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

# Changelog

> Every notable change to the Denar protocol, in the open.

<Frame>
  <img src="https://mintcdn.com/denar-markets/r1YfjCE9xXDXLpBL/images/tagline-wide.png?fit=max&auto=format&n=r1YfjCE9xXDXLpBL&q=85&s=7b198710a9735ba3e4b72a3418bf00a7" alt="Denar — the money market for tokenized stocks" width="1672" height="941" data-path="images/tagline-wide.png" />
</Frame>

<Update label="September 9, 2026" description="Round four open">
  ## Round four is open: MEME, PIPEDOG, NET, INDEX

  The fourth governance round runs for **42 hours**, closing **September 10 at 17:23 UTC**. \$DENAR holders pick which token gets the next isolated market; weight is the balance held at the moment of signing, and a vote is a signed message rather than a transaction, so it costs nothing.

  * **[MEME](https://robinhoodchain.blockscout.com/address/0x385F4f8ae47651ce5F58F5265395a669f8281e18)** joins the ballot. Its 44 bytes on-chain are an EIP-1167 clone, so what a market would actually be exposed to is the implementation behind it: an immutable delegation target with no mint, burn, pause, blacklist or fee setter, against a fixed supply.
  * **PIPEDOG, NET and INDEX** carry over. **AI** leaves the ballot having won round three, as PONS and BACKED did before it.
  * Round one picked PONS and round three picked AI; both are live. **BACKED, which carried round two, has no market yet.**
  * Longer than the 27 hours round three ran, which drew fewer voters than the round before it.

  Vote at [denar.markets/vote](https://www.denar.markets/vote). Every signature is published with the tally, so the result can be recounted independently.
</Update>

<Update label="September 8, 2026" description="AI market">
  ## AI / USDG, the market the third governance round picked

  **AI** (Artificial Inu), chosen by \$DENAR holders in round three, now has an isolated market on the official Morpho deployment, with the same shape as PONS: a 5-minute Uniswap v3 TWAP on the WETH/AI 1% pool converted through Chainlink, 38.5% LLTV, and a 20,000 USDG cap in the dnUSDG2 vault bounded to 20% of the vault by a relative cap on the collateral.

  * Measured before listing, with real swaps on a fork: 1,200 WETH move the pool's spot price 5.5x for a round-trip cost of about 18 WETH, so the cap sits several times under the point where a manipulation would pay.
  * The staleness bound on the ETH/USD leg is 30 hours, above the feed's 24-hour heartbeat. PONS keeps its 24-hour bound and the few-second freeze it can produce on a calm day.
  * Addresses in the [contract reference](/reference/contracts).
</Update>

<Update label="September 8, 2026" description="Ownership to a multisig">
  ## The lending core and the dnUSDG vault moved to a multisig

  Owner of Denar's own Morpho instance and owner of the dnUSDG vault are now a **2-of-3 Safe**, [`0x11F16BF503E1f5243e5847e79d05d1F9B98D352d`](https://robinhoodchain.blockscout.com/address/0x11F16BF503E1f5243e5847e79d05d1F9B98D352d). The deploying key holds neither role any more.

  The other owner roles follow one at a time; who holds what today is on the [contracts page](/reference/contracts#administration).
</Update>

<Update label="September 7, 2026" description="One vault for every venue">
  ## The dUSD reserve now lends through a single Vault V2

  Denar's markets live on two Morpho deployments: the equity markets on its own, the isolated markets like PONS on the official one. The dUSD treasury could only hold one lending vault, so it could reach one side or the other. Now it holds one **Morpho Vault V2**, the former Frontier vault renamed **Denar USDG (dnUSDG2)**, which reaches both: the equity markets through the dnUSDG vault (its liquidity adapter, so deposits land there and redemptions pull from there) and the isolated markets through their own adapters. Where the reserve earns is decided inside that vault, per market and per collateral, with caps that fall instantly and rise on demand.

  * **Treasury redeployed**, same dUSD, same sdUSD: the treasury's automatic unwind relied on a liquidity view that Vault V2 does not provide, so the contract was replaced and rewired the same evening. Nothing moved for holders or stakers; the new address is on the [overview](/dusd/overview#addresses).
  * **PONS is bounded at 20%** of the vault by a relative cap on its collateral, whatever market it sits in.
  * The keeper now measures the vault's real liquidity every pass instead of trusting the position, and every bot skips a pass served by an RPC node behind the chain head.
  * Addresses on the [overview](/dusd/overview#addresses) and in the [contract reference](/reference/contracts).
</Update>

<Update label="September 4, 2026" description="dUSD is live">
  ## dUSD and sdUSD are live on Robinhood Chain

  The [Denar dollar](/dusd/overview) is deployed, as a pilot: the treasury mints up to **10,000 dUSD** against USDG at 1:1, with no fee in either direction at launch, and the cap moves up from there as the reserve and the markets prove out.

