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Chapter 4 · § 4.5 · Recipe

Phased Launch

$50M cap at Phase 0. Full GCSR by Phase 2.

By · Originally published April 2026 · Next review October 2026 · ~6 min

Problem

How does the protocol launch without immediate exposure to the worst-case scenarios in the bounded-dilution proof?

Solution

Four phases. Cap and ratio constraints relax on observable criteria.

Phase Window Supply cap Ratio SZK cap Layer 4
Phase 0 Months 1–6 $50M 200% 0% Disabled
Phase 1 Months 7–18 $500M 175% 5% Reduced
Phase 2 Months 19–36 None 150% 15% Full
Phase 3 Months 36+ None 150% 15% Full + PQ migration

Phase 0 operates as a single-collateral, high-collateral, overcollateralized stablecoin during cold start. Layer 4 dilutive backstop is disabled while SZK has no price discovery and the Stability Reserve Fund is filling.

ℹ Note The cap and ratio relaxations in each phase are gated on observable criteria, not on governance discretion. The criteria — time-at-peg, collateral diversity, integration depth — are published in the parameter table.

Discussion

No central bank launches at full scale. No new commercial bank operates at full charter from day one. There is a reason. The phased architecture acknowledges that the protocol's cold-start risk is real — the Stability Reserve Fund is empty at genesis, SZK has no price discovery, collateral diversity is minimal — and constrains the system to a regime where those risks are bounded by external collateral surplus alone.

△ Warning A protocol that launches with the full GCSR enabled from genesis is taking on a risk the worst-case proof does not cover, because the Stability Reserve Fund is empty in genesis. The phased launch is not bureaucratic caution. It is the regime the proof actually applies to.

See Also

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