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Collateral Layer

Deflationary derivatives
with gold reserves.

D-Tokens are deflationary derivatives of major cryptocurrencies (BTC, ETH, SOL, etc.) with isolated end of life gold contingency reserves. Every transaction fee is split four ways: a gold reserve accumulates in the background (EOL contingency), its circulating supply is burned (fewer tokens mean both your raw asset backing ratio and your EOL gold reserve ratio per token grow simultaneously), DG circulating supply is also burned (strengthening the gold foundation the whole protocol depends on), and the remainder funds operations.

🔥
3Active D-Tokens
DBTC · DETH · DSOL
🥇
476.5ozTotal gold in
D-Token contingencies
DecentralizedAutomated and
fully on chain
Active Derivatives

Current D-Tokens

Each instance is fully isolated. DBTC's treasuries have no connection to DETH's or DSOL's, nothing that happens to one affects any other.

Deflationary Bitcoin
DBTC · D-TOKEN
1 DBTC redeems for
1.41 BTC
1 DBTC backed by
10 DG
Transaction fees0.25%
Circulating supply10,000 DBTC
Raw asset treasury14,100 WBTC
EOL contingency treasury100,000 DG
🔥 Deflationary🥇 Gold Reserve↩ Redeemable
Ξ
Deflationary Ethereum
DETH · D-TOKEN
1 DETH redeems for
1.23 ETH
1 DETH backed by
0.26 DG
Transaction fees0.30%
Circulating supply20,000 DETH
Raw asset treasury24,600 WETH
EOL contingency treasury5,200 DG
🔥 Deflationary🥇 Gold Reserve↩ Redeemable
Deflationary Solana
DSOL · D-TOKEN
1 DSOL redeems for
1.09 SOL
1 DSOL backed by
0.012 DG
Transaction fees0.35%
Circulating supply200,000 DSOL
Raw asset treasury218,000 WSOL
EOL contingency treasury2,400 DG
🔥 Deflationary🥇 Gold Reserve↩ Redeemable
The Mechanism

How D-Tokens Build Your Backing

Every transaction fee automatically works to grow your backing ratio and your gold contingency reserve, simultaneously and passively.

01
You hold DBTC, dual-backed from day one
Your D-Token is backed by two separate things simultaneously: the raw base asset (BTC in the primary treasury) and an isolated DG gold reserve accumulating in the background. Both grow independently. Every token is redeemable at all times, fully verifiable on chain.
02
Every transaction generates fees
Small fees on every transfer, mint, and redemption accumulate in the contract. They don't execute per-transaction, they batch-settle periodically, keeping gas costs minimal.
03
Fees are split four ways
Each fee is divided automatically: a portion burns D-Token supply (fewer tokens, more underlying per token); a portion grows this instance's isolated DG gold reserve (the EOL contingency); a portion burns DG circulating supply, strengthening the gold foundation the whole protocol depends on; and the remainder funds protocol operations.
04
Less supply, same treasury = more backing per token
The backing ratio is computed live as primaryTreasury ÷ totalSupply. Burns reduce supply without touching the treasury, so the ratio improves automatically for every remaining holder. Minting adds to both the treasury and supply proportionally, and redemptions remove from both, so neither event breaks the ratio. Only burns make it climb.
05
Redeeming delivers your full accumulated backing
The backing ratio only ever grows. Redeeming your D-Token delivers the full current ratio, so you always receive more of the underlying than you originally deposited. The redemption fee is split the same four ways, burning more supply and growing the gold reserve. Every exit strengthens the position for everyone who stays.
06
Supply shortage? Anyone can mint
If D-Tokens become scarce on the market, anyone can mint by depositing the underlying asset. Minting includes a small premium on top of the current backing ratio, which deters unnecessary minting and encourages using the secondary market first. The mint fee is split the same four ways, so the ratio still improves with every minting event.
📐 The Backing Formula
backingPerToken = primaryTreasury ÷ totalSupply

This ratio is never stored, it's computed live from real on chain state whenever queried. There is no way to manipulate it. As totalSupply shrinks through burns, the ratio automatically improves for every remaining holder simultaneously.
🏅 The Gold Reserve Formula
goldContingencyPerToken = dgReserve ÷ totalSupply

As supply burns down, each token's claim on the gold reserve also grows, because the same DG reserve is divided across fewer tokens. Both ratios improve from the same burn events, simultaneously.
🔗 D-Derivatives Also Burn DG
A portion of every D-Token fee burns DG circulating supply. This is not just a side effect, it's load-bearing. As DG supply decreases, each DG token's gold backing grows. Since every D-Token's contingency reserve is held in DG, a stronger DG means a stronger gold backstop for the entire protocol. D-Tokens actively reinforce their own safety net.
⚠️ On Underlying Asset Delivery
D-Token contracts hold the on chain representation of each asset, WBTC for Bitcoin, WETH for Ethereum, wSOL for Solana. Redemption delivers this on chain token. If you want native BTC, you convert after redemption. The contract does not handle that conversion, this is communicated clearly in all documentation.
Treasury Structure

Two Isolated Treasuries Per D-Token

Each D-Token maintains two completely separate, isolated treasuries. One backs your position under normal conditions. The other, accumulated passively in DG, activates only if the underlying asset itself fails entirely. Even DBTC holders have a physical gold safety net.