  * **Mint and redeem** on the [dUSD page](https://www.denar.markets/dusd): USDG in, dUSD out, and back through the same treasury. [How it works](/dusd/mint-and-redeem).
  * **Stake into sdUSD** to receive the reserve's income and the markets' interest, streamed over seven days. The vault opened with a permanent 1 dUSD seed that nobody can withdraw, so it can never be emptied or bricked. [Staking](/dusd/staking).
  * **The reserve** holds USDG, lends part of it through the dnUSDG vault, and can rotate part into SGOV, the tokenized 0–3 month Treasury ETF. Rotation is off at launch. The keeper that operates the reserve runs in the open, and every move it makes is bounded by the contracts. [The reserve](/dusd/reserve).
  * The allocator's own lending line (direct minting into dUSD markets) starts at a cap of zero: it opens when dUSD markets exist.
  * Addresses for the four contracts are on the [overview](/dusd/overview#addresses).

  Owner roles sit with the deployer key for the pilot. Moving them to a multisig behind a timelock is the next step on the [roadmap](/dusd/overview#status-and-roadmap).
</Update>

<Update label="September 3, 2026" description="Caps raised">
  ## Total cap to 60,000 USDG, PONS to 20,000

  The 5,000 → **10,000 USDG per market** raise submitted for all six equity markets cleared its 1-day timelock and was accepted on-chain, taking total equity capacity to **60,000 USDG**.

  The PONS market's cap went from 10,000 to **20,000 USDG**. It sits in the [Frontier vault](/protocol/onchain-markets), whose caps are set per *id* — the raise covers the market, the collateral and the adapter together, so the ceiling holds across any future PONS market too.
</Update>

<Update label="September 1, 2026" description="First on-chain-native market">
  ## PONS is live — and it works differently

  Denar's first market for a **blue-chip token native to Robinhood Chain**. PONS has no Chainlink feed and no closing bell, so almost everything around the lending core changes: the price is a **5-minute Uniswap v3 time-weighted average**, the market settles on the **canonical Morpho deployment** rather than Denar's own, and it sits in its **own vault** so equity lenders are never exposed to it.

  * **PONS / USDG at 38.5% LLTV**, capped at 10,000 USDG. On these markets the cap — not the LLTV — is the primary risk control, sized below the cost of moving the pool.
  * Settling on the canonical core means every third-party liquidator and indexer on the chain can reach the market, which matters far more for collateral that moves 30% in an hour.
  * Addresses on the [contracts page](/reference/contracts); the full mechanism, and what it trades away, is on [On-chain-native markets](/protocol/onchain-markets).
</Update>

<Update label="August 31, 2026" description="Caps doubled">
  ## Seed caps double to 5,000 USDG per market

  The raise from 2,500 to **5,000 USDG per market** (30,000 total capacity) was submitted on-chain for all six markets. Per the vault's own rules, cap increases pass a **1-day timelock** — depositors see risk changes coming — so the new caps take effect September 1.
</Update>

<Update label="August 30, 2026" description="$DENAR contract deployed">
  ## The \$DENAR token contract is on-chain

  **Denar Markets (\$DENAR)** is deployed on Robinhood Chain at
  [`0x3786728a2c49C4617Bf4FE5BD82b90B6B0dF5508`](https://robinhoodchain.blockscout.com/token/0x3786728a2c49C4617Bf4FE5BD82b90B6B0dF5508) — 18 decimals, 1,000,000,000 supply.

  * This address — here and on the [contracts page](/reference/contracts) — is the **only** official one. Anything else claiming to be \$DENAR is a scam.
  * **There has been no public sale and no distribution.** The buyback engine, distribution and launch parameters publish at token generation, [as documented](/token/denar).
</Update>

<Update label="August 30, 2026" description="BACKED partnership">
  ## Denar ⨯ BACKED — structural alignment

  Denar is now [structurally partnered](/ecosystem/backed) with **BACKED**, Robinhood Chain's stock-backed floor asset:

  * **10% of all Denar protocol fees** — every revenue line, live from today — is committed to buying BACKED on the open market and **burning it**.
  * **BACKED joins the collateral list**: it will be usable like the stock tokens — post it, borrow USDG against it, keep the rising floor. Listing parameters publish when the market goes live.
  * The [\$DENAR buyback](/token/revenue) draws from the remaining 90% at token generation — two burns, one order of operations.
</Update>

<Update label="August 30, 2026" description="Fees & seed caps">
  ## Protocol fee activated, seed phase begins

  * **Protocol fee activated**: 10% of borrower interest, on all six markets (hard cap in the core: 25%).
  * **Seed-phase caps**: vault exposure lowered from 250,000 to **2,500 USDG per market**, so deposits spread across all markets during bootstrap.
</Update>

<Update label="August 28, 2026" description="$DENAR value design">
  ## \$DENAR — the value engine, documented

  The design of Denar's native token is now [public](/token/denar), before any token exists: **every protocol revenue line converges on one programmatic buyback, and everything bought is burned.**

  * Six revenue lines feed the burn — two already live (the 10% market fee and liquidation spread), three more switching on with dUSD, one in negotiation (Global Dollar Network).
  * No yield, no rebasing, no promises — a burn is a record of revenue that already happened, auditable on-chain.
  * Supply, distribution and the exact buyback shares will be published at token generation. **No token is deployed today; anything claiming to be \$DENAR is a scam.**
</Update>

<Update label="August 27, 2026" description="dUSD unveiled">
  ## dUSD — the Denar dollar, documented before it exists

  The design of **dUSD**, Denar's reserve-backed dollar, and **sdUSD**, its staked counterpart, is now public: a [full docs section](/dusd/overview) and a [site page](https://www.denar.markets/dusd), each coin struck in the house engraving.

