BNB Smart Chain

How DebtCoin works

DebtCoin ($DEBT) is a community-driven memecoin built around a serious civic idea: keep attention on America's national debt and turn onchain activity into transparent, measurable action. The project uses protocol revenue to support documented payments toward the U.S. public debt while also building an onchain reserve and permanently reducing $DEBT supply through market buybacks and burns.

Deployment status: the $DEBT token, Flap Tax Processor, Token Tax Treasury, token-bound buyback executor, and SGOVon reserve vault are live on BNB Smart Chain.

The new BNB Smart Chain launch is configured for a 3% token tax on buys and sells. The Treasury allocates receipts three ways: 50% for U.S. Treasury payments, 25% for direct $DEBT buybacks and burns, and 25% for the protocol reserve.

The Flap Tax Processor uses the deployed Treasury proxy as its fixed beneficiary. Anyone can dispatch accumulated revenue directly into onchain 50/25/25 accounting.

This documentation explains the complete fund flow, every contract and address, permissionless actions, reserve safeguards, buyback mechanics, accounting, and the remaining administrative controls.

Where the 3% tax goes

Flap Tax Token V3 accumulates trading-tax revenue in its Tax Processor. Anyone can dispatch the marketing allocation to the token's fixed Treasury beneficiary. The Treasury then applies the 50/25/25 split onchain.

The intended allocation is 50% for Treasury payments, 25% for direct buybacks and burns, and 25% for the $DEBT U.S. Treasury Reserve Vault.

Contract and fund flow

Fee source Flap Tax Token V3 3% buy and sell tax

Permissionless dispatch Flap Tax Processor Accumulated native fees

Fixed beneficiary Token Tax Treasury Receives dispatched WBNB

Current status: the token, Tax Processor, Treasury accounting, and token-bound buyback executor are live.

50%

Payment targetForwarded to the configured recipient

25%

Buyback reserveHeld by the Treasury proxy

Flap executionToken-bound executor enabled

Dead addressPermanent burn

25%

Reserve allocationTracked by the Treasury

SGOVon reserveAcquired through validated LI.FI routes

Why fee reception and buybacks are separate

Dispatching fees never performs a DebtCoin buyback. Buybacks run later through a separate executor and transaction, so a failed quote, swap, or burn cannot undo a completed fee receipt or stop Flap from accruing more fees.

Contracts and addresses

The complete production suite is deployed from the new BSC owner and bound to the live $DEBT token.

Token contract

DebtCoin ($DEBT)

Flap Tax Token V3

The live token applies a symmetric 3% buy and sell tax and routes its marketing share to the Treasury proxy below.

$DEBT token 0x940Ed6FA7df1e634c5DC45294a6db8C6E9787777

Permanent accounting address

$DEBT Token Tax Treasury

Upgradeable proxy

Receives token tax revenue, applies the 50/25/25 allocation, forwards the payment share, and accounts for the direct buyback and protocol reserve balances.

Token Tax Treasury proxy 0x8B84878524799a14504FFa1b7f084c71B66A5C45

Proxy code

Token Tax Treasury Logic

Version 5.1.1

Contains the current Treasury logic. It is not the public accounting or custody address.

Treasury implementation 0x012DD41791bc698EBd348669985A6475834Ad468

Protocol reserve custody

SGOVon Reserve Vault

Live · Version 1.1.0 · Two-step ownership

Buys SGOVon through validated LI.FI native-BNB routes, tracks acquired reserves, and permits explicit owner-controlled SGOVon withdrawals.

SGOVon vault 0xEedbB2Df3df4b79d29BE125Fd1B4c3be21e79756

Market execution

Permissionless $DEBT Buyback and Burn

Immutable

Buys $DEBT through the canonical Flap Portal and sends every token received to the dead address in the same transaction.

Flap buyback executor 0xE01534BAaF2F66C776F27ab33Fb84b5a9F83c5Ea

25% reserve allocation

The BSC SGOVon reserve

The Treasury records 25% of each receipt as the reserve allocation. The deployed SGOVon vault provides the live acquisition and custody layer, with completed purchases and current holdings reported through the public analytics dashboard.

Current status: SGOVon purchases have been completed through validated LI.FI routes and the acquired assets are held by the deployed reserve vault.

Permissionless SGOVon acquisition

A caller can supply BNB and a validated LI.FI route to buySgovon(...); only that call's BNB can be spent, and SGOVon output must be delivered directly to the reserve vault.

The SGOVon token and LI.FI Diamond addresses are hardcoded.
Purchases validate the function selector, native input, output token, receiver, amount, and minimum output.
Direct SGOVon deposits are permissionless and separately accounted.
The two-step owner can explicitly withdraw SGOVon. This is owner-controlled custody, not permanently locked reserve principal.

Onchain reserve accounting

Treasury allocation totals and SGOVon acquisition totals are published separately. The vault records the BNB deployed, SGOVon acquired, completed purchase count, and current SGOVon balance so the reserve can be independently verified.

25% direct allocation

The $DEBT Buyback and Burn Engine

Buybacks turn protocol revenue into transparent $DEBT market demand. Twenty-five percent of token tax revenue goes directly to the buyback reserve. With the live immutable Flap executor, anyone can call triggerPublicBuyback() once the five-minute cooldown has elapsed.

Current status: the token-bound Flap executor and automated public buybacks are live. Completed purchases and burns are visible in analytics and onchain.

