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Token

$WRIT: its fixed supply, its public launch, and the pass fee that buys it and burns it.

$WRIT is Writ's token. Its supply is fixed at 1,000,000,000, and 100% of it goes to the public launch, on the same terms for everyone. Writ earns one fee, the pass fee, and all of it buys $WRIT on the market and burns it.

  1. Rule passWrit records a pass for a holder who proved the rule set.
  2. Pass feeThe rule set's issuer pays it from the pass funds it added.
  3. Protocol accountTakes every pass fee. No key signs for it.
  4. Bought and burned100% of it buys $WRIT on the market, and the $WRIT bought is burned.
Where the pass fee goes

Supply and distribution#

Ticker$WRIT
Supply1,000,000,000, fixed
Distribution100% to the public launch, on equal terms

There is no presale, no team or investor allocation, no airdrop, no reserved pool and no vesting.

The pass fee#

Each time Writ records a rule pass, new or renewed, the issuer who wrote that rule set pays the pass fee. Holders only prove; they never pay it.

The fee comes from the rule set's pass funds: SOL the issuer adds to the rule set and can take back while unused. Governance sets the fee. The program moves each one into the protocol account, an account no key signs for.

Buy and burn#

The pass fees have one use: all of them buy $WRIT on the market, and the $WRIT bought is burned.

$WRIT and the assets issued through Writ#

$WRIT is not one of them. An issuer's asset is a Token-2022 mint bound to its own rule set, so only wallets with a live rule pass can hold it. $WRIT is the protocol's own token: no rule set binds it.