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LUMINA is the protocol’s native ERC-20, deployed as LuminaTokenV2 on Base mainnet (0xa357…223C; always read from /health.contracts.luminaToken).

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Hard cap and distribution

The supply is capped at 100,000,000 LUMINA. There is no inflation mechanism — the cap is enforced in the token contract itself.

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Burn — 85% of every premium

When a buyer pays a USDC premium, AdaptiveFeeDistributor splits the fee 85 / 8 / 2 / 5: The burn slice is not routed directly to LUMINA — it’s USDC that the TWAPBurner V2 swaps for LUMINA on Uniswap (Base) using a 1-hour TWAP (MEV-resistant), then burns. This applies to both premium fees and the marketplace’s 3% fee (1.5% seller + 1.5% buyer) — every protocol fee stream flows through the same AdaptiveFeeDistributor schedule.

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Auto-burn trigger

TWAPBurner V2 fires automatically once either condition is met:
  • Accumulated USDC fees ≥ $500, or
  • 50 successful policy purchases since the last burn.
There is no operator-driven schedule; burn rate tracks protocol usage exactly.

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Buyback + Double Burn

The BuybackEngine (0x56B5…d8B4) implements a commit-reveal scheme (MEV protection, audit fix M-10) that buys LUMINA from the open market on a schedule independent of the auto-burn flow. The resulting LUMINA is burned again (“Double Burn”) rather than redistributed — the protocol treats LUMINA accumulated by buyback as permanent supply reduction, on top of the 85% premium burn. This means LUMINA has two deflationary forces running in parallel:
  1. Premium burn. 85% of every premium → LUMINA → burned.
  2. Buyback burn. Independent market buys → LUMINA → burned.

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Three roles for the token

  1. Governance. Parameter updates (bond maturities, payout ratios, oracle keys, fee splits) are voted by LUMINA holders.
  2. Payout asset. ClaimBond redemption at 730d converts the bond’s USD face to LUMINA at the protocol’s reference LUMINA/USD price.
  3. Bond pricing snapshot. At policy purchase, the LUMINA/USD price is snapshotted into the policy (audit fix H-6). Redemption math is bounded by this snapshot to protect buyers from oracle drift between purchase and trigger.

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FounderVesting V2 — three release paths

The 8M founder allocation is locked in FounderVestingV2 (0xfF4D…2832, sprint FV override). Tokens are released via whichever path triggers first: Release: 3 tranches of ~2.666M LUMINA each, 31 days apart from trigger. The oracle wiring uses luminaOracleV2 (audit fix; previously pointed at the deprecated capacityOracle). The vesting math itself was hardened with 88 tests in sprint FV (Echidna + edge + fork) and is governed by ADR-025.

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Live token addresses

Always read from /health.contracts rather than hard-coding — addresses change between V5.x deploys until mainnet.
Key addresses (Base mainnet, V5.4):

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See also