SukukDAO

SukukDAO is a market for Islamic trade finance on Robinhood Chain. It takes the shape of Lloyd's of London: one group brings the capital, one group raises it, one group decides where it goes. Each is paid for its own job and carries its own risk.

Capital arrives as USDG. It is deployed, tranche by tranche, into SukukFi's duPRT vaults, which finance trade receivables. SukukDAO and SukukFi are separate entities. SukukFi runs the vaults. SukukDAO decides how much capital to send them and what happens to the profit that comes back.

The three roles

Members bring the capital. A Member buys a Sukuk with USDG. The USDG funds one tranche, and the Member receives SUKUK, locked for the term they chose. While the lock runs, the Member shares in that tranche's outcome: credits from its profit, burns from its losses.

Syndicates raise the capital. There are 500 Syndicate seats, sold before launch. Every Sukuk names a Syndicate. The seat owner chooses which Agency manages the Syndicate's capital, and receives a raising fee in SUKUK on the capital raised through the seat.

Agencies manage the capital. An Agency takes a fee on realised profit above its high-water mark. The fee is capped at 20%, and at twice the Agency's own stake as a share of the capital it manages. When a tranche loses money, the Agency's stake is burned alongside the Members' Sukuks.

Members fund tranches through Syndicates; Agencies manage the capital and stand in its losses.

The full rules are in The structure.

Where the USDG goes

USDG funds a tranche, the tranche is deployed into a duPRT vault, and realised profit comes back as SUKUK credits and burns.

A Member's USDG waits in the tranche's escrow until a keeper deploys it into the tranche's duPRT vault. When the vault pays realised profit, that profit first refills any earlier write-down. Then the Agency takes its fee. The rest buys SUKUK on the official pool. For capital whose Sukuks are still locked, half of what is bought is credited to those Sukuks and half is burned. For capital whose Sukuks have finished their lock, all of it is burned. Principal the vault pays back goes to the reserve.

Your USDG does not come back to you. A Sukuk is paid for in USDG and settled in SUKUK.

SUKUK

SUKUK is the protocol's token, an ERC-20 on Robinhood Chain. At launch the supply is exactly 4,000,000. After launch, new SUKUK is created in two ways only: when someone buys a Sukuk, and as Syndicate raising fees, which have a lifetime cap of 10,000,000. No one can mint or burn SUKUK at will. Burns come from buybacks, early-exit penalties, losses and the bid wall, and each is recorded on chain by reason.

Behind the token sits backing: the USDG and vault positions the protocol holds, less write-downs. Backing per token is backing divided by the SUKUK the protocol does not hold itself. Sukuks are never sold below it, and a bid wall sits below the price to buy SUKUK and burn it. See The market.

Control

Every admin role in every contract belongs to one Safe with 9 signers. Every action it takes is queued in public for 7 days and needs 5 signatures, at least 2 of them from verified independents. Signers with an interest in an action are not counted. No contract has a function to mint at will, burn at will, or send its whole balance to an address of someone's choosing. See Control of money.

Launch

Launch runs in this order.

The seat sale. A whitelist round at $500 a seat, then a 72-hour sealed-bid auction. At least 250 seats must sell, or the sale fails and refunds in full.
The migration. Alongside the sale, holders of NRCH and NUKEM deposit them during a published window. The window closes before the pool opens, and claims open on Robinhood Chain at launch.
The pool opens. The official SUKUK/USDG pool opens at $0.25. For the first 120 minutes a toll on every trade starts at 90% and falls fast.
Minute 120. The bid wall goes live, seat owners claim their seats, and Sukuks open as soon as a tranche is open.

Tranches open only once a duPRT vault is live on Robinhood Chain.