One billion COV, and most of it does not move

Total supply is fixed at 1,000,000,000 COV, minted once at deployment. The figures below are deployed and non-upgradeable; immutable facts are stated separately from policy commitments.

The five buckets

• Genesis: 150,000,000 COV — Claimable by depositors after finalisation
• Emissions reserve: 300,000,000 COV — Released per epoch, gated on coverage
• Treasury: 200,000,000 COV — Held; each spend carries an on-chain memo
• Team: 200,000,000 COV — 10M founder tranche vesting; 190M ungranted
• Investor reserve: 150,000,000 COV — Ungranted; grants enter a vesting contract

Immutable parameters

• Total supply: 1,000,000,000 COV (Minted once at deployment)
• Mint function: None exists (Asserted against the compiled ABI)
• Burn function: None exists (Asserted against the compiled ABI)
• Transferability: Enabled once, irreversibly (No disabling function exists)
• Emission epoch: 7 days (Constant)
• Emission ceiling: 2,500,000 COV / epoch (0.25% of supply; no governance action exceeds it)
• Protocol fee: 20 bps (Immutably bounded 10 to 25)
• Fee split: 50 / 30 / 20 (Coverage pool, verification ops, treasury)

What COV does not have

• No claim on fees. Fees are USDC and flow to the pool, verification ops, and treasury
• No redemption right. Nothing in the system exchanges COV back for anything
• No dividend. No distribution mechanism exists
• No on-chain governance. No vote is deployed
• No mint. The function does not exist
• No burn. The function does not exist

Issuance at the operating cap

250,000 COV per 7-day epoch — 13,000,000 COV annualised, 1.3% of supply, a 23-year reserve at that rate.