Token
The CREST token
CREST decides which markets open and how Crest is configured, and backs every checkpoint. Supply, launch and what it does.
CREST is Crest's token. Holders decide which markets open and how each new configuration of Crest is set up, and checkpoint proposers lock it behind every value they post.
Swaps work exactly as before. Deposits, margin and every payment are in SOL, and CREST never enters a position.
At a glance#
| Detail | Value |
|---|---|
| Name | Crest |
| Ticker | CREST |
| Network | Solana |
| Standard | SPL token, 9 decimals |
| Total supply | 1,000,000,000 CREST, all minted at launch |
| Mint authority | Revoked at launch, so no more CREST can ever be minted |
| Freeze authority | None |
| Launch | Fair launch: the whole supply, on the same terms for everyone |
A fair launch#
Every CREST entered the public launch on the same terms. Nothing was set aside before it:
- No presale and no investor allocation.
- No team or contributor share. The team buys CREST on the market, like anyone else.
- No airdrop, treasury or reward pool.
- No vesting, so nothing unlocks later.
With the mint authority revoked, the supply that circulates is the whole supply, and it never grows.
What CREST does#
Decides how Crest runs#
Crest's administrator is a governance account on SPL Governance, Solana's standard on-chain governance program, and only a CREST vote can move it. The program gives the administrator two instructions:
create_marketopens a new maturity with its epochs, tick and cap. Holders decide which maturities open and where each cap sits, up to the configuration's rate ceiling.initialize_configcreates a configuration: the validator cohort, the oracle, reviewer and dispute authority, both bonds, the challenge window, the rate ceiling, the liquidation reserve, the delay limit and the CREST proposal stake. A configuration never changes once created, so a vote sets up the next one under its own governance account in the same realm, and open positions keep the terms they were opened under.
| Rule | Value |
|---|---|
| Voting power | One vote per CREST deposited in governance |
| Creating a proposal | 1,000,000 CREST deposited |
| Voting period | 5 days |
| Passing | A majority of votes cast, with at least 40,000,000 CREST in favor |
| Before it runs | 2 days after passing, so everyone can see what passed |
Backs every checkpoint#
Posting a checkpoint already takes a SOL bond. The proposer also locks a CREST stake behind the post:
| Outcome | The CREST stake |
|---|---|
| Final | Goes back to the proposer with the bond. |
| Value upheld after a challenge | Goes back to the proposer with both bonds: the value is final. |
| Value rejected | Goes to the challenger, along with both SOL bonds. |
| Expired at the delay limit | Goes back to the proposer with the bond. |
The stake size is part of each configuration, so holders set it with the rest.
What stays in SOL#
You never need CREST to trade. Orders, deposits, margin, settlement and payout all run in SOL from deposits the program holds. Crest charges no fee of its own, and CREST takes no cut of any payment, bond or reserve.