The NULL token
What the token does, and what it does not.
The protocol runs on shared reserves. Someone has to supply them, someone has to set the rules, and someone has to stand behind those rules. That's what the token is for. It isn't the money you spend.
What it does
Tokenomics
Deliberately small. A fixed supply, one fee, and a single job for that fee.
| Parameter | Value | Notes |
|---|---|---|
| Supply | 1,000,000,000 | Fixed at launch. |
| Swap fee | 1% | Taken on every swap. |
| Fee destination | Reserve funding | Deepens the reserves that spending draws on. |
| Chain | Robinhood Chain | The protocol itself is not tied to one chain. |
The fee is the only ongoing flow in the design, which is why where it lands matters more than its size. Routing it into the reserves ties the token's activity to the thing the protocol actually needs, which is depth. A reserve nobody has funded cannot be spent from, however good the cryptography is.
Not decided yet. The fee destination above is settled in principle rather than in code. Reserves are not live, so there is nothing to fund yet and no contract enforcing the routing. Read it as intent. Also open: distribution, launch mechanics, and whether any part of the fee is ever redirected.
What it isn't
It isn't what you spend. Spending draws on reserve assets under a spending right. You don't need to hold the token to be granted one. You can use NULL without ever touching it.
It isn't a claim on reserve assets. Supplying a reserve and holding governance weight are two different relationships with the protocol. Mixing them up would put back exactly the attributable-position problem the whole design exists to avoid.
Governance is the part that matters
Of the four things above, governance is the one that decides what the protocol actually does. Reserve policy sets what can be spent and under what conditions, and whoever can change policy can change how the protocol behaves for everyone using it.
If you're seriously evaluating this, token distribution and the governance process matter more than the cryptography. A sound proof system under captured governance is still not a safe system.
Not decided yet. Distribution. How you get governance weight and how you use it. Quorum and timelock. Whether staking backs specific guarantees and what's at risk if they're broken. How depositor rewards are funded. Everything above describes what the token is for. None of it describes the mechanics, and you'll need those before you can judge any of it.