The $UNSEEN token
$UNSEEN is Unseen's token. Every fee the protocol earns buys it on the market and burns it.
Supply and launch
| Ticker | $UNSEEN |
| Supply | 1,000,000,000, fixed — no mint after launch |
| Launch | 100% fair launch: the whole supply went to the public launch on equal terms |
| Reserved for anyone | Nothing — no presale, no team or investor allocation, no airdrop, no reserved pools, no vesting |
Buyback and burn
The protocol's share of fees is spent on $UNSEEN and burned:
| Fee | Protocol's share | Goes to |
|---|---|---|
| Performance fee | 20% of every performance fee (the leader keeps 80%) | Buys $UNSEEN on the market, which is burned |
| Execution fee | All of it: 2 bps of filled notional | Buys $UNSEEN on the market, which is burned |
Fees are charged in USDC on-chain at each final epoch and at each fill. The protocol's part goes straight into a program account that no key controls: no wallet can withdraw it, and the only instruction that moves it out is the buyback.
The buyback is one transaction anyone can send, and the protocol's crank sends it every hour. It moves the protocol's accrued fees into that account, swaps the USDC for $UNSEEN through Jupiter, checks that at least the quoted minimum arrived, and burns every token bought before the transaction ends. The account never holds $UNSEEN after a buyback, and the supply only goes down, as strategies trade and earn. The running totals — USDC spent and $UNSEEN burned — are public in the API.
For a sense of scale, using the protocol's own numbers: a follower gain of $10,000 above the high-water mark in a strategy with a 15% fee sends $300 to the buyback; a $100,000 fill sends $20.
What stays in USDC
Deposits, withdrawals, NAV, every fee as charged, and every payout are USDC. Strategy shares are a ledger entry in the strategy's account on-chain — they are not the token, and they don't move between wallets.