# Overview

*Project Aureum at a glance.*

---

## How to Read This Documentation

Two tracks, depending on what you need:

**LP / Investor track** — understand the opportunity and the economics:

| Step | File | What you learn |
|:-----|:-----|:---------------|
| 1 | [Overview](15_overview.md) (this file) | Protocol character, team, risk factors |
| 2 | [Mental model](02_mental_model.md) | Three-layer architecture, emission regimes, constellation routing as a small-world network (dual universal connectors) |
| 3 | [Tokenomics](04_tokenomics.md) §ix–x | Token design, fee splits, value capture |
| 4 | Any pool profile in [miliarium_profiles/](miliarium_profiles/) | Composition, sector thesis, volume drivers for one pool |
| 5 | [Appendices](13_appendices.md) §xxxvii, §xxxix | Why fair-launch AMMs failed before and how Aureum differs; competitive position |

**Builder / Auditor track** — understand the contract logic and formal rules:

| Step | File | What you learn |
|:-----|:-----|:---------------|
| 1 | [Theoretical foundations](03_theoretical_foundation.md) | Research foundations, CCB narrative, multiplier engine — read this first for context on the systems the other files formalize |
| 2 | [Constitution](10_constitution.md) | Immutable parameters, governance scope, emission operating rules |
| 3 | [Protocol formulas](11_formulas.md) | Every formula: EMA, CCB score, multiplier update, governance power |
| 4 | [Bootstrap](08_bootstrap.md) §xxi–xxv | Anti-gaming engine, Incendiary Boost, gauge gating |
| 5 | [Appendices](13_appendices.md) §xxxvi | AMM architecture provenance, audit scope |

### File index

| File | Purpose | Primary audience |
|:-----|:--------|:-----------------|
| [Overview](15_overview.md) | Protocol at a glance — character, team, risks | Everyone |
| [Mental model](02_mental_model.md) | Conceptual architecture: thesis, principles, three layers, emission regimes, routing | LP / Investor |
| [Tokenomics](04_tokenomics.md) | Token design, emission schedule, fee splits, governance model, value capture | LP / Investor |
| [Theoretical foundations](03_theoretical_foundation.md) | Research foundations, CCB allocation narrative, multiplier engine | Builder / Auditor |
| [Protocol formulas](11_formulas.md) | Formal definitions of every protocol formula | Builder / Auditor |
| [Constitution](10_constitution.md) | Immutable operating law: governance scope, emission rules, parameter list | Builder / Auditor |
| [Bootstrap](08_bootstrap.md) | Pool bootstrapping: gauge gating, Incendiary Boost, anti-gaming criteria | Builder / Auditor |
| [Transition rules](09_transitions.md) | Month-by-month launch timeline from equal through CCB | Both |
| [Miliarium Aureum registry](05_miliarium_aureum.md) | Canonical registry of the 28 Miliarium pools: compositions, sector tables | Both |
| [miliarium_profiles/](miliarium_profiles/) | One profile per pool plus manifest and sector taxonomy | LP / Investor |
| [Glossary](12_aureum_glossary.md) | Term definitions and system summaries | Both |
| [Team](16_team.md) | Founding team roster, roles, and prior work | Everyone |
| [Appendices](13_appendices.md) | AMM architecture, fair-launch analysis, Yield Basis, competitive position | Both |

---

## Protocol Character

- Fair launch
- Immutable from block 0
- No multisig
- No admin keys
- No voting over emissions
- Oracle-free core operation

## No Treasury

No treasury. All protocol revenue flows to one immutable destination:

- **der Bodensee Pool** (three-token weighted pool, fixed **40% AuMM / 30% sUSDS / 30% svZCHF**) — **all protocol-captured** revenue: **protocol share** of swap fees on other gauged pools (**100%** of that share to Bodensee; **~50%** of charged swap fee volume) + **ERC-4626 yield fees (100% of the 10% skim)** as one-sided stablecoin (sUSDS/svZCHF) inflows; **0.75%** swap fee on **trades inside der Bodensee** stays **in pool** in full for der Bodensee LPs.

No signer, council, or progressive decentralization phase. No wallet receives AuMM for discretionary use — **Months 1–10** bootstrap AuMM is one-sided into der Bodensee Pool only on a **piecewise-linear decay** (80%→50% by Month 6, 50%→0% by Month 10), then **permanently zero** (see [Protocol formulas — Bodensee bootstrap (F-0)](11_formulas.md)). Continuous Capital Corporation (CCC) from block 0.

## Emission Regime

- **Through end of Month 10:** each block, a **piecewise-decaying der Bodensee bootstrap** (80% at genesis → 50% at end of Month 6 → 0% at end of Month 10) mints one-sided AuMM into der Bodensee Pool; the **LP tranche** splits **1/28** across the 28 Miliarium pools. **100%** to LPs from block 0 — no treasury share.
- **Months 11–12:** linear transition from equal to CCB (Continuous Central Bank — fully automatic emission allocator; see [Glossary](12_aureum_glossary.md)). **α** from 0 to 1; **α = 0.5** at midpoint.
- **After Year 1:** pure CCB — **TVL EMA(60) × CCB multiplier** scores, normalized across eligible pools. Incendiary Boost is a priority skim on the LP tranche. Full rules and immutable parameters: [Constitution (§§xxviii–xxix)](10_constitution.md).
- No governance voting controls emission allocation.

## Governance (Non-Emission)

- Gauge challenge and composition challenge votes are active.
- Fee proposals are active within immutable bounds.
- All proposals must reference verifiable on-chain data only.
- **Vault-Class Registry** — single discretionary governance surface. ERC-4626 vault classes enter via Frankencoin-inspired proposal-and-veto: any address proposes with a non-refundable bond, qualified AuMT may veto within a bounded window, absent a successful veto the class auto-finalizes in a single transaction. Admitted classes' weights count toward the 52% Quality Gate numerator (§ix). Genesis classes hard-coded at deploy; revocation is governance-only. See [Bootstrap §xxiv-a](08_bootstrap.md).

## Founding Team

See [Team](16_team.md) for the founding team roster, roles, and prior work.

## Risk Factors

- **Fork risk.** Aequilibrium inherits Balancer V3's smart contract security via byte-identical pool contracts, but the new tokenomics contracts require independent audit. Until audited, unverified risk.
- **Liquidity risk.** Genesis pools will have minimal TVL. If depth doesn't reach aggregator thresholds, the routing thesis never activates.
- **Regulatory risk.** Fair-launch tokens with no pre-mine have the strongest regulatory position, but the landscape is uncertain.
- **Market risk.** Bear market or DeFi apathy at launch could delay adoption regardless of architectural merit.

See [Immutable Parameters (§xxix)](10_constitution.md).