Passing today: flap-pipeline fork test "graduation: buying through the curve target migrates the token to the DEX", exercised against the real Flap Portal on forked mainnet state. The graduation tx link lands here with the address.

tax charged only on pool trades; plain wallet transfers untaxed · rates immutable after creation; the tax expires after its set duration (~100 years) · Flap keeps 41% of the collected tax after graduation (60% on the curve); 100% of the remainder is paid to FloorConverterV2

Passing today: flap-pipeline fork test "curve trades accrue WETH tax revenue at the processor", plus the fork probe of the live Flap contracts (scripts/probe-flap.js, artifact flap-probe.json) that pinned the rates, cuts, and ~100-year duration cap used on this site.

redeem(amount): FLOOR is locked in the vault forever → receive pro-rata vault SGOV tokens directly, minus 2% fee that stays in the vault · no oracle, no swap in the money path

Passing today: flap-pipeline fork test "redeem locks FLOOR in the vault and pays real SGOV, exactly previewRedeem", an actual SGOV token transfer from the vault on forked mainnet state. Proof tx published at launch.

anyone can buy and sell through Flap's public curve and, after graduation, the DEX pool · the only trade logic is the disclosed 2%/4% pool-trade tax; plain transfers untaxed · no allow-lists, no pause on transfers

Passing today: the flap-pipeline fork test buys and sells through the real Flap curve and migrates to the DEX ("curve trades accrue WETH tax revenue at the processor", "graduation: buying through the curve target migrates the token to the DEX") on forked mainnet state. Proof tx hashes published at launch.

operatorFeeBps is immutable, set to 4000 in the FloorConverterV2 constructor · 40% of the ETH the converter receives pays the operator; 60% becomes SGOV in the vault · the permissionless fallback pays the operator nothing

Deploy parameter: operatorFeeBps = 4000 (immutable once deployed). Exercised today by the flap-pipeline fork test "keeper convert splits 40/60 and clears the REAL Chainlink guard". Disclosure, plainly: 40% of the converter's ETH inflow goes to the operator, stated here and everywhere else on this site.

FloorVaultV2 and FloorConverterV2 have no owner, no setters, no pause, no upgrade path · the token is a Flap contract on Flap’s fixed FlapTaxTokenV3 implementation, never held or controlled by the operator

The absence of owner functions is checkable in verified source the moment the addresses are published. Until then the claim rests on the repository source and the passing V2 unit suites, so this chip stays gold until the chain can confirm it.

no standing token approvals · oracle post-check: SGOV received ≥ 97% of dual-Chainlink-implied value · keeper-only, 1h min interval · permissionless v4 fallback after 30d keeper silence

Passing today: the "FloorConverterV2 (the fence, with the operator split)" unit suite and the flap-pipeline fork test "keeper convert splits 40/60 and clears the REAL Chainlink guard"; the post-trade value check runs against the real feeds on forked mainnet state.

Flap’s Portal and tax processor are upgradeable contracts Flap controls · Flap could in principle redirect the tax beneficiary away from the converter · the keeper checks the beneficiary every run and this site can read it live · SGOV already in the vault can never be touched by Flap

Probed today against a fork of the live Flap contracts (scripts/probe-flap.js, artifact flap-probe.json): beneficiary routing confirmed end-to-end in the flap-pipeline fork test. This row exists because the dependency is real and permanent; we would rather rank it here than bury it.

Flap taxes carry a fixed duration, immutable after creation · FLOOR’s is set to ~100 years, the probed maximum · after expiry the tax channel stops; exit fees, T-bill yield, and donations continue, and the floor can never fall

Probed today: durations above roughly 100 years revert TaxDurationTooLong on the live Flap Portal (scripts/probe-flap.js, artifact flap-probe.json), so the launch sets the maximum. The exact duration is fixed in the creation tx and readable on-chain from launch.