  * Minted and redeemed **1:1 against USDG** at the treasury — no pool dependency, with an auto-unwinding redemption path.
  * Reserve in three sleeves: a liquid buffer with an enforced floor, the Denar lending vault, and SGOV tokenized T-bills valued pessimistically around corporate actions.
  * All reserve earnings drip to sdUSD stakers linearly over seven days.
  * Contract suite complete — 63 tests, two adversarial review rounds; the code ships verified on-chain at deployment. **Not deployed yet, by design**: the dollar's yield is the markets' borrower interest, so the markets come first.
  * **Denar Points earned before launch carry priority access to the first minting window** — using the markets today is the queue.
</Update>

<Update label="August 26, 2026" description="Denar Points">
  ## Points: one dollar, one day, one point

  * **Denar Points are live** at [denar.markets/points](https://www.denar.markets/points): every USDG lent earns a point a day, every USDG borrowed earns a point a day.
  * No multipliers, no tiers, nothing to claim — the count is rebuilt from your own transactions, in your browser, verifiable against the chain.
  * Idle collateral earns nothing, because idle collateral does nothing for the protocol.
</Update>

<Update label="August 25, 2026" description="Liquidation-bot hardening">
  ## The liquidation bot learns patience and speed

  * **Adaptive log scanning**: block-range chunks now resize themselves around the RPC's limits instead of stalling on them.
  * **Provable fast-forward**: a market with zero outstanding debt is skipped to head in one step — less RPC load, same safety.
</Update>

<Update label="August 21, 2026" description="Documentation">
  ## The docs move into their own house

  * **docs.denar.markets is live**: how Denar works, lending and borrowing guides, the oracle and corporate-action machinery, the risk framework, a full [contracts reference](/reference/contracts) and glossary.
  * Written to the house rule: no number is printed that the chain cannot back.
</Update>

<Update label="August 19, 2026" description="Allocator bot">
  ## Yield goes where the borrowers are

  * **APR-optimizing allocator**: a permissionless-logic bot that rebalances vault liquidity toward the markets where borrowing demand actually is — idle supply earns nobody anything.
  * Vault UX: withdraw controls now appear only when the connected wallet has a deposit.
</Update>

<Update label="August 18, 2026" description="The engraved identity">
  ## Denar looks like Denar now

  * **Full identity revamp**: cream and deep-green plate colours, Instrument Serif display type, and hand-tuned engraved artwork — every market struck as its own coin.
  * New landing page, portfolio view with live on-chain positions, and the arch coin mark throughout.
</Update>

<Update label="August 14, 2026" description="First corporate action">
  ## AAPL dividend processed — hands-free

  Apple's quarterly dividend was reinvested into the AAPL token: its multiplier moved from 1.0 to \~1.00057 (+0.057%). The Chainlink feed absorbed the change, the oracle stayed healthy, and no protocol intervention of any kind was needed. First corporate action in production, [handled by design](/protocol/corporate-actions).
</Update>

<Update label="August 12, 2026" description="Monitoring calibrated">
  ## Watching the watchmen

  * Monitoring recalibrated for how equity feeds actually behave: **market-hours-aware staleness** (a frozen weekend feed is expected; a frozen Tuesday feed is an incident).
  * The watch list now covers `oraclePaused` flags, **scheduled multiplier changes** (dividends and splits announced on-chain before they land), and L2 sequencer status.
</Update>

<Update label="August 8, 2026" description="App live, direct lending, verification">
  ## The app goes live

  * **All six markets live** in the app at [denar.markets](https://www.denar.markets).
  * **Direct market lending** shipped: supply USDG to a single market of your choosing, with per-market supply APR and utilization shown honestly.
  * **All 11 deployed contracts verified on Blockscout** — the on-chain source is public and the bytecode checkable by anyone.
  * First USDG deposited into the vault and allocated on-chain.
  * Liquidation bot running around the clock.
</Update>

<Update label="August 7, 2026" description="Mainnet launch — block 30,437,326">
  ## Denar launches on Robinhood Chain

  * **Six isolated markets**: NVDA, AAPL, MSFT, TSLA (62.5% LLTV) and SPY, QQQ (77% LLTV), each with its own equity-aware Chainlink oracle.
  * **Denar USDG Vault (dnUSDG)**: one-deposit lending across all markets, per-market caps, 1-day risk timelock.
  * **Permissionless liquidations** with on-chain exit liquidity via Rialto and Uniswap.
  * Launched after an internal adversarial security review; all findings fixed or documented.
</Update>