Every trade
buys gold.
Burn to redeem
Claim your ounces
burn your tokens, receive your pro rata slice of the reserve in XAU₮. supply drops by exactly what you burn, so backing per token goes up for everyone who stayed. there is no unstaking period and no queue.
TOKEN
Your position
everything below is read straight from the chain on each refresh. no api sits in between.
How the vault works
Every trade pays.
2% on every buy and 2% on every sell is collected by flap's tax module and routed 100% to the vault.
Straight into gold.
collected tax is swapped to XAU₮, tether gold, one token to one troy ounce, held in swiss vaults and attested by tether.
Held in the vault.
the vault contract holds the XAU₮. gold.fun keeps an owner withdraw on the vault (it is tax revenue); for holders the only exit is redemption. everything is verified on bscscan.
The ratchet.
burn at least 0.5% of the supply and the vault pays your exact share of the ounces. burned tokens leave the supply, so everyone left holds a larger slice than before.
The honest bit
this is an experiment, not a product, and not financial advice. the things below are true and you should read them before buying anything.
- gold.fun can withdraw from the vault. the vault has an owner withdraw for the tax proceeds. what is in the vault right now is what you can redeem against; nothing guarantees it stays.
- the reserve holds XAU₮, not metal you can collect. tether redeems XAU₮ for physical bars at a kyc'd minimum in the tens of ounces. you are redeeming for tokenized gold, nothing more.
- backing per token is a floor in gold terms, not a peg. market price can and will trade above or below it. nothing in the contract defends the price.
- gold moves too. the reserve is denominated in ounces, so the dollar value of your claim rises and falls with the gold market.
- the contracts. the token and tax routing are flap's audited modules. the reserve and its redeem function are not audited. treat them as experimental code holding real value.
- XAU₮ routing on bnb chain is young. there are roughly 13,278 ounces of XAU₮ issued on bsc. if on chain depth is thin, converting tax and redeeming both cost slippage.
- tether is the counterparty. the gold is theirs to custody and attest. if you do not trust that, none of the rest matters.