Robinhood 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.

On Robinhood Chain, $DEBT applies a 3% token tax to buys and sells. The contract system allocates that revenue three ways: 50% is routed for U.S. Treasury payments, 25% funds direct $DEBT buybacks and burns, and 25% builds the $DEBT U.S. Treasury Reserve through tokenized $SGOV exposure.

The system is designed for public verification and permissionless upkeep. Anyone can dispatch accumulated tax revenue, trigger an eligible buyback after its five-minute cooldown, purchase $SGOV for the reserve, or execute a reserve sale that the contracts have already authorized. Public callers cannot redirect funds or choose trade amounts. Reserve principal can be opened for liquidation only when the team irreversibly initiates sunset, and every sale proceeds to $DEBT buybacks rather than a team wallet.

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 directly to the permanent Token Tax Treasury proxy. The proxy records the receipt before external calls, forwards the payment and $SGOV-vault allocations independently, and holds the buyback allocation for a separate transaction.

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

Permanent address Token Tax Treasury Proxy Receives, splits, and accounts

Token Tax Treasury Logic provides the proxy's upgradeable implementation.

50%

Payment recipientForwarded for Pay.gov contributions

25%

Buyback reserveHeld by the proxy

Flap executorPortal across both stages

Dead addressPermanent burn

25%

$DEBT U.S. Treasury Reserve VaultBuilds the $SGOV reserve

$SGOV LI.FI executorPermissionless WETH/$SGOV batches

Sunset or yieldLiquidated into buybacks

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 official $DEBT token is listed first, followed by each protocol contract and its role. The Token Tax Treasury proxy is the permanent accounting address; its implementation is listed separately.

Token contract

DebtCoin ($DEBT)

Flap Tax Token V3

Applies the symmetric 3% buy and sell token tax on Robinhood Chain.

$DEBT token 0xA9Bbd8F8ecea536E5fCAB7008f21E3e0A24D7777

Permanent accounting address

$DEBT Token Tax Treasury

Upgradeable proxy

Receives token tax revenue, applies the 50/25/25 allocation, forwards the payment and reserve shares, and holds the direct buyback reserve.

Token Tax Treasury proxy 0xc80d8dB6f5bD980B61D0db36396749a358bb2765

Proxy code

Token Tax Treasury Logic

Version 5.1.0

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

Treasury implementation 0x024aa7F74C715D44579A05238C1150dA81747E32

Reserve custody

$DEBT U.S. Treasury Reserve Vault

Immutable · Version 4.1.0

Receives the 25% reserve allocation, purchases $SGOV, and routes authorized yield or team-initiated sunset proceeds into $DEBT buybacks. It has no team withdrawal function.

Reserve vault 0xD85d249a8BfdA721ce91f65F175E7ae13f94372C

Reserve routing

Permissionless $SGOV Swap Executor

Immutable and ownerless

Executes only vault-authorized WETH/$SGOV routes. Public callers cannot choose the amount, assets, recipient, or vault price limits.

$SGOV swap executor 0x03eCd48411e1Bada2d50dabf209abDdfa9566824

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 0x6203AcA5c690FFa184A7Bd5c9CAFffC6c5f43dfA

Community distribution

Funded $DEBT Airdrop Distributor

Immutable campaign

Holds the complete 50 million $DEBT community allocation and delivers each authorized claim once through publicly verifiable batch transactions.

Airdrop distributor 0x76d5bFD9Ac82f7C5e4bea39c22A62cF076329E9a

25% reserve allocation

The $DEBT U.S. Treasury Reserve

The reserve gives $DEBT an onchain asset base that can grow alongside trading activity. Twenty-five percent of token tax revenue is sent to the non-upgradeable reserve vault, where anyone can convert eligible native-currency batches into Robinhood's tokenized $SGOV exposure.

The reserve loop: trading activity funds the vault, the vault accumulates $SGOV, and confirmed dividend yield can return through the $DEBT market as buybacks and permanent burns.

What the reserve brings to $DEBT

An onchain balance sheet. Part of protocol revenue builds a transparent reserve instead of immediately leaving the system.
A second source of buybacks. Authorized $SGOV dividend yield can be liquidated into the buyback reserve in addition to the direct 25% buyback allocation.
Permissionless execution. Anyone can submit an eligible purchase or an already-authorized liquidation batch. Public callers cannot initiate reserve sunset or decide to sell principal. The vault—not the caller—controls the amount, assets, destination, oracle limits, and slippage.
Immutable custody rules. The vault is directly deployed and has no proxy or code-upgrade mechanism.

How the active reserve works

Reserve ETH accumulates until an eligible batch is available. A public caller submits a WETH-to-$SGOV route, and the vault accepts it only if the measured $SGOV received satisfies its independent Chainlink price and slippage checks. Purchased $SGOV is recorded as principal. Because multiplier growth can represent either a dividend or a corporate action such as a stock split, the owner must classify an increase before any amount is treated as yield. That classification cannot redirect assets: before sunset, public liquidation is capped at the authorized yield amount, and every proceeds unit is committed to $DEBT buybacks. Principal remains locked.

