Token
LEAD
Plumb's token. A fixed supply of 100,000,000 LEAD, all of it in one fair launch, staked for the PLMB the treasury collects and for a vote on every change to the program.
LEAD is Plumb's token, and it is separate from PLMB. PLMB is the dollar you borrow. LEAD is what you stake: staked LEAD receives the PLMB the treasury collects from borrowers, and it votes on every change to the Plumb program. Every LEAD enters circulation through one public launch, on the same terms for everyone.
A plumb bob is a lead weight, and Plumb takes its name from plumbum, Latin for lead.
The token
| Property | Value |
|---|---|
| Name | Lead |
| Ticker | LEAD |
| Total supply | 100,000,000 LEAD |
| Distribution | 100% in the public launch |
| Decimals | 6 |
| Standard | Classic SPL token |
| Mint authority | Revoked at issuance. No LEAD can be created after it. |
| Freeze authority | None |
Fair launch
All 100,000,000 LEAD go to the public launch, on the same terms for every buyer.
- No presale, and no allocation to investors.
- No share for the team or contributors. They hold only LEAD they bought the way anyone else can.
- No airdrop, and no fund or reward pool set aside.
- No vesting and no locks, because nothing is held back.
After the launch nothing pays out LEAD: there is no emission, and the mint authority is revoked. What staked LEAD earns is PLMB, from fees borrowers already pay.
Staking
Stake LEAD to receive every PLMB the treasury collects:
- Interest. 30% of the interest borrowers pay at every rate, and all of it while the stability pool is empty. See Interest rates.
- Rate-change fees. 0.5% of a trove's debt, charged when it changes rate within seven days of opening or of its last change.
Your share is your staked LEAD divided by all staked LEAD. Before any stake or unstake, interest at every rate is settled, so PLMB collected before you staked goes to those who were staked, and PLMB collected while you are staked goes to you. Payouts are in PLMB, and you can claim them at any time.
Unstaking takes seven days. During those days your LEAD neither earns nor votes. After them, withdraw it to your wallet; the withdrawal can only ever pay the wallet that staked.
Governance
Staked LEAD votes, one vote per LEAD. The Plumb program's upgrade authority is held by Plumb's governance, so the program changes only when a vote passes. A vote decides:
- Parameters. Rates, minimum ratios, fees, the debt ceiling and the interest split are compiled into the program, and changing any of them is an upgrade. See Parameters.
- Collateral. A new branch, with its own collateral and price feeds, is an upgrade.
| Step | Rule |
|---|---|
| Propose | Any wallet with at least 1,000,000 staked LEAD, 1% of the supply |
| Vote | Five days |
| Pass | More votes for than against, with at least 4,000,000 LEAD voting for |
| Take effect | Two days after the vote passes |
The two days between a passed vote and the change give every borrower and depositor time to read what changes before it does.
# LEAD Plumb's token. A fixed supply of 100,000,000 LEAD, all of it in one fair launch, staked for the PLMB the treasury collects and for a vote on every change to the program. LEAD is Plumb's token, and it is separate from PLMB. PLMB is the dollar you borrow. LEAD is what you stake: staked LEAD receives the PLMB the treasury collects from borrowers, and it votes on every change to the Plumb program. Every LEAD enters circulation through one public launch, on the same terms for everyone. A plumb bob is a lead weight, and Plumb takes its name from *plumbum*, Latin for lead. :::cards - [Stake](/docs/token#staking): Receive the PLMB the treasury collects: 30% of all interest and every rate-change fee. - [Vote](/docs/token#governance): Decide every upgrade to the program: its parameters, fees and collateral. ::: ## The token | Property | Value | | --- | --- | | Name | Lead | | Ticker | LEAD | | Total supply | 100,000,000 LEAD | | Distribution | 100% in the public launch | | Decimals | 6 | | Standard | Classic SPL token | | Mint authority | Revoked at issuance. No LEAD can be created after it. | | Freeze authority | None | ## Fair launch All 100,000,000 LEAD go to the public launch, on the same terms for every buyer. - No presale, and no allocation to investors. - No share for the team or contributors. They hold only LEAD they bought the way anyone else can. - No airdrop, and no fund or reward pool set aside. - No vesting and no locks, because nothing is held back. After the launch nothing pays out LEAD: there is no emission, and the mint authority is revoked. What staked LEAD earns is PLMB, from fees borrowers already pay. ## Staking Stake LEAD to receive every PLMB the treasury collects: - **Interest.** 30% of the interest borrowers pay at every rate, and all of it while the stability pool is empty. See [Interest rates](/docs/interest-rates). - **Rate-change fees.** 0.5% of a trove's debt, charged when it changes rate within seven days of opening or of its last change. :::figure stake | Where staked LEAD's PLMB comes from. With the stability pool empty, all interest goes to staked LEAD. Your share is your staked LEAD divided by all staked LEAD. Before any stake or unstake, interest at every rate is settled, so PLMB collected before you staked goes to those who were staked, and PLMB collected while you are staked goes to you. Payouts are in PLMB, and you can claim them at any time. Unstaking takes seven days. During those days your LEAD neither earns nor votes. After them, withdraw it to your wallet; the withdrawal can only ever pay the wallet that staked. ## Governance Staked LEAD votes, one vote per LEAD. The Plumb program's upgrade authority is held by Plumb's governance, so the program changes only when a vote passes. A vote decides: - **Parameters.** Rates, minimum ratios, fees, the debt ceiling and the interest split are compiled into the program, and changing any of them is an upgrade. See [Parameters](/docs/parameters). - **Collateral.** A new branch, with its own collateral and price feeds, is an upgrade. | Step | Rule | | --- | --- | | Propose | Any wallet with at least 1,000,000 staked LEAD, 1% of the supply | | Vote | Five days | | Pass | More votes for than against, with at least 4,000,000 LEAD voting for | | Take effect | Two days after the vote passes | The two days between a passed vote and the change give every borrower and depositor time to read what changes before it does.