> ## Documentation Index
> Fetch the complete documentation index at: https://docs.lumina-org.com/llms.txt
> Use this file to discover all available pages before exploring further.

# LUMINA token

> 100M hard-cap ERC-20. 70/14/8/5/3 distribution. 85% of premiums burned. Buyback + Double Burn. FounderVesting V2.

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

## 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.

| Allocation                         | LUMINA         | Share   | Purpose                                                       |
| ---------------------------------- | -------------- | ------- | ------------------------------------------------------------- |
| BondVault                          | **70,000,000** | **70%** | Backs ClaimBond redemptions for the lifetime of the protocol. |
| CEX liquidity                      | **14,000,000** | **14%** | Centralised exchange listings + market-making inventory.      |
| Founder                            | **8,000,000**  | **8%**  | Vests via `FounderVestingV2` (see below).                     |
| LBP (Liquidity Bootstrapping Pool) | **5,000,000**  | **5%**  | Public price-discovery launch.                                |
| Treasury                           | **3,000,000**  | **3%**  | Operating runway, audits, integrations.                       |

## Burn — 85% of every premium

When a buyer pays a USDC premium, `AdaptiveFeeDistributor` splits the fee
**85 / 8 / 2 / 5**:

| Slice   | Destination                              |
| ------- | ---------------------------------------- |
| **85%** | Burn (TWAP-bought LUMINA → burn address) |
| **8%**  | Buyback (`BuybackEngine`)                |
| **2%**  | Ops (gas reimbursements, infra)          |
| **5%**  | Maintenance reserve                      |

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.

### 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.

## 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.

## 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.

## 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**:

| Path                   | Condition                                                                                                                                   |
| ---------------------- | ------------------------------------------------------------------------------------------------------------------------------------------- |
| **PATH 1** — AltSeason | 2-of-3 conditions sustained **1 day** — (A) ETH/BTC > **0.050**, (B) ETH > **\$4,000**, (C) Aave V3 USDC variable borrow rate > **7% APY**. |
| **PATH 2** — ETH bull  | ETH/USD > **\$5,000** sustained **1 day** (independent of PATH 1).                                                                          |
| **PATH 3** — Fallback  | Time-based after **1,095 days (3 years)** from deploy, independent of price.                                                                |

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.

## Live token addresses

Always read from `/health.contracts` rather than hard-coding — addresses
change between V5.x deploys until mainnet.

```bash theme={null}
curl -s https://lumina-api-production-ac85.up.railway.app/health \
  | jq .contracts
```

Key addresses (Base mainnet, V5.4):

| Contract               | Address       |
| ---------------------- | ------------- |
| LuminaTokenV2          | `0x62C0…6680` |
| BondVault              | `0x193a…B6EC` |
| ClaimBond              | `0xaa57…1FB4` |
| TWAPBurner V2          | `0x242d…1bC0` |
| AdaptiveFeeDistributor | `0xeC78…9D54` |
| BuybackEngine          | `0x56B5…d8B4` |
| FounderVestingV2       | `0xfF4D…2832` |
| LuminaOracleV2         | `0x9bfa…71dD` |

## See also

* [Claim Bonds](/concepts/claimbonds) — what gets redeemed in LUMINA.
* [BondVault throttle](/concepts/bondvault-throttle) — per-epoch redemption cap.
* [Lifecycle](/concepts/lifecycle) — where the 85% burn lands in the flow.