Skip to main content

DOHM Protocol

DOHM is a reserve-currency protocol on Bitcoin, implemented as Alkanes smart contracts. The treasury sells DOHM through bonds, holds the proceeds as backing, and distributes the surplus to stakers through epoch rebases.

The four assets you will hold​

AssetWhat it is
DOHMThe reserve token. 8 decimals. Only the treasury can mint it; anyone can burn their own.
sDOHMStaking shares. Transferable. Their DOHM value grows via the staking index — your share count never changes at a rebase.
Bond noteMinted per bond purchase. It is the only claim on that bond's future DOHM payout — it matures, then you redeem it.
Unstake ticketMinted per unstake request. It is the only claim on that unstake's DOHM payout — it unlocks after the cooldown, then you claim it.

Bond notes and unstake tickets are 1-of-1 orbitals — Alkanes' native non-fungible instances, spawned from a factory template. They live in your own UTXOs, so they're freely transferable.

Bond notes and unstake tickets are bearer assets. Whoever holds one owns the claim. If you lose one, its DOHM is unrecoverable — there is no expiry or admin recovery path.

Units and conventions​

All formulas in these docs use on-chain base units and integer math:

  • Token amounts are base units (8 decimals): 1 DOHM = 1e8 base units.
  • SCALE = 1e8 — the protocol's fixed-point multiplier.
  • Prices (floor, fixed, spot) are frUSD per DOHM × 1e8 (frUSD is the $1 numeraire).
  • Rates are ppm (parts per million, 1e6 denominator); ratios are bps (1e4 denominator).
  • Every division floors (rounds down) unless explicitly noted as a ceiling.

Decimals are a display convention, not an on-chain field. The 8-decimal scale is how the app and these docs present amounts, but the DOHM token exposes only name, symbol, total supply, and minter — there is no on-chain decimals. A generic Alkanes wallet that doesn't know DOHM will show raw base units (e.g. 100000000 for 1 DOHM).

How value flows​

bond deposit (frUSD / frBTC / LP tokens)
      │
      ▼
Treasury reserves ── backing above liabilities = "excess"
      │
      ▼
rebase mints reward = min(rate × staked, excess)
      │
      ▼
staking index rises → every sDOHM is worth more DOHM

A bond only executes if its deposit fully backs the DOHM it mints (see Bonding). The surplus above that backing is what funds staking rewards — the protocol cannot mint rewards it has no backing for.

Pages​