A reserve currency
with a rising floor.
MDAO is an OHM-style reserve currency backed by tokenized stocks. It trades freely, but every bond deepens the treasury, so the price it can always be redeemed for only goes up.
/Buy MDAO
Market-buy MDAO with ETH through the Uniswap v4 pool. This is the free-floating price, and the treasury sets a redeemable floor beneath it.
Below 100% the floor scales pro-rata. Everyone redeems at the same rate, with no first-mover advantage, and the retained redemption fee ratchets the floor up.
Deposit a tokenized stock while its market is open. Mint MDAO worth stock value × LTV, vesting over 3 days. The LTV margin becomes treasury equity.
Stake MDAO into sMDAO. Every 8-hour epoch, a slice of the treasury's excess equity is minted to stakers, and the balance rebases up in place.
Burn MDAO for its pro-rata share of the raw backing, minus a small fee, paid in the treasury's most overweight collateral. The hard floor.
Bonds re-open above $1.
The bond price is floored at $1 of intrinsic value while backing per token is under a dollar, just like OHM's 1 OHM = 1 DAI. Until the market clears above that, the pool sets the price; then the bond→treasury→floor flywheel takes over.