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    3. The Standard Reserve's On-Chain Currency Experiment: What New Tricks Are They Playing?

    The Standard Reserve's On-Chain Currency Experiment: What New Tricks Are They Playing?

    By: foresightnews.pro|2026/08/24 08:05:59
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    Using ETH net flow to adjust token issuance, NFTs become "bank licenses"—how exactly is The Standard Reserve operating?


    Written by: KarenZ, Foresight News


    Most token projects first consider: how to issue tokens, to whom, and how to attract more buyers.


    However, The Standard Reserve approaches the problem from a different angle: if funds are leaving, can the protocol proactively reduce issuance, buy back tokens, and compensate those who remain?


    It attempts to encode these actions into smart contracts, building an automated on-chain currency system. When funds flow in, the system gradually increases issuance and accumulates reserves; when funds flow out, the system reduces issuance, buys back, and destroys tokens. NFTs are not just collectibles in this system, but rather "bank licenses" within the protocol: holders can become bankers and receive corresponding token issuance shares based on the number of branches they own.


    The project refers to itself as a "sovereign on-chain central bank." However, the terms "central bank" and "bank" are merely concepts within the protocol. The white paper clearly states that STANDARD is an experimental on-chain protocol, not a regulated financial institution, does not provide bank accounts, and does not hold customer funds.


    On the team side, @0xbeans has introduced its mechanism from the perspective of a project participant, stating that the exit design continues some ideas from its 2023 Bear Bonds project. Bear Bonds is a system that transfers value from sellers to holders. At that time, the project won the ETHGlobal hackathon championship. However, as of now, The Standard Reserve's official website and white paper have not disclosed the founding team members or operational entities.


    A Monetary Policy Based Solely on ETH Flow


    The Standard Reserve plans to establish an ETH---STANDARD trading pool based on Uniswap v4. The system records fund flows through the trading pool's Hook:


    When users buy STANDARD, it means ETH is flowing in; when users sell STANDARD, it means ETH is flowing out. The difference gives the net ETH flow over a period.


    Based on this, the system divides into two states:

    • When net ETH flow is positive, the system enters an expansion state. The token issuance rate can gradually increase as funds continue to flow in; the protocol's ETH income in each epoch, including transaction fees and charter auction income, allocates 70% to the expansion treasury for accumulating ETH and purchasing hard reserve assets (tokenized gold and similar assets).
    • When net ETH flow is negative or zero, the system enters a contraction state. The token issuance rate immediately decreases; 70% of the aforementioned ETH income in each epoch is transferred to the contraction treasury for buying back and destroying STANDARD from the open market. This treasury buys STANDARD from the open market hourly and within limits, destroying all acquired tokens. This throttling mechanism controls the daily buyback scale to about 5% of the trading pool's depth, aiming to avoid excessive market impact from large one-time purchases and to prevent concentrated arbitrage of buyback funds within a single block.


    Of the remaining ETH income, 15% is used to increase the protocol's own liquidity, and 15% is allocated to the team.


    The issuance policy references the net flow of the last two completed epochs, while whether funds enter the reserve treasury or are used for buybacks is determined by the current epoch's fund direction. In other words, the system will not suddenly issue a large number of new tokens due to a significant purchase in a short time, but when funds begin to flow out, it can more quickly enter a defensive state.


    The Hook of Uniswap v4 is a smart contract module that can execute custom logic before and after trading or liquidity operations. Therefore, using Hooks to track fund flows, adjust fees, or trigger other operations is technically feasible.


    NFTs Become "Bank Licenses"?


    Ordinary users do not need NFTs and can freely buy and sell STANDARD. However, to obtain newly issued tokens from the protocol, one must hold an NFT called "Charter."


    Charter serves as an internal participation license within the protocol, akin to a "bank license." Holders are referred to as Bankers, and each Charter initially has one branch, which can be expanded to a maximum of ten.


    Branches can proportionally receive issuance shares. The STANDARD generated within an epoch is distributed among all branches in the system based on their quantity.


    The Standard Reserve plans to open the minting of 1,000 founding licenses (Founding Charters) for free, with part allocated to a whitelist and part open to the public, allowing each wallet to mint a maximum of one.


    After the genesis phase, new "bank licenses" (Charters) will be generated through daily Dutch auctions paid in ETH. The auction price starts at a higher level and continuously decreases throughout the day until someone is willing to purchase at the current price. The ETH obtained from the auction will enter the protocol's fee system.


    When Charters go live, they will be non-transferable Soulbound NFTs. The white paper reserves a future one-way switch to enable transfers. If the transfer function is activated, the Charter will transfer along with its Branch and unclaimed balance.


