01: a bonding-curve token backed by a USDS reserve

Most tokens are worth whatever the next person will pay. There is nothing underneath them. When buyers stop, the price has no floor to land on.

01 is different in one specific way. Every 01 was bought into existence from a curve, and the money paid did not go to a seller. It stayed.

Each purchase minted new 01 and locked the payment underneath it. That reserve is still there, under every coin.

Because every purchase moved further along the curve, each new token cost a little more than the last.

The first 01 cost about $0.0152. The last cost about $0.303, twenty times as much. Early was cheaper, by design, and the rule was the same for everyone.

The reserve does not sit still. It is held as sUSDS, the savings form of a dollar stablecoin, so it earns yield on its own.

Nobody can take that yield out. Instead it raises the price the curve will pay to buy 01 back. The floor under every holder rises together, on its own, over time.

Every buy and every sell burns one quarter of one percent of the 01 involved. It is not a fee anyone collects.

Burning it leaves fewer tokens sharing the same reserve, so the backing per token goes up a little with every trade.

There was an end. The curve stopped the moment it had minted all 20,790,000 sellable 01, and that count was the only thing the contract checked. The reserve underneath stood near 2,000,000 dollars at that moment by design, but the supply is what closed the door, permanently.

That moment has happened. It is called bonding, and from here on the contract only buys back. You can always sell 01 to the reserve. No one can ever mint more.

Bonding ends the minting, not the trading. The curve stays underneath as a permanent buyback, so you can always sell 01 to the reserve at the floor.

Above that floor, 01 trades like any other token: on exchanges, in automated market maker pools, and over the counter, at whatever price buyers and sellers agree. If the market price falls, it falls toward the reserve, not through it.

01 has bonded, so new 01 is no longer issued. To buy it now, swap on a market like Uniswap. To sell, the curve buys it back at the floor at any time.

01 can be held and moved without an audience. You deposit into a shielded pool, and from that point your balance and your transfers inside the pool are hidden.

Putting money in and taking it out is public. What happens in between is yours.

USD0 is a public dollar backed one for one by USDS. You put in USDS and receive the same amount of USD0 in your wallet, and you can redeem it for USDS at any time. When you want privacy, you can shield it in a pool, where your balance and your transfers are yours.

USD0 enters and leaves as USDS, one for one, in the open. That loop is what holds the peg: if USD0 ever slips below a dollar, anyone can buy it cheap and redeem it for a full USDS, which pulls it back.

The dollars behind it are held as sUSDS, the savings form of the dollar, so the backing earns on its own. That yield stays with the contract as surplus backing rather than reaching holders, so each USD0 always redeems for one USDS, not more. The surplus sits above the one for one as extra coverage behind the dollar.

USD0 is live on Ethereum mainnet. Minting and redeeming are live in the app today as plain public transactions. Making USD0 private is a separate, optional step in the Private tab.

There is no company behind 01 and no switch to flip. No owner, no pause button, no upgrade.

The rules you just read are the rules forever, because the code that holds them cannot be changed by anyone, including its authors.