$PRCL
$PRCL is separate from the Parcels a Lot issues. A Parcel is a claim on a basket and on its dividend accretion; $PRCL grants no such claim. It is bound to the work of the protocol — fees, epoch priority, and risk cover — and its utility switches on in the first days of V1.
A working token, not a claim
Two ledgers that never touch: the Parcel you hold is the asset; the $PRCL you stake is the machinery that clears it.
- A flow-fee discount, applied by staking tier.
- Queue priority inside an epoch on partial fills.
- First-loss capital in the Backstop Module.
- A 40% share of every Lot’s streaming fee, earned for that risk.
- The bond that lets any address propose a new Lot.
- A claim on any Lot’s basket or custody balances.
- An entitlement to dividend accretion — that accrues to Parcels.
- Inflationary: the contract admits no further mint.
- A governance token in V1 — governance opens in V3.
Fixed supply & allocation
One issuance, hard-capped in the contract. No mint function, no schedule beyond the emissions already allocated below.
$PRCL, fixed. The contract admits no further mint.
| Allocation | Share | Terms |
|---|---|---|
| Public launch & liquidity | 45% | No vesting. The protocol's LP position is locked for 12 months. |
| Backstop Module rewards | 20% | Linear emission over 48 months, paid only against staked balance. |
| Protocol treasury | 15% | Timelocked. Spent through governance from V3. |
| Team & contributors | 15% | 12-month cliff, then linear over 24 months. |
| Ecosystem & integrations | 5% | Grants, audits, DEX and aggregator integrations. |
| Total | 100% | 100,000,000 $PRCL, no further mint |
Staked $PRCL discounts the flow fee
The discount applies to both the base flow fee and its impact component; the streaming fee is unchanged. Priority sets the order of execution within a batch when an epoch’s cap cannot fill the whole queue — it never improves the price, because inside an epoch the price is one for everyone.
| Tier | Stake ($PRCL) | Flow discount | Epoch priority |
|---|---|---|---|
| Odd Lot | 2,500 | −10% | None |
| Round Lot | 25,000 | −25% | Second tier |
| Block | 150,000 | −40% | First tier |
| Cross | 750,000 | −55% | First tier |
In-kind redemption charges a flat 0.05% and carries no impact component, so tiers change nothing there — the escape hatch is already the cheapest path out.
First-loss capital, aligned with the depositor
Staked in the module, $PRCL stands as first-loss capital against a NAV shortfall. The staker earns on assets under management and loses on failure, so their interest sits with the Parcel holder's.
- 01An oracle error that passed the 50 bps execution band.
- 02Worse-than-modelled execution when a constituent is removed.
- 03A cash gap while a corporate action is being processed.
A slash requires a holder vote and a public shortfall report before any staked balance is touched. The cap is 30% of staked value per event; a larger loss falls on Parcel holders, and the disclosure says so.
of staked balance, per event
position is slashable while unlocking
of every Lot's streaming fee
linear, 20% of supply
Where the streaming fee goes
From V1 the split is fixed in the contract and moved only through the 48-hour timelock. Holders may change the proportion, and fold in a share of flow fees, by vote from V3.
Backstop stakers · 40% — the reward for standing as first-loss capital.
Treasury · 60% — audits, the oracle, and operations.
The right to propose a Lot
The pipeline for new baskets opens outward; a place in the governance queue gets a price.
$PRCL, locked to file a proposal.
When the proposal reaches a governance vote.
Of the bond, forfeited to the treasury.
What $PRCL cannot absorb
The Backstop Module covers a shortfall only up to 30% of staked value per event; anything larger is borne by Parcel holders. Tokenised equities carry basis risk to the share price on the underlying exchange, and that gap widens in thin liquidity and outside session hours. $PRCL is a working token — it is not, and does not represent, a claim on any Lot’s custody assets.