How GRT works

Primary market: mint and redeem

GRT is created and removed directly with the contract. To mint, you deposit all eleven basket tokens in the reserve’s proportions and receive newly issued GRT. To redeem, a wallet that has minted burns GRT and receives its share of each token. Everything is in kind: no USDC goes in or comes out. Minimum amounts may apply to both minting and redemption.

Secondary market: buy, hold and sell

Any wallet can buy GRT from other holders, for example in DeFi pools such as Uniswap, paying with USDC, and sell it the same way where there is liquidity. GRT moves like any ERC-20 token: holding, sending or selling it needs no mint or redemption, and the market sets the price. GRT is divisible, so you can buy as little as a cent’s worth, although network fees can make very small purchases uneconomical. No listing or liquidity is guaranteed.

How the two connect

Participants who mint supply the secondary market: they mint GRT with the basket and sell it for USDC, or buy GRT back and redeem it for the basket. When GRT trades above the value of what it holds, minting and selling pays; when it trades below, buying and redeeming does. That activity tends to keep the market price close to the basket’s value, but it does not guarantee it.

How to mint

Minting turns the full basket into GRT.

1. Get all eleven basket tokens.
2. Approve the GRT contract to take each of them.
3. Call mint with the GRT you want, the most you accept to pay of each token and the fewest GRT you accept to receive.

The contract takes each token in the reserve’s current proportions and issues GRT for what actually arrives. The first mint, and the first after the supply returns to zero, uses a fixed basket and issues exactly 1 GRT.

Why the whole basket, not USDC

GRT is designed to bring together assets you have already obtained. Its minting function does not accept USDC or another single asset and buy the components for you. You need to source and be able to transfer every required token before minting. Trading hours vary: DBCon follows the regular US market session, so you may need to obtain it in advance.

Who can redeem

Only a wallet that has completed a mint. Once it has, it can redeem any GRT it holds, including GRT acquired later. Buying GRT on the secondary market does not enable redemption, and a mint from another wallet does not count, even if both have the same owner. Sending GRT to another address does not pass on the sender’s mint history.

What you receive

You burn GRT and receive your proportional share of each of the eleven tokens, never USDC or cash. You set the least you accept of each token.

Redemption is all or nothing: if any token cannot be transferred, nothing happens and you keep your GRT. A redemption also cannot leave between 0 and 1 GRT in circulation: either all GRT is redeemed or at least 1 remains.

What holding VORA means

VORA is for participation in governance. It does not represent a share of the reserve, give exposure to its eleven assets or carry a right to redeem for the basket. Holding GRT does not grant governance votes.

Holding VORA also does not grant direct access to the reserve or let a wallet execute administrative actions on its own. Participation follows the proposal and voting rules; execution follows the permissions enforced by the protocol.

From an idea to a decision

VORA gives holders a role in the community decision process:

1. Propose an idea and explain its purpose, scope and trade-offs.
2. Discuss the proposal, ask questions and consider other perspectives.
3. Express a position through VORA under the voting rules. Approved actions must stay within the protocol’s permissions.

What governance can do

The current vault gives its authorized governance address four powers: activate emergency liquidation, add surplus tokens to the recognized reserves, recover tokens beyond what the vault owes holders, and appoint a successor governance address.

Governance cannot withdraw the reserves backing GRT, redirect holders’ claims or reverse liquidation. The current vault also does not allow basket changes, rebalancing, new fees or upgrades. A vote cannot override these limits; new powers require a new vault and voluntary migration by holders.

Every holder can exit

Any holder, including one that never minted, burns their GRT in exchange for rights over each token and then withdraws each token separately, to their own address or another one. A token that cannot be transferred does not hold back the others: its right stays pending.

If a token falls short

If the reserve holds less of a token than it owes, everyone still pending is paid the same fraction of their right. Claiming during a shortfall closes that position, so each withdrawal lets you set the least you accept.

What a mint proves

Only that the wallet supplied the required tokens and passed the contract’s technical checks at that time. It does not establish who controls the wallet, how the tokens were obtained, or whether the holder meets legal, geographic or investor requirements. The prior-mint condition is a technical rule, not legal certification.

Identity and issuer restrictions

GRT uses on-chain conditions without collecting identity documents itself. Issuers and services used to obtain the components may still require KYC or limit access, holding and transfers. GRT does not waive those requirements; technical access is not legal permission.