2DEEP

Supply cap

Every mint path shares one token-level cap. Governance may raise or lower it with setSupplyCap. Lowering the cap does not burn existing supply. If the cap is lower than total supply, ordinary minting and both redemption routes revert until burning restores sufficient headroom or governance raises the cap.

Ordinary minting and the endowment

mint(to, amount) is the single role-authorized mint function. During the two-year endowment term, it performs three atomic actions:

1. mints the requested amount to to;
2. calculates floor(amount × 30 / 70); and
3. mints that additional amount into a separate one-year linear Sablier stream for Deepstate Inc.

The stream has no cliff or initial unlock, cannot be cancelled by its creator, and can be transferred by its recipient. The two-year term began with the first ordinary mint and ends on September 21, 2028 at 00:23:44 UTC. After expiration, the same mint function continues to work but no longer creates an endowment stream.

For example, a 100 million 2DEEP market mint creates approximately 42.857142857 million additional 2DEEP for the endowment. The endowment is 30% of the combined 142.857142857 million issuance.

Initial endowment

Before migration, DGP-003 snapshotted all issued legacy DEEP plus the full STATE conversion liability. The legacy Rewarder V1 balance was treated as unissued and excluded.

The initial endowment equals floor(migration liability × 30 / 70), making it 30% of the combined migration-liability and endowment issuance.

Redemptions

Redemptions mint internally and never create Sablier streams:

• redeemDeep(amount, receiver) transfers in and burns legacy DEEP, then mints the same amount of 2DEEP.
• redeemState(amount, receiver) permanently escrows legacy STATE, then mints at the immutable pre-harvest conversion rate.

The routes have no scheduled closing date, but both require supply-cap headroom. Callers must approve the appropriate legacy token first.

Delegation

When an address receives 2DEEP and currently delegates to the zero address, the token self-delegates that address. Holders can subsequently delegate to another account or deliberately undelegate through the standard votes interface. Voting power is checkpointed by timestamp.