> ## Documentation Index > Fetch the complete documentation index at: https://docs.cashmere.exchange/llms.txt > Use this file to discover all available pages before exploring further. # Tokenomics > How much CSM there is, who holds it, and how it enters and leaves. ## The cap and its three parts | Part | CSM | Share of the cap | Minted at genesis? | | - | - | - | - | | Pool position, held by Base Camp | 66,600,000 | 10% | Yes | | Treasury Safe | 166,500,000 | 25% | Yes | | Issuance budget | 432,900,000 | 65% | No. Only Forage draws on it | | **The cap** | **666,000,000** | **100%** | | ![The 666,000,000 CSM cap and its three parts, drawn to scale.](https://mintcdn.com/cashmerelabs/giUI0IL7C6w7fiSI/images/mountain/allocation-bar-light.svg?fit=max\&auto=format\&n=giUI0IL7C6w7fiSI\&q=85\&s=40827506c443953aa7d182524f423bb5) ![The 666,000,000 CSM cap and its three parts, drawn to scale.](https://mintcdn.com/cashmerelabs/giUI0IL7C6w7fiSI/images/mountain/allocation-bar-phone-light.svg?fit=max\&auto=format\&n=giUI0IL7C6w7fiSI\&q=85\&s=48345dcb823318d4bb8e9b16d72d1b95) Right after genesis, the supply is 233,100,000 CSM. ## TGE (Token Generation Event) * **When:** after Barn Raising, the founding sale, ends. * **Where CSM trades:** one official Uniswap v4 pool, native ETH and CSM, with Mountain's own pool hook. It follows URC-5 (see [One pool: URC-5](#one-pool-urc-5) below). * **The launch tax:** it starts at 90% and falls through the first hour, halving every 4 minutes, down to 2% on a buy and 3% on a sell. See [The launch hour](https://docs.cashmere.exchange/mountain/trading.md#the-launch-hour). * **The opening price:** the pool opens at tick 111,000, which is about 66,134 CSM per ETH (1 CSM is about 0.0000151 ETH, or about 0.035 USD with ETH at 2,300 USD). From the first trade, the price moves with trading. * **At the opening price:** the 233,100,000 CSM minted at genesis come to about 3,525 ETH (about 8.1 million USD), and the full 666,000,000 cap (the fully diluted value, FDV) to about 10,070 ETH (about 23.2 million USD). The USD figures assume ETH at 2,300 USD; they move with ETH. * **Buy orders under the opening price:** the first 25 ETH of the sale (about 57,500 USD; all of it, if the sale raised less) sits in Base Camp's floor band, from the opening price down to about 2% below it (tick 111,200, about 67,470 CSM per ETH). It buys the CSM people sell in that band, and it can never be removed. A sale that would take the price below the band's bottom fails, so once net selling has used up the band, you may not be able to sell until new buys or other liquidity come in. See [Base Camp's positions](https://docs.cashmere.exchange/mountain/trading.md#base-camps-positions). * **Buybacks after launch:** two contracts buy CSM with ETH from the Gatehouse and from the sale. The Base Camp buyback sends what it buys to the Hayloft; the Avalanche vault burns it. Neither runs during the launch schedule. See [The two buyback contracts](https://docs.cashmere.exchange/mountain/fees.md#the-two-buyback-contracts). ## The token * An ERC-20 named Cashmere, symbol CSM, 18 decimals, with no pause and no upgrade. * Only the Mountain Ledger can mint, and only under the live ceiling. The Ledger creates the token itself, so the token can never be replaced. * **The live ceiling** = the cap, less everything burned, less everything retired. It only goes down. ## Who holds what * **Base Camp** holds the 66,600,000 CSM as liquidity in the Uniswap v4 pool, for good. No function can remove or move its positions. See [Trading](https://docs.cashmere.exchange/mountain/trading.md#base-camps-positions). ## Airdrop 20% of the Treasury Safe's 166,500,000 CSM, which is 33,300,000 CSM (5% of the cap), will be airdropped in multiple phases. **The first phase is on TGE day.