Why it matters for $DEBT

Each execution creates an onchain market purchase using protocol revenue.
Purchased $DEBT is permanently removed from circulating supply.
Buyback funding is separately accounted from payment and reserve allocations.
Spending and burn totals are measured onchain and exposed through public accounting.

How public execution works

When public buybacks are enabled, any address can call triggerPublicBuyback() once every five minutes. The caller pays the transaction gas but cannot choose the amount or receive the output. The Treasury spends the available reserve up to 0.5 BNB, obtains a Flap quote, applies the configured minimum output, and calls the immutable executor.

The executor uses the canonical Flap Portal, so the same path works against the bonding curve before graduation and migrated DEX liquidity afterward. The Treasury verifies the actual increase at the dead address rather than trusting a reported burn amount. Any quote, minimum-output, purchase, or burn failure reverts the whole transaction and leaves the unspent reserve available for a later attempt.

Owner execution and permanent locking

While manual-buyback authority remains open, the owner can execute a selected reserve amount with an explicit minimum output. That authority can be permanently closed independently. Public buybacks can remain enabled after manual execution is locked, preserving the permissionless market-buy and burn path.

What anyone can do

Permissionless means no wallet allowlist, operator role, or private keeper is required. Any address may submit the transaction and pay its gas. The contracts determine the amount and destination and reject calls that fail their timing, price, route, or balance checks.

Dispatch accumulated tax revenue

Call dispatch() on the Flap Tax Processor. It sends accumulated token tax revenue to the fixed Treasury beneficiary, where the 50/25/25 amounts are accounted onchain.

Trigger a $DEBT buyback and burn

Any address can call triggerPublicBuyback() on the Token Tax Treasury once the five-minute cooldown has elapsed. The Treasury selects the eligible amount, capped at 0.5 BNB, calls the Flap executor, and sends purchased $DEBT to the dead address.

Buy SGOVon into the protocol reserve vault

Supply BNB and a vault-bound LI.FI route to buySgovon(routeData). The vault spends only the BNB supplied by that call and verifies its actual SGOVon balance increase against the route minimum.

Deposit SGOVon

Anyone can approve SGOVon and call depositSgovon(amount). Withdrawals are restricted to the vault's two-step owner.

Contract functions and accounting

Receiving fees

Flap accumulates the token's marketing-tax allocation in its Tax Processor. Anyone may call dispatch() to send pending WBNB to the fixed Treasury proxy beneficiary.

The same beneficiary and dispatch path remain in use after Flap migrates the token from its bonding curve to DEX liquidity.

Forwarding payment funds

When automatic forwarding is enabled, the payment allocation is sent to the current recipient with bounded gas. A failed transfer is stored as pendingRecipientFunds and can be retried later.

Reserve accounting

The Treasury exposes its reserve allocation state through totalNativeAllocatedToReserve and pendingReserveFunds. The SGOVon vault independently exposes BNB deployed and SGOVon acquired through completed reserve purchases.

Public accounting

totalCreatorFeesReceived: All token tax BNB received by the proxy.
totalNativeForwarded: BNB successfully forwarded for payments.
totalNativeAllocatedToReserve: BNB assigned to the $DEBT U.S. Treasury Reserve Vault.
totalNativeForwardedToReserve: Reserve BNB delivered to the vault.
buybackReserve: BNB committed to future buybacks.
pendingRecipientFunds: Payment funds waiting to be forwarded.
pendingReserveFunds: Reserve allocation currently held by the Treasury.
totalNativeSpentOnBuybacks: BNB spent after curve or router refunds.
totalTokensBurned: $DEBT delivered to the dead address.

Administrative controls

Ownership starts team-controlled and uses a two-step transfer. Every privileged capability has an independent one-way lock; configuration changes and Treasury upgrades have no timelock while those authorities remain open. The vault has no upgrade mechanism.

Area	Owner role while open
Treasury routing	Maintain the payment recipient, allocation percentages, and forwarding settings.
Buybacks	Maintain the $DEBT token binding, Flap executor, public cooldown, and slippage settings.
SGOVon reserve	Transfer two-step ownership and withdraw held SGOVon to an explicit recipient.
Treasury upgrades	Replace Treasury logic without changing its public proxy address.

Permanent authority locks

Each owner capability has its own one-way lock. Closing one capability does not close the others. This allows configuration to be finalized in stages after each production path has been tested.

Production authorities remain open until each path has been tested and explicitly locked. The SGOVon vault is non-upgradeable; Treasury upgrades have a separate permanent lock.

Risk disclosure and terms

Experimental contracts — please read

$DEBT launch, trading, and token-tax collection use Flap's protocol infrastructure. Flap publishes independent CertiK and BlockSec reviews for the protocol versions listed in its audit reports. DebtCoin's custom contracts begin after tax collection and manage the allocation, reserve, buyback, and burn process.

The custom Token Tax Treasury, reserve vault, and executors have not been audited by an independent third party.
These contracts handle protocol tax revenue and reserve assets. They do not custody a trader's wallet balance or execute the trader's swap.
Bugs or exploits could disrupt tax allocation, reserve operations, buybacks, or burns. These functions and their results are not guaranteed.
Nothing published by DebtCoin is financial, investment, legal, or tax advice. Do your own research and interact only at your own risk.

DebtCoin and its contributors provide no guarantee against exploits and accept no responsibility for losses caused by the custom contracts or this website. By using them, you accept these risks and the Disclaimer & Terms of Use below.