What “sunset” means

Sunset is the reserve's irreversible exit mode—not a public or team withdrawal. Only the owner can initiate it by calling enterSunset(). Until that transaction occurs, public callers cannot liquidate reserve principal. Entering sunset permanently stops new $SGOV purchases and authorizes the remaining principal for permissionless, oracle-protected liquidation in capped batches.

Sunset exists for an exceptional reserve event—for example, if $SGOV migrates to a new wrapper, is retired, is expected to lose safe route liquidity, or its supporting contracts or price feeds can no longer be maintained. It is not a normal trading feature and cannot be started by a public caller.

Once the team has initiated sunset, anyone may execute the authorized sale batches. Neither the team nor the public caller can redirect the output: every successful liquidation sends its native proceeds from inside the vault directly to the $DEBT buyback reserve, where they fund market buys and burns.

Why reserve value is designed not to get trapped

Critical asset, price-feed, and executor configuration paths cannot be permanently closed while an executable $SGOV balance remains.
Price-feed maintenance and executor rotation remain available until the reserve is safely unwound, so an obsolete route can be replaced without moving custody.
The vault exposes no native, ERC-20, or direct-yield withdrawal function from deployment. The team cannot transfer reserve value to its wallet.
The team can only initiate sunset. The vault then liquidates principal internally and sends every sale's proceeds to the $DEBT buyback reserve.
Native currency remaining after sunset can be forwarded permissionlessly to buybacks, while only final $SGOV below the minimum executable trade can be sent to the dead address.
Final ownership renunciation requires sunset, complete executable $SGOV liquidation, and closure of every remaining owner authority.

25% direct allocation + reserve proceeds

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. Authorized $SGOV yield and all reserve proceeds after sunset can add a second stream. The system is permissionless: once the five-minute cooldown has elapsed, anyone can call triggerPublicBuyback(). No allowlist, operator role, or private keeper is required.

The buyback loop: revenue enters the buyback reserve, $DEBT is purchased through Flap liquidity, and every token received is sent to the dead address in the same transaction.

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 grows from both direct fee allocation and eligible reserve proceeds.
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 0.1 ETH, 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 Token Tax Treasury, where the 50/25/25 allocation is recorded.

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 0.1 ETH, calls the Flap executor, and sends purchased $DEBT to the dead address.

Purchase $SGOV for the U.S. Treasury Reserve Vault

Submit a valid LI.FI WETH-to-$SGOV route to purchaseReserveAsset(routeData, permit) on the vault. The vault computes the eligible batch, enforces its Chainlink price and slippage limit, and accepts $SGOV only when the measured balance increase is sufficient.

Execute an authorized $SGOV sale batch

Submit a valid $SGOV-to-WETH route to liquidateReserveAsset(routeData, permit). Before sunset, the function is limited to a yield amount the owner has classified and authorized; principal is ineligible. Only the owner can initiate irreversible sunset. Afterward, anyone may execute oracle-protected principal liquidation in capped batches. Native proceeds always go directly to the $DEBT buyback reserve, never to the caller or owner.

Contract functions and accounting

Receiving fees

Flap accumulates the token's marketing-tax allocation in its Tax Processor. Anyone may call dispatch(); the production keeper also checks and dispatches pending fees every five minutes. The resulting receive() call records the full amount, buyback allocation, reserve allocation, and payment allocation before forwarding.

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.

Forwarding reserve funds

The reserve allocation is forwarded independently to the $DEBT U.S. Treasury Reserve Vault. A failed transfer becomes pendingReserveFunds, so a vault transfer failure cannot block fee reception or the payment allocation.

Public accounting

totalCreatorFeesReceived: All token tax ETH received by the proxy.
totalNativeForwarded: ETH successfully forwarded for payments.
totalNativeAllocatedToReserve: ETH assigned to the $DEBT U.S. Treasury Reserve Vault.
totalNativeForwardedToReserve: Reserve ETH delivered to the vault.
buybackReserve: ETH committed to future buybacks.
pendingRecipientFunds: Payment funds waiting to be forwarded.
pendingReserveFunds: Reserve funds waiting to be forwarded.
totalNativeSpentOnBuybacks: ETH 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.
U.S. Treasury Reserve Vault	Maintain price feeds and swap routing while external dependencies are needed.
Emergency mode	Temporarily raise vault buy/sell slippage limits from 1.5%/2% to 5%/5%.
Sunset	Team-only, irreversible initiation that stops new $SGOV purchases and authorizes public principal-sale batches.
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.

Critical vault configuration paths cannot be closed while executable $SGOV remains. Final vault ownership renunciation requires sunset and complete reserve liquidation. The vault code itself 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.