** It is sent straight to wallets, or collected in the app. It goes to: * Barn Raising participants * Goat Street activators and holders * Early users of Cashmere: testnet and mainnet users, donors, points holders and people on the leaderboard * Holders of earlier NFTs on Ethereum and Optimism * Listed NFTs for sale on any secondary market will be excluded. Barn Raising participants and Goat Street activators get the largest shares. Then come Goat Street holders, earlier Optimism NFT holders, earlier Ethereum NFT holders and on-chain Cashmere users. For Goat Street holders and activators, the share grows with how many Goat Street goats you hold, how many of them you have activated, and how high their tiers are. **Later phases** are weighted by Barns and Goat Street goats. All the airdrop details are also on their own page: [Airdrop](https://docs.cashmere.exchange/mountain/airdrop.md). ## How CSM enters supply [Forage](https://docs.cashmere.exchange/mountain/forage.md) is credited from the issuance budget to Barn and goat balances, which are not tokens yet. New CSM is minted only when a balance is cashed out (the net amount) or a reset bounty is paid. ## How CSM leaves supply ![What enters CSM supply and what leaves it.](https://mintcdn.com/cashmerelabs/gqe8Cl9CXSN8tHne/images/mountain/supply-flow-light.svg?fit=max\&auto=format\&n=gqe8Cl9CXSN8tHne\&q=85\&s=7040f7e73e717f3b3d07953dbe942e30) ![Part 1 of 2 of the CSM supply picture: what enters supply.](https://mintcdn.com/cashmerelabs/gqe8Cl9CXSN8tHne/images/mountain/supply-flow-phone-1-light.svg?fit=max\&auto=format\&n=gqe8Cl9CXSN8tHne\&q=85\&s=101f5410ed5f564134c86ca93b4fd5d5) ![Part 2 of 2 of the CSM supply picture: what leaves supply.](https://mintcdn.com/cashmerelabs/gqe8Cl9CXSN8tHne/images/mountain/supply-flow-phone-2-light.svg?fit=max\&auto=format\&n=gqe8Cl9CXSN8tHne\&q=85\&s=5a22db32c72c5b85dc79b2fad6d5c065) The code keeps two counters. Both lower the ceiling for good. | Retired | Burned | | - | - | | Stall Permits, all of it | All the CSM the Avalanche vault holds at each step | | The herding toll, at a bind (the Grazing toll) or a Bring In, all of it | The CSM part of the liquidity exit tax | | Salt Lick and Salt Block, all of it (off today) | Base Camp's CSM pool fee, only if switched on | | Half of each Gate fee | Half of a Hay Bale early-exit fee (off today) | | Half of a reset's remainder | Any holder's own burn | **Retired** counts CSM that leaves without a token transfer at that moment, such as a Barn's balance spent on a Permit. CSM you pay from your wallet, as with the Grazing toll, is destroyed first and then counted as retired. Either way, it leaves supply for good. **Neither.** A top-up turns wallet CSM into Barn credit without lowering the ceiling, so a cash-out can mint it again, less the Gate fee. **Burn your own.** Anyone can burn their own CSM on the token contract. The site has no button for it. ## One pool: URC-5 CSM follows [URC-5](https://github.com/Uniswap/URCs/blob/main/URCs/urc-5.md), the draft Token Venue Policy standard in Uniswap's URC series. A URC-5 token states on chain where it can trade, so wallets, routers and aggregators can read the rule and route trades to the right pool. * **One pool.** CSM's policy is *Enforced*, with one canonical pool: Base Camp's Uniswap v4 pool, ETH / CSM, 1% fee, with Mountain's pool hook. No other v4 pool can take CSM in, so CSM cannot be traded or added as liquidity there. The gate is on from deployment. The owner Safe can switch it off and on. * **Blocked venues.** Venues outside v4, such as v2 pairs and v3 pools, can be blocked by address. Venues found before deployment are blocked then, and the owner Safe can add more. Only transfers in are refused, so holders there can still withdraw. * **Never blocked:** the pool manager, the Ledger, address 0 and any address the registry names. * **One clear error.** Every refusal reverts with the standard's `VenueNotAllowed` error, so a router can see why and use the canonical pool. **Why it matters.** In a vampire attack, someone opens a second pool for a token to pull its trading and liquidity away. A second pool for CSM cannot take CSM in, so the taxes, the net-flow count and Base Camp's liquidity stay in one pool. Cashmere supports URC-5 and will keep contributing to the URC-5 ecosystem. This documentation is built and hosted on [Mintlify](https://mintlify.com), a developer documentation platform.