Governance / Protocol Policies

CBXXZ Buyback & Liquidity Policy

Purpose 

Define deterministic rules for executing CBXXZ buybacks and liquidity provisioning using protocol-generated fees. 

Funding 

Buybacks funded exclusively from earned protocol fees; treasury only in emergencies. 

Execution Rules 

• VWAP-based eligibility (spot price < 24h on-chain VWAP) 

• Buybacks occur in multiple tranches 

• Max slippage 1–2% 

• Minimum 6h between buybacks, 24h between rebalances 

• Randomized execution windows 

Transparency 

• All buybacks logged publicly: timestamp, amount, price, VWAP, tx hash 

• Forbidden actions: discretionary buys, defending price, insider info usage 

Emergency Overrides 

• Only for protocol exploits, chain halts, critical failures 

• Must be publicly disclosed