$ENO Tokenomics¶
Total supply: 1,000,000,000 $ENO. Fixed at launch. Mint authority renounced.
Every token is allocated before launch, with no venture capital, no pre-sale, and no inflation mechanism. The Foundation holds the protocol treasuries in 11 purpose-bound Safes. Personal allocations to the founder and early contributors vest through Sablier streams according to individual schedules; those streams cannot be modified after deployment. The full picture is public, on-chain, and not subject to revision by any governance vote.
Why This Structure¶
The conventional token project works like this: early investors buy in at a fraction of the public price, the token launches, and those investors exit into public demand. The community holds the bag.
This project is not structured that way.
The Foundation runs the coordination layer: publishes open-source specs, operates the contributor program, ships organizing kits, does the operational work that turns distributed builders into a project that ships hardware, software, and network infrastructure. That work is funded through locked, governed Safes, not through venture capital that expects a preferred return.
Contributors earn through published criteria. As the project delivers milestones, the people who did the work become owners of what they built. The token represents access to and ownership of collectively-built capacity. Value backed by productive capacity, not money breeding money.
No party is positioned to exit into retail demand at the community's expense. The allocation structure makes that structural, not rhetorical.
Full Allocation Table¶
Total: 1,000,000,000 $ENO. Mint authority renounced at launch.
| # | Allocation | Tokens | % | Holder | Release mechanism |
|---|---|---|---|---|---|
| 1 | Founder vesting | 50,000,000 | 5.0% | Founder personally | Sablier: 12-month cliff + 3-year linear stream (full vest end of year 4) |
| 2 | Pre-launch contributor vesting | 25,000,000 | 2.5% | ~6 contributors personally | Sablier: 12-month cliff + 12-month linear stream (full vest end of year 2) |
| 3 | Reserve Timelock | 200,000,000 | 20.0% | Foundation | 18-month timelock, then Foundation governance |
| 4 | Foundation Ops Safe | 25,000,000 | 2.5% | Foundation | Market-cap-referenced thresholds |
| 5 | Protocol Liquidity Safe | 25,000,000 | 2.5% | Foundation | Market-cap-referenced thresholds |
| 6 | Community / Growth Safe | 45,000,000 | 4.5% | Foundation | Published criteria |
| 7 | DCIA Dev Safe | 20,000,000 | 2.0% | Foundation | DCIA program plan triggers |
| 8 | Truth Mining Safe | 100,000,000 | 10.0% | Foundation | On-chain truth-mining protocol |
| 9 | Milestone 1 (MVP) Safe | 150,000,000 | 15.0% | Foundation | Accepted milestone delivery |
| 10 | Milestone 2 (Network) Safe | 120,000,000 | 12.0% | Foundation | Accepted milestone delivery |
| 11 | Milestone 3 (Hardware) Safe | 150,000,000 | 15.0% | Foundation | Accepted milestone delivery |
| 12 | Initial LP | 50,000,000 | 5.0% | Foundation (LP NFT) | UNCX-locked |
| 13 | LP Incentive Safe | 40,000,000 | 4.0% | Foundation | 12-month linear stream from launch |
Of the 1B total: 75M (7.5%) is held by individuals. 925M (92.5%) is held by the Foundation in purpose-bound Safes on behalf of the protocol and its participants.
The Allocations, With the Why¶
Allocations 1 and 2: Founder and Pre-Launch Contributor Vesting (75M / 7.5%)¶
The founder receives 50M tokens (5%). Six pre-launch contributors share 25M (2.5%) in aggregate. Both vest through Sablier streams that include a 12-month cliff (nothing vests in the first year) followed by a linear stream.
The founder's stream runs 3 years after the cliff, with full vesting at the end of year 4 from the token launch date. Pre-launch contributors stream for 12 months after the cliff, with full vesting at the end of year 2.
7.5% combined is deliberately small. The structure does not create a class of insiders positioned to exit early into public demand.