🔐
PRIMARY TREASURY
Underlying Asset
1.41x
Holds the on chain representation of the underlying asset, WBTC for DBTC, WETH for DETH, etc. This is what you redeem against under all normal circumstances. The backing ratio grows passively as supply burns down. Treasury only changes when users mint (increases) or redeem (decreases).
OR
🥇
DG CONTINGENCY
Gold Reserve
100,000oz
Holds DG tokens accumulated passively through transaction fees. This treasury is only ever unlocked if the underlying asset collapses to effectively zero value and the EOL trigger conditions are met. Because D-Token fees also burn DG supply, each DG in this reserve redeems for more gold over time, so the backstop strengthens passively.
Complete Isolation

Each D-Token DBTC, DETH, DSOL maintains entirely separate primary and contingency treasuries. Nothing that happens to one can affect any other. Every instance is its own standalone system.

Where D-Tokens Sit

The Full Collateral Chain

D-Tokens are the middle layer of the protocol, the primary EOL contingency for every project on the launchpad and the backbone connecting them to physical gold.

Layer 1, Gold Foundation
DG, DEFLATIONARY GOLD
Physical gold in audited, insured Dubai custody. Minting DG includes a small premium covering supplier and shipping costs. Every DG and D-Derivative trade fee burns DG circulating supply, so each token's gold backing grows over time by simply holding. As DG appreciates, the entire protocol's gold backing layer strengthens, every D-Token's gold contingency strengthens with it.
Layer 2, D-Tokens (this page)
DBTC / DETH / DSOL
Deflationary derivatives backed by the underlying blue chip asset, with an isolated DG gold reserve accumulating passively in the background. Backing ratio grows over time through supply burns. Fully redeemable. EOL Token treasuries hold D-Tokens as their primary backing asset, D-Tokens are the connective tissue of the protocol.
Layer 3, Launchpad
EOL TOKENS
Projects launched on the Midas launchpad are backed by D-Tokens in their non custodial treasury. They inherit the full collateral chain, including each D-Token's gold reserve. When an EOL Token's project ceases operations or fails, holders get their backing proportionally returned through a structured governance process. User positions are never touched.
End of Life Process

What Happens if the Underlying Asset Reaches EOL

D-Token EOL is a multi-stage, governance-controlled process with strict automatic triggers. It cannot be manually triggered by any individual.

1
Price Oracle Monitoring (Gate 1)
The contract takes daily price snapshots via dual oracle. If the underlying asset falls below 1% of its established baseline price and stays there continuously for 30 days, Gate 1 is automatically satisfied. Any recovery resets the clock to zero.
2
Ambassador Vote Opens (Gate 2)
After Gate 1, the appointed ambassador set (5–11 members, always an odd count) vote independently on whether to proceed. A minimum 1-month voting window is enforced. Ambassadors can change their vote while the window is open.
3
Community Governance Vote (Gate 3)
Simultaneously, governance token holders vote in a completely separate, independent vote. Both Gate 2 and Gate 3 must individually pass, neither alone is sufficient. All three gates must clear before EOL can trigger.
4
EOL Triggers, Gold Contingency Activates
If all three gates pass, the primary treasury is locked. Holders switch to the DG gold contingency treasury. Each holder redeems their tokens for a proportional share of the accumulated DG reserve: dgContingencyTreasury ÷ totalSupply.
🛡️ Why This Matters
This protection doesn't exist anywhere else in crypto. Even BTC, ETH, and SOL holders using the Midas protocol have a physical gold safety net built directly into their position.
The contingency gold reserve accumulates continuously from normal protocol activity, every transaction, every trade, every day. It grows whether markets are up or down.
The three-gate requirement, 30-day oracle trigger, ambassador vote, community vote, means the system cannot be triggered accidentally or by any single actor.
As DG's own gold backing grows over time through DG supply burns, the contingency reserve strengthens passively even without new fee activity. The backstop improves with time.
Each D-Token's EOL vote uses its own completely independent ambassador set. An EOL decision on DBTC has no effect on DETH or DSOL.
📊
Live Analytics
Real-time backing ratios, burn rates, gold reserve levels, and settlement history across all three D-Tokens.
View Analytics
🛡️
EOL Tokens
Launch a cryptocurrency backed by D-Tokens. Every EOL Token inherits the full collateral chain, including D-Tokens' gold reserves, from day one.
Explore EOL Tokens
🗳️
Vote on Next D-Token
DAO token holders vote on which deflationary derivative gets released next. New D-Tokens expand the protocol's collateral backing options.
Go to Governance