Proof of Reserve
FNC is a custodial, reserve-backed token. NAV per FNC is posted on-chain to the NAVRegistry by the operator and read live below. Backing is held off-chain and attested via proof-of-reserves; redemption is guaranteed at the NAV floor.
NAV & Backing
NAVRegistry.navRaw() × token.totalSupply() — computed in your browser, verifiable on-chain
How NAV is derived
The operator computes reserve value off-chain and posts NAV per FNC to the NAVRegistry. Everything below is read straight from the contract.
Formula
navRegistry.navRaw()token.totalSupply()navRaw × circulatingnavRaw × 9700 / 10000Custodial & attested
Reserves are held by the operator off-chain and attested via proof-of-reserves. The on-chain NAVRegistry is the canonical, timestamped record of NAV per FNC — and it enforces a freshness window so a stale price is flagged, not silently served.
What the reserve guarantees
A custodial model with on-chain attestation and a contract-enforced exit floor.
NAV per FNC is posted on-chain to the NAVRegistry by the custodian/operator and read directly by this page. The registry stamps each update with a timestamp and enforces a maximum staleness window.
FNC is a custodial, reserve-backed token. The off-chain engine (treasury + market-maker) holds the assets; the posted NAV is the per-token claim on those reserves, attested via proof-of-reserves.
MAX_SUPPLY is 21,000,000 FNC and immutable. Tokens only leave circulation through redemption burns — circulating supply can shrink but never exceed the cap.
The RedemptionEscrow honours an exit at the NAV floor (97% of posted NAV) during the operator-run window. The floor sets a provable lower bound on every FNC.
Contract addresses
Sepolia — the live engine-separation stack