The Reserve

The Reserve is the trustless mechanism through which all MNY enters circulation, exclusively in exchange for verifiable onchain capital. Rather than relying on discretionary allocation, private sales, or centralized control, the entire MNY supply is held in a program that releases tokens into circulation according to transparent, immutable rules. This ensures that every unit of MNY is acquired on equal terms, with no special access or preferential treatment.

Deposited capital remains onchain as redemption liquidity. Every unit of MNY in circulation corresponds to capital held in the Reserve, and the ability to redeem at price levels determined by the pricing curve is a mathematical invariant of the system. This creates a persistent, verifiable liquidity foundation that grows with the network.

#Reserve Addresses

#How It Works

All MNY enters and exits circulation through the Reserve. Both buying and selling execute atomically onchain, requiring no intermediaries, approvals, or custodial trust.

Pool state

The Reserve's entire state lives in one onchain pool account. Anyone can read it (the get-currency command does exactly this) and verify the vaults, accrued fees, and fee rate directly.

// PDA seeds: ["pool", currency]// Read with: flipcash get-currency --mint <MNY>pub struct LiquidityPool {    pub authority: Pubkey,        // set at init (Flipcash)    pub currency: Pubkey,         // Currency for this pool     // SPL token accounts    pub mint_a: Pubkey,           // SPL Mint A (target = MNY)    pub mint_b: Pubkey,           // SPL Mint B (base = USDF)    pub vault_a: Pubkey,          // Vault A (target)    pub vault_b: Pubkey,          // Vault B (base)     // Fees    pub fees_accumulated: u64,    pub sell_fee: u16,            // Basis points (100 = 1%)     // Bump seeds for PDAs    pub bump: u8,    pub vault_a_bump: u8,    pub vault_b_bump: u8,     _padding: [u8; 3],}

#Fee Model

There is no fee to acquire MNY from the Reserve. Redemptions incur a 1% fee, deducted from the USDF returned to the participant. The 1% rate is enforced by the program itself, which rejects any pool not initialized at exactly 100 bps; it applies uniformly to all redemptions regardless of size or participant and cannot be changed.

// program/src/instruction/pool.rs - InitializePool rejects// any pool whose fee isn't exactly 1%:check_condition(    args.sell_fee == 100,    "Sell fee must be 1% (100 bps)")?; pool.sell_fee = args.sell_fee;   // stored on the pool: 100 = 1% // No instruction can change it, and the program is immutable// - so every pool's fee is fixed at 1% forever.// Acquiring (minting) MNY charges no fee.

#Reserve Asset: USDF

USDF is a dollar-denominated stablecoin that serves as the Reserve's unit of account. Issued in partnership between Flipcash and Coinbase as a Coinbase Custom Stablecoin, each USDF is fully backed 1:1 by U.S. dollar-denominated collateral held in segregated Coinbase custody.

While Flipcash and Coinbase manage USDF issuance and custody, neither controls the Moony protocol. All pricing, distribution, and redemption behavior is governed solely by immutable onchain logic.

#Open-Source Infrastructure

The Reserve program was developed and open-sourced by Code Inc. under the MIT License. Moony Labs used it to create the Moony currency, minting the fixed supply and initializing its Reserve onchain, then relinquished all control. Neither Code Inc. nor Moony Labs can alter the protocol; all distribution, pricing, and redemption behavior is governed exclusively by immutable onchain logic that cannot be changed by any party.

This architecture makes Moony fully open and composable. Developers can integrate MNY across wallets, applications, and protocols without permission or coordination.