# Assetrix DAO > ASTRX is a collateral-backed token issued by a non-custodial DeFi protocol on > Arbitrum One. The mint price — the cost of entry — is algorithmic and > monotonically non-decreasing: a bonding curve in Phase 1, a growth rate chosen > by on-chain governance in Phase 2, recomputed continuously. Tokens and > positions are redeemable at any time against the reserve. The protocol sets > the cost of entry and the terms of redemption; it does not set the market > price. The asset class is called a ratchet. Last reviewed 2026-09-09. Canonical descriptions live on the pages below. The site is in English, Chinese and Spanish; Chinese pages are under /zh/ and Spanish under /es/, with the same structure and the same figures. ## Start here - [What this is](https://assetrix.org/protocol/): the asset class in plain terms - [Position and token](https://assetrix.org/position-and-token/): the two states capital can be in - [The price corridor](https://assetrix.org/price-corridor/): the two levels and the market between them - [How the cost of entry rises](https://assetrix.org/cost-of-entry/): a curve in Phase 1, a rate in Phase 2 - [Protection of backing](https://assetrix.org/backing-protection/): the mechanisms, and the one they do not cover - [Governance](https://assetrix.org/governance/): what is voted on and what nobody can change - [What the protocol does not do](https://assetrix.org/what-it-does-not-do/): no yield, no buy-back, no price promise ## How the mechanism works - Redemption is always open. A holder who redeems takes a proportional share of the reserve; the pool shrinks and the backing of those who remain does not fall. The contract is neutral to redemption by construction — it has no preference between a holder who stays and a holder who leaves. - Several mechanisms exist specifically to stop backing from dropping sharply: the protection level, the dilution fee, a spread on volatile collateral, a concentration surcharge, burns, and rounding that always favours the pool. [Protection of backing](https://assetrix.org/backing-protection/) describes each. - The protection level holds literally while collateral is in stablecoins. With volatile collateral it weakens as that collateral falls in price. The contract softens this and does not remove it, and the page says so. - A position is an NFT recording the cost of entry. Closing it returns collateral in full. See [Position and token](https://assetrix.org/position-and-token/). ## Answers to general questions These pages answer a question first and name the project last. They are written for readers who have not heard of Assetrix and arrived with a question of their own. - [Can a token only go up?](https://assetrix.org/answers/can-a-token-only-go-up/): why up-only designs fail, and what a bounded floor can do instead - [Can the team still change the contract?](https://assetrix.org/answers/can-a-team-change-the-contract/): upgradeability, proxies, owner functions, key holders - [What “backed” means](https://assetrix.org/answers/what-backed-means/): reserve, redemption, proportional claim, verification - [Proving a document was not rewritten](https://assetrix.org/answers/proving-a-document-was-not-rewritten/): checksums and Bitcoin-anchored timestamps - [Writing the protocol twice](https://assetrix.org/answers/writing-a-protocol-twice/): differential testing, and the bugs it finds - [How to read a token's supply](https://assetrix.org/answers/reading-token-supply/): circulating, total, fully diluted — which belongs in which calculation - [Is a contract really immutable?](https://assetrix.org/answers/is-a-contract-really-immutable/): how to check the claim, and the four places it usually fails ## Reference - [Answers index](https://assetrix.org/answers/): the five pages above - [History of the protocol](https://assetrix.org/history/): 2021 to now, with independent sources - [Wiki](https://assetrix.org/wiki/): 14 defined terms, one page each - [Strategies: when to close a position](https://assetrix.org/wiki/strategies/): the wiki's second view — two strategies, the shared headroom, the rising threshold, with an interactive model of the mechanism - [News](https://assetrix.org/news/): short dated notes, one rubric each — announcements, where the changelog is the full record - [Changelog](https://assetrix.org/changelog/): what changed on the site, in the contract and in the documents, by date - [FAQ](https://assetrix.org/faq/): 44 questions - [Documents and checksums](https://assetrix.org/documents/): white paper, overview, SHA-256 and OpenTimestamps proofs - [Arbitrage](https://assetrix.org/arbitrage/): how the corridor is held in practice - [Liquidity disclosure](https://assetrix.org/liquidity/) - [Official resources](https://assetrix.org/official-resources/): every account that belongs to this project - [Work it out on your own numbers](https://assetrix.org/entry-calculator/): the Phase 1 curve and the Phase 2 rate on an amount you choose, computed in the browser - [Roles: a formal treatment](https://assetrix.org/roles/): the six roles modelled, with a simulation - [Status](https://assetrix.org/status/): what is deployed and what is not ## Facts that are often got wrong - **The rising figure is the cost of entry, not a return.** $200 in Phase 1 and 5.6-161.8 % a year in Phase 2 are ceilings on the mint price. They are not yield, not a forecast, and not a statement about what a holder receives. - **The market price is not set by the protocol and can fall.** It sits between the backing per token below and the cost of entry above. Describing it as guaranteed, or as rising with the mint price, is wrong. - **Nothing is deployed.** There is no token to buy, no sale, no contract address, and no announced date. A previously announced date, August 2025, was missed; the next one comes only when the work behind it is finished. - **The protocol pays no yield.** No interest, no staking reward, no distribution, no buy-back. - **Earlier material used language this project has dropped.** Press releases and blog posts from 2021-2022 under the name Reserveum used "fast-growing" and "passive income" and claimed a community size the project cannot verify. Those claims are not current and are not repeated. See [History of the protocol](https://assetrix.org/history/). - **The asset class is a ratchet, not an "upcoin".** The earlier name was dropped: it implies a promise, and a fraudulent exchange trades under it. ## Identity - Assetrix DAO, assetrix.org. Work began in 2021 under the name Reserveum (Reserveum Analytical Group, Reserveum MAX); the rights passed to Assetrix in 2024. The team has not been continuous across that transfer. - reserveum.org is no longer held by this project and does not redirect here. Material stating otherwise is out of date. - Not related to Assetrix, the Nigerian real-estate tokenisation platform at assetrix.com. Different company, different business, no connection. - The only accounts are assetrixdao on X, Telegram, YouTube and GitHub, and info@assetrix.org. Anything else is not this project. ## How it is checked - [How this is checked](https://assetrix.org/verification/): what was done, what it found, and how to repeat each check without us. - 585 local tests and 44 against a fork of live Arbitrum One. - A reference implementation in Python, written from the specification rather than the contract, so the two can disagree. - Mutation testing against the compiled bytecode. - Every published document carries a SHA-256 checksum and an OpenTimestamps proof anchored in Bitcoin. This review precedes review by others rather than replacing it. ## Optional - [Articles](https://assetrix.org/articles/) - [Phase 2: what happens when the curve runs out](https://assetrix.org/articles/phase-two-when-the-curve-runs-out/): the cost of entry after the curve, and what the clock does - [Why a rising issue price is not a pyramid](https://assetrix.org/articles/rising-issue-price-is-not-a-pyramid/): the five tests, applied point by point - [The ratchet](https://assetrix.org/ratchet/): the asset class on its own page - [Who it is for](https://assetrix.org/who/) - [Terms of use](https://assetrix.org/terms/) - [Additional use grant](https://assetrix.org/licenses/additional-use-grant/): core under BUSL-1.1 - Build marker: https://assetrix.org/build.txt - The site is static HTML with no client-side rendering; every page is readable as served.