    How Are STANDARD Tokens Issued and Destroyed?


    According to the white paper, STANDARD is an ERC-20 token with a hard supply cap of 1 billion tokens, but not all will enter circulation at the project's launch.


    The planned supply structure is:

    • 100 million tokens for genesis liquidity, which forms the protocol's own full price range liquidity with ETH. The white paper states that this liquidity position is held by the protocol and cannot be withdrawn;
    • The remaining 900 million tokens are the future issuance budget;
    • Once cumulative issuance reaches 900 million tokens, the base issuance will permanently stop.

    STANDARD also has a special design: the earnings obtained by Bankers are initially just recorded balances within the protocol and will not be immediately minted into tokens in their wallets. Only when a Banker closes a Branch and withdraws earnings will the corresponding amount of STANDARD be truly minted.


    Tokens are primarily destroyed in three ways: all STANDARD paid by Bankers when purchasing expansion licenses is destroyed; all STANDARD repurchased by the protocol from the market is destroyed; and half of the fees paid by Bankers upon exit are destroyed.


    -- Price

    --
    --
    --

    Expansion Requires Token Burning, Exiting Requires Branch Closure


    If a Banker wants to increase their share in subsequent token issuances, they need to add branches to their license (Charter). However, new branches cannot be obtained for free; they must first purchase an expansion license (Expansion License).


    Expansion licenses undergo a daily round of Dutch auctions, initially offering 100 licenses per round. The auction price starts at a higher level and decreases continuously over 24 hours until someone purchases at the current price. Each license can purchase a maximum of three licenses per day; when all 100 licenses in a round are sold or the auction lasts for 24 hours, the round ends, and unsold licenses do not carry over to the next round. The result of the last transaction will determine the opening price for the next day.


    Purchasing expansion licenses must use STANDARD, and the tokens paid will be entirely destroyed. This means that as Bankers increase the number of branches, a portion of STANDARD will be permanently removed from market circulation. However, increasing branches does not guarantee positive earnings: how many tokens each branch can receive also depends on the system's issuance speed and the total number of branches in the system.


    When Bankers withdraw earnings, they must permanently cancel the corresponding branches. For example, if a license has ten branches, canceling one can only withdraw one-tenth of the accumulated balance within that license; only by canceling all branches can the entire balance be withdrawn, and once the last branch is canceled, the license will also be destroyed.


    The withdrawn internal balance will then be actually minted into STANDARD and transferred to the Banker's wallet, but after deducting the exit fee (Resolution Fee). Therefore, Bankers cannot retain the original complete number of branches and subsequent issuance shares after withdrawing all earnings.


    The exit fee is determined by the recent seven days of exit pressure across the entire system: the more tokens applied for withdrawal relative to the remaining internal balance, the higher the fee rate. Half of the fee is destroyed, and the other half is distributed to Bankers who did not exit. The specific lower and upper limits of the fee rate and the triggering intervals have not yet been disclosed.


    The white paper states that even if exit pressure reaches a high level, withdrawals will not be paused or enter a waiting queue. The protocol addresses concentrated exits by increasing exit costs rather than closing withdrawal access.


    Conclusion


    As of August 24, The Standard Reserve has publicly launched its official website, application page, and white paper v0.1; however, STANDARD and Charter NFTs have not officially gone live. The official statement indicates that there will be no sudden issuance of tokens or NFTs, and the current minting page remains in a "coming soon" status.


    From the designs already disclosed, The Standard Reserve represents an on-chain currency experiment: the license NFTs determine who can become a Banker, and the number of branches determines their relative share of newly issued STANDARD; expansion licenses and new charter licenses are generated through Dutch auctions, while the protocol adjusts token supply and fund outflows through mechanisms such as reserve accumulation, buybacks and destruction, exit fees, and branch cancellations.


    However, it remains uncertain whether this mechanism can operate long-term as outlined in the white paper. The Standard Reserve has not disclosed the formal protocol contract address and complete audit report, and key parameters such as base issuance speed, policy cycles, transaction fee rates, and exit fee rate limits have not been fully disclosed. Participants may also face risks and mechanisms such as smart contract vulnerabilities, insufficient market liquidity, rising exit fees, and permanently losing corresponding "branches" and subsequent issuance shares after withdrawing earnings. DYOR.

    This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.

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    Contents

    A Monetary Policy Based Solely on ETH Flow
    NFTs Become "Bank Licenses"?
    How Are STANDARD Tokens Issued and Destroyed?
    flow
    Expansion Requires Token Burning, Exiting Requires Branch Closure
    Conclusion

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