The 12-month cliff means nobody on the pre-launch side vests until the project has at least a year of post-launch delivery behind it. Sablier streams cannot be retroactively modified after deployment. The schedules are on-chain commitments, not policies.
This allocation compensates for design work and risk taken before the project had revenue, members, or a working token.
Individual contributor allocations within the 25M pre-launch tranche are computed per the rates and schedules defined in UNA Schedule E. A Reserved Allocation mechanism covers partially funded commitments; outstanding amounts must be received within a defined window from the Foundation's Effective Date or the unfunded portion reverts to treasury.
Allocation 3: Reserve Timelock (200M / 20%)¶
The largest single allocation. Held against unforeseen project needs: legal, operational, or structural problems the Foundation cannot anticipate from its launch position.
Locked for 18 months. During the formative period, no one can access this tranche, including the Foundation. The 18-month lock is not a governance policy. It is an on-chain timelock.
After the lock expires, Foundation governance determines disposition. The 18-month period gives the organization time to form, develop governance capacity, and reach the depth needed to direct the largest tranche in the treasury responsibly.
Allocation 4: Foundation Ops Safe (25M / 2.5%)¶
Funds Foundation operating expenses: staff, legal, infrastructure, coordination work.
Released against market capitalization thresholds rather than time. Foundation funding scales with the project's actual reach. If the project grows, the Foundation's operational capacity grows with it. If the project never reaches a threshold, the tokens stay in the Safe.
Market-cap-referenced thresholds are set and published in advance, verified against a sustained trailing average rather than spot price. Spot price is manipulable at low liquidity. A trailing average means a single trade does not trigger a release. If no thresholds are ever reached, this Safe does not release. That is not a design flaw. It means the project did not grow enough to justify the operational spend.
Allocation 5: Protocol Liquidity Safe (25M / 2.5%)¶
Backs market liquidity as the token market deepens. Same market-cap-referenced mechanism as the Ops Safe.
Tokens stay in the Safe until threshold conditions justify release. Deployment is strategic, not automatic. The mechanism prevents liquidity subsidization at a stage where the market cannot support it.
Allocation 6: Community / Growth Safe (45M / 4.5%)¶
Rewards contribution outside the milestone gates.
Milestone Safes cover the core technical and network deliverables. This Safe covers everything else: organizers running regional chapters, educators writing explainers, content creators producing material, fundraisers, contributors doing surrounding work that moves the project but does not fit a milestone scope.
Released per criteria published before a disbursement window opens, not after contributors have acted in reliance on them.
Allocation 7: DCIA Dev Safe (20M / 2.0%)¶
Dedicated to the DCIA program: the Foundation's open-source investigation tools and knowledge-commons work. DCIA produces tools that help people see structural realities of compute concentration, information centralization, and AI gatekeeping. This is the top-of-funnel work that positions participants to engage with the broader project.
This Safe is restricted to DCIA-specific use. It does not flow to general Foundation operations. Released against the DCIA program plan, per Foundation governance.
Allocation 8: Truth Mining Safe (100M / 10%)¶
Rewards on-chain verification work.
Truth Mining is the protocol mechanism that anchors the knowledge commons. Contributors who do verification work earn from this Safe per the on-chain protocol. The allocation is large at 10% of total supply because verification is the work that makes the knowledge commons credible. Without verification, the commons is content. With verification, it has epistemic weight.
Released by an on-chain protocol mechanism, not by manual Foundation disbursement. The mechanism determines recipients and amounts. This is not a grant program.
Allocations 9, 10, and 11: Milestone Safes (420M / 42%)¶
The largest combined block. 42% of total supply releases to contributors as the project delivers three gated milestones.
Milestone 1: MVP (150M / 15%). The largest single milestone tranche. Going from zero to working product is the hardest first leap. The allocation reflects that. The contributors who get the project to a working MVP carry the highest execution risk.
