> For the complete documentation index, see [llms.txt](https://docs.hoard.world/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.hoard.world/the-world/hoard-and-hoardlings.md).

# HOARD and Hoardlings

## One token, two forms

**HOARD** is an ERC20 with 18 decimals and a fixed supply of **2,222**, minted once at launch. It is built on DN404, the audited ERC404 implementation: every complete whole unit an account holds is mirrored as an ERC721 **Hoardling** in that same account.

* A balance of 2.4 HOARD is two Hoardlings plus 0.4 HOARD in **Scales**.
* Spend below a whole-unit boundary and that Hoardling dematerializes; the fungible supply is never burned.
* Rebuild a whole unit later and you get a Hoardling again, though not necessarily the same one unless it stayed locked in the Nest.
* Transfers are exact. There is no transfer tax, no rebase and no admin control over balances. The 3% fee lives in the canonical pool's hook, which is why HOARD works anywhere an ordinary ERC20 does.

## Hoardlings

Hoardlings are small dragon-like creatures with one defining behaviour: clutching, stacking and guarding treasure. Their art is generated deterministically from the token id.

Traits are cosmetic. A rare Hoardling earns exactly what a common one earns and borrows exactly the same. There are no rarity multipliers anywhere in the economy.

**How a Hoardling looks** is fixed by its id before it ever exists. The mirror derives a seed for every id from a public collection seed (`keccak256("hoard.world", chainId)`) and the id itself, and the artwork is composed from that seed: one of 27 body archetypes, one of that body's 9 drawn looks (the treasure it clutches and what it wears on its head, or nothing), one of 8 scale colours, and a backdrop (8). Anyone can re-run the generator on the committed sheets and get the same 2,222 images, and the set's provenance hash is published before minting, so the set can be hosted before launch and checked against `tokenURI` afterwards. A dematerialized Hoardling that comes back under the same id looks the same; a new id is a new Hoardling.

## What a Hoardling does

| You hold                            | Hoardling visible        | Earns SPY     | Borrowing limit          |
| ----------------------------------- | ------------------------ | ------------- | ------------------------ |
| Scales only                         | No                       | No            | 45%                      |
| One or more whole units, not nested | Yes                      | No            | 45%                      |
| A whole Hoardling in the Nest       | Yes, in the Nest         | Yes           | 65% on all pledged HOARD |
| A nested Hoardling bound to a loan  | Yes, in the loan account | Keeps earning | 65%                      |

## Supply and allocation

The whole supply is allocated at launch.

| Share | HOARD   | Where it goes                                                              |
| ----- | ------- | -------------------------------------------------------------------------- |
| 80%   | 1,777.6 | Seeds the canonical HOARD/USDG pool, held in the LiquidityLock             |
| 7%    | 155.5   | Streams to lender-pool shares over the first week                          |
| 8%    | 177.8   | A timelocked reserve for the users of the East District, in three tranches |
| 5%    | 111.1   | The team: 0.5% liquid at launch, 4.5% vesting over nine months             |

The launch pair is 1,500 USDG against the 80% seed, an opening price of 0.843834 USDG per HOARD, full range, locked for 365 days.

There is no primary NFT mint, no future minting, no buyback and no burn.


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