Broker Token — BNBROKERS
BNBROKERS is the fixed accounting and liquidity unit shared by the Broker Market, licenses and Margin Desk.
Fixed supply
BrokerToken creates the complete BNBROKERS supply in its constructor. It exposes ERC-20 Permit and Burnable behavior but has no later mint function.
4,444 Brokers × 444,444 BNBROKERS = 1,975,109,136 BNBROKERS
The token supply can decrease through burns. It cannot increase.
Protocol unit
444,444 BNBROKERS is the common unit used for:
- buying one Broker from protocol inventory;
- selling one Broker to protocol inventory; and
- the principal of one Margin Desk loan.
The fixed unit does not mean every Broker Account contains equal assets. Account contents can make one Broker more desirable than another, which is why specific selection exists.
Reserve allocation
ProtocolReserve separates BNBROKERS into module-level buckets.
| Bucket | Broker capacity | BNBROKERS |
|---|---|---|
| Market reserve | 3,600 | 1,599,998,400 |
| Credit reserve | 400 | 177,777,600 |
| Treasury remainder | 444 | 197,333,136 |
| Total | 4,444 | 1,975,109,136 |
Market and credit modules can withdraw only from their own bucket. BNBROKERS returned from a market purchase or loan repayment replenishes the corresponding bucket.
Burn paths
License payments are split as follows:
- 50% is burned by
BrokerLicense; - 50% is transferred to the protocol treasury.
Because BrokerToken is burnable, holders may also burn their own BNBROKERS. No burn creates a claim against the reserve.