Milestone 2: Network Live (120M / 12%). Network deployment, protocol activation, infrastructure at scale. Smaller than M1 and M3, but the second-largest milestone allocation.
Milestone 3: Hardware Ships (150M / 15%). The most capital-intensive milestone. Hardware requires manufacturing relationships, supply chain, and physical logistics that software milestones do not. The allocation reflects those costs.
Acceptance criteria for each milestone are published before each window opens. Contributors who did the work earn from these Safes per those criteria. Criteria cannot be retroactively changed once a window is open and contributors are acting in reliance on them.
The Foundation also receives a grant line from each Milestone Safe, allocated from within the milestone's tranche. The Foundation's share within each milestone is determined as part of setting acceptance criteria for that milestone.
Allocation 12: Initial LP (50M / 5%)¶
Bootstrap liquidity for token launch. Locked through UNCX so the position cannot be pulled. The LP NFT is held by the Foundation. The underlying tokens are time-locked and verifiable on-chain.
A 5% initial LP allocation establishes the initial market without creating conditions for a rug pull. UNCX locking makes the commitment verifiable, not just stated.
Allocation 13: LP Incentive Safe (40M / 4%)¶
Streams to liquidity providers over 12 months from launch via a linear stream.
The 12-month time bound is intentional. Liquidity incentives that run indefinitely distort market dynamics and create dependency on continued subsidization. A 12-month stream provides meaningful early incentive, resolves cleanly, and leaves the market to find natural liquidity equilibrium after the incentive period ends.
What Is Locked, What Is Governed¶
Locked at launch, not subject to change by any governance vote:
- Total supply: 1,000,000,000 $ENO. Mint authority renounced. No new tokens can be created.
- Allocation to each Safe. The amounts in the table above are fixed.
- Recipient class for each Safe. Tokens in the Truth Mining Safe reach Truth Mining participants. Tokens in the Community / Growth Safe reach community contributors. No governance vote can redirect a Safe's tokens to a different recipient class or move tokens between Safes.
- Personal vesting schedules. Sablier streams cannot be modified after deployment.
Governed by Foundation governance, transparently and in advance:
- Milestone acceptance criteria for each delivery gate. What counts as MVP delivery, what evidence demonstrates it, how acceptance is verified, what share of the milestone tranche goes to the Foundation grant line.
- Market capitalization threshold schedules for the MC-referenced Safes. The specific thresholds, the trailing-average verification period, the release amounts per threshold.
- DCIA program disbursement triggers. The program plan governing the DCIA Dev Safe.
- Reserve Timelock governance after the 18-month lock expires.
The amounts do not change. The criteria within each Safe are set openly before each disbursement window. Once a window is open and contributors are acting in reliance on published criteria, those criteria are fixed for that window.
Governance¶
The Foundation launches as a UNA (Unincorporated Nonprofit Association). At 100 token-holding, member-voting participants, it converts to a DUNA under Wyoming law. One entity throughout.
Foundation governance covers the criteria, not the structure. No governance action can alter how much is in a Safe, who can receive from it, or how the personal vesting schedules work. Those are locked. What governance determines is what triggers a release: what constitutes milestone delivery, which market cap thresholds the MC-referenced Safes use, what the DCIA program plan authorizes, and how the Reserve Timelock's 200M is directed after the 18-month lock expires.
The specific mechanisms for Foundation governance will develop as the organization matures. The structural commitments in this document hold regardless of how those mechanisms are configured.
Token Value¶
56.5% of total supply is allocated to active work: milestone delivery (42%), verification (10%), and surrounding contribution (4.5%). The token reaches contributors as the project delivers.
Commercial royalties from Eno Compute and Eno Labs flow back to the Foundation as those entities generate revenue. That revenue funds operations without requiring additional token grants.
Token price reflects the productive capacity of the network. The contributors who built it own a meaningful share of what they built.
$ENO is a utility and governance token. Nothing in this document constitutes financial or investment advice. Participation in the Eno Project is participation in building